Core Viewpoint - WuXi Biologics expects a revenue growth of approximately 16.7% year-on-year, reaching RMB 21,790 million for the fiscal year ending December 31, 2025 [1] Financial Performance - Gross margin is projected to increase by about 5 percentage points to 46.0% [1] - Adjusted gross profit is anticipated to grow to approximately RMB 10,638 million, representing a year-on-year increase of about 25.5% [1] - Profit attributable to equity shareholders is expected to rise by approximately 45.3% to RMB 5,733 million [1] - Net profit, adjusted for share-based compensation expenses, foreign exchange gains and losses, equity investments, asset disposals, restructuring gains and losses, and related one-off costs, is projected to increase by about 22.0% to RMB 6,586 million [1]

该等增长主要归因于(其中包括)以下因素﹕(i)"跟随并赢得分子"战略的成功执行，以及领先的技术平 台、行业最佳的项目交付时间及优秀的项目执行过往记录，推动集团收益增长;(ii)基于双特异性抗体和 ADC(抗体偶联药物)等快速发展的技术平台，集团扩大了对生物药行业提供包括研究和发现服务、IND 前开发服务及临床和商业化生产服务等在内的服务范围;(iii)集团多个先进技术所产生的研究服务收益增 长;(iv)集团对现有及新增产能的利用，包括欧洲生产基地的产能爬坡;(v)集团通过药明生物精益运营管 理系统(WBS)及数字化方案实现成本节约与效率改善;(vi)公司通过投资投资组合而获得的投资收益。 以及经调整以股份为基础的薪酬开支、外汇损益、以及股权投资、资产出售、重组损益及相关一次性成 本后，公司非国际财务报告准则经调整纯利将增长约22.0%至人民币65.86亿元。 智通财经APP讯，药明生物(02269)发布公告，预期与去年同期比较，公司截至2025年12月31日止全年度 收益将增长约16.7%至人民币217.90亿元;毛利率将提升约5个百分点至46.0%;经调整毛利将增长至约人民 币106.38亿元，同比增长约2 ...

Core Viewpoint - WuXi Biologics expects a revenue growth of approximately 16.7% year-on-year, reaching RMB 21,790 million for the fiscal year ending December 31, 2025 [1] Financial Performance - Gross margin is projected to increase by about 5 percentage points to 46.0% [1] - Adjusted gross profit is expected to rise to approximately RMB 10,638 million, reflecting a year-on-year growth of about 25.5% [1] - Profit attributable to equity shareholders is anticipated to grow by approximately 45.3% to RMB 5,733 million [1] - Net profit, adjusted for share-based compensation expenses, foreign exchange gains and losses, equity investments, asset sales, restructuring gains and losses, and related one-off costs, is projected to increase by about 22.0% to RMB 6,586 million [1]

公告表示，该等增长主要归因于(其中包括)以下因素：(i)"跟随并赢得分子"战略的成功执行，以及领先 的技术平台、行业最佳的项目交付时间及优秀的项目执行过往记录，推动集团收益增长；(ii)基于双特 异性抗体和ADC(抗体偶联药物)等快速发展的技术平台，集团扩大了对生物药行业提供包括研究和发现 服务、IND前开发服务及临床和商业化生产服务等在内的服务范围；(iii)集团多个先进技术所产生的研 究服务收益增长；(iv)集团对现有及新增产能的利用，包括欧洲生产基地的产能爬坡；(v)集团通过药明 生物精益运营管理系统(WBS)及数字化方案实现成本节约与效率改善；及(vi)公司通过投资投资组合而 获得的投资收益。 格隆汇2月11日丨药明生物(02269.HK)发布公告，公司截至2025年12月31日止全年度收益将增长约16.7% 至人民币217.90亿元；毛利率将提升约5个百分点至46.0%；经调整毛利将增长至约人民币106.38亿元， 同比增长约25.5%；公司截至2025年12月31日止全年度的利润及归属于公司权益股东的利润将分别增长 约45.3%至人民币57.33亿元及约46.3%至人民币49.08亿元；以及经调整 ...

格隆汇2月11日丨药明生物(02269.HK)宣布，公司谨订于2026年3月24日(星期二)举行董事会会议，藉以 (其中包括)考虑及批准集团截至2025年12月31日止年度的全年业绩及其刊发。 ...

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* （於開曼群島註冊成立的有限公司） （股份代號：2269） 香港，二零二六年二月十一日 於本公告日期，董事會成員包括執行董事陳智勝博士及Sherry Xuejun Gu博士；非執行董事 李革博士、曹彥凌先生及繆靜雯女士；及獨立非執行董事William Robert Keller先生、Kenneth Walton Hitchner III先生、戴國良先生及陳珏博士。 * 僅供識別 WuXi Biologics (Cayman) Inc.藥明生物技術有限公司*（「本公司」，連同其附屬公 司，統稱「本集團」）董事（「董事」）會（「董事會」）謹此宣佈，本公司謹訂於二零 二六年三月二十四日（星期二）舉行董事會會議，藉以（其中包括）考慮及批准 本集團截至二零二五年十二月三十一日止年度的全年業績及其刊發。 承董事會命 WuXi Biolo ...

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. 本公司謹此知會本公司股東（「股東」）及潛在投資者，根據對本集團截至二零 二五年十二月三十一日止年度的未經審核綜合管理賬目（基於國際財務報告準 則(IFRS)編製）的初步評估，預期與去年同期比較，本公司截至二零二五年十二 月三十一日止全年度收益將增長約16.7%至人民幣21,790百萬元；毛利率將提升 約5個百分點至46.0%；經調整毛利將增長至約人民幣10,638百萬元，同比增長 約25.5%；本公司截至二零二五年十二月三十一日止全年度的利潤及歸屬於本 公司權益股東的利潤將分別增長約45.3%至人民幣5,733百萬元及約46.3%至人民 幣4,908百萬元；以及經調整以股份為基礎的薪酬開支、外匯損益、以及股權 投資、資產出售、重組損益及相關一次性成本後，本公司非國際財務報告準則 經調整純利將增長約22.0%至人民幣6,586百萬元。該等增長主要歸 ...

