WuXi XDC Cayman (2268) H2 2025 earnings summary

Executive summary

• Achieved record revenue of RMB 5,944.2 million in 2025, up 46.7% year-over-year, with gross profit of RMB 2,139.3 million, up 72.5% year-over-year.

• Adjusted net profit reached RMB 1,558.7 million, a 69.9% increase year-over-year; net profit increased 38.4% to RMB 1,480.5 million.

• Backlog grew over 50% year-over-year to nearly $1.5 billion, providing strong visibility for 2026.

• Expanded client base to over 640, including 14 of the top 20 global pharma companies, and achieved 120+ cumulative global IND submissions.

• Recognized with major industry awards for best CDMO and CRO at the World ADC Awards.

Financial highlights

• Gross profit margin improved to 36.0% in 2025 from 30.6% in 2024, driven by higher facility utilization and operational efficiency.

• Adjusted net profit margin improved from 22.6% in 2024 to 26.2% in 2025.

• Overseas revenue, especially from the U.S., accounted for 51% to 85% of total revenue.

• Basic EPS was RMB 1.22 (+37.1% YoY); diluted EPS was RMB 1.12 (+34.9% YoY).

• Total backlog increased 50.3% to US$1,489.2 million, with newly signed contract value up 41% year-over-year to ~USD 1.33 billion.

Outlook and guidance

• Targeting 30%-35% CAGR through 2030, above the industry average.

• Plans to double DP capacity by 2029 and expand global manufacturing footprint, including new facilities in Singapore and Jiangyin.

• Guidance for 2026 is at least 35% revenue growth, with margin maintenance despite integration and ramp-up costs.

• Licensing income not factored into near-term guidance; any such deals would be upside.

• Global ADC drug market projected to grow at 30.3% CAGR from US$10.4B (2023) to US$66.2B (2030).