蓄势待发，全球领先的XDC CRDMO有望进入商业化收获期 。 药明合联凭借端到端一体化生物 偶联药物CRDMO服务能力与行业领先的技术平台，持续巩固并夯实全球生物偶联药物CRDMO 领域的领先地位。 根据《证券期货投资者适当性管理办法》及配套指引，本资料仅面向华创证券客户中的金融机构专业投资者，请勿对本 资料进行任何形式的转发。若您不是华创证券客户中的金融机构专业投资者，请勿订阅、接收或使用本资料中的信息。 本资料难以设置访问权限，若给您造成不便，敬请谅解。感谢您的理解与配合。 站在当前时点，公司在手项目数量稳步攀升，尤其是商业化验证前期关键环节的 PPQ（工艺验 证）项目持续增加，充分印证公司IND后管线正加速向商业化阶段转化。随着公司逐步进入商业 化项目收获期，收入体量与利润规模有望实现中长期快速增长。 从ADC到XDC，生物偶联药物行业高速发展 。 ADC药物作为生物偶联药物中最主要的一类，以 2024年销售额计已出现6款"重磅炸弹"药物；此外，以双抗ADC和双载荷ADC为代表的新型 ADC商业化在即。据Frost & sullivan统计及预测，全球ADC药物有望于2030年达到662亿美 元。除了 ...

Core Viewpoint - WuXi Biologics demonstrates a strong commitment to sustainability through its 2024 Sustainability Report, highlighting significant advancements in sustainable development and corporate governance [1][3][15] Group 1: Sustainability Commitment - The company has successfully executed its "Follow and Win the Molecule" strategies while achieving notable sustainability milestones in 2024 [2] - WuXi Biologics has achieved a 30% intensity reduction in GHG emissions and a 28% reduction in water consumption compared to baseline years [7] - The Green CRDMO solution offers up to an 80% reduction in product carbon footprint, recognized by the United Nations Global Compact [9] Group 2: Governance and Stakeholder Engagement - The company has established strong corporate governance mechanisms aligned with the United Nations Sustainable Development Goals (UN SDGs) [3][4] - WuXi Biologics actively engages with stakeholders and participates in the Pharmaceutical Supply Chain Initiative (PSCI) to uphold principles in ethics, human rights, and environmental management [4] Group 3: Community and Employee Empowerment - The company supports career development for women in STEM, with 54% of STEM positions held by female employees, surpassing industry averages [5] - In 2024, nearly 10,000 employee volunteer hours were logged in local communities, emphasizing the company's commitment to social responsibility [6] Group 4: Recognition and Future Outlook - WuXi Biologics has received multiple accolades, including an MSCI AAA Rating and inclusion in the Dow Jones Sustainability Indices, reflecting its leadership in ESG [11] - Looking ahead, the company plans to continue prioritizing sustainability as a cornerstone of its innovation and operations, contributing to the UN Sustainable Development Goals [12]