Investor Research

2269.HK · Hong Kong

2269.HK WuXi Bio: H1'26 RMB 11.79B (+18.4%) — $25.1B backlog

WuXi Biologics printed H1 on 2026-08-25: revenue RMB 11.787B (+18.4%, +23.4% USD/cc), IFRS GM 46.2%, adj. parent NI RMB 3.306B (+38.4%), backlog $25.1B. FY26 revenue raised to +15–18% RMB / +20–23% cc. Separate from WuXi AppTec.

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Latest print snapshot

H-share (approx)
HKD 38.26
HK cap (approx)
HKD 157.1B
H1'26 revenue
CNY 11.8B
Total backlog (USD)
USD 25.1B
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 Biologics (2269.HK) is a global biologics CRDMO. Printed H1 2026 on 2026-08-25: revenue RMB 11.787B (+18.4%; +23.4% USD/cc), IFRS GM 46.2% (+350bp), IFRS parent NI RMB 2.440B (+4.3%), adj. parent NI RMB 3.306B (+38.4%), FCF RMB 1.5B. Backlog $25.1B (service $12.6B + milestones $12.4B; 3-year $5.5B, ~+30%). FY26 revenue raised to +15–18% RMB / +20–23% cc. Read margins and near-term backlog harder than headline growth; do not book potential milestones. Separate listco from WuXi AppTec.

Business

End-to-end biologics CRDMO. 1,064 integrated projects (123 organic adds), 78 Ph3, 28 commercial. Complex modalities 50%+ of H1 revenue and 70%+ of new projects.

Strategy

Strategy
PillarDetail
Follow/Win the MoleculeKPI：综合项目 945；III 期 74；商业化 25
复杂分子（双抗/ADC）KPI：近 20% 集团收入、+120% YoY（2025）
制造 CAGRKPI：FY26 指引 13–17%；M 端 30% CAGR；34 个 PPQ
As of 2026-09-25

Value chain

Customers

Customers
Account / typeConcentrationNote
全球生物药客户945 个综合项目未披露单一客户>10% 具名占比
后期/CMO商业化 25、III 期 74Top3 制造项目 2026 各有望 $100M+
北美收入H1'25 +20.1%（管理层）地缘敏感
里程碑客户潜在 $12.2B实现时点与概率不确定
As of 2026-09-25

Corporate events

Corporate events

Corporate events
DatePhaseEventMeaning
2025-08中报H1 收入 99.53 亿（+16.1%），积压 $20.3B利润率拐点
2026-03年报FY2025 217.9 亿（+16.7%），GM 46%，积压 $23.7B，FCF 23 亿创纪录
2026-05更新重申 FY26 13–17%；$4 亿回购；3 年收入 CAGR 20% 目标管理层认为低估
2026-08中报H1'26 收入 117.87 亿（+18.4%），积压 $25.1B，指引上修至 cc +20–23%利润率与近端积压同步改善
As of 2026-09-25

Valuation

Valuation snapshot

Valuation snapshot
MetricValueNote
港股市值（约）约 1571 亿港元38.26 港元（2026-08 中旬）
TTM P/E约 29x归母 49.08 亿；人民币市值约 1440 亿
2026E P/E（示意）约 24–28x收入 +13–17% 假设利润率稳定
P/B（示意）中高个位数以年报净资产为准
盈利收益率约 3.4%1/29
股息率0 / 极低以回购为主（$400M 计划）
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)

Quarterly series are H-splits; 2026Q1–Q2 are placeholders pending the interim.

Revenue · last 8 quarters

Interactive chart available in the reader.

WuXi Bio H1'25 / H1'26 official prints only (axis = half-year end quarter); no undisclosed-quarter split or interpolation. · As of 2026-09-25

Gross margin · last 8 quarters

Interactive chart available in the reader.

H1 IFRS GM: 42.7% in 2025 / 46.2% in 2026. YoY is the percentage-point gap. · As of 2026-09-25

Financial health

Financial health

Financial health
ItemValueNote
财务健康总评健康H1 利润率扩张 + FCF 连续五年为正
自由现金流H1'26 15 亿来源 2026-08-25 新闻稿；连续五年正 FCF
H1 归母净利IFRS 24.40 亿（+4.3%）调整归母 33.06 亿（+38.4%）；差额主要 FX 未实现损失
有息债 vs 现金以中报附注为准本新闻稿强调 FCF，未列净债明细
审计 / 持续经营H1 未经审核2025 年报已审计、无持续经营强调
As of 2026-09-25

Net income · last 8Q

Interactive chart available in the reader.

H1 IFRS NI attributable to owners: RMB 2.440B vs RMB 2.339B. · As of 2026-09-25

Operations

H1 2026 financial snapshot

H1 2026 financial snapshot
ItemValueYoYNote
H1'26 收入117.87 亿+18.4%美元/恒定货币 +23.4%；截至 2026-06-30
IFRS 毛利率46.2%+350bp调整毛利率 48.4%（+280bp）
总积压$25.1Bvs 一年前 $20.3B服务 $12.6B + 里程碑 $12.4B；三年内 $5.5B（约 +30%）
FY26 收入指引人民币 +15–18%恒定货币 +20–23%中报电话会从 16–20% cc / 13–17% RMB 上修
调整归母净利33.06 亿+38.4%IFRS 归母 24.40 亿（+4.3%）；FCF 15 亿
As of 2026-09-25

Competition

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
药明生物 2269生物药 CRDMO 龙头46%双抗/ADC 与积压地缘；H1 未出
药明康德 603259小分子+TIDESH1'26 调整 53.9%已上修指引1260H
Lonza / Samsung Biologics全球 CMO不一欧美产能成本
药明合联ADC高增分子跟进并表口径变化
As of 2026-09-25

Management

Management (24m)

Management (24m)
RoleNameSince24m change
董事长李革创始关联无重大变动；与康德重叠创始人
CEO陈智胜长期无重大披露变动
CFO年报披露—期间无公开 CEO 更替
As of 2026-09-25

Chris Chen CEO stable. Ge Li chairs both Bio and AppTec—governance overlap, not consolidation.

Outlook

FY26 revenue raise to +15–18% RMB / +20–23% cc. PPQs, Win-the-Molecule, dual-source ramps.

Scenarios

Scenario Condition Implication
Bull Near 20% ex-FX Re-rate
Base 13–17% Hold policy discount
Bear US leakage Crush

Risks

Risks

Risks
RiskLevelNote
美国生物安全 / 客户转移高与康德政策风险同源不同主体
里程碑 backlog 无法兑现高$12.2B 非合同确定收入
人民币升值压低报表增速中指引已拆 ex-FX
海外基地爬坡拖累利用率中爱尔兰/德/美
与康德品牌溢出中独立上市须单独估值
As of 2026-09-25

Tracking

  1. FY26 +15–18% RMB / +20–23% cc
  2. Service backlog $12.6B vs milestones $12.4B
  3. 123 organic adds and 16 WtM
  4. H1 FCF RMB 1.5B
  5. US biosecure vs dual-source

References

  1. FY2025 PR — https://www.wuxibiologics.com/press-release/wuxi-biologics-reports-record-2025-annual-results/
  2. HKEX FY2025 — https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0324/2026032400734.pdf
  3. H1 2025 — https://www.wuxibiologics.com/press-release/wuxi-biologics-reports-solid-2025-interim-results/
  4. WuXi AppTec · Innovent · BeOne

Not investment advice.

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

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