Core Viewpoint - The company has successfully launched multiple production bases and is experiencing a positive growth trend in its order backlog, indicating a strong outlook for its ADC (Antibody-Drug Conjugate) business [1] Group 1: Production and Capacity - The company's production bases in Ma'anshan, Jiangsu, and Chongqing have commenced operations, with capacity utilization currently in a ramp-up phase [1] - By the end of 2025, the company's small molecule business has achieved a continuous quarter-on-quarter increase in order backlog for five consecutive quarters, supporting ongoing improvements in capacity utilization [1] Group 2: Business Structure and Compliance - The company is actively adjusting its business structure to accelerate the rollout of raw material drug products, focusing on advancing its GMP (Good Manufacturing Practice) system and successfully passing FDA certification [1] - The Chongqing ADC CDMO base is set to officially commence production in March 2025, contributing to a comprehensive capacity layout across its three bases in Shanghai, Ma'anshan, and Chongqing [1] Group 3: Market Position and Future Outlook - The establishment of a "three-in-one" XDC (XDC Full-Service System) service framework positions the company as a rare one-stop ADC CDMO provider in China [1] - The management is optimistic about the future trends and development prospects of the ADC industry and plans to further enhance investments in this area [1]

Core Viewpoint - The report outlines the execution of the 2025 National Economic and Social Development Plan in Sichuan Province, highlighting significant achievements and setting the stage for the 2026 plan, emphasizing high-quality development and strategic initiatives for economic growth. Group 1: 2025 Economic and Social Development Plan Execution - The GDP reached 67,665.3 billion yuan, growing by 5.5%, meeting the expected target [3] - Fixed asset investment (excluding farmers) decreased by 2.4%, falling short of the expected target due to declines in real estate and infrastructure investments [3] - Retail sales of consumer goods increased by 5.1%, exceeding the expected target [4] - Total import and export volume was 10,318.1 billion yuan, meeting the expected target [5] - Local general public budget revenue reached 5,853.9 billion yuan, growing by 3.9%, surpassing the expected target [6] - Urban residents' per capita disposable income grew by 4.4%, meeting the expected target [7] - Rural residents' per capita disposable income increased by 5.6%, meeting the expected target [8] - Consumer prices decreased by 0.3%, meeting the expected target [9] - Urban employment increased by 1.073 million, exceeding the expected target by 223,000 [10] - The urbanization rate of the permanent population is expected to exceed 61%, increasing by about 1 percentage point from the previous year, roughly meeting the expected target [11] - Grain production reached 732.5 billion jin, exceeding the expected target by 75 million jin [13] Group 2: Economic and Social Development Situation - The regional coordinated development pattern has been optimized, with significant progress in the Chengdu-Chongqing economic circle [14] - The "Five Districts Common Prosperity" development strategy has been advanced, with key projects achieving substantial investment [15] - County economies have shown significant improvement, with 39 underdeveloped counties receiving targeted support [16] - Domestic demand has been steadily increasing, with consumption policies stimulating growth [17] - Key projects have accelerated implementation, with a high completion rate of provincial key projects [18] - Innovation capabilities have significantly improved, with the establishment of high-level innovation platforms and successful technology breakthroughs [19][20] - The traditional industries are undergoing rapid transformation and upgrading, with significant growth in key sectors [22] - New and future industries are being rapidly developed, with a focus on emerging technologies [23] - A new service system is being actively constructed, with notable growth in the service sector [24] Group 3: Market Vitality and Economic Environment - The environment for private economic development is steadily improving, with significant growth in private sector contributions to GDP [26][27] - State-owned enterprise reforms have shown significant results, with increased revenue and strategic restructuring [28] - Digital infrastructure development is advancing, with initiatives to enhance data utilization and government services [29] Group 4: High-Level Opening Up - The opening channels and platforms are becoming increasingly complete, with enhanced logistics and transportation networks [30] - The scale of the open economy is stabilizing and improving, with significant growth in foreign trade and investment [31][32] Group 5: Urban-Rural Integration and Environmental Protection - New urbanization is accelerating, with significant improvements in urban infrastructure and rural revitalization efforts [33][34] - Ecological environment quality is improving, with successful implementation of environmental protection measures [36][37] Group 6: Social Welfare and Public Services - Employment and income growth measures have been effective, with significant increases in disposable income and job creation [38][39] - Public service systems are becoming more robust, with improvements in healthcare, education, and social security [40] Group 7: Safety and Risk Management - Food and energy security measures are being effectively implemented, ensuring stable supply chains [41] - Risk prevention and control measures are in place, addressing financial and operational risks [42]

