药明康德首季净利36.7亿涨89% 在手订单523.3亿多肽需求高增

Core Viewpoint - WuXi AppTec (药明康德) has reported significant growth in its Q1 2025 financial results, with revenue and net profit reaching historical highs, driven by increased production capacity and operational efficiency [2][4]. Financial Performance - In Q1 2025, WuXi AppTec achieved revenue of 96.55 billion yuan, a year-on-year increase of 20.96%, and net profit of 36.72 billion yuan, up 89.06% [2][4]. - The company’s ongoing business orders reached 523.3 billion yuan as of March 31, 2025, reflecting a 47.1% year-on-year growth [3][10]. Business Segments - The TIDES (oligonucleotide and peptide) business generated revenue of 22.4 billion yuan in Q1 2025, marking a substantial year-on-year increase of 187.6% [3][10]. - The chemical business reported revenue of 73.91 billion yuan, up 32.87% year-on-year, with over 460,000 new compounds synthesized and delivered in the past 12 months [9]. - The small molecule D&M (Development and Manufacturing) business achieved revenue of 38.5 billion yuan, a 13.8% increase year-on-year [9]. Operational Efficiency - WuXi AppTec has optimized production processes and operational efficiency, contributing to improved profitability [4][10]. - The company has successfully passed FDA inspections for its Changzhou and Taixing API bases, with plans to increase small molecule API reactor capacity to over 4,000 KL by the end of 2025 [9]. Future Outlook - WuXi AppTec maintains its annual guidance, expecting a revenue growth of 10% to 15% for its ongoing business in 2025 [11].