A/H股CXO板块在连续三年估值下修后，于2025年出现"基本面修复先于预期"的迹象。以龙头为例，药 明康德（603259.SH）2025年前三季度实现营业收入328.57亿元，同比增长18.61%；归母净利润120.76 亿元，同比增长84.84%。订单端，截至2025年9月末，公司持续经营业务在手订单598.80亿元，同比增 长37.2%。 不过，复苏并不均衡——临床CRO板块仍处"量在修复、价与利滞后"的阶段，行业复苏呈现分化。券商 研报所强调的"合规成本"与"需求弹性"双线博弈，在2026年将更具现实压力。前者来自美国采购与资金 规则的制度化落地，后者取决于全球创新药项目推进是否真正转化为可确认的外包收入。 订单如何兑现 需求端方面，全球制药研发投入仍保持刚性增长，但结构性波动体现在创新药初创企业的周期起伏。 IQVIA报告显示，2023年全球临床试验启动数量同比减少15%，2024年则小幅回升约9%，表明经历疫情 和资本寒冬后，新项目推进正在缓慢重启。 对CXO而言，"签单回暖"并不自动等于"当期放量"。业务模式决定了订单兑现具有天然滞后：CRO项目 常见里程碑制与FTE（月工时制）并存，不同模式下 ...

Core Viewpoint - The strong growth of WuXi AppTec's performance is attributed to its accelerating globalization strategy, which is becoming a key differentiator for long-term competitiveness in the pharmaceutical industry [1] Group 1: Company Performance - For the first three quarters of 2025, WuXi AppTec achieved revenue of 32.86 billion yuan, a year-on-year increase of 18.6%, and a net profit attributable to shareholders of 12.076 billion yuan, significantly up by 84.8% [1] - The company's performance is not merely a result of cyclical rebound but reflects the amplification of its globalization capabilities in a complex environment [1] Group 2: Globalization Strategy - WuXi AppTec's globalization is a systematic project involving the establishment of global production capacity, expansion of cross-regional R&D networks, and further internationalization of its customer base [1] - The company is evolving into a platform enterprise that plays a foundational role in the global innovative drug ecosystem [1] Group 3: Marginal Effects of Globalization - The marginal effects of global production capacity are becoming evident, with significant improvements in service capabilities in advanced technology areas such as complex molecules, TIDES, and peptides [2] - TIDES business revenue grew by 121.1% year-on-year in the first three quarters of 2025, driven by the synergy of production capacity, technology, and global delivery systems [2] Group 4: Order Quality and Market Position - As of September 30, 2025, the company's backlog of orders reached 59.88 billion yuan, a year-on-year increase of 41.2%, indicating a strong order quality that is expected to provide stable future revenue [2] - The quality of orders reflects the genuine recognition of the company's capabilities by the global innovative drug industry, independent of market fluctuations [2] Group 5: Industry Outlook - The global pharmaceutical R&D outsourcing market is on a structurally growing trajectory, with increasing outsourcing penetration due to rising R&D costs and compressed innovation cycles [3] - WuXi AppTec's strategic accumulation in global layout, technical depth, talent systems, and operational efficiency positions it well to capture the growth dividends of global innovative drugs [3] Group 6: Future Growth Confidence - The company has raised its revenue growth forecast for 2025 to 17-18%, reflecting confidence derived from its globalization framework, continuous capacity release, deepening customer ties, and strong order backlog [3] - This growth is seen as a natural outcome of deepening globalization rather than a temporary rebound driven by industry cycles [3]

Core Viewpoint - WuXi AppTec is a leading global pharmaceutical R&D service platform, excelling in revenue and net profit within the industry, showcasing strong financial performance and growth potential [1][2][6]. Financial Performance - For Q3 2025, WuXi AppTec reported revenue of 32.857 billion yuan, ranking first among 29 companies in the industry, significantly surpassing the second-place company, Kanglong Chemical, which had revenue of 10.086 billion yuan [2]. - The net profit for the same period was 12.206 billion yuan, also leading the industry, with the second-place company, Tigermed, reporting a net profit of 1.092 billion yuan [2]. Financial Ratios - As of Q3 2025, WuXi AppTec's debt-to-asset ratio was 24.45%, lower than the industry average of 22.79%, indicating strong solvency [3]. - The gross profit margin for the same period was 46.62%, higher than the industry average of 37.70%, reflecting robust profitability [3]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 16.39% to 274,100, while the average number of circulating A-shares held per shareholder decreased by 14.49% to 9,024.76 [5]. Business Growth and Outlook - WuXi AppTec's revenue growth is attributed to a focus on CRDMO business, optimization of production processes, and operational efficiency, with a significant increase in orders on hand, totaling 59.88 billion yuan, up 41.2% year-on-year [6]. - The chemical business revenue for the first three quarters was 25.978 billion yuan, a year-on-year increase of 29.28%, while TIDES business revenue reached 7.84 billion yuan, growing by 121.1% [6]. - Revenue projections for 2025 to 2027 are 44.139 billion yuan, 49.219 billion yuan, and 56.818 billion yuan, respectively, with net profits expected to be 17.773 billion yuan, 17.997 billion yuan, and 19.035 billion yuan [6].

