2025Q3 业绩高于我们及市场预期 公司公布1-3Q25 业绩：收入328.6 亿元(YoY+18.6%)，持续经营业务收入同比+22.5%,归母净利润120.8 亿元(YoY+84.8%)，经调整Non-IFRS 净利润105.4 亿元(YoY+43.4%)，对应净利率32.1%(YoY+5.6ppt)。 业绩超过我们及市场预期，主要因公司核心业务需求旺盛，同时公司优化生产工艺和经营效率，临床后 期和商业化大项目增长带来产能效率提升，催化利润率提高。 发展趋势 订单增强业绩确定性，继续上调全年指引。截至3Q25，公司持续经营业务在手订单达598.8 亿元 (YoY+41.2%)。公司将2025年持续经营业务收入增速指引从13-17%上调至17-18%，有信心进一步提升经 调整non-IFRS 归母净利率水平。 核心业务小分子CDMO 及TIDES 保持强劲增长。1-3Q25，WuXi Chemistry 收入259.8 亿元 (YoY+29.3%)，其中，D&M 收入142.4 亿元(YoY+14.1%)，TIDES 收入78.4 亿元(YoY+121.1%)，经调整 毛利率51.3%(YoY+5.8pp ...

Financial Data and Key Metrics Changes - The company's total revenue reached RMB32.86 billion, with revenue from continuing operations growing 22.5% year over year to RMB32.45 billion [7] - Adjusted non-IFRS net profit increased by 43.4% to RMB10.54 billion, with a net profit margin of 32.1% [7][27] - The backlog for continuing operations reached a record RMB59.88 billion, growing 41.2% year over year [8] Business Line Data and Key Metrics Changes - Chemistry's CRDMO revenue grew 29.3% to RMB25.98 billion, with an adjusted non-IFRS gross profit margin improving by 5.8 percentage points to 51.3% [11] - Small molecule DNM business revenue increased by 14.1% to RMB14.24 billion [13] - WuXi Tides revenue surged 121.1% to RMB7.84 billion, with a backlog growth of 17.1% [14] Market Data and Key Metrics Changes - Revenue from the U.S. region grew 31.9%, while Europe saw a 13.5% increase, and revenue from Japan, Korea, and the rest of the world grew 9.2% [10] - Revenue from China remained relatively flat, indicating a diversified revenue stream [10] Company Strategy and Development Direction - The company is focusing on enhancing core capabilities and expanding capacity to meet customer demand [7] - An agreement was signed to sell 100% of the equity of its China-based clinical research service business, which will be classified as a discontinued operation [32][33] - The company raised its full-year guidance for continuing operations revenue growth to 17% to 18% [37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in customer demand for enabling services and the resilience of the CRDMO business model [36] - The company expects to improve adjusted non-IFRS net profit margins in 2025 and anticipates free cash flow to increase [37][38] Other Important Information - The company has implemented a total of RMB6.88 billion in cash dividends and share repurchases, representing over 70% of net profit in 2024 [38] - The company is actively advancing global capacity expansion, with CapEx payments reaching RMB3.57 billion in the first three quarters [30] Q&A Session Summary Question: What is driving the backlog growth, particularly in small molecules and Tides business? - Management noted that the backlog has reached a historical high, driven by small molecule DNM and Tides business, with a year-over-year growth of approximately 30% [44][45] Question: What is the outlook for margins moving forward? - The company indicated that margin growth is driven by continuous optimization of manufacturing processes and an increase in late-phase and commercial projects [50][51] Question: How do U.S. customers view the new legislative proposals regarding biotechnology? - Management stated that they are closely monitoring legislative changes and have not seen a significant shift in customer demand patterns [54][58] Question: What is the impact of the disposal of the clinical research service business on margins? - The margin mix is expected to improve following the divestiture of the clinical CRO business, enhancing the overall margin of the WuXi testing business [110] Question: How will the company utilize the cash from the recent transactions? - The cash will be used to support global growth and capacity building initiatives [112]