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603259.SH, 2359.HK · A-shares · Hong Kong

603259.SH / 2359.HK WuXi AppTec: H1'26 guide raise, RMB 66.4B backlog

WuXi AppTec H1'26 revenue RMB 28.90B (+38.9%), backlog RMB 66.43B; FY26 guide RMB 58.5–60.5B. A+H cap ~RMB 502.6B. See WuXi Bio, BeOne.

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Snapshot

A-share (17 Aug)
CNY 166.89
A+H cap (approx)
CNY 502.6B
H1'26 revenue
CNY 28.9B
Continuing Ops backlog
CNY 66.4B
As of 2026-09-25

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

WuXi AppTec (603259.SH / 2359.HK) is a global small-molecule and TIDES CRDMO. 3 Aug 2026 H1'26: revenue RMB 28.90B (+38.9%), Continuing Ops +48%; adj. non-IFRS GM 53.9% (+9.4ppt); CAS parent NI RMB 11.08B (+29.4%); Continuing Ops backlog RMB 66.43B (+25.2%). FY26 revenue guide raised from RMB 51.3–53.0B to 58.5–60.5B (Continuing Ops +35–39%); adj. FCF to RMB 13.5–14.5B.

Read-through: customer commercial success converting backlog—not a pure capacity story. A+H cap ~RMB 502.6B already discounts some of the raise; 1260H and US-client concentration remain the haircut. See WuXi Biologics, BeOne, Hengrui, Innovent.

Business

Model: CRDMO fees from discovery through API/DP manufacturing; “follow/win the molecule” converts R into D&M.

Flagships: (1) Chemistry RMB 36.47B in 2025 (+25.5%), TIDES RMB 11.37B (+96%); (2) Testing RMB 4.04B (+4.7%); (3) Biology RMB 2.68B (+5.2%), >20% of new customers.

Edge: 3,452 small-molecule D&M molecules (83 commercial / 91 Ph3); TIDES SPPS >100,000 L; FDA inspections at Changzhou/Taixing/Jinshan with no observations.

12–24m: global capacity (Changzhou pulled forward; CapEx RMB 7.5–8.5B). H1 already above the prior 18–22% Continuing Ops growth assumption.

Strategy

Strategy
PillarDetail
0–12m：上修指引兑现KPI：持续经营收入 35–39%；FY26 总收入 585–605 亿；TIDES/商业化项目转化
CRDMO 一体化KPI：Chemistry 占比、TIDES 产能（固相>10 万 L）、D&M 管线 3452 个分子
全球产能与合规KPI：常州新基地、CapEx 75–85 亿；1260H 诉讼进展；美欧客户收入
As of 2026-09-25

Boundary: WuXi AppTec Co., Ltd. (A+H). Do not confuse with WuXi Biologics 2269.HK. 2025 discontinued ops and XDC stake sale inflate CAS NI—anchor on Continuing Ops.

Value chain

Midstream enabler. Pays on services, not drug royalties.

Customers

Customers
Account / typeConcentrationNote
美国客户（持续经营）2025 年 312.5 亿（+34.3%）约占持续经营收入 72%
欧洲客户48.2 亿（-4.0%）需求弱于美国
中国客户54.7 亿（-3.5%）国内投融资仍偏弱
最大客户 / Top5未具名披露单一客户>10%客户分散但地域高度集中于美国
As of 2026-09-25

Concentration: US clients RMB 31.25B of 2025 Continuing Ops (+34.3%, ~72% mix). No named >10% customer disclosed. Geographic concentration >> named-account concentration.

Supply risks: (1) US 1260H / biosecure leakage; (2) China-site vs overseas backup—echoed in #risks.

Corporate events

Corporate events

Corporate events
DatePhaseEventMeaning
2025剥离临床研究等业务划为终止经营；部分出售药明合联股权CAS 净利含一次性；看持续经营
2026-03财报2025 收入 454.6 亿（+15.8%）；积压 580 亿创纪录；当时指引 513–530 亿
2026-H1地缘美国国防部 1260H 清单；公司起诉称认定错误美客户订单的主要政策风险
2026-08-03指引H1 收入 289.0 亿（+38.9%）；积压 664.3 亿；全年上修至 585–605 亿客户商业化放量驱动，非仅产能
As of 2026-09-25

Valuation

17 Aug 2026: A-share CNY 166.89, H HKD 203.4, A+H cap ~RMB 502.6B. Market prices backlog-to-earnings with a policy discount.

Valuation snapshot

Valuation snapshot
MetricValueNote
A+H 市值（约）约 5026 亿2026-08-17；A 166.89 元 / H 203.4 港元
TTM P/E（示意）约 22–25xCAS 净利含 2025 一次性投资收益，宜看调整后
2026E P/E（示意）约 20–23x收入指引中枢 ~595 亿；利润率为估计
P/B（示意）约 6x高 ROE + 积压可见度
盈利收益率约 4–4.5%1/TTM PE
股息率约 1.2%2025 现金分红约 47.1 亿；2026 中期拟每 10 股 5.10 元
As of 2026-09-25

Valuation & returns · ~3y

Interactive chart available in the reader.

Public market indication (QE TTM PE/PB, yield, trailing 12m price return) · As of 2026-09-25

Share price · ~3y

Interactive chart available in the reader.

Quarterly close reconstruction (illustrative, split-adjusted approx.) · As of 2026-09-25

Financial trend (~24m)

Eight-quarter revenue and GM with YoY/QoQ. 2024Q3–Q4 reconstructed from FY/YoY; 2025Q1+ from quarterlies. Q2'26 +32% QoQ from large commercial batches.

Revenue · last 8 quarters

Interactive chart available in the reader.

