Core Insights - WuXi AppTec's integrated CRDMO model and increasing focus on late-stage and commercial assets are key drivers for sustained growth [1] - Preliminary 2025 results show revenue of 45.5 billion yuan, a 21.4% year-on-year increase, with adjusted non-IFRS net profit at 15 billion yuan and a net profit margin of 32.9%, up 5.9 percentage points year-on-year [2] - The company's backlog exceeds 55 billion yuan, providing multi-year revenue visibility [2] Financial Performance - Revenue for 2025 reached 45.5 billion yuan, reflecting a 21.4% increase from continuing operations [2] - Adjusted non-IFRS net profit was 15 billion yuan, resulting in a net profit margin of 32.9%, which is an increase of 5.9 percentage points year-on-year [2] - The backlog of over 55 billion yuan indicates strong future revenue potential [2] Business Model and Strategy - WuXi AppTec's end-to-end CRDMO platform supports clients from early drug discovery to commercial manufacturing, enhancing internal conversion as projects progress [3] - The company currently manages over 3,400 small-molecule CDMO projects, with a significant increase in Phase III and commercial-stage drugs [4] - Revenue from late-stage assets has increased sharply, indicating stronger customer partnerships and higher complexity [4] Regulatory and Market Position - WuXi AppTec's regulatory track record is a competitive advantage, with the FDA approving 30 new small-molecule drugs in 2025, eight of which were supported by the company [5] - The company has supported approximately 21% of FDA-approved small-molecule new drugs over the past five years and currently supports about one in seven commercial-stage GLP-1 drugs [5] Growth Areas - The company is experiencing momentum in GLP-1 drugs, supporting 24 GLP-1 drugs across clinical and commercial stages [6] - Capacity for peptide and Oligo therapies has more than doubled in 2025, positioning the company to meet rising demand in these emerging modalities [6] Future Outlook - WuXi AppTec's expanding late-stage exposure, strong internal conversion, and record backlog are expected to drive resilient growth and cash generation through industry cycles [7] - The company plans to continue investing in capacity and returning capital to shareholders [7]