有券商医药行业分析师指出，全球创新药市场前景可观，那些具有良好科学基础的公司将继续吸引投 资，一些领先的中国生物技术公司将其产品推向全球市场，释放国际化潜力。中国生物技术公司与全球 制药巨头之间的早期合作越来越多。"对 CXO 参与者而言，需要重点关注核心竞争力，提高运营效 率，拥抱新技术和新商业模式，以在这种环境下获取成功。" 当Lonza等国际巨头陷入增长停滞，国内同行面临亏损困境时，药明生物独有的CRDMO模式加"跟随并 赢得分子"的双引擎战略正在显现出穿越周期的力量。 逆风中彰显韧性 如今全球医药创新开始进入新的发展周期，特别是在资本市场遇冷、价格战博弈、全球化"退潮"等诸多 挑战下，CDMO行业面临的竞争压力日益明显。尽管面临严峻的宏观环境挑战，药明生物依然保持业务 稳健增长。 根据药明生物财报，按地理区域划分，北美、中国、欧洲及其他四大市场持续贡献收入，其中北美市场 最为亮眼，同比增长32.5%，其次为日韩等其他市场，同比增长19.7%；按项目阶段划分，临床前、临 床早期、临床三期和商业化收入（剔除新冠影响）分别同比增长30.7%，5.5%和3.9%。这组数据映射出 药明生物独特的抗风险模型——通 ...

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，概不對因本公告全部或任何部分內容而產生或 因倚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* 於報告期內，儘管宏觀經濟環境充滿變化，本集團憑藉其全面一體化CRDMO 平台及成熟的「跟隨並贏得分子」戰略再次取得堅實業績。 值得注意的是，本集團於二零二四年新增151個綜合項目，截至二零二四年 十二月三十一日綜合項目總數達817個，彰顯其可持續增長勢頭。本集團的 臨床後期及非新冠商業化生產業務亦實現強勁增長，截至二零二四年十二月 三十一日項目數分別達66個及21個。特別是在報告期內，集團通過「贏得分子」 戰略成功獲得20個外部項目，其中包括13個臨床後期及商業化生產項目，為未 來收益增長奠定堅實基礎。 下表載列本集團於二零二四年十二月三十一日正在進行中的綜合項目現況： （於開曼群島註冊成立的有限公司） （股份代號：2269） 截至二零二四年十二月三十一日止之 全年業績公告 財務摘要 二零二四年 二零二三年 變動 人民幣百 ...

Investment Rating - The report maintains a "BUY" rating for WuXi Biologics, with a target price raised from HK$22.88 to HK$24.24, indicating a potential upside of 36.6% from the current price of HK$17.74 [3][8]. Core Insights - WuXi Biologics added 151 new projects in 2024, the highest in its history, with over half from the US, showcasing strong global competitiveness and client trust [1][8]. - The company is set to receive US$140 million in near-term payments from enabling discovery services for 7 global projects in 2024, highlighting lucrative milestone income [1][8]. - The Ireland site is on track to achieve breakeven in 2025, and the company plans to expand its drug substance capacity significantly, with a focus on establishing a comprehensive global production network [1][8]. Financial Summary - Revenue is projected to grow from RMB 17,034 million in FY23A to RMB 20,687 million in FY25E, reflecting a year-on-year growth of 13.4% [2][18]. - Adjusted net profit is expected to increase from RMB 4,739 million in FY24E to RMB 5,358 million in FY25E, representing a growth of 13.0% [2][18]. - The adjusted EPS is forecasted to rise from RMB 1.15 in FY24E to RMB 1.30 in FY25E, with a P/E ratio decreasing from 14.3x in FY24E to 12.7x in FY25E [2][18]. Project Pipeline and Growth - The company’s project pipeline now includes 817 projects, with a significant increase in process performance qualification (PPQ) projects expected to grow by 31% YoY to 101 in 2025 [1][8]. - WuXi Biologics completed 77 PPQ projects in 2024, marking a 26% increase year-on-year, indicating strong momentum for future growth in CMO revenue [1][8]. Overseas Operations - The Ireland biologics facility has shown strong client demand trends, successfully completing multiple 16k-liter PPQ batch productions, supporting profitability targets for 2025 [1][8]. - WuXi Biologics is constructing a new 36k-liter drug substance capacity facility in the US, aiming to expand total drug substance capacity to 491k liters, with approximately 49% located overseas [1][8].