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The report indicates a significant recovery in domestic innovative drug financing, with 512 events in 2025, a year-on-year increase of approximately 18%, and a total financing amount of $14.684 billion, up about 127% [3][14] - The report highlights that the secondary market played a crucial role in this recovery, with secondary market financing amounting to $9.466 billion, a year-on-year increase of approximately 317% [3][14] - The report notes that the overseas innovative drug financing events reached 754 in 2025, a year-on-year decrease of about 16%, with a total financing amount of $42.136 billion, down about 22% [4][23] - The report emphasizes the strong growth potential of companies like WuXi AppTec, WuXi Biologics, WuXi AppTec, and Tigermed, with each company showcasing impressive revenue growth forecasts and strategic initiatives [5][6][8][9] Summary by Sections 1. Domestic Innovative Drug Financing - In 2025, domestic innovative drug financing events totaled 512, with a financing amount of $14.684 billion, marking a 127% year-on-year increase [3][14] - The secondary market's contribution was significant, with financing amounting to $9.466 billion, reflecting a 317% increase [3][14] 2. Overseas Innovative Drug Financing - Overseas financing events reached 754 in 2025, with a total amount of $42.136 billion, representing a 22% decline [4][23] - The report notes that the Federal Reserve's interest rate changes have impacted financing costs, with a slight recovery observed in late 2025 [4][23] 3. Company Highlights - WuXi AppTec expects a revenue of approximately $45.456 billion in 2025, a year-on-year increase of about 15.84%, with adjusted net profit projected to grow by 41.33% [5][31] - WuXi Biologics reported a significant increase in dual-target antibody projects, contributing nearly 20% to total revenue, with a year-on-year growth exceeding 120% [6][35] - WuXi AppTec's acquisition of Easton Pharma is expected to enhance production capacity, with projected revenue growth exceeding 45% in 2025 [8][45] - Tigermed anticipates a robust demand in the clinical CRO sector, with a projected compound annual growth rate (CAGR) exceeding 12% from 2025 to 2028 [9][51]

Core Insights - The Chinese innovative pharmaceutical industry is experiencing a surge in overseas orders and mergers, indicating a vibrant market as companies engage in international collaborations and acquisitions [1][2] Group 1: International Collaborations - Since January, local companies like West Bioman and Rongchang Biopharmaceutical have completed at least five overseas licensing agreements with multinational pharmaceutical firms, showcasing active global transaction capabilities [1] - China's drug pipeline accounts for approximately 30% of the global total, ranking second worldwide, which signifies a shift from following to leading in the biopharmaceutical sector [2] - It is projected that by 2025, the total value of innovative drug licensing transactions from China will exceed $130 billion, with over 150 deals, significantly surpassing the previous year's figures [2] Group 2: Mergers and Acquisitions - China National Pharmaceutical announced a full acquisition of Hegia Biopharmaceutical for RMB 1.2 billion, aiming to enter the small interfering RNA (siRNA) innovative drug sector and expand its pipeline in cardiovascular and metabolic diseases [3] - WuXi AppTec plans to acquire Easton Pharmaceuticals at HKD 4.00 per share to enhance its capabilities in the commercial production of antibody-drug conjugates [3] - Aopu Mai has completed the acquisition of Pengli Biopharmaceutical, integrating it as a wholly-owned subsidiary to strengthen industry chain collaboration and achieve business integration [4] Group 3: Future Outlook - Companies like Fuhong Hanlin expect to launch over 20 products globally by 2030, with more than 15 anticipated to be approved in the US and Europe [5] - Jiangsu Hengrui Medicine has over 100 innovative products in clinical development and expects multiple milestone advancements in 2026, including approvals for over 10 innovative drugs or indications [5]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 內幕消息 二零二六年度醫療健康大會簡報 本公告由WuXi Biologics (Cayman) Inc.藥明生物技術有限公司*（「本公司」）根據 香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條及香港法例第 571章《證券及期貨條例》第XIVA部項下內幕消息條文（定義見上市規則）而作出。 本公司將於二零二六年一月十四日（美國太平洋時間）出席第44屆年度摩根大 通醫療健康大會（「年度醫療健康大會」），會上將進行包含本公司業務營運的 若干資訊的簡報（「簡報」）。為確保本公司所有股東及潛在投資者能夠公平及 時地取得該等信息，本公司於本公告納入簡報全文。本公司股東及潛在投資者 務請注意，簡報可能包含前瞻性陳述，該等陳述就其性質而言存在風險及不確 定性，簡報中陳述的任何估計及未來建議均基於若干假設及估計以及管理層 僅根據當前可得資料作出的判斷。 – 1 – 誠如簡報中所披露，本集團業務及財務表現依 ...

