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 2025 result, with both revenue and net profit reaching record highs. Revenue increased 16% YoY to RMB45.5B, ahead of guidance of RMB43.5–44.0B.</li>
<li>With continuous capacity expansion to better meet customer demand, backlog for continuing operations reached a record high of RMB58B by the end of 2025, up 29% YoY.</li>
<li>Based on the current order backlog, Wuxi AppTec expects total revenue to reach RMB51.3–53.0B in 2026, with continuing operations revenue growing 18%–22% YoY.</li>
</ul>



WuXi AppTec (2359 HK) has announced 2025 result, with both revenue and net profit reaching record highs. Revenue increased 16% YoY to RMB45.5B, ahead of guidance of RMB43.5–44.0B.
With continuous capacity expansion to better meet customer demand, backlog for continuing operations reached a record high of RMB58B by the end of 2025, up 29% YoY.
Based on the current order backlog, Wuxi AppTec expects total revenue to reach RMB51.3–53.0B in 2026, with continuing operations revenue growing 18%–22% YoY.


WuXi AppTec (2359 HK): Core Business Drives 2025 Performance; Momentum to Continue

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 analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 6th.</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 Alibaba, Tencent, China Life, Xiaomi, Petrochina, ICBC, China Pacific Insurance, Kuaishou, Hua Hong Semiconductor, BYD.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 6th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Tencent, China Life, Xiaomi, Petrochina, ICBC, China Pacific Insurance, Kuaishou, Hua Hong Semiconductor, BYD.


HK Connect Flows Weekly (Mar 6th): Alibaba, Tencent, China Life, Xiaomi, Petrochina, ICBC

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-apptec" target="_blank" data-smartkarma-citation="entities:23679:1" rel="noopener">Wuxi Biologics (2269 HK)</a> logged solid performance in 1H25, with revenue growing 16% YoY to RMB10B and net profit increasing 55% YoY to RMB3B. Revenue from continuing operations grew 20%.</li>
<li>Total backlog reached $20B as of June 30, 2025, including $11B service backlog, while the total backlog within three years stood at $4B, enhancing near-term revenue visibility.</li>
<li>The company raised 2025 revenue growth target to 14–16% YoY from 12–15% YoY earlier. This indicates 2H25 revenue to be RMB11,524M, up 14% YoY and 16% HoH.</li>
</ul>



Wuxi Biologics (2269 HK) logged solid performance in 1H25, with revenue growing 16% YoY to RMB10B and net profit increasing 55% YoY to RMB3B. Revenue from continuing operations grew 20%.
Total backlog reached $20B as of June 30, 2025, including $11B service backlog, while the total backlog within three years stood at $4B, enhancing near-term revenue visibility.
The company raised 2025 revenue growth target to 14–16% YoY from 12–15% YoY earlier. This indicates 2H25 revenue to be RMB11,524M, up 14% YoY and 16% HoH.


Wuxi Biologics (2269 HK): Expanded Offering and Capacity Drive 1H25 Result; Accelerated Growth Ahead

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight flows of China Mobile, Xiaomi, Tencent, China Life, Kuaishou.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight flows of China Mobile, Xiaomi, Tencent, China Life, Kuaishou.


Hong Kong Connect Flows (January): China Mobile, Xiaomi, Tencent

<ul>
<li>We analyse the changes of A-H premium on 169 stocks over the last week. The average A-H premium was 58.5% as of Jan 23rd.</li>
<li>The average A-H premium changed by -3.0ppt week-on-week, led by information technology, energy, materials and offset by financials, health care.</li>
<li>We highlight weekly changes in A-H premium for Chifeng Jilong Gold Mining, Flat Glass, Maanshan Iron &amp; Steel, China Tourism, Sinopec, Sany Heavy.</li>
</ul>


We analyse the changes of A-H premium on 169 stocks over the last week. The average A-H premium was 58.5% as of Jan 23rd.
The average A-H premium changed by -3.0ppt week-on-week, led by information technology, energy, materials and offset by financials, health care.
We highlight weekly changes in A-H premium for Chifeng Jilong Gold Mining, Flat Glass, Maanshan Iron &amp; Steel, China Tourism, Sinopec, Sany Heavy.


A-H Premium Weekly (Jan 23rd): Chifeng Jilong Gold Mining, Flat Glass, Maanshan Iron & Steel

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
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Pharmaron (3759 HK)

WuXi AppTec (2359 HK): Core Business Drives 2025 Performance; Momentum to Continue

WuXi AppTec reports record-high revenue and net profit in 2025, with backlog reaching RMB58B. The company guided for 2026 revenue of...

Tina Banerjee

HK Connect Flows Weekly (Mar 6th): Alibaba, Tencent, China Life, Xiaomi, Petrochina, ICBC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba (9988 HK), Tencent (700 HK), China Life (2628...

Ke Yan, CFA, FRM

Wuxi Biologics (2269 HK): Expanded Offering and Capacity Drive 1H25 Result; Accelerated Growth Ahead

Per preliminary result, Wuxi Biologics expects 2025 revenue to rise 17% YoY to RMB22B and adjusted net profit to increase 22% YoY to RMB7B, driven...

Tina Banerjee

Hong Kong Connect Flows (January): China Mobile, Xiaomi, Tencent

We estimate inflows to Hong Kong stocks from mainland China to be USD 7.2bn. We highlight big flows for China Mobile (2.2bn outflows), Tencent...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jan 23rd): Chifeng Jilong Gold Mining, Flat Glass, Maanshan Iron & Steel

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Chifeng Jilong Gold Mining, Flat Glass, Maanshan Iron &...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

WuXi AppTec (2359 HK): Core Business Drives 2025 Performance; Momentum to Continue

​WuXi AppTec reports record-high revenue and net profit in 2025, with backlog reaching RMB58B. The company guided for 2026 revenue of...

Tina Banerjee

HK Connect Flows Weekly (Mar 6th): Alibaba, Tencent, China Life, Xiaomi, Petrochina, ICBC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba (9988 HK), Tencent (700 HK), China Life (2628...

Ke Yan, CFA, FRM

Wuxi Biologics (2269 HK): Expanded Offering and Capacity Drive 1H25 Result; Accelerated Growth Ahead

Per preliminary result, Wuxi Biologics expects 2025 revenue to rise 17% YoY to RMB22B and adjusted net profit to increase 22% YoY to RMB7B, driven...

Tina Banerjee

Hong Kong Connect Flows (January): China Mobile, Xiaomi, Tencent

We estimate inflows to Hong Kong stocks from mainland China to be USD 7.2bn. We highlight big flows for China Mobile (2.2bn outflows), Tencent...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jan 23rd): Chifeng Jilong Gold Mining, Flat Glass, Maanshan Iron & Steel

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Chifeng Jilong Gold Mining, Flat Glass, Maanshan Iron &...

Ke Yan, CFA, FRM

WuXi AppTec reports record-high revenue and net profit in 2025, with backlog reaching RMB58B. The company guided for 2026 revenue of...