> **来源：[研报客](https://pc.yanbaoke.cn)** # WuXi AppTec (603259 CH) 2025 Financial Summary and 2026 Outlook ## Core Financial Performance in 2025 - **Revenue Growth**: WuXi AppTec reported a $15.8\%$ YoY increase in revenue for 2025, with continuing operations showing a stronger $21.4\%$ YoY growth. - **Net Profit Growth**: Adjusted non-IFRS attributable net profit rose by $41.3\%$ YoY, surpassing the expectations by $18.2\%$. - **Backlog Growth**: As of 4Q25, the backlog for continuing operations grew by $28.8\%$ YoY (or $34\%$ on a constant currency basis) to reach RMB58.0bn, highlighting strong demand, especially for CDMO services. - **TIDES Growth**: TIDES backlog increased by $20.2\%$ YoY, reaching $\sim$ RMB20.0bn, with expectations of $30 - 40\%$ YoY growth in 2026. - **Small Molecule D&M Business**: This segment contributed significantly to the backlog growth in 2025, with YoY growth of $33.8\%$. ## Recovery of Early-Stage Businesses in 2025 - **Chemistry Segment**: Full-year revenue declined by $3.8\%$ YoY, a marked improvement from the $-28.7\%$ YoY drop in 2024. In 2H25, the decline narrowed to $2.2\%$ YoY. - **Testing Segment**: Revenue grew by $4.7\%$ YoY, up from $-8.0\%$ YoY in 2024, with 2H25 showing an $8.8\%$ YoY increase. - **Biology Segment**: Revenue increased by $5.2\%$ YoY, compared to $-0.3\%$ YoY in 2024, reflecting a recovery in global biotech funding. ## Capital Expenditure and Capacity Expansion - **Capex Growth**: WuXi AppTec's 2025 capex reached RMB5.54bn, a $38.5\%$ YoY increase, indicating a strategic push for global capacity expansion. - **2026 Capex Forecast**: The Company anticipates capex to range from RMB6.5bn to RMB7.5bn, representing a $17.3\%$ to $35.4\%$ YoY increase. - **Peptide and Oligonucleotide Capacity**: The Company plans to expand its solid-phase peptide synthesis reactor to 130,000 liters, signaling strong demand for these drug types. ## Investment Recommendation and Valuation - **Buy Recommendation**: The analyst maintains a "BUY" rating, raising the target price from RMB123.35 to RMB133.00, indicating a potential upside of 42.0%. - **DCF Valuation**: The DCF-based valuation for 2026E is RMB133.00 per share, with a WACC of 9.39% and terminal growth rate of 2.00%. - **Revenue and Profit Forecasts for 2026E-2028E**: - Revenue growth: $13.7\% / 15.7\% / 13.4\%$ YoY - Adjusted non-IFRS net profit growth: $19.9\% / 16.0\% / 13.6\%$ YoY ## Key Financial Metrics | Metric | FY24A | FY25A | FY26E | FY27E | FY28E | |-------------------------------|-----------|-----------|-----------|-----------|-----------| | Revenue (RMB mn) | 39,241 | 45,456 | 51,695 | 59,809 | 67,824 | | Adjusted Net Profit (RMB m) | 10,583 | 14,957 | 17,930 | 20,808 | 23,639 | | Adjusted EPS (RMB) | 5.23 | 6.01 | 6.97 | 7.92 | - | | P/E (Adjusted) (x) | 17.9 | 15.6 | 13.4 | 11.8 | - | | Gross Margin (%) | 45.35% | 47.6% | 48.5% | 47.4% | - | | Operating Margin (%) | 33.07% | 36.8% | 38.3% | 38.7% | - | | Net Margin (%) | 28.24% | 32.9% | 34.7% | 34.9% | - | ## Shareholding and Stock Data - **Market Cap**: RMB279,518.4 million - **Average 3 Months Turnover (RMB mn)**: RMB3,586.6 million - **52-Week High/Low (RMB)**: 112.85 / 51.25 - **Total Issued Shares (mn)**: 2,983.8 million - **Shareholding Structure**: - HK investors: 23.7% - Ge Li and concerted parties: 16.4% ## Share Performance | Period | Absolute | Relative | |-----------|----------|----------| | 1-mth | -6.5% | -0.8% | | 3-mth | 3.1% | 5.2% | | 6-mth | -10.8% | -11.4% | ## Analyst Certification - The analyst certifies that the views expressed accurately reflect their personal views. - No compensation was directly or indirectly related to the specific views expressed in the report. - The analyst has not traded in the stock covered in the report within 30 days prior to the report's release and will not trade within 3 business days after release. ## CMBIGM Ratings - **BUY**: Stock with potential return of over 15% over the next 12 months. - **HOLD**: Stock with potential return of +15% to -10% over the next 12 months. - **SELL**: Stock with potential loss of over 10% over the next 12 months. - **NOT RATED**: Stock not rated by CMBIGM. - **OUTPERFORM**: Industry expected to outperform the relevant broad market benchmark. - **MARKET-PERFORM**: Industry expected to perform in-line with the relevant broad market benchmark. - **UNDERPERFORM**: Industry expected to underperform the relevant broad market benchmark. ## CMB International Global Markets Limited - **Address**: 45/F, Champion Tower, 3 Garden Road, Hong Kong. - **Tel**: (852) 3900 0888 - **Fax**: (852) 3900 0800 - **Relation**: A wholly owned subsidiary of CMB International Capital Corporation Limited, itself a subsidiary of China Merchants Bank. ## Important Disclosures - The report is for informational purposes only and not tailored for individual investors. - Past performance is not indicative of future results. - The value of investments may fluctuate and is not guaranteed. - CMBIGM is not liable for any loss or damage arising from reliance on the information in the report. - The information is subject to change without notice and may differ from other publications.