Core Insights - WuXi AppTec (02359) reported an unaudited interim performance for the six months ending June 30, 2025, with revenue of 20.799 billion RMB, a year-on-year increase of 20.6% [1] - The gross profit reached 9.112 billion RMB, up 36% year-on-year, while the net profit attributable to shareholders was 8.287 billion RMB, reflecting a significant increase of 95.5% [1] - The company proposed an interim dividend of 3.5 RMB per 10 shares [1] Revenue Breakdown - The company’s revenue from ongoing operations was 20.41 billion RMB, with significant contributions from various regions: 14.03 billion RMB from U.S. clients (up 38.4%), 2.33 billion RMB from European clients (up 9.2%), 3.15 billion RMB from Chinese clients (down 5.2%), and 0.9 billion RMB from other regions (up 7.6%) [1] Chemical Business Performance - The chemical business generated revenue of 16.3 billion RMB, marking a year-on-year growth of 33.5% [2] - The small molecule drug discovery segment successfully synthesized and delivered over 440,000 new compounds in the past twelve months [2] - The small molecule development and manufacturing (D&M) segment reported revenue of 8.68 billion RMB, a 17.5% increase year-on-year, with a total of 3,409 molecules in the pipeline as of June 30, 2025 [2] TIDES Business Growth - The TIDES business (oligonucleotides and peptides) experienced rapid growth, with revenue reaching 5.03 billion RMB, a remarkable increase of 141.6% [3] - The backlog of TIDES orders grew by 48.8% year-on-year, with a 12% increase in the number of clients served and a 16% increase in the number of molecules served [3] - The company is expanding its peptide production capacity, expecting the total volume of solid-phase synthesis reactors to exceed 100,000L by the end of 2025 [3]

Core Insights - The company reported a strong recovery in revenue and profit growth in the first quarter, with a focus on its unique CRDMO business platform [1][3] - The company achieved a revenue of 9.655 billion yuan, with a year-on-year growth of 23.1% in its continuing operations [1] - The company’s net profit attributable to shareholders increased by 89.06% year-on-year, reaching 3.672 billion yuan [3] Revenue Breakdown - Chemical business generated 7.391 billion yuan in revenue, a year-on-year increase of 32.87% [1] - Testing business revenue was 1.292 billion yuan, showing a decline of 4.04% [1] - Biological business revenue reached 608 million yuan, with a growth of 8.25% year-on-year [1] Regional Performance - Revenue from U.S. clients was 6.38 billion yuan, up 28.4% year-on-year [1] - Revenue from European clients was 1.3 billion yuan, reflecting a growth of 26.2% [1] - Revenue from Chinese clients was 1.53 billion yuan, showing a slight decline of 1.3% [1] - Revenue from other regions was 450 million yuan, with a growth of 3% [1] Order Backlog and Growth Potential - The company’s order backlog for continuing operations reached 52.33 billion yuan, a year-on-year increase of 47.1% [4] - TIDES business orders grew by 105.5% year-on-year, indicating strong demand in the peptide sector [4] - The TIDES business revenue reached 2.24 billion yuan, with a remarkable growth of 187.6% [4] Strategic Insights - The company’s integrated "end-to-end" CRDMO business model has shown significant effectiveness, particularly in the chemical sector [2] - The growth in clinical and commercialization projects has led to improved capacity efficiency [2] - The demand for peptides is expected to continue rising, with the company planning to increase its solid-phase synthesis reactor capacity to 100,000L by the end of 2025 [4]

Core Insights - WuXi AppTec expects a double-digit revenue growth of 10%-15% for its continuing operations by 2025 [1][3] - The company reported a strong Q1 performance with revenue of 9.65 billion yuan, a year-on-year increase of 21%, and a net profit attributable to shareholders of 3.672 billion yuan, up 89.1% [1] - The significant increase in net profit is attributed to the sale of part of its stake in WuXi AppTec's subsidiary and investment gains from the disposal of certain businesses [1] Revenue and Profit Analysis - The adjusted non-IFRS net profit for Q1 was 2.678 billion yuan, reflecting a 40% year-on-year growth [1] - TIDES business (oligonucleotides and peptides) generated revenue of 2.24 billion yuan in Q1, marking a substantial growth of 187.6% [3] - As of March 31, 2025, the company had a backlog of 52.33 billion yuan in continuing operations, a 47.1% increase year-on-year, with TIDES backlog growing by 105.5% [3] Future Outlook - WuXi AppTec has not adjusted its 2025 full-year performance guidance despite potential impacts from new tariffs imposed by the U.S. [3] - The company anticipates overall revenue to reach between 41.5 billion yuan and 43 billion yuan in 2025 [3] - The CEO stated that the adjusted non-IFRS net profit margin is expected to further improve [3]