WuXi AppTec Co., Ltd.

WuXi AppTec said 2025 total revenue reached RMB 45.46 billion, with revenue from continuing operations up 21.4% year over year to RMB 43.42 billion. Adjusted non-IFRS net profit grew 41.3% year over year to RMB 14.96 billion, and adjusted non-IFRS net profit margin improved 5.9 percentage points to 32.9%. Adjusted non-IFRS gross profit was RMB 21.89 billion, with adjusted non-IFRS gross margin at 48.2%, up 6.6 percentage points year over year. Diluted EPS was RMB 6.61, and adjusted operating cash flow reached RMB 16.67 billion, up 39.1% year over year. For 2026, management guided total revenue to RMB 51.3 billion to RMB 53 billion, continuing-operations revenue growth of 18% to 22%, CapEx of RMB 6.5 billion to RMB 7.5 billion, adjusted free cash flow of RMB 10.5 billion to RMB 11.5 billion, and a stable adjusted non-IFRS net profit margin. The Board proposed a record RMB 5.7 billion cash dividend distribution plan, including a 2025 dividend of RMB 4.71 billion and an interim dividend plan of RMB 1 billion in 2026.

Minzhang Chen framed 2025 as a record year and repeatedly pointed to the CRDMO model, capacity expansion, and high visibility as the basis for sustained growth. He highlighted strong demand in peptides, oligonucleotides, complex small molecules, and late-stage/commercial projects, while stressing that the company is building capacity across China, the U.S., Singapore, and potentially Saudi Arabia. His tone was confident and expansionary, with emphasis on execution, pipeline depth, and long-term resilience rather than any single end-market.

Florence Shi focused on the financial quality of the results, saying the company beat full-year guidance and delivered record revenue, profit, and cash flow. She cited adjusted non-IFRS gross profit of RMB 21.89 billion, gross margin of 48.2%, adjusted operating cash flow of RMB 16.67 billion, and CapEx payments of RMB 5.54 billion in 2025. On 2026, she said margin should stay stable despite new capacity ramp-up and FX challenges, with CapEx expected at RMB 6.5 billion to RMB 7.5 billion and adjusted free cash flow at RMB 10.5 billion to RMB 11.5 billion. She also emphasized capital returns, including the proposed record RMB 5.7 billion dividend plan and a 30% annual payout ratio.

Analysts focused on FX, geopolitics, TIDES CapEx, outsourcing trends, AI, backlog conversion, and U.S./Saudi strategy. Management said FX is being managed within a narrow revenue guidance range and that it has not seen direct or quantifiable cost impact from oil-price or Middle East volatility. On TIDES and new modalities, they said peptide demand remains very high, oligonucleotides are growing quickly, and the company is also investing in more complex small-molecule manufacturing. They also said AI should be an enabler rather than a threat, because WuXi can supply high-quality wet-lab data and use AI internally to improve efficiency and forecasting. On geopolitics and the U.S. 1260H list, management said it is confident WuXi AppTec will not be included and will continue monitoring BIOSECURE implementation.