26 Mar 2026 CMB International Global Markets | Equity Research | Company Update WuXi Biologics (2269 HK) WuXi Biologics (2269 HK) - | Target Price | HK$39.00 | | --- | --- | | (Previous TP | HK$35.60) | | Up/Downside | 17.7% | | Current Price | HK$33.14 | China Healthcare Resilient demand amid macro uncertainties WuXi Bio reported financial results for 2025, with revenue increasing by 16.7% YoY and adj. attributable net profit rising by 17.9% YoY. Revenue and adj. net profit exceeded our estimates by 1.2% a ...

WuXi XDC Cayman (SEHK:02268) H2 2025 Earnings call March 23, 2026 08:30 PM ET Speaker5Adjusted net增长接近70%，达到了15.58亿。另外非常重要的就是我们的backlog持续保持了高速的增长，到去年年底backlog接近15亿美元，year over year的增长超过了50%。所以不管是从项目层面，还是从财务层面，2025年的成绩都还是非常的亮丽。再稍微细看一下，我们从三个维度，一个就是innovation和execution。那么现在到了去年年底，我们全球服务的客户数超过了640个。过去几年总共为全球的客户提交了超过120个IND，大部分都是美国FDA的IND。所以在这样的一个快速发展的基础上，我们持续获得更多的market share。根据我们的计算，到去年年底，我们的global的market share达到了24%。还有很重要的，去年我们在innovation上有几项重大的突破，包括WuXiDAR4升级到WuXiDARx，也包括创新的connector X-LinC，还有就是我们的两款payload- ...

交银国际研究 每日晨报 2026 年 2 月 27 日 今日焦点 | 药明合联 | | 2268 HK | | --- | --- | --- | | XDC 赛道融资/BD | 开年延续较高热情，公司有望 | 评级: 买入 | | 持续获益，维持买入 | | | | 收盘价: 港元 58.35 | 目标价: 港元 91.00 | 潜在涨幅: +55.9% | | 丁政宁 | Ethan.Ding@bocomgroup.com | | 全球 XDC 赛道投融资/BD 交易持续活跃：据我们统计，2026 年前两个月 全球 XDC 赛道共发生 25 项投融资事件，相比 2025 年同期的 18 项显著 增长；XDC 候选药物 BD 交易呈现类似趋势，交易数量保持稳定、合计 首付款总额大幅增长。2024 年年初以来，XDC 领域投融资事件数、BD 交易数和首付款总额呈逐步上升态势。投融资和 BD 交易持续活跃，将 进一步拉动 XDC CRDMO 行业下游需求改善，药明合联作为技术实力和 一体化交付能力布局的龙头企业，有望持续受益于这一重要趋势、并扩 大市场份额。 维持目标价和买入评级：我们基于公司 2025 年盈利 ...

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Group 1 - The company expects to procure chemical raw materials from its affiliate Gansu Haotian Technology Co., Ltd. with a maximum amount of 50 million yuan by 2026 [1] - The company plans to sell products and provide technical services to a new affiliate, Hangzhou Jiaolian Biomedical Technology Co., Ltd., with a maximum amount of 10 million yuan [1] - These transactions are based on daily operational needs and are expected to be executed within the board's approval authority [1] Group 2 - The company continues to expand in cutting-edge fields such as XDC, PROTAC, peptides, and small nucleic acid drugs, aiming to build an integrated service capability from laboratory to commercial production [2] - Long-term trends such as policy support for the pharmaceutical industry and population aging may present opportunities for the company's innovative drug research and development [2] Group 3 - The pharmaceutical and biotechnology industry is significantly influenced by policies, such as adjustments to medical insurance catalogs and the pace of review and approval for innovative drugs, which may indirectly affect the business demand for the company as a medical research outsourcing entity [3]

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Summary of WuXi AppTec Conference Call Industry Overview - The ADC (Antibody-Drug Conjugate) industry is projected to maintain an annual growth rate of approximately 30%, significantly higher than that of chemical and biological drugs [2][4] - The global market has 16 ADC products launched, with rapid sales growth expected to continue [2][9] - The complexity of ADCs leads to a high outsourcing rate, currently around 70%, which is anticipated to rise to 80% [11] Company Insights - WuXi AppTec is a leader in the domestic market, benefiting from the rapid growth of the ADC industry [2] - The company possesses a unique CRDMO (Contract Research, Development, and Manufacturing Organization) strategy and core technologies, such as the Wuxi DIX toxin technology, enabling integrated production capabilities from small molecule toxins to antibody conjugation [4][5][6] - The company is constructing dual facilities to ensure supply chain stability and security [6] Financial Performance - In the first half of 2025, the number of ADC projects increased by 44% year-over-year, with the number of clients growing by 34% [3][15] - The backlog of orders reached $1.3 billion, reflecting a nearly 160% year-over-year increase [3][16] - The revenue contribution from backend services rose to 59%, up from approximately 30% previously [16] Growth Projections - Short-term growth is primarily driven by commercialized projects, with large-scale volume expected to begin in 2027 [7][17] - The company anticipates a growth rate of around 45% for 2025, although a conservative estimate of 35% has been provided by Zhongtai Securities [8][17] - The introduction of new molecules such as bispecific antibodies and XDCs is expected to drive future growth [7][10] Competitive Advantages - WuXi AppTec's competitive advantages include a comprehensive CRDMO service platform, deep industry experience since 2013, and a significant reduction in the drug development cycle from an average of 24-30 months to 15 months [13] - The company has expanded its production capacity significantly, with plans to triple its capacity by 2024, focusing on both domestic and international markets [14] Market Position - WuXi AppTec holds nearly 10% of the global market share and 70% of the domestic market share, indicating room for further growth [11][12] - The company’s integrated production capabilities position it favorably against competitors, enhancing customer loyalty and retention [13] Future Outlook - The company is optimistic about its long-term growth prospects, especially with the potential for increased revenue from clinical phase III projects [17] - The overall industry outlook remains positive, supporting sustained high growth for WuXi AppTec [17]

Listing & Trading - XDC is now available for trading on Kraken [1] - XDC is described as a hybrid chain powering real-world finance [1]

Listing Announcement - Kraken 即将上线 XDC [1] Technology and Partnership - XDC 网络和 XDC 基金会为代币化的贸易融资和跨境支付提供支持 [1]