Core Insights - WuXi AppTec, a leading Chinese biopharmaceutical outsourcing (CXO) company, reported strong financial results for the first three quarters of 2025, with revenue of 32.857 billion yuan, a year-on-year increase of 18.61%, and a net profit of 12.076 billion yuan, up 84.84% [1][4] - The company announced a significant asset divestiture, selling its clinical research subsidiaries for 2.8 billion yuan, which is interpreted as a strategic move to focus on core business areas amid a challenging international environment [1][5] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 32.857 billion yuan, a growth of 18.61% year-on-year, and a net profit of 12.076 billion yuan, reflecting an 84.84% increase [1][4] - The third quarter alone saw revenue of 12.057 billion yuan, up 15.26%, and a net profit of 3.515 billion yuan, which is a 53.27% increase [1] - The cash flow from operations reached 10.87 billion yuan, marking a 35% increase year-on-year [1] Business Segments - The chemical business segment emerged as the largest contributor to revenue, generating 25.978 billion yuan, a year-on-year increase of 29.28% [3] - The TIDES business (oligonucleotides and peptides) showed exceptional performance, with revenue reaching 7.84 billion yuan, a staggering growth of 121.1% [3] - The small molecule CRDMO business demonstrated a "funnel effect," successfully synthesizing and delivering over 430,000 new compounds in the past 12 months [4] Strategic Moves - The divestiture of the clinical research subsidiaries is seen as a strategic choice to optimize asset structure and focus on high-margin, high-growth areas like the chemical and TIDES businesses [5][7] - The sale of these subsidiaries, which contributed only about 3.5% of total revenue, allows the company to concentrate resources on its core CRDMO business [5][7] - The transaction includes a performance-based payment structure, allowing the company to benefit from future growth of the divested assets [7] Market Context - The backdrop of the company's performance includes ongoing geopolitical tensions and the looming threat of the U.S. Biodefense Act, which could significantly impact Chinese biotech firms [8][10] - Despite these challenges, revenue from U.S. clients grew by 31.9%, with North America accounting for 64% of total revenue [10][11] - The company is diversifying its market presence, with European client revenue increasing by 13.5% and stable growth in China and other markets [11][12] Market Reaction - Following the announcement of the asset divestiture, the company's stock prices rose, reflecting positive market sentiment towards its strong quarterly performance and strategic adjustments [12]

Core Viewpoint - The company reported significantly better-than-expected performance in Q3 2025, with an upward revision of the full-year revenue guidance to a 17%-18% year-over-year growth rate [1][4]. Financial Performance - For the first nine months of 2025, the company achieved a revenue of RMB 32.86 billion (+18.6% YoY), with continuous operating revenue at RMB 32.45 billion (+22.5% YoY) and adjusted Non-IFRS net profit of RMB 10.54 billion (+43.4% YoY), all exceeding market expectations [2]. - In Q3 2025, revenue reached RMB 12.06 billion (+15.3% YoY, +8.2% QoQ), with continuous operating revenue at RMB 12.04 billion (+19.7% YoY, +9.4% QoQ) [2]. - The adjusted Non-IFRS net profit for Q3 2025 was RMB 4.22 billion (+42.0% YoY, +16.1% QoQ), with a net profit margin increasing to 35.0% (+6.6 percentage points YoY, +2.4 percentage points QoQ) [2]. Business Segments - The small molecule D&M revenue and TIDES business continued to drive revenue growth and improve gross margins in Q3 2025, with TIDES revenue growing by 92.1% YoY [3]. - The Wuxi Chemistry segment achieved a revenue growth of 22.7% YoY, supported by the strong performance of small molecule D&M and TIDES [3]. Order Backlog and Guidance - The order backlog reached a record high of RMB 59.88 billion (+41.2% YoY), with new order growth in Q3 2025 accelerating to around 18% [4]. - The company raised its 2025 continuous operating revenue guidance from RMB 42.5-43.5 billion to RMB 43.5-44 billion [4]. Strategic Developments - The company is divesting non-core businesses to enhance profit margins, having signed an agreement to sell its clinical CRO and SMO subsidiaries [5]. - Early-stage business recovery is noted, with positive signals from clients and a return to growth in laboratory testing services [5]. Market Position and Valuation - The company maintains a "Buy" rating and has raised its target prices for Hong Kong and A-shares to HKD 134.5 and RMB 124.4, respectively, based on updated financial information [6].

