WuXi XDC Cayman (2268) H2 2024 earnings summary

Executive summary

• Achieved record revenue of RMB4,052.3 million in 2024, up 90.8% year-over-year, driven by strong global demand for integrated CRDMO services in the bioconjugate sector.

• Net profit surged 277.2% year-over-year to RMB1,069.6 million, reflecting operational leverage and effective cost control.

• Expanded global footprint with significant progress on the Singapore manufacturing site and capacity ramp-up at the Wuxi site.

• Served 499 customers worldwide, with 53 new integrated projects signed and 194 ongoing integrated projects as of year-end.

• Recognized as a global leader, winning the "Best CDMO" award at the World ADC Awards in 2023 and 2024.

Financial highlights

• Revenue increased 90.8% year-over-year to RMB4,052.3 million.

• Gross profit rose 121.6% to RMB1,239.8 million, with gross margin improving to 30.6%.

• Net profit attributable to owners reached RMB1,069.6 million, up 277.2% year-over-year.

• Adjusted net profit (excluding listing and share-based compensation expenses) was RMB1,174.0 million, up 184.8%.

• Basic EPS increased to RMB0.89 from RMB0.28; diluted EPS to RMB0.83 from RMB0.26.

• EBITDA (non-IFRS) was RMB1,148.2 million, with an adjusted EBITDA margin of 30.9%.

• Total assets grew to RMB9,124.1 million; total equity reached RMB6,639.5 million.

Outlook and guidance

• Anticipates continued strong growth, leveraging expanded capacity and global reach, with Singapore site expected to commence operations by late 2025.

• Plans to further invest in R&D, technology platforms, and strategic partnerships to maintain industry leadership.

• Targets to capture market opportunities as the global ADC drug market is projected to grow at a 30.3% CAGR through 2030.