Investment Rating - The report maintains a "Buy" rating for WuXi Biologics, reflecting a positive outlook based on demand recovery and growth potential [4][28]. Core Insights - WuXi Biologics achieved a record addition of 151 new projects in 2024, with over half coming from the United States, indicating strong global competitiveness and client trust [2][3]. - The company expects revenue and adjusted profit (excluding minority interests) to grow by 5%-10% in 2024, with accelerated growth anticipated in 2025 [1][4]. - The unique CRDMO business model continues to drive significant milestone revenue, with $140 million in recent payments expected from seven global projects [3][4]. - The company is expanding its global manufacturing network, with a focus on achieving breakeven at its Ireland site in 2025 and increasing drug substance capacity in the U.S. [3][4]. Financial Summary - Revenue is projected to grow from RMB 18,236 million in FY24E to RMB 20,687 million in FY25E, representing a 13.4% increase [5][12]. - Adjusted net profit is expected to rise from RMB 4,739 million in FY24E to RMB 5,358 million in FY25E, reflecting a 13.0% growth [5][12]. - The adjusted earnings per share (EPS) is forecasted to increase from RMB 1.15 in FY24E to RMB 1.30 in FY25E [5][12]. Target Price Adjustment - The target price has been raised from HKD 22.88 to HKD 24.24 based on a discounted cash flow (DCF) model, with a weighted average cost of capital (WACC) of 9.64% and a terminal growth rate of 2.0% [4][6].

Investment Rating - The report assigns a **Buy** rating to WuXi Biologics (2269 HK) with a target price of HK$26.12, representing a 48% upside from the current price of HK$17.60 [1] - The DCF (WACC: 9.9%) target price of HK$26.12 corresponds to a 2025 P/E ratio of 26x [5] Core Views - WuXi Biologics demonstrates strong competitiveness in the high-end market, with 151 new projects signed in 2024, over half from the US, including 13 Phase III and commercialization projects [3] - The company's technical platforms are leading, with 8 projects generating over $200 million annually, 10 projects over $100 million, and 8 projects over $50 million [4] - WuXi Biologics has a significant global presence, with multiple centers and bases in China, the US, and Europe, capturing 70% market share in CDMO services for Chinese innovative drug overseas projects in 2024 [4] - The company expects accelerated revenue growth in 2025, driven by new project signings in research services (R), shortened delivery times in development (D), and a substantial number of PPQ projects in commercial manufacturing (M) [4] Financial Summary - Revenue is projected to grow from RMB 15,269 million in 2022 to RMB 23,611 million in 2026, with a CAGR of 12% [6] - Gross profit is expected to increase from RMB 6,724 million in 2022 to RMB 9,336 million in 2026 [6] - Net profit attributable to shareholders is forecasted to rise from RMB 4,420 million in 2022 to RMB 4,188 million in 2026, with a CAGR of 7% [6] - EPS is estimated to grow from RMB 1.01 in 2022 to RMB 0.96 in 2026 [6] Operational Highlights - WuXi Biologics completed 16 PPQ projects in 2024, with a success rate exceeding 98%, and expects to complete 24 PPQ projects in 2025 [3] - The company has significantly reduced project timelines, with monoclonal antibody projects in North America taking only 9 months from DNA to IND, and autoimmune projects delivered in 6 months, well ahead of industry standards [3] - The company's digital transformation and geopolitical dynamics are expected to further enhance operational efficiency [4]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price raised to HKD 22.88, reflecting a potential upside of 24.2% from the current price of HKD 18.42 [3][21]. Core Insights - The report anticipates that the Biosecurity Act is likely to fail in legislation, which would benefit the company by providing a more stable operating environment for continued performance growth [1]. - The global biopharmaceutical financing is