Economic Performance - In December, Sichuan's total import and export value reached 934.38 billion yuan, aiming for an annual target of 1 trillion yuan [1] - In the first three quarters, Sichuan's GDP grew by 5.5% year-on-year, ranking fifth in the country [1] - The province's industrial added value increased by 6.8% year-on-year in the first 11 months, with high-tech manufacturing growing by 11.6% [4] Innovation and Technology - Sichuan is advancing low-altitude economy with nearly 200 routes for passenger and cargo transport, achieving over 100,000 flight hours [3] - The province has seen significant innovations, including the first GaN quantum light source chip and the first space computing constellation [4] - Sichuan's high-tech manufacturing sectors, such as aerospace and electronics, reported growth rates of 21.6% and 20.2% respectively [4] Tourism and Consumer Trends - The Dagu Glacier received over 46,000 inbound tourists in the first 11 months, a nearly 140% increase year-on-year, with Thai tourists making up 77% [7] - Sichuan's retail sales of consumer goods reached 2.63957 trillion yuan, growing by 5.5% year-on-year [8] - The province is enhancing its tourism offerings by integrating sports events with travel experiences [8] Infrastructure Development - The Yidajimi Water Diversion Project, the largest and longest in Sichuan's history, has commenced to address water shortages in the Chengdu Plain [11] - Key projects in infrastructure and industry are being accelerated, with 320 major projects completing investments of 481 billion yuan by the end of November, exceeding the annual target [12] Strategic Initiatives - Sichuan is positioning itself as a strategic hub for national development, housing the only national laboratory in the West and numerous key research institutions [13] - The province is focusing on enhancing its industrial cooperation and optimizing productivity layout to achieve higher levels of industrial development [13][14]

Core Insights - The field of autoimmune diseases is rapidly evolving, with a competitive research pipeline reshaping market dynamics, drawing parallels from the advancements in hematologic oncology [1][2] - The significant breakthroughs in hematologic oncology over the past 15 years have led to unprecedented treatment options, which can serve as a model for the development of autoimmune therapies [1][4] Group 1: Treatment Innovations - The rapid expansion of diverse targets such as checkpoint inhibitors (e.g., PD-1), cell therapies (e.g., CD19, CD20), and targeted therapies (e.g., BTK, Bcl2) has provided multiple treatment options in hematologic oncology, emphasizing the need for biomarker-driven patient stratification [3] - The past decade has seen the introduction of several groundbreaking drugs in hematologic oncology, with a similar pace of innovation expected in the immunology field [8] - Multi-indication products like Bcl2 inhibitors and BTK inhibitors have significantly improved treatment outcomes in lymphoid cancers, showcasing the potential for similar advancements in autoimmune diseases [10] Group 2: Patient Outcomes and Quality of Life - The introduction of 15 new therapies from 2003 to 2021 has increased the five-year survival rate for multiple myeloma patients in the U.S. from 29% in the 1990s to 62% in 2021, highlighting the impact of modern treatments on patient outcomes [10] - In the realm of severe asthma, the introduction of biologics has led to a significant reduction in mortality rates, demonstrating the potential for improved patient outcomes in autoimmune diseases [12][13] Group 3: Strategic Insights for the Industry - The evolution of treatment strategies in hematologic oncology, from broad disease control to curative approaches, provides a blueprint for the next phase of autoimmune disease development [14][16] - The industry must learn from the successes and challenges faced in hematologic oncology to navigate the rapidly changing healthcare landscape for autoimmune diseases [18] - Key differences between autoimmune diseases and hematologic cancers include the chronic nature of autoimmune diseases, which require long-term management rather than immediate intervention, and the larger patient population affected [18] Group 4: Future Directions - The future of autoimmune disease treatment is likely to be driven by combination strategies, biomarker-based precision medicine, and sequential approaches rather than solely relying on single-agent efficacy [20] - The current technological environment, including AI-driven drug discovery and real-world evidence integration, presents new opportunities for accelerating innovation and improving patient outcomes [22]

