据了解，上证超级大盘指数从沪市大盘中选取过去一年日均总市值和日均成交金额排名前20名的上市公 司证券作为指数样本，以反映最具代表性的20只大盘上市公司证券的整体表现。该指数以2003年12月31 日为基日，以1000.0点为基点。 从指数持仓来看，上证超级大盘指数十大权重分别为：招商银行（5.95%）、兴业银行（5.85%）、紫 金矿业（5.77%）、药明康德（5.62%）、海光信息（5.48%）、工商银行（5.4%）、山西汾酒 （5.28%）、贵州茅台（5.16%）、农业银行（5.14%）、伊利股份（4.9%）。 从上证超级大盘指数持仓的市场板块来看，上海证券交易所占比100.00%。 从上证超级大盘指数持仓样本的行业来看，金融占比31.37%、主要消费占比15.34%、原材料占比 10.43%、医药卫生占比10.14%、能源占比9.19%、工业占比8.93%、信息技术占比5.48%、公用事业占比 4.89%、可选消费占比4.22%。 上证超级大盘指数下跌0.5%，前十大权重包含药明 康德等 金融界3月26日消息，上证指数低开震荡，上证超级大盘指数 (超大盘，000043)下跌0.5%，报2123.46 点 ...

无锡药明康德新药开发股份有限公司 2024 年年度股东大会、2025 年第一次 A 股类别股东会议及 2025 年第一次 H 股 类别股东会议 会议材料 二〇二五年四月 1 无锡药明康德新药开发股份有限公司 股东大会会议须知 为了维护全体股东的合法权益、保障股东依法行使股东权利，确保股东大会 的正常秩序和议事效率，根据中国证券监督管理委员会（以下简称"中国证监 会"）《上市公司股东大会规则》及《无锡药明康德新药开发股份有限公司章程》 《无锡药明康德新药开发股份有限公司股东大会议事规则》，特制订本须知。 一、公司设董事会办公室，具体负责大会有关程序方面的事宜。 二、会议期间全体出席会议人员应以维护股东合法权益，确保大会正常秩序， 提高议事效率为原则，认真行使法定权利并履行法定职责。 三、为保证股东大会的严肃性和正常秩序，除依法出席会议的公司股东（或 其授权代表）、董事、监事、董事会秘书、高级管理人员、聘请的律师和董事会 邀请参会的人员外，公司有权依法拒绝其他人士入场。 四、为及时、准确统计出席股东大会的股东人数及所持有表决权的股份数量， 出席会议的股东（或其授权代表）请按照股东大会通知中载明的会议登记办法在 会 ...

证券代码：603259 证券简称：药明康德 公告编号：2025-020 无锡药明康德新药开发股份有限公司 关于召开 2024 年年度股东大会、2025 年第一次 A 股 类别股东会议及 2025 年第一次 H 股类别股东会议的 通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 股东大会召开日期：2025年4月29日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 一、 召开会议的基本情况 (一) 股东大会类型和届次 召开地点：上海外高桥喜来登酒店，上海市自由贸易试验区基隆路 28 号 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 4 月 29 日 至 2025 年 4 月 29 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联 网投票平台的投票时间为股东大会召开当日的 9: ...

无锡药明康德新药开发股份有限公司 2024 年年度股东大会、2025 年第一次 A 股类别股东会议及 2025 年第一次 H 股类别股东会议 会议材料 二〇二五年四月 1 无锡药明康德新药开发股份有限公司 股东大会会议须知 2 损害公司及股东共同利益的提问或发言，会议主持人或其指定人员有权要求股东 停止发言并拒绝回答。在股东大会进行表决时，大会将不再安排股东发言。 六、为保证每位参会股东及股东代表的权益，在股东大会会场范围内任何人 不得擅自进行直播、录音、录像或拍照；为保障对外信息准确性，未经公司明确 许可，不得将股东大会相关图片、录音、录像及有关会议内容发布于公开媒体。 如股东同时以媒体记者身份参会有报道需求的，相关报道发布前需提前取得公司 的明确同意。会议期间，请遵守会场秩序并听从大会工作人员安排。 七、对违反上述规定、干扰会议正常秩序、寻衅滋事或侵犯其他股东合法权 益的行为，大会工作人员或公司其他相关人员有权根据《上市公司股东大会规则》 （中国证券监督管理委员会公告[2022]13 号）第二十二条的规定责令其退场或采 取相应的措施加以制止，并及时报告有关部门查处。 3 为了维护全体股东的合法权益、保障股 ...