showing signs of recovery, which is expected to drive the company's valuation and performance recovery [1]. - The company is expanding its global production network to mitigate geopolitical risks and enhance its ability to meet diverse global client needs [1]. - The management aims to add 110 new projects in 2024, benefiting from the resurgence in financing and increased demand for early-stage clinical research [1]. - Milestone revenues are expected to significantly enhance the company's net profit, with projected milestone income reaching approximately RMB 500 million in the second half of 2024 [1]. Financial Summary - For FY24E, the company expects sales revenue of RMB 18,236 million, a year-on-year growth of 7.1% [2]. - Adjusted net profit for FY24E is projected at RMB 4,739 million, reflecting a slight increase of 0.8% year-on-year [2]. - The adjusted earnings per share for FY24E is estimated at RMB 1.15, with a non-IFRS P/E ratio of 14.8 times [2][18]. - The company anticipates revenue growth of 12.4% and 13.9% for FY25E and FY26E, respectively [2]. Market Context - The report highlights a 1.1% year-on-year increase in global healthcare financing for the first 11 months of 2024, indicating a recovery from a 21% decline in 2023 [1][9]. - The company has secured significant contracts, including four Phase 3 clinical and commercialization production contracts with a multinational pharmaceutical company [1]. - The expansion of production capacity in Germany and the upcoming factory in Singapore are part of the company's strategy to meet increasing overseas client demands [1].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of HKD 18.3, indicating a potential upside of 20.8% from the last closing price of HKD 15.18 [4]. Core Insights - The company reported a 20.7% year-on-year decline in adjusted net profit for the first half of 2024, with total revenue increasing by 1.0% to HKD 8.57 billion. Excluding COVID-19 impacts, non-COVID revenue grew by 7.7% [1]. - The decrease in profit is attributed to a reduction in high-margin revenue from the R&D segment and the ramp-up phase of overseas factories, leading to a 2.8 percentage point drop in gross margin to 39.1% [1]. - The company has a strong cash position with net cash of HKD 7.37 billion and reported a free cash flow of -HKD 600 million for the first half of 2024 [1]. Summary by Sections Financial Performance - For the first half of 2024, the company’s revenue was HKD 8.57 billion, with a gross profit margin of 39.1%, down from the previous year [1]. - Adjusted net profit decreased by 20.7% to HKD 2.25 billion, with an adjusted profit margin of 26.2% [1]. - The company’s total project count increased by 61 to 742, showcasing its competitiveness in the R&D sector [2]. Project Pipeline - The company has 359 preclinical projects and 311 early-stage clinical projects, indicating a slowdown in the pipeline flow from preclinical to clinical stages [2]. - The XDC project segment saw significant growth, with revenue increasing by 88.1% to HKD 1.61 billion, contributing 18.8% to total revenue [2]. - The company’s WuXiBody platform projects increased to 50, reflecting recognition from major international firms [2]. Market and Policy Impact - A recent U.S. legislative proposal could potentially impact about 2% of the company’s total projects, introducing uncertainty into future operations [2]. - The company has initiated a share buyback program, repurchasing approximately 130 million shares at a cost of about HKD 1.94 billion [2]. Valuation Metrics - The report projects revenue growth from HKD 17.03 billion in 2023 to HKD 22.24 billion by 2026, with a compound annual growth rate (CAGR) of 11.2% [3]. - The forecasted earnings per share (EPS) is expected to decline from HKD 0.82 in 2023 to HKD 0.75 in 2024, before recovering to HKD 0.97 by 2026 [3]. - The company’s price-to-earnings (P/E) ratio is projected to be 16.8 in 2024, reflecting a valuation adjustment due to the anticipated profit decline [3].