Investment Rating - The report maintains an "Outperform" rating for the company, expecting a relative benchmark index increase of over 10% in the next 12-18 months [20]. Core Insights - The company has raised its full-year performance guidance, anticipating ongoing business revenue growth to shift from 13-17% to 17-18% [4][8]. - As of September 2025, the company's ongoing business orders reached RMB 59.88 billion, reflecting a year-on-year increase of 41.2% [4][8]. - Revenue forecasts for 2025-2027 are projected at RMB 44.02 billion, RMB 48.85 billion, and RMB 55.90 billion, with growth rates of 12.2%, 11.0%, and 14.0% respectively [4][8]. - Net profit attributable to shareholders is expected to be RMB 16.19 billion, RMB 14.68 billion, and RMB 16.88 billion for the same period, with growth rates of 71.3%, -9.3%, and 15.0% respectively [4][8]. - The company’s EPS is projected at RMB 5.42, RMB 4.92, and RMB 5.66 for 2025-2027 [4][8]. Financial Summary - The total revenue for 2023 is reported at RMB 40.34 billion, with a slight increase of 2.5% [3]. - The net profit for 2023 is RMB 9.61 billion, showing a growth of 9.0% [3]. - The company’s net asset return rate is expected to be 21.3% in 2025, with a PE ratio of 19.14 [3][4]. - The small molecule CDMO business reported revenue of RMB 14.24 billion in the first three quarters of 2025, a year-on-year increase of 14.1% [4][8]. - The TIDES business experienced significant growth, with revenue reaching RMB 7.84 billion, up 121.1% year-on-year [4][8]. Business Developments - The company has completed the capacity expansion for polypeptides, with solid-phase synthesis reactors exceeding 100,000L by September 2025 [4][8]. - An agreement was reached to sell 100% of its China clinical service research business for RMB 2.8 billion, while maintaining stable growth in its biological business [4][8]. - The laboratory analysis and testing revenue was RMB 2.96 billion, reflecting a 2.7% year-on-year increase [4][8].

Core Viewpoint - Goldman Sachs anticipates a positive market reaction to WuXi AppTec's strong performance and new order momentum, despite concerns regarding the slowdown in TIDES order reserve growth [1] Financial Performance - WuXi AppTec reported third-quarter revenue of 12.1 billion RMB, representing a year-on-year increase of 15.3%, or a 19.7% increase when considering continuing operations [1] - The TIDES business experienced a significant year-on-year growth of 91%, contributing to 23% of total revenue [1] Target Price and Valuation - Goldman Sachs set a 12-month target price of 109.6 HKD for WuXi AppTec's Hong Kong stock, based on a forward price-to-earnings ratio of 18 times, while the target price for the Shanghai stock is 105.6 RMB [1] Revenue Guidance - WuXi AppTec's management raised the full-year revenue guidance for 2025 to 43.5 to 44 billion RMB, up from the previous guidance of 42.5 to 43.5 billion RMB [1] - The revenue growth guidance for continuing operations was also increased to 17% to 18% year-on-year, compared to the previous range of 13% to 17% [1] Capital Expenditure and Cash Flow - The third-quarter capital expenditure was 1.47 billion RMB, with a total of 3.57 billion RMB for the first nine months [1] - The full-year capital expenditure budget was revised down to 5.5 to 6 billion RMB from the previous estimate of 7 to 8 billion RMB due to longer-than-expected project settlement cycles [1] - The free cash flow guidance was raised to 8 to 8.5 billion RMB, up from the previous range of 5 to 6 billion RMB [1] - Management reiterated its commitment to advancing global capacity construction [1]

Core Viewpoint - Goldman Sachs expects a positive market reaction to WuXi AppTec's strong performance and new order momentum [1] Financial Performance - WuXi AppTec reported third-quarter revenue of 12.1 billion yuan, representing a year-on-year growth of 15.3%, or 19.7% when calculated based on continuing operations [1] - The TIDES business experienced a significant year-on-year growth of 91%, currently accounting for 23% of total revenue [1] Guidance and Projections - The company raised its full-year revenue guidance for 2025 to 43.5 to 44 billion yuan, up from the previous guidance of 42.5 to 43.5 billion yuan [1] - The revenue growth guidance for continuing operations was also increased to a year-on-year growth of 17% to 18%, up from the previous range of 13% to 17% [1] - The company anticipates an improvement in adjusted net profit margin based on non-IFRS measures [1] Target Price - Goldman Sachs set a 12-month target price for WuXi AppTec's H-shares at 109.6 HKD, based on a forward price-to-earnings ratio of 18 times [1] - The target price for A-shares is set at 105.6 yuan [1]