第三届董事会第十八次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 无锡药明康德新药开发股份有限公司（以下简称"公司"）于 2025 年 3 月 20 日向公司全体董事发出会议通知及会议材料，以通讯表决方式于 2025 年 3 月 25 日召开第三届董事会第十八次会议。本次董事会会议应出席董事 12 人，实际 出席董事 12 人，会议由董事长 Ge Li（李革）召集。本次董事会符合《中华人民 共和国公司法》和《无锡药明康德新药开发股份有限公司章程》关于召开董事会 会议的规定。 二、董事会会议审议情况 审议通过《关于提请召开无锡药明康德新药开发股份有限公司 2024 年年度 股东大会、2025 年第一次 A 股类别股东会议及 2025 年第一次 H 股类别股东会 议的议案》 同意召开 2024 年年度股东大会、2025 年第一次 A 股类别股东会议及 2025 年第一次 H 股类别股东会议，并授权董事长或其授权人士负责公告和通函披露 前的核定，以及确定 2024 年年度股东大会、2025 年 ...

Summary of WuXi AppTec (603259 CH / 2359 HK) Earnings Call Company Overview - **Company**: WuXi AppTec - **Industry**: Pharmaceuticals - **Date of Report**: 20 March 2025 Key Financial Highlights - **2024 Revenue**: RMB 39.2 billion, down 2.7% year-on-year (up 5.2% excluding COVID-19 revenue) [2][3] - **Adjusted Non-IFRS Net Profit for 2024**: RMB 10.6 billion, down 2.5% year-on-year [2] - **4Q24 Performance**: Revenue grew 6.9% and adjusted non-IFRS net profit grew 20.4% [2] - **2025 Revenue Guidance**: Expected growth of 10-15% from continuing operations [2] - **Market Performance**: A/H-share prices increased by 24% and 28% respectively since the beginning of 2025 [2] Growth Projections - **2025-2027 Revenue CAGR**: Expected at 11.1% with a solid order booking of RMB 49.3 billion, up 47% year-on-year [3][19] - **2025-2027 Net Profit CAGR**: Expected at 12.1% [3][19] - **2025 Capex**: Projected to be RMB 7-8 billion to expand CDMO capacity, particularly overseas [3][21] Valuation and Target Prices - **Target Price for A-shares**: Raised to RMB 90.00 from RMB 82.50, implying approximately 29% upside [4][9] - **Target Price for H-shares**: Raised to HKD 83.70 from HKD 76.70, implying approximately 16% upside [4][9] - **Current PE Multiple**: A/H-shares trade at a 19x 2025e PE multiple, nearly 1 standard deviation below historical levels [2] Market Dynamics and Risks - **Geographical Revenue Breakdown**: North America expected to maintain over 60% revenue share in 2025-27, with China and Europe at nearly 20% and 15% respectively [19] - **Risks**: Potential impacts from US tariffs and restrictions on the China pharmaceutical supply chain need close monitoring [3][29] Strategic Initiatives - **Capacity Expansion**: Significant investments in both domestic and international facilities, including new capacities in Singapore, the US, and Switzerland [21] - **Product Development**: Focus on late-stage revenue from chemical drug and peptide projects, with an expected improvement in net profit margins [3] Shareholder Returns - **Payout Strategy**: Potential for better payouts to shareholders through dividends and share repurchases [4][36] Conclusion - **Investment Recommendation**: Maintain Buy rating on A/H shares due to strong growth momentum in peptide and oligonucleotide businesses, despite potential risks from external factors [4][36]

更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha March 17, 2025 03:56 PM GMT WuXi AppTec Co Ltd | Asia Pacific 2024 Results First Take - Growth Acceleration Affirmed with Strong Backlog Reaction to earnings WuXi AppTec Co Ltd (2359.HK, 2359 HK) Unchanged In-line Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Key Takeaways Financials: 2024 revenue of Rmb39.2bn (-2.7% y/y, or +5.2% y/y ex-Covid) and adj. net profit of Rmb10.6bn (-2.5% y/y) were in line with M ...

