药明生物（股票代码：2269.HK）是一家全球领先的合同研究、开发和生产（CRDMO）公司。公司通 过开放式、一体化生物制药能力和技术赋能平台，提供全方位的端到端服务，帮助合作伙伴发现、开发 及生产生物药，实现从概念到商业化生产的全过程，加速全球生物药研发进程，降低研发成本，造福病 患。 该奖项是继公司在2024年获得"ESG报告典范奖"后再获殊荣，充分体现其在ESG道路上的持续精进。在 满足合规的基础之上，ESG信息披露更是赢得全球客户、投资人、监管机构等利益相关方信任的战略支 点。 来源：美通社 为什么这很重要？在当今商业环境中，ESG信息透明披露已日渐成为竞争优势。药明生物持续披露各可 持续发展议题的目标、举措及进展，包括企业治理、人才发展、温室气体减排等，以切实行动积极推动 深度变革，致力于塑造生物药绿色研究、开发和生产新标准，引领行业负责任、可持续发展，赢得利益 相关方信任。 药明生物首席执行官、ESG委员会主席陈智胜博士表示："透明是信任的基石。我们始终坚持公开分享 ESG历程，希望携手全球合作伙伴和投资者，共同创造社会与环境的长期价值。荣获ESG披露奖，不仅 是对我们努力的认可，更是对我们未来使 ...

Core Insights - The company achieved a revenue of 9.953 billion yuan in H1 2025, representing a year-on-year growth of 16.08% and a net profit of 2.339 billion yuan, up 56.05% [1] - The adjusted net profit reached 2.840 billion yuan, with a growth of 11.60%, and a gross margin of approximately 42.73%, an increase of about 3.6 percentage points year-on-year [1] - The company raised its full-year revenue guidance for 2025 to a growth range of 14%-16% [1] Financial Performance - The company’s net profit forecasts for 2025-2027 are adjusted to 4.578 billion yuan, 5.126 billion yuan, and 6.288 billion yuan respectively, with original estimates being 4.256 billion yuan and 4.995 billion yuan [1] - The earnings per share (EPS) are projected to be 1.1 yuan, 1.3 yuan, and 1.5 yuan for 2025-2027 [1] - The current stock price corresponds to price-to-earnings (PE) ratios of 26.7, 23.9, and 19.5 for the respective years [1] Business Segments - The preclinical business generated revenue of 4.147 billion yuan in H1 2025, showing a year-on-year increase of approximately 35.2% [2] - Clinical III phase and commercialization revenue reached about 4.289 billion yuan, up 24.9%, driven by early projects maturing and existing commercial projects ramping up [2] - The company has a total of 864 projects, with 429 in preclinical/I phase, 259 in II phase, 85 in III phase, and 24 in commercialization as of June 2025 [2] Global Expansion - The company is enhancing its global capacity with 5 research service centers, 8 drug development centers, and 8 commercial production centers worldwide [2] - Revenue growth rates for North America, Europe, China, and other regions were 20.1%, 5.7%, -8.5%, and 136.1% respectively, indicating robust growth in North America [2] - The company’s Irish base has received EMA approval for its first product for commercial production, and the construction of the MFG11 capacity in the U.S. is ongoing [2]

Investment Rating - The investment rating for WuXi Biologics (02269.HK) is "Buy" (maintained) [4][13] Core Views - The company achieved a robust revenue growth of 16.08% year-on-year in H1 2025, with total revenue reaching 9.953 billion yuan and a net profit of 2.339 billion yuan, reflecting a significant increase of 56.05% [4] - The company has raised its full-year revenue guidance for 2025 to a growth range of 14%-16%, supported by a backlog of unfulfilled orders amounting to approximately 20.34 billion USD [4] - The report highlights the strong growth momentum in preclinical services and anticipates future growth in CMO (Contract Manufacturing Organization) business [5] Financial Performance - In H1 2025, the company reported a gross margin of approximately 42.73%, an increase of about 3.6 percentage points year-on-year [4] - The adjusted net profit for H1 2025 was 2.840 billion yuan, representing a year-on-year growth of 11.60% [4] - The company’s earnings per share (EPS) for 2025-2027 are projected to be 1.1, 1.3, and 1.5 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 26.7, 23.9, and 19.5 times [4] Business Growth and Strategy - The preclinical business achieved revenue of 4.147 billion yuan in H1 2025, marking a year-on-year growth of approximately 35.2% [5] - The company has a total of 864 projects in various stages, with 429 in preclinical, 259 in Phase I, 85 in Phase II, 67 in Phase III, and 24 in commercialization [5] - WuXi Biologics is expanding its global capacity with five research service centers, eight drug development centers, and eight commercial production centers [6] Regional Performance - Revenue growth in North America was robust at 20.1%, while Europe and China saw growth rates of 5.7% and a decline of 8.5% respectively [6] - The company’s strategic expansion in North America is expected to continue driving revenue growth [6]

Core Viewpoint - WuXi Biologics reported its mid-year performance for 2025, showing a slight outperformance against market expectations with a revenue of 9.95 billion yuan, a gross margin of 42.7%, and an adjusted net profit of 2.84 billion yuan, reflecting a year-on-year growth of 16.1%, 3.6 percentage points, and 11.6% respectively [1] Summary by Category Financial Performance - The company achieved a revenue of 9.95 billion yuan in the first half of 2025, representing a year-on-year increase of 16.1% [1] - Adjusted net profit reached 2.84 billion yuan, up 11.6% year-on-year [1] - Gross margin improved to 42.7%, an increase of 3.6 percentage points compared to the previous year [1] Business Segmentation - Revenue from preclinical projects was 4.15 billion yuan, up 35.2% year-on-year, driven by research services and preclinical development project revenue conversion [1] - Early clinical projects generated 1.33 billion yuan, down 29.7% year-on-year, mainly due to the transition of large projects to later development/commercialization stages and order execution timing [1] - Revenue from late-stage clinical and commercial projects was 4.29 billion yuan, reflecting a year-on-year increase of 24.9%, supported by the steady advancement of early projects and ongoing growth of existing commercial projects [1] Regional Performance - North America showed strong growth with a revenue increase of 20.1% year-on-year, accounting for 60.5% of total revenue [2] - European market revenue grew by 5.7%, representing 19.8% of total revenue [2] - Revenue from China declined by 8.5%, making up 13.0% of total revenue [2] - Other regions, including Singapore, Japan, and South Korea, saw a significant revenue increase of 136.1%, contributing 6.7% to total revenue [2] Project Pipeline - The total number of projects reached 864, a year-on-year increase of 16.4%, with 429 in preclinical, 259 in Phase I, 85 in Phase II, 67 in Phase III, and 24 in commercialization [3] - The company signed 86 new projects in the first half of 2025, with over 50% coming from the U.S. market [3] - The total uncompleted order amount reached 20.3 billion USD, with uncompleted service orders around 11.4 billion USD and potential milestone payment orders at a historical high of 9.0 billion USD [3] Investment Outlook - WuXi Biologics is positioned for steady growth driven by a robust order backlog and increasing utilization of backend capacity [3] - Projected net profits for 2025-2027 are expected to be 4.37 billion, 4.81 billion, and 5.27 billion yuan, with year-on-year growth rates of 30.2%, 10.1%, and 9.6% respectively [3]