WuXi AppTec (603259) H2 2025 earnings summary

Executive summary

• Achieved record revenue and adjusted non-IFRS net profit in 2025, with revenue up 21.4% and adjusted net profit up 41.3% year-over-year, surpassing full-year guidance.

• Backlog for continuing operations reached RMB 58 billion, up 28.8% year-over-year, reflecting robust customer demand and capacity expansion.

• Revenue streams diversified across regions, with 72% from the US, 13% from China, and 11% from Europe.

• Achieved top ESG ratings, including MSCI AAA, CDP A, EcoVadis Gold, and inclusion in S&P Global Sustainability Yearbook, with validated near-term GHG reduction targets.

• Maintained zero critical findings in 741 quality audits and 60 information security audits, with all main sites ISO/IEC 27001 certified.

Financial highlights

• Total revenue reached RMB 45.46 billion; continuing operations revenue grew 21.4% year-over-year to RMB 43.42 billion.

• Adjusted non-IFRS net profit rose 41.3% year-over-year to RMB 14.96 billion, with margin improvement to 32.9%.

• Adjusted non-IFRS gross profit margin expanded 6.6 percentage points to 48.2%.

• Adjusted operating cash flow hit RMB 16.67 billion, up 39.1% year-over-year.

• Net profit attributable to owners surged 102.6% to RMB 19.15 billion; diluted EPS more than doubled to RMB 6.61.

Outlook and guidance

• 2026 revenue guidance: RMB 51.3–53 billion, with continuing operations revenue expected to grow 18–22% year-over-year.

• CapEx for 2026 projected at RMB 6.5–7.5 billion; adjusted free cash flow expected at RMB 10.5–11.5 billion.

• Board proposes record cash dividend of RMB 5.71 billion for 2026, maintaining a 30% payout ratio.

• H share incentive trust plan tied to revenue targets, with no dilution to existing shareholders and share grants to attract and retain top talent.