Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec (2359 HK)</a> has announced better-than-expected 1H25 result, with revenue increasing 21% YoY to RMB21B and adjusted net profit jumping 44% YoY to RMB6B.</li>
<li>1H result was mainly driven by late‑stage clinical and commercial projects. Amid continuous capacity expansion, order backlog reached RMB57B as of June 30, 2025, up 37% YoY.</li>
<li>With ongoing demand of the customers and solid execution demonstrated by CRDMO business model in 1H25, Wuxi AppTech raised 2025 revenue growth guidance to 13–17% from 10–15%.</li>
</ul>



WuXi AppTec (2359 HK) has announced better-than-expected 1H25 result, with revenue increasing 21% YoY to RMB21B and adjusted net profit jumping 44% YoY to RMB6B.
1H result was mainly driven by late‑stage clinical and commercial projects. Amid continuous capacity expansion, order backlog reached RMB57B as of June 30, 2025, up 37% YoY.
With ongoing demand of the customers and solid execution demonstrated by CRDMO business model in 1H25, Wuxi AppTech raised 2025 revenue growth guidance to 13–17% from 10–15%.


WuXi AppTec (2359 HK): Accelerated Growth and Margin Improvement in 1H; Full-Year Guidance Raise

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 58.2% as of Jul 25th.</li>
<li>The average A-H premium changed by -2.7ppt week-on-week, led by materials, communication services, financials and offset by consumer staples, real estate, health care.</li>
<li>We highlight weekly changes in A-H premium for Jiangxi Copper, Dongfang Electric, China Life, China Energy Engineering, Zhengzhou Coal Mining Machinery, China Railway Construction.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 58.2% as of Jul 25th.
The average A-H premium changed by -2.7ppt week-on-week, led by materials, communication services, financials and offset by consumer staples, real estate, health care.
We highlight weekly changes in A-H premium for Jiangxi Copper, Dongfang Electric, China Life, China Energy Engineering, Zhengzhou Coal Mining Machinery, China Railway Construction.


A-H Premium Weekly (Jul 25th): Jiangxi Copper, Dongfang Electric, China Life

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 60.8% as of Jul 18th.</li>
<li>The average A-H premium changed by -3.1ppt week-on-week, led by health care, information technology, financials and offset by real estate, consumer staples.</li>
<li>We highlight weekly changes in A-H premium for Livzon Pharmaceutical, Cosco Shipping Development, Beigene, China Railway Construction, CIMC, Innocare Pharma.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 60.8% as of Jul 18th.
The average A-H premium changed by -3.1ppt week-on-week, led by health care, information technology, financials and offset by real estate, consumer staples.
We highlight weekly changes in A-H premium for Livzon Pharmaceutical, Cosco Shipping Development, Beigene, China Railway Construction, CIMC, Innocare Pharma.


A-H Premium Weekly (Jul 18th): Livzon Pharmaceutical, Cosco Shipping Development, Beigene

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 11th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Meituan, CCB, SMIC, Li Auto, Zhongan Online, Alibaba, CMB, Pop Mart Intl, Tencent, China Mobile.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 11th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Meituan, CCB, SMIC, Li Auto, Zhongan Online, Alibaba, CMB, Pop Mart Intl, Tencent, China Mobile.


HK Connect Flows Weekly (Jul 11th): Meituan, CCB, SMIC, Li Auto, Zhongan Online, Alibaba, CMB

<ul>
<li>We analyse the changes of A-H premium on 155 stocks over the last week. The average A-H premium was 72.7% as of Jun 13th.</li>
<li>The average A-H premium changed by -5.0ppt week-on-week, led by consumer staples, energy, health care and offset by consumer discretionary, information technology.</li>
<li>We highlight weekly changes in A-H premium for Tigermed, Bank Of Chongqing, Sinopec Oilfield Service, Livzon Pharmaceutical, COSCO Shipping Energy.</li>
</ul>


We analyse the changes of A-H premium on 155 stocks over the last week. The average A-H premium was 72.7% as of Jun 13th.
The average A-H premium changed by -5.0ppt week-on-week, led by consumer staples, energy, health care and offset by consumer discretionary, information technology.
We highlight weekly changes in A-H premium for Tigermed, Bank Of Chongqing, Sinopec Oilfield Service, Livzon Pharmaceutical, COSCO Shipping Energy.


A-H Premium Weekly (Jun 13th): Tigermed, Bank Of Chongqing, Sinopec Oilfield Service

China

Pharmaron is a premier life science service provider offering comprehensive research, development, and manufacturing services across the entire drug discovery, preclinical, clinical development, and commercialization process. The company's services encompass small molecules, biologics, and cell and gene therapy products. Pharmaron was founded in 2004 and is headquartered in Beijing, China.

Price Gauge
52-week Range	0.00 - 0.00
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Pharmaron (3759 HK)

WuXi AppTec (2359 HK): Accelerated Growth and Margin Improvement in 1H; Full-Year Guidance Raise

WuXi AppTec reports strong 1H25 results, with revenue up 21% YoY to RMB21B and adjusted net profit up 44% YoY to RMB6B. The company raised 2025...

Tina Banerjee

A-H Premium Weekly (Jul 25th): Jiangxi Copper, Dongfang Electric, China Life

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Jiangxi Copper, Dongfang Electric, China Life, China Energy...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jul 18th): Livzon Pharmaceutical, Cosco Shipping Development, Beigene

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Livzon Pharmaceutical, Cosco Shipping Development, Beigene,...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jul 11th): Meituan, CCB, SMIC, Li Auto, Zhongan Online, Alibaba, CMB

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Meituan, CCB, SMIC, Li Auto, Zhongan Online, Alibaba,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jun 13th): Tigermed, Bank Of Chongqing, Sinopec Oilfield Service

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Tigermed, Bank Of Chongqing, Sinopec Oilfield Service,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

WuXi AppTec (2359 HK): Accelerated Growth and Margin Improvement in 1H; Full-Year Guidance Raise

​WuXi AppTec reports strong 1H25 results, with revenue up 21% YoY to RMB21B and adjusted net profit up 44% YoY to RMB6B. The company raised 2025...

Tina Banerjee

A-H Premium Weekly (Jul 25th): Jiangxi Copper, Dongfang Electric, China Life

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Jiangxi Copper, Dongfang Electric, China Life, China Energy...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jul 18th): Livzon Pharmaceutical, Cosco Shipping Development, Beigene

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Livzon Pharmaceutical, Cosco Shipping Development, Beigene,...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jul 11th): Meituan, CCB, SMIC, Li Auto, Zhongan Online, Alibaba, CMB

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Meituan, CCB, SMIC, Li Auto, Zhongan Online, Alibaba,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jun 13th): Tigermed, Bank Of Chongqing, Sinopec Oilfield Service

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Tigermed, Bank Of Chongqing, Sinopec Oilfield Service,...

Ke Yan, CFA, FRM

WuXi AppTec reports strong 1H25 results, with revenue up 21% YoY to RMB21B and adjusted net profit up 44% YoY to RMB6B. The company raised 2025...