Core Points - The "2025 Global Top Ten Engineering Achievements" was recently announced, with the Taklamakan Desert Locking Project included as a significant accomplishment [2] - The project aims to create the world's longest ecological barrier around the desert, effectively controlling sand source expansion and protecting surrounding ecosystems [2] - The construction faced unprecedented challenges due to extreme environmental conditions, leading to innovative strategies for sand control [2] Summary by Category - **Project Overview** - The Taklamakan Desert Locking Project is recognized for its global impact and innovative engineering solutions [2][3] - It is part of a broader list that includes notable projects such as the Perseverance Mars Rover and the South-to-North Water Diversion Project [3] - **Engineering Challenges** - The project site in the Hotan region experiences over 60 days of strong winds annually, with sand dunes moving at rates of up to 100 meters per year [2] - A "three-in-one" comprehensive management strategy was implemented to enhance sand control efficiency and prolong the lifespan of sand barriers [2] - **Environmental Impact** - The project serves as a new model for desertification control and regional sustainable development, protecting oases, farmland, and grasslands [2]

Core Points - The 2025 World Engineering Organization General Assembly and Global Engineering Conference has commenced in Shanghai, focusing on the theme "Engineering Shapes a Green Future" and attracting representatives from over 60 countries and regions [1] - The conference announced the "2025 Global Top Ten Engineering Achievements" and will sign the "Shanghai Declaration - Proactive Action: Engineering Shapes a Green Future" [1] - The event is co-hosted by the World Engineering Organization, China Association for Science and Technology, Chinese Academy of Engineering, and the Shanghai Municipal Government [1] Summary of Engineering Achievements - The "2025 Global Top Ten Engineering Achievements" include: - Antibody-drug conjugates, which precisely target cancer cells and release potent anti-cancer agents, marking a new era in cancer treatment [2] - Blackwell GPU architecture, which supports trillion-parameter model training and inference through groundbreaking parallel computing design [2] - DeepSeek open-source large language model, recognized as one of the fastest-growing AI applications globally [2] - Human-shaped robots, which can assist or replace humans in various tasks across industrial manufacturing, rehabilitation, and special operations, potentially transforming future production and social structures [2] - The South-to-North Water Diversion Project in China, which optimizes water resource allocation and promotes ecological restoration along its route [2] - The Taklamakan Desert Locking Project, which constructs the world's longest ecological barrier to combat desertification and protect human living spaces [2]

Core Insights - The 2025 World Engineering Organization General Assembly and Global Engineering Conference was held in Shanghai, focusing on "Engineering Shapes a Green Future" [1] - The conference announced the "Top Ten Global Engineering Achievements of 2025," selected by the Chinese Academy of Engineering's journal "Engineering" [1] Group 1: Engineering Achievements - The ten engineering achievements include antibody-drug conjugates, Blackwell GPU architecture, DeepSeek open-source large language model, full ocean depth manned submersible, high-performance carbon fiber composites, humanoid robots, Perseverance Mars rover, Euclid space telescope, South-to-North Water Diversion Project, and Taklamakan Desert edge-locking project [1] - These achievements were selected from significant engineering technological innovations completed in the past five years, demonstrating global impact and effectiveness [1] Group 2: Characteristics of Engineering Achievements - The achievements reflect advanced technological levels and significant original breakthroughs in engineering science [2] - They showcase systematic innovation through technology integration, system optimization, and resource collaboration to achieve overall goals [2] - The achievements highlight the development direction of new productive forces, with potential to stimulate new industries and economic growth [2] - They emphasize the critical role of engineering in overcoming global challenges, exemplified by high-performance carbon fiber composites, which are widely used in aerospace, new energy, and high-end equipment sectors, driving innovation across the entire industry chain [2]