Investment Rating - The investment rating for the company is "Buy" indicating an expected return of over 10% relative to the CSI 300 index in the next six months [5][14]. Core Insights - The company reported a revenue of 39.241 billion RMB in 2024, a decrease of 2.73% year-on-year, while the net profit attributable to shareholders was 9.450 billion RMB, down 1.63% year-on-year. However, the net profit after deducting non-recurring items increased by 2.47% to 9.988 billion RMB [1]. - The company’s order backlog significantly increased to 49.31 billion RMB, representing a year-on-year growth of 47.0%, indicating strong customer demand [9]. - The company is expected to achieve double-digit growth in revenue from its ongoing operations in 2025, driven by a robust pipeline and increasing outsourcing in the pharmaceutical R&D sector [11]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 11.539 billion RMB, a year-on-year increase of 6.85%, and a net profit of 2.917 billion RMB, which is a substantial increase of 90.64% year-on-year [1]. - The chemical business generated revenue of 29.05 billion RMB, with a year-on-year growth of 11.2% when excluding specific commercial production projects [2]. Business Segments - The small molecule CRDMO business maintained strong performance, with the small molecule drug discovery segment delivering over 460,000 new compounds, a 10% increase year-on-year [2]. - The TIDES business (oligonucleotides and peptides) experienced rapid growth, achieving revenue of 5.8 billion RMB, a year-on-year increase of 70.1%, with a backlog growth of 103.9% [2]. Customer Base and Demand - Revenue from the top 20 global pharmaceutical companies reached 16.64 billion RMB, a year-on-year increase of 24.1% [4]. - The company has approximately 6,000 active clients, with 5,500 in ongoing operations, and added about 1,000 new clients throughout the year [9]. Market Outlook - The global pharmaceutical R&D investment is projected to grow from 260.6 billion USD in 2023 to 359.2 billion USD by 2028, with an annual growth rate of approximately 6.6% [10]. - The outsourcing rate in pharmaceutical R&D is expected to rise from 49.2% in 2023 to 58.2% in 2028, indicating a favorable environment for the company’s services [10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a revenue of 39.24 billion yuan for 2024, a year-on-year decline of 2.7%. Excluding specific commercial production projects, revenue grew by 5.2%. The net profit attributable to shareholders was 9.45 billion yuan, down 1.6% year-on-year, while the net profit after deducting non-recurring items was 9.99 billion yuan, an increase of 2.5% year-on-year. Revenue and profit showed steady quarterly growth throughout 2024, achieving annual guidance, with both revenue and profit reaching historical highs in the fourth quarter [5][13] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 39.24 billion yuan, down 2.7% year-on-year, but grew by 5.2% when excluding specific projects. The net profit attributable to shareholders was 9.45 billion yuan, a decrease of 1.6%, while the net profit after non-recurring items was 9.99 billion yuan, an increase of 2.5%. The company’s revenue and profit increased steadily each quarter, with the fourth quarter setting historical records for both metrics [5][13] Business Development - The company’s integrated CRDMO service platform is showing collaborative effects, continuously empowering clients. In 2024, the chemical business generated revenue of 29.05 billion yuan, down 0.4%, but grew by 11.2% when excluding specific projects. The company signed a share sale agreement related to medical device testing business in the U.S. at the end of 2024, with the testing business generating revenue of 5.67 billion yuan, down 4.8% [14] Customer Growth and Orders - As of the end of 2024, the company had approximately 6,000 active clients, adding about 1,000 new clients in the year. The backlog of orders reached 49.31 billion yuan, a year-on-year increase of 47.0%. To meet the rapidly growing downstream demand, the company is expanding its production capacity, including the operation of the Taixing API production base and steady capacity increases in Changzhou and Taixing [15] Future Projections - The company expects revenues of 42.64 billion yuan, 47.67 billion yuan, and 55.06 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 8.67%, 11.78%, and 15.51%. The net profit attributable to shareholders is projected to be 10.99 billion yuan, 12.87 billion yuan, and 15.07 billion yuan for the same years, with corresponding growth rates of 16.26%, 17.16%, and 17.10% [16][17]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [3][13]. Core Insights - The company has shown a gradual recovery in its business operations, with a significant increase in backlog orders, which are expected to drive revenue growth of 10%-15% in 2025. The TIDES business continues to perform strongly, contributing to overall revenue stability [5]. - In 2024, the company reported a slight decline in revenue to 39.24 billion yuan, down 2.73% year-on-year, but excluding COVID-19 related projects, revenue increased by 5.20%. The net profit attributable to the parent company was 9.45 billion yuan, a decrease of 1.63% year-on-year [5]. - The company’s gross margin for 2024 was 41.48%, with a net profit margin of 24.38%, indicating stable profitability despite slight revenue declines [5]. Financial Summary - Revenue projections for 2025-2027 are 42.33 billion, 48.38 billion, and 57.11 billion yuan, reflecting year-on-year growth rates of 7.86%, 14.29%, and 18.05% respectively [5][12]. - The net profit attributable to the parent company is forecasted to be 11.16 billion, 13.30 billion, and 16.01 billion yuan for 2025-2027, with growth rates of 18.10%, 19.14%, and 20.43% respectively [5][12]. - The company’s P/E ratio is projected to decrease from 21.39 in 2025 to 12.62 by 2027, indicating an improving valuation over time [5][12]. Business Segments Performance - The TIDES business segment achieved a revenue of 5.80 billion yuan in 2024, marking a robust growth of 70.1% year-on-year, with backlog orders increasing by 103.9% [5]. - The chemical business segment reported a revenue of 29.05 billion yuan, with a growth rate of approximately 11.2% when excluding COVID-19 related revenues [5]. - The testing business segment saw a revenue of 5.67 billion yuan, with a slight decline of 4.8%, while the clinical CRO and SMO services grew by 2.8% [5]. Order Backlog - The company’s order backlog reached 49.31 billion yuan, representing a significant increase of 47.0% year-on-year, indicating strong future revenue potential [5]. Conclusion - The company's integrated, end-to-end strategy is expected to solidify its competitive advantages and drive long-term growth, justifying the "Buy" rating [5].