项目数量持续增长，结构升级夯实发展基础：根据公司JPM 会议报告，2025 年公司新增209 个综合项 目，综合项目总数达945 个，其中约三分之二为双多抗及ADC 等复杂分子，并包含6 个临床Ⅲ期项目， 项目质量与后期属性同步提升。公司表示双多抗成为公司增速最快、盈利能力最强的分子类型，贡献近 20%的收入，同比增长超过120%。截至2025 年底，公司拥有74 个临床Ⅲ期项目及25 个商业化生产项 目，为未来收入放量提供支撑。生产端方面，公司2025 年转入23 个外部项目，其中包括6 个Ⅲ期及商 业化项目，项目结构持续优化；同时，公司2025 年完成28 个PPQ 项目，同比增长75%，2026 年已排程 34 个，PPQ 生产成功率超过99%，商业化交付能力持续验证。 全球布局持续推进，跨区域协同能力不断增强：根据公司JPM 会议报告，2025 年新签项目中约半数来 自美国，公司持续推进美国、新加坡及卡塔尔等战略枢纽建设，形成覆盖全球化CRDMO 服务网络。其 中，公司持续加大美国战略投资力度，在马萨诸塞州伍斯特布局36,000L 原液产能，预计于2028 年投 用；同时在新泽西州克兰伯里布局约5,4 ...

Market Overview - The market continues to follow the rebound of US stocks, with Hong Kong stocks jumping above 27,000 points but later experiencing volatility, closing up 0.58% [1] - The competition among major companies in large model development is intensifying, transitioning from a "hundred model war" to a focus on commercialization, innovation, and global layout, with the number of capable developers reduced from over 200 to less than 10 [1] AI Model Developments - ByteDance's image generation model Seedream 5.0 has launched on various platforms, enhancing image generation capabilities and allowing precise adjustments [2] - Alibaba has reportedly integrated its new model Qwen 3.5 into the HuggingFace open-source project, indicating an imminent release [2] - The launch of Seedance 2.0 has been highly praised, marking a significant advancement in video generation technology, leading to concerns over privacy and copyright issues [1][2] Company Performance and Strategies - The CEO of Yueda Group has outlined three core strategic directions for the year: "evergreen content, IP+AI, and globalization," which are expected to benefit from the advancements in AI models [2] - Xunce (03317) is positioned as a leader in real-time data infrastructure and analysis solutions, with expectations of being included in the Hong Kong Stock Connect list, leading to a stock increase of over 15% [4] Financial Highlights - Semiconductor company SMIC reported a 2025 Q4 revenue of 17.813 billion yuan, a year-on-year increase of 11.9%, with a net profit of 1.223 billion yuan, up 23.2% [8] - The company anticipates a revenue growth rate higher than the industry average for 2026, with a capital expenditure plan similar to 2025 [8] Industry Trends - The demand for AI-driven applications is driving interest in related stocks, with companies like Xunce and others in the AI data analysis sector gaining attention [3] - The shipping sector is also showing strength, with companies like Pacific Shipping and COSCO Shipping Energy experiencing stock increases due to rising demand for dry bulk shipping [6] Robotics and AI Innovations - Alibaba's Damo Academy has released the RynnBrain model, significantly enhancing robotic capabilities, which is expected to attract investment in the robotics sector [7] - The launch of the Gino1 robot by Geekplus is anticipated to have a broad application in China's logistics sector, contributing to a stock increase of over 11% [6]

Market Overview - The Hong Kong stock market showed initial gains but narrowed its increase, with the Hang Seng Index closing up 0.58% above 27,000 points, while the Hang Seng China Enterprises Index and Hang Seng Tech Index rose by 0.81% and 0.62% respectively [1][2]. Sector Performance - Technology stocks rebounded, driven by AI application stocks, with the stock of Reading Group surging over 15%. The film and entertainment sector remained active, and the biopharmaceutical sector saw widespread gains, led by Fuhong Hanlin [3][4]. - New consumption concept stocks, paper industry stocks, home appliance stocks, shipping stocks, and automotive stocks mostly increased. Conversely, education stocks faced declines, with gaming stocks collectively sluggish, and real estate, gas, electric, and telecom stocks also underperformed [3][4]. Notable Stocks - AI application stocks saw significant gains, with Reading Group rising 15.41%, and Zhiyun up 14.81%, reaching a new historical high during the session. Other stocks like Fubo Group and Yidu Technology also experienced increases [6][8]. - In the film sector, Orange Sky Entertainment rose over 7%, with other companies like Damai Entertainment and Ningmeng Film also following suit [10]. - The biopharmaceutical sector was buoyed by Fuhong Hanlin's increase of over 7%, with other companies like WuXi Biologics and WuXi AppTec also seeing gains [12]. Industry Insights - The real estate sector faced pressure, with Shimao Group dropping over 6% amid ongoing sales challenges in the industry. Major real estate companies are reportedly initiating organizational restructuring [13][14]. - Education stocks struggled, with Guangzheng Education falling over 5%, alongside declines in New Oriental and other educational institutions [15]. Investment Outlook - According to Everbright Securities, the current liquidity environment in the Hong Kong stock market is entering an observation period, with limited space for further tightening. Positive catalysts could lead to a recovery in market sentiment and capital inflow [22].