Financial Performance - Revenue for the first half of 2024 was RMB 8,574,214 thousand, a 1.0% increase from RMB 8,492,046 thousand in 2023[10] - Adjusted net profit was RMB 2,544,800 thousand, a decline of 13.0% compared to RMB 2,925,580 thousand in the previous year[10] - Gross profit decreased by 5.9% to RMB 3,349,951 thousand, down from RMB 3,560,634 thousand[10] - The gross profit margin for the first half of 2024 was 39.1%, down from 41.9% in 2023[10] - The group's net profit decreased by 23.9% from approximately RMB 2,337.9 million for the six months ended June 30, 2023, to approximately RMB 1,780.3 million for the same period in 2024, with a net profit margin decline from 27.5% to 20.8%[78] - Basic earnings per share fell by 32.7% from RMB 0.55 for the six months ended June 30, 2023, to RMB 0.37 for the same period in 2024[81] - Adjusted net profit margin decreased to 29.7% in 2024 from 34.5% in 2023[114] - Other income increased by 71.1% to approximately RMB 338.7 million, driven by higher interest income from increased cash balances following the company's listing[66] Project and Development Updates - The total number of ongoing projects increased to 742, with 359 in preclinical development and 311 in early clinical development[15] - The company added four new late-stage clinical and commercialization projects, contributing to growth momentum[15] - The total amount of uncompleted orders as of June 30, 2024, reached USD 20,105 million, including USD 13,000 million in uncompleted service orders and USD 7,105 million in uncompleted potential milestone payment orders[19] - The company has enabled over 550 IND submissions as of the reporting period, demonstrating its commitment to advancing innovative biopharmaceuticals[28] - The company achieved a global production success rate of approximately 98% during the reporting period, with over 72 projects in late-stage clinical and non-COVID commercialization production[11] Strategic Initiatives and Collaborations - The company continues to implement its "Follow and Win Molecules" strategy, which is expected to drive future revenue growth[12] - The company has established strategic collaborations with major pharmaceutical companies, including GSK, BioNTech, and Medigene, to advance new biopharmaceutical technologies[27] - The company continues to enhance its advanced technology platforms to accelerate biopharmaceutical development and production, ensuring it remains a leader in the industry[29] Financial Position and Assets - Total assets as of June 30, 2024, were RMB 56,105,719 thousand, a decrease of 0.8% from RMB 56,575,726 thousand[10] - Total liabilities decreased by 8.7% to RMB 11,464,904 thousand from RMB 12,557,844 thousand[10] - Cash and cash equivalents were RMB 9,153,528 thousand, down 5.3% from RMB 9,669,839 thousand[10] - The company's microbial platform business saw significant growth, with a substantial increase in signed microbial projects and molecules during the reporting period[38] Operational Efficiency and Cost Management - The company continues to implement its WBS management system, resulting in significant cost savings and quality improvements through approximately 60 improvement projects[48] - Sales and marketing expenses grew by 111.7% from approximately RMB 105.4 million for the six months ended June 30, 2023, to approximately RMB 223.1 million for the same period in 2024, representing 2.6% of the group's revenue[70] - Administrative expenses increased by 13.7% from approximately RMB 679.6 million for the six months ended June 30, 2023, to approximately RMB 773.0 million for the same period in 2024, driven by rising employee-related costs and digital solutions[71] Shareholder Information and Equity - As of June 30, 2024, Dr. Li Ge holds 592,902,633 shares, representing 14.28% of the company's total issued shares[150] - The total number of issued shares as of June 30, 2024, is 4,153,165,949[151] - The company has a significant shareholder structure, with Life Science Holdings controlling 584,191,133 shares, equivalent to 14.07% of the total shares[157] - BlackRock, Inc. holds 217,282,290 shares, accounting for 5.23% of the company's total issued shares[157] Risk Management and Compliance - The company emphasizes robust risk management as crucial for efficient operations, actively assessing significant risks including operational, financial, and regulatory risks[132] - The company is closely monitoring the legislative process of the proposed Biosecurity Act in the U.S. and