Core Insights - The company reported strong financial performance for Q1-3 2025, with revenue of 32.86 billion yuan, a year-on-year increase of 18.6%, and a net profit attributable to shareholders of 12.08 billion yuan, up 84.8% [1] - The company plans to sell assets for a total of 2.8 billion yuan, transferring 100% equity of two subsidiaries [1] Financial Performance - For Q1-3 2025, the company achieved revenue of 32.45 billion yuan from continuing operations, a year-on-year growth of 22.51%, with Q3 alone generating 12.05 billion yuan, up 19.7% [2] - Adjusted net profit attributable to shareholders for Q1-3 2025 was 10.54 billion yuan, reflecting a 43.4% increase, with Q3 adjusted net profit at 4.22 billion yuan, up 42.0% [2] - As of September 2025, the company had a backlog of orders amounting to 59.88 billion yuan, a 41.2% year-on-year increase, indicating a solid foundation for future growth [2] Business Segments - The TIDES business segment reported revenue of 7.84 billion yuan for Q1-3 2025, a significant year-on-year increase of 121.1%, with Q3 revenue at 2.81 billion yuan, up 91.9% [3] - The chemical D&M business generated revenue of 14.24 billion yuan in Q1-3 2025, a 14.1% increase, with Q3 revenue at 5.56 billion yuan, up 9.2% [3] - The laboratory testing and analysis business achieved revenue of 2.96 billion yuan, growing 2.7% year-on-year, while the biology business reached 1.95 billion yuan, up 6.6% [4] Future Outlook - The company has revised its revenue guidance for 2025, increasing the expected growth rate for continuing operations from 13%-17% to 17%-18%, and overall revenue expectations from 42.5-43.5 billion yuan to 43.5-44 billion yuan [2] - The company anticipates continued growth in the laboratory segment due to improving market conditions [4] Investment Considerations - The company adjusted its revenue forecasts for 2025-2027, increasing expected revenues to 44.98 billion yuan, 52.42 billion yuan, and 61.15 billion yuan respectively, with corresponding EPS adjustments [5]

Investment Rating - The report assigns a "Buy" rating for WuXi AppTec (药明康德) based on its strong performance and growth outlook [12]. Core Insights - WuXi AppTec has demonstrated robust revenue growth, with a 18.6% year-on-year increase in revenue for the first three quarters of 2025, reaching 32.86 billion yuan, and a 43.4% increase in adjusted net profit, amounting to 10.54 billion yuan [1][4]. - The company has raised its full-year guidance, increasing the target growth rate for continuing operations from 13-17% to 17-18%, and adjusting the overall revenue target from 42.5-43.5 billion yuan to 43.5-44 billion yuan [4]. Summary by Sections Financial Performance - For Q1-Q3 2025, WuXi AppTec's chemical business generated 25.98 billion yuan in revenue, a 29.3% increase year-on-year, with an adjusted gross margin of 51.3%, up 5.8 percentage points [2]. - The TIDES business within the chemical segment was a significant growth driver, achieving 7.84 billion yuan in revenue, a remarkable 121.1% increase year-on-year [2]. - The testing business reported revenue of 4.17 billion yuan, remaining stable year-on-year, while the biological business generated 1.95 billion yuan, reflecting a 6.6% increase [3]. Order Backlog and Regional Performance - As of September 2025, the company had a backlog of 59.88 billion yuan in continuing operations, a 41.2% increase year-on-year, indicating strong future revenue potential [4]. - Revenue from U.S. clients reached 22.15 billion yuan, a 31.9% increase, contributing approximately 68% of total revenue [4]. Earnings Forecast - The forecast for WuXi AppTec's revenue for 2025-2027 is 45.124 billion yuan, 51.433 billion yuan, and 57.808 billion yuan, respectively, with net profits projected at 14.907 billion yuan, 14.093 billion yuan, and 16.275 billion yuan [6]. - The expected diluted EPS for the same period is 5.00 yuan, 4.72 yuan, and 5.45 yuan, with corresponding P/E ratios of 21.34, 22.58, and 19.55 [6].