Company filings; some early quarters reconstructed from H/FY and labeled · As of 2026-09-25

Gross margin · last 8 quarters

Interactive chart available in the reader.

Filings; some adj. or H-split estimates · As of 2026-09-25

Financial health

Healthy: 2025 OCF RMB 16.43B; cash RMB 29.46B; net cash. H1'26 adj. OCF RMB 9.98B. Do not run-rate CAS one-offs.

Financial health

Financial health
ItemValueNote
财务健康总评健康高转化现金流；净现金；一次性收益勿线性外推
经营现金流2025 IFRS OCF 164.3 亿（+37%）H1'26 调整 OCF 99.8 亿（+41.3%）
调整自由现金流2025 约 111 亿；2026 指引上修至 135–145 亿CapEx 同步上修至 75–85 亿
现金 vs 有息债2025 末现金及银行结余 294.6 亿净现金；可覆盖扩产与分红
流动性强积压 664 亿提供近端收入可见度
审计 / 持续经营2025 年报已审计；无持续经营强调H1'26 未经审计
As of 2026-09-25

Net income · last 8Q

Interactive chart available in the reader.

Reconstructed from public filings (illustrative; attributable NI) · As of 2026-09-25

Operations

H1 driven by customer product success and TIDES ramp. Q2 revenue RMB 16.46B record. Testing/Biology still price-soft.

Segments / financials

Segments / financials
ItemValueYoYNote
WuXi Chemistry（2025）364.7 亿+25.5%TIDES 113.7 亿（+96%）
WuXi Testing（2025）40.4 亿+4.7%安评亚太领先；定价仍承压
WuXi Biology（2025）26.8 亿+5.2%贡献>20% 新客户
H1'26 总收入289.0 亿+38.9%持续经营 +48%；Q2 单季 164.6 亿
持续经营积压664.3 亿+25.2%2026-06-30
As of 2026-09-25

Competition

Vs WuXi Bio, Pharmaron, XDC, Western CDMOs. Strength: conversion + backlog. Weakness: ~72% US mix and 1260H.

Market share trend · last 8Q

Interactive chart available in the reader.

Industry reports + public disclosures (illustrative estimate) · As of 2026-09-25

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Industry reports + public disclosures (illustrative estimate) · As of 2026-09-25

Peer snapshot

Peer snapshot
CompanyPositionGMStrengthWeakness
药明康德 603259小分子+TIDES CRDMO 龙头H1'26 调整 GM 53.9%一体化转化 + 商业化放量美国收入~72%；1260H 政策尾部
药明生物 2269.HK生物药 CRDMO2025 IFRS GM 46%双抗/ADC 与 backlog $23.7BH1'26 尚未打印；FX 扰动
康龙化成 300759全流程 CRO/CDMO低于康德 Chemistry国内客户与大分子补充海外商业化产能量级更小
Catalent / 全球 CDMO欧美产能对标不一监管地缘便利成本与交付节奏通常弱于中国龙头
As of 2026-09-25

Management

Management (24m)

Management (24m)
RoleNameSince24m change
董事长兼 CEO李革创始无重大披露变动
执行董事胡正国长期无重大披露变动
CFO / 财务负责人以最新年报披露为准—期间无公开 CEO/CFO 更替公告
As of 2026-09-25

Chair/CEO Dr. Ge Li unchanged. Stable. Watch geopolitics and CapEx, not succession.

Outlook

Can H2 deliver the 35–39% Continuing Ops guide after a +48% H1? Watch backlog, Changzhou, 1260H. Demand tracks global BD—same tape as Hengrui/BeOne/Innovent.

Scenarios

Scenario Condition Implication
Bull Revenue near RMB 60.5B; no US leakage Multiple holds
Base RMB 58.5–59.5B; stable US mix Hold for backlog conversion
Bear Forced reshoring; cancellations Earnings + multiple crush

Risks

Risks

Risks
RiskLevelNote
美国 1260H / 生物安全立法与客户转移高美国收入约占持续经营 72%
客户管线失败或商业化低于积压隐含中指引基于积压，非利润承诺
扩产爬坡与 FX 侵蚀利润率中CapEx 上修至 75–85 亿
与药明生物等关联主体混淆 / 声誉溢出中独立上市主体，但品牌绑定
Testing/Biology 定价持续承压低已在 Chemistry 放量中对冲
As of 2026-09-25

Tracking

  1. FY26 revenue in RMB 58.5–60.5B / Continuing Ops ≥35% (confirm)
  2. Backlog QoQ (falsify: two down quarters)
  3. US mix and 1260H docket
  4. Adj. non-IFRS NPM “resilient” guide
  5. CapEx vs adj. FCF RMB 13.5–14.5B

References

  1. H1 2026 results — https://www.wuxiapptec.com/news/wuxi-news/wuxi-apptec-delivers-strong-result-driven-by-crdmo-model
  2. FY2025 results — https://www.wuxiapptec.com/news/wuxi-news/wuxi-apptec-beat-full-year-guidance-and-achieved-record-performance-in-twenty-twenty-five
  3. HKEX FY2025 — https://www.hkexnews.hk/listedco/listconews/sehk/2026/0323/2026032300516.pdf
  4. PR Newswire H1 2026 — https://www.prnewswire.com/news-releases/wuxi-apptec-delivers-strong-h1-2026-results-and-raises-full-year-guidance1-driven-by-greater-success-of-multiple-customers-products-and-crdmo-model-302841080.html
  5. WuXi Bio · BeOne · Hengrui · Innovent

Not investment advice.

Disclaimer: For research information only. Not investment advice or a recommendation to buy or sell.

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