WuXi AppTec(603259) 新浪财经·2025-04-10 09:40Core Viewpoint - WuXi AppTec is facing potential impacts from the recent U.S. tariffs on pharmaceuticals, but the extent of this impact remains unclear. The company is focused on optimizing its supply chain and improving operational efficiency to mitigate these effects while maintaining its revenue guidance for the year [1][2]. Financial Performance - In 2024, WuXi AppTec reported revenues of RMB 39.241 billion, a year-on-year decrease of 2.73%. Excluding specific commercial production projects, revenue grew by 5.2%. The net profit attributable to shareholders was RMB 9.450 billion, down 1.36% year-on-year [2]. - As of the end of 2024, the company's backlog for ongoing operations was RMB 49.31 billion, reflecting a 47.0% year-on-year increase. Revenue from U.S. clients was RMB 25.02 billion, showing a year-on-year growth of 7.7% (excluding specific projects) [2]. Market and Operational Strategy - WuXi AppTec has a significant portion of its revenue (over 50%) coming from the U.S. market, which raises concerns regarding the impact of tariffs. The company has historically concentrated its production capacity domestically due to cost advantages [2]. - The company is expanding its global production capacity, with plans to double the oral formulation capacity at its Swiss facility in 2024 and to complete the Middleton, U.S. facility by the end of 2026. A new R&D and production base in Singapore is also set to begin construction in May 2024, with phase one expected to be operational by 2027 [4]. Business Focus and Asset Management - WuXi AppTec is focusing on its core CRDMO (Contract Research, Development, and Manufacturing Organization) business model and has recently sold stakes in its WuXi ATU business in the U.S. and U.K. to ensure uninterrupted service for clients [4][5]. - The company is continuously evaluating its business development and strategic direction to enhance collaboration across its business segments and better meet the evolving needs of global clients [5]. Regulatory and Competitive Landscape - The U.S. National Security Council recently reported concerns about China's rising dominance in the biotechnology sector, urging the U.S. to take swift action to maintain competitiveness. WuXi AppTec has responded to these claims, asserting that it has never transferred U.S. client data or intellectual property without authorization [5]. Stock Performance - As of April 10, 2024, WuXi AppTec's stock closed at RMB 52.30 per share, up 2.05%, but has declined approximately 25% from its mid-March peak, with a current market capitalization of RMB 151 billion [6].