Scaled CRDMO Platform and Three Key Modalities Delivering Sustained High Growth 2025 Annual Results Operation & Business Updates 01 03 05 02 04 06 2025 Annual Results WBS (WuXi Bio Business System) & ESG as Key Components of Business Strategy FY2025 Financials Review Advanced Technology Platforms – Cornerstone of Future Success Summary & Outlook 01 2025 Annual Results March 2026 Stock Code: 2269.HK Forward-Looking Statements This presentation may contain certain "forward-looking statements" which are not hi ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 WUXI BIOLOGICS (CAYMAN) INC. 藥明生物技術有限公司* （於開曼群島註冊成立的有限公司） （股份代號：2269） 內幕消息 二零二五年全年業績簡報 本公告由WuXi Biologics (Cayman) Inc.藥明生物技術有限公司*（「本公司」）根據 香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條及香港法例第 571章《證券及期貨條例》第XIVA部項下內幕消息條文（定義見上市規則）而作出。 為使本公司股東及潛在投資者能夠更深入、更全面地了解其二零二五年全年 業績及業務營運，本公司將於二零二六年三月二十五日上午九時正及晚上八 時正（香港時間）召開電話會議，屆時將就本公司財務業績及業務營運進行簡 報（「簡報」）。本公司股東及潛在投資者可於預定時間通過以下鏈接參加電話 會議： https://morganstanley.zoom.us/webinar/register ...

Financial Performance - Revenue increased by 16.1% year-over-year to RMB 10 billion[7], with adjusted EBITDA up 20.6% to RMB 4.3 billion[7] and adjusted net profit up 11.6% to RMB 2.8 billion[7] - Gross profit margin improved by 360 basis points to 42.7%[7], with adjusted EBITDA margin at 43.3% and adjusted net profit margin at 28.5%[7] - Basic earnings per share (EPS) increased by 56.8% to RMB 0.58[7] Business Growth and Backlog - Integrated projects increased by 16.4% year-over-year to 864[8] with 86 new projects added in 1H 2025[9] - Commercial projects increased by 50% year-over-year to 24[9] - Total backlog reached US$20.3 billion[9, 16], including US$11.4 billion in service backlog[17] and US$4.2 billion within 3 years[17] Revenue Breakdown and Geography - Pre-IND revenue rose 35.2% year-over-year in 1H 2025[11] - Late-stage + CMO revenue increased by 24.9% year-over-year[12] - North America revenue grew 20.1% year-over-year, accounting for 60.5% of total revenue[21, 22] Capacity and Quality - The company completed 44 regulatory inspections with a 100% success rate[9, 66] - The company has 16 drug substance facilities and DP facilities with ~500,000L bioreactor capacity[51] Technology and Innovation - The company has enabled 50+ programs with potential milestone & sales royalty[13, 40] - The company is scaling out single-use technology to large batch sizes, with 339 batches across 5 manufacturing facilities[99] WBS and ESG - The company is improving gross margin through WBS initiatives[105] - The company is committed to sustainability and has received several ESG ratings and awards[108]

Core Viewpoint - WuXi Biologics (02269) reported strong financial performance for 2024, achieving revenue of RMB 18.68 billion, with non-COVID revenue growing by 13.1% year-on-year, indicating robust growth potential and a need for valuation recovery [1][3][10] Financial Performance - The company achieved a gross profit of RMB 7.65 billion, a 12.1% increase year-on-year, and an EBITDA of RMB 6.55 billion, up 16.7% year-on-year [1] - The compound annual growth rate (CAGR) for non-COVID revenue from 2014 to 2024 is approximately 50% [1] - The stock price increased by 47.49% year-to-date as of March 25, 2024, but remains undervalued compared to estimates from major investment banks [1][10] Market Outlook - Major investment banks, including Morgan Stanley and CICC, have upgraded their forecasts for WuXi Biologics' revenue and net profit for 2025 and 2026, with target prices set at HKD 45 and HKD 50 respectively [1] - The global CXO industry is facing challenges, with many leading companies lowering their performance guidance for 2024, yet WuXi Biologics has successfully met its performance targets [2][3] Project Growth - WuXi Biologics achieved a record total of 817 integrated projects in 2024, with 151 new projects signed, exceeding the previous expectation of 110 [4][5] - The company has a strong pipeline with 402 preclinical projects, 328 early-stage clinical projects, and 87 late-stage clinical and commercial production projects, showing significant year-on-year growth [5] Strategic Advantages - The company’s dual-factory strategy and advanced technology platforms, such as WuXiBodyTM and WuXiUITM, are expected to enhance production efficiency and reduce costs significantly [6][8] - WuXi Biologics has maintained a 100% success rate in BLA submissions, reflecting its reliable quality management system [7][8] Valuation Potential - Despite strong fundamentals, WuXi Biologics' current PE ratio of 39.56 is significantly below its five-year average of 98.85, indicating substantial upside potential [10][12] - The company’s stock buyback program, with USD 4 billion completed out of a planned USD 6 billion, has increased its net asset value per share to HKD 10.75, enhancing investment attractiveness [9]