WuXi XDC Cayman (2268) H1 2025 earnings summary

Executive summary

• Revenue for the six months ended June 30, 2025, rose 62.2% year-over-year to RMB2,700.9 million, with gross profit up 82.2% to RMB975.2 million and net profit up 52.7% to RMB745.7 million.

• The company expanded its customer base to 563 globally and increased its workforce by 51.7% to 2,270 employees compared to June 30, 2024.

• No interim dividend was declared for the period.

• Major facility expansions in Wuxi and Singapore are progressing, with new GMP manufacturing lines expected to commence operations in 2026–2027.

• Gross margin improved to 36.1% from 32.1% year-over-year.

Financial highlights

• Adjusted net profit before interest income and expense increased 69.6% to RMB732.6 million; adjusted net profit including interest income and expense rose 50.1% to RMB800.8 million.

• Basic earnings per share increased 51.2% to RMB0.62; adjusted basic EPS was RMB0.67; diluted EPS was RMB0.57 (+50.0% YoY).

• EBITDA grew 70.7% to RMB863.9 million, with an adjusted EBITDA margin of 34.0%.

• Total backlog increased 57.9% to US$1,329.0 million as of June 30, 2025.

• Net profit margin decreased to 27.6% from 29.3%.

Outlook and guidance

• The global ADC drug market is projected to grow at a 30.3% CAGR from 2023 to 2030, reaching US$66.2 billion.

• The company plans to continue investing in R&D, expand manufacturing capacity in Singapore and Wuxi, and leverage its integrated platform to capture additional market share.

• Focus remains on innovation in bioconjugate modalities and maintaining high customer satisfaction.