高盛指，药明康德第三季资本支出为14.7亿元人民币(首九个月为35.7亿元)。全年资本支出预算下调至 55亿至60亿元人民币(原为70至80亿元)，因部分项目的结算周期比预期长。因此，自由现金流指引上调 至80亿至85亿元人民币(原为50亿至60亿元)。管理层重申其推进全球产能建设的承诺。 高盛表示，药明康德管理层将2025全年营收指引上调至435至440亿元人民币(原为425至435亿元)，持续 经营业务的营收增长指引上调至年增17%至18%(原为年增13%至17%)，并预期经调整非国际财务报告准 则净利率将有所改善。 智通财经APP获悉，高盛发布研报称，预期市场对药明康德(02359) 强劲的业绩表现，和新订单动能将 作出正面反应，虽然围绕TIDES(寡核苷酸和多肽)订单储备增长放缓可能引发一些争议。药明康德第三 季度收入达121亿元人民币，同比增长15.3%，或按持续经营业务计算则同比增长19.7%。值得注意的 是，TIDES业务同比增长91%，占目前总收入23%。高盛对药明康德港股12个月目标价为109.6港元，基 于12个月前瞻市盈率18倍，药明康德(603259.SH)为目标价105.6元人民币。 ...

Core Viewpoint - The CXO sector in the pharmaceutical industry has seen significant growth, with companies like WuXi AppTec and Zai Lab experiencing substantial stock price increases, driven by strong financial performance and positive market trends [1][2]. Group 1: CXO Sector Performance - The CXO sector experienced a major surge, with stocks like Pharmaron and WuXi AppTec seeing increases of over 18% and hitting daily limits [1]. - Year-to-date, the stock of Zai Lab has risen over 111%, while other major players like WuXi AppTec and Haoyuan Meditech have seen increases between 60% and 83% [1]. - Companies such as Pharmaron, Jiuzhou Pharmaceutical, and WuXi AppTec have also reported stock price increases exceeding 20% [1]. Group 2: WuXi AppTec Financial Results - WuXi AppTec reported a revenue of 20.799 billion yuan for the first half of 2025, marking a year-on-year growth of 20.64% [1]. - The net profit attributable to shareholders reached 8.561 billion yuan, showing a significant increase of 101.92% year-on-year [1]. - The company has raised its full-year revenue forecast, expecting a total revenue between 42.5 billion and 43.5 billion yuan, up from the previous estimate of 41.5 billion to 43 billion yuan [1]. Group 3: TIDES Business Growth - The TIDES (oligonucleotide and peptide) business of WuXi AppTec generated 5.03 billion yuan in revenue, reflecting a remarkable growth of 141.6% year-on-year, becoming a key driver of the company's performance [1]. - The growth in TIDES revenue is attributed to the booming GLP-1 drug market, which has been thriving in recent years [2]. - Analysts predict that the TIDES business revenue may exceed the previously set growth target of 60% for the year [2]. Group 4: Industry Trends and Collaborations - The innovative drug market is experiencing a surge, with significant business development (BD) transactions benefiting CXO companies [2]. - Recent collaborations, such as the agreement between Hengrui Medicine and GlaxoSmithKline (GSK), highlight the trend of large-scale international deals, with GSK paying an upfront fee of $500 million and potential milestone payments totaling around $12 billion [2]. - The hot market for innovative drugs is driving pharmaceutical companies to increase R&D investments and accelerate project timelines, positively impacting the upstream CXO sector [2].