Net profit of 19.2 billion yuan in 2025, Wuxi AppTec's Hong Kong stock surges over 10%

On March 24th, WuXi AppTec, a leading company in the CXO industry, released its 2025 annual report. The company achieved an operating revenue of 45.456 billion yuan in 2025, a year-on-year increase of 15.8%; net profit attributable to shareholders was 19.151 billion yuan, up 102.65%; non-recurring net profit was 13.24 billion yuan, up 32.56%; and net cash flow from operating activities was 17.203 billion yuan, an increase of 38.66%.

In addition, the company plans to distribute a final dividend of 15.7927 yuan (tax included) per 10 shares, totaling approximately 4.712 billion yuan in cash dividends. In 2025, the company also implemented a special dividend of 1.01 billion yuan and an interim dividend of 1.033 billion yuan. Combined with the final dividend, the total annual dividend amounts to 6.755 billion yuan.

The company emphasizes that the growth in performance is mainly due to its continued focus and strengthening of the CRDMO business model, ongoing optimization of production processes and operational efficiency, as well as increased capacity efficiency driven by growth in late-stage clinical and commercial projects, which has enhanced overall profitability. Additionally, the sale of a partial stake in the joint venture WuXi XDC Cayman Inc. and the divestment of certain business segments further boosted the company’s profits.

WuXi AppTec’s core business segments include chemical, testing, and biological services, with chemical services being the main growth driver. This segment achieved revenue of 36.466 billion yuan last year, a year-on-year increase of 25.52%, with a gross margin of 51.89%, up 5.5 percentage points from the previous year.

The small molecule CRDMO business continued to expand, with annual revenue of 19.92 billion yuan, an increase of 11.4%; the pipeline added 839 new molecules, reaching a total of 3,452. The new molecule sector performed notably, with TIDES (oligonucleotides and peptides) generating 11.37 billion yuan in revenue for the year, a 96% increase, with customer numbers and molecule counts growing by 25% and 45%, respectively.

Meanwhile, revenue from the testing segment increased by 4.69% year-on-year to 4.042 billion yuan; biological services grew by 5.24% to 2.677 billion yuan. However, these two segments still faced margin pressures, with testing and biological services gross margins affected by pricing factors, decreasing by 6.32 percentage points to 29.26% and 3.04 percentage points to 34.66%, respectively.

Additionally, the company released its 2026 performance outlook, projecting total revenue of 51.3 billion to 53 billion yuan, with continued operations revenue expected to grow by 18% to 22% year-on-year.

It is worth noting that WuXi AppTec has maintained stable operational performance for three consecutive years. From 2022 to 2024, the company achieved revenues of 39.355 billion yuan, 40.341 billion yuan, and 39.241 billion yuan, respectively; net profits attributable to shareholders were 8.814 billion yuan, 9.607 billion yuan, and 9.45 billion yuan.