remains committed to compliance with applicable laws and regulations[52] - The company has implemented forward contracts to manage currency risk and adopted hedge accounting for derivatives to mitigate the impact of exchange rate fluctuations on profit and loss[143] Sustainability and Corporate Governance - The company is committed to sustainability, achieving recognition from multiple ESG rating agencies, including an AAA rating from MSCI ESG[40] - The company plans to continue enhancing its corporate governance practices to ensure compliance with governance codes[127] - The independent auditor has reviewed the interim financial data, confirming that the interim results and report comply with applicable accounting standards and regulations[131]

Investment Rating - The report maintains an "Outperform" rating for WuXi Biologics (02269 HK) [1][4] Core Views - Revenue remained stable in H1 2024, but net profit declined YoY [1][5] - The "Follow and Win the Molecule" strategy continues to advance, with total backlog maintaining at historical highs [1][7] - Global strategic layout upgrades are driving international business expansion [1][9] - Breakthroughs in drug discovery and production technologies are accelerating [1][10] Financial Performance - H1 2024 revenue reached RMB 8 574 million (+1 0% YoY, +7 7% excluding COVID-19 projects) [1][5] - Net profit attributable to shareholders was RMB 1 499 million (-33 9% YoY) [1][5] - IFRS adjusted net profit was RMB 2 540 million (-13 0% YoY) [1][5] - Sales expense ratio increased to 2 6% (+1 4pp), management expense ratio rose to 9 0% (+1 0pp), while financial expense ratio decreased to 0 8% (-0 1pp) [1][5] Business Development - 61 new projects signed in H1 2024 (+32 6% YoY), including 9 "Win the Molecule" projects [1][7] - Total backlog reached $20 105 billion as of June 30 2024 [1][7] - Total ongoing projects reached 742 (+21 0% YoY) [1][7] - Significant expansion across all biologics pipelines: monoclonal antibodies (316 projects, +13 7%), bispecific/multispecific antibodies (123 projects, +17 1%), antibody-drug conjugates (167 projects, +51 8%), fusion proteins (76 projects, +13 4%), other proteins (37 projects, +8 8%), and vaccines (23 projects, +21 1%) [1][7][8] Global Expansion - Capacity expansion in New Jersey, USA: added 2000L drug substance capacity [1][9] - Completed first PPQ project in Dundalk, Ireland [1][9] - MFG20 facility launched in Hangzhou, China with three 5000L single-use bioreactors [1][9] - DP2 and DP5 facilities in Wuxi, China successfully passed FDA pre-approval inspections [1][9] Technological Advancements - CD3/WuXiBodyTM and WuXiUPTM platforms successfully produced CN201 molecule, a potential best-in-class CD3xCD19 antibody [1][10] - Next-generation production platform WuXiUITM increased protein yield by 3-6 times [1][10] Financial Projections - 2024-2026 net profit forecast maintained at RMB 3 823/4 483/5 321 million, with YoY growth of 12 4%/17 3%/18 7% [1][11] - 2024-2026 revenue projected at RMB 18 145/20 852/24 129 million, with YoY growth of 6 5%/14 9%/15 7% [2] - EPS expected to be RMB 0 90/1 05/1 25 for 2024-2026 [2]

Investment Rating - The report maintains an "Accumulate" rating for WuXi Biologics (2269) [4][5]. Core Views - The company is actively advancing its "Winning Molecules" strategy, with new projects exceeding expectations and strong growth momentum in non-COVID business. The overseas capacity is continuously being established, indicating a positive long-term outlook for the company [4][5]. Financial Summary - Revenue for 2023 is projected at 17,051 million RMB, with a growth rate of 12% compared to the previous year. The revenue for 2024 is expected to grow by 5% to 20,521 million RMB, and by 18% to 24,282 million RMB by 2026 [4]. - Adjusted net profit for 2024 is revised down to 49.19 billion RMB, with EPS adjusted to 1.18 RMB [5]. - The gross profit margin is reported at 39.07%, reflecting a decrease of 2.9 percentage points due to reduced milestone revenue and the ramp-up of new facilities [5]. Project and Capacity Growth - In the first half of 2024, the company added 61 new projects, with a total of 201 billion USD in uncompleted orders, supporting future revenue growth [5]. - The North American region saw a revenue increase of 27.3%, accounting for 58.4% of total revenue, highlighting strong customer retention [5]. Market Performance - The current stock price is reported at 11.22 HKD, with a 52-week price range between 10.26 and 51.00 HKD [3][4].