截至2025年7月30日 14:20，创新药企ETF(560900)盘中换手33.85%，成交2405.83万元，创上市以来新 高，市场交投活跃。跟踪指数中证创新药产业指数(931152)下跌0.23%。成分股方面涨跌互现，东诚药 业(002675)领涨10.00%，特宝生物(688278)上涨9.55%，安科生物(300009)上涨5.86%；凯莱英(002821)领 跌5.88%，三生国健(688336)下跌4.30%，荣昌生物(688331)下跌4.28%。 截至2025年7月29日，创新药企ETF(560900)近1周累计上涨7.41%。创新药企ETF(560900)最新规模达 7079.47万元，最新份额达6996.91万份，均创近半年新高。 从资金净流入方面来看，创新药企ETF(560900)近3天获得连续资金净流入，合计"吸金"1380.32万元。 光大证券指出，药明康德2025年上半年实现营业收入207.99亿元，同比增长20.64%；扣非归母净利润达 55.8亿元，同比增长26.5%。公司盈利能力显著提升，non-IFRS毛利率达44.5%，同比提升4.7个百分 点。其中，TIDES业务（寡 ...

Investment Rating - The investment rating for WuXi AppTec is maintained as "Buy" [2][10]. Core Views - The TIDES business segment has shown remarkable performance, leading to an upward revision of the full-year revenue guidance [10]. - For the first half of 2025, the company reported a revenue of 20.799 billion RMB, a year-on-year increase of 20.64%, and a net profit attributable to shareholders of 8.561 billion RMB, a year-on-year increase of 101.92% [4]. - The company expects revenue growth for its continuing operations to return to double digits, with the growth rate revised from 10-15% to 13-17% [8]. Financial Performance - In H1 2025, the gross margin improved significantly to 44.45%, an increase of 5.08 percentage points year-on-year, while the net profit margin rose to 41.64%, up 16.81 percentage points year-on-year [5]. - The revenue from the chemical business reached 16.3 billion RMB, a growth of 33.5%, while the TIDES business revenue surged to 5.03 billion RMB, a staggering increase of 141.6% [6]. - The company’s total orders on hand reached 56.69 billion RMB, reflecting a year-on-year growth of 37.2% [8]. Revenue and Profit Forecast - The revenue forecast for 2025-2027 has been adjusted to 43.299 billion RMB, 49.656 billion RMB, and 56.472 billion RMB respectively, with net profit forecasts revised to 14.406 billion RMB, 13.249 billion RMB, and 15.249 billion RMB [10][12]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 5.02 RMB, 4.61 RMB, and 5.31 RMB respectively [10].