Report date: 2026-09-13 | Price data: As of the 2026-09-11 (Friday) close; technical indicator snapshot timestamp: 2026-09-04 09:05 GMT, 5 trading days before the latest close, so indicators are somewhat outdated | Sources: 30 | Report engine: v1 (v2 available)

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Close	167.34 (+4.16% on the day; -0.3% over 5 sessions; +8.74% over 20 sessions)
Market cap	CNY 507.86 billion
P/E (TTM)	23.44x (57th percentile over 5.2 years)
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As of the 2026-09-30 close; calculated from daily price data (adjusted prices) and refreshed automatically each trading day. The one-week range reflects historical volatility only and is not a forecast. The report below was written on 2026-09-13; its prices and short-term scenarios reflect data at that time.

WuXi AppTec Co., Ltd. (603259)

Individual Stock Analysis Report | Industry: Pharmaceutical R&D and Manufacturing Outsourcing Services (CXO/CRDMO) | Report Date: September 13, 2026 | Close of 2026-09-11 (Friday); Technical indicator snapshot taken at 2026-09-04 09:05 GMT, 5 trading days earlier than the latest close — indicators are dated

This report is automatically compiled by AI based on public information and is for reference only. It does not constitute investment advice.

1. Core Summary

WuXi AppTec achieved operating revenue of RMB 28.897 billion in H1 2026, up 38.93% year-on-year; net profit attributable to shareholders of RMB 11.080 billion, up 29.43% year-on-year; net profit attributable to shareholders excluding non-recurring items of RMB 10.572 billion, up 89.39% year-on-year; adjusted Non-IFRS net profit attributable to shareholders of RMB 11.571 billion, up 83.2% year-on-year. After the interim report, the company raised its full-year 2026 revenue guidance to RMB 58.5–60.5 billion and raised its continuing operations revenue growth guidance to 35%–39%, reflecting significant order fulfillment and profitability improvement. Note that there are accounting standard differences in the attributable net profit growth rate: 29.43% under A-share standards versus 33.7% under H-share IFRS standards.

Growth was highly concentrated in the chemistry business. In H1 2026, chemistry business revenue was RMB 24.986 billion, up 53.28% year-on-year, accounting for 86.46% of total revenue, of which small molecule D&M revenue was RMB 14.99 billion, up 72.7% year-on-year, and TIDES revenue was RMB 7.26 billion, up 44.3% year-on-year; testing business and biology business revenue were RMB 2.481 billion and RMB 1.392 billion respectively, with relatively lower growth rates. As of end-June 2026, continuing operations backlog was RMB 66.43 billion, up 25.2% year-on-year, and net cash flow from operating activities was RMB 9.699 billion, up 30.52% year-on-year, providing some support for subsequent revenue and capacity expansion.

Net profit attributable to shareholders reached RMB 19.151 billion in 2025, up 102.65% year-on-year, but this included non-recurring gains from the sale of a portion of WuXi XDC equity and divested businesses; the more sustainably meaningful net profit attributable to shareholders excluding non-recurring items was RMB 13.241 billion, and adjusted Non-IFRS net profit attributable to shareholders was RMB 14.96 billion. The company is further focusing on its CRDMO core business and raising funds through the sale of WuXi XDC shares for global capacity construction; meanwhile, 2026 capital expenditure guidance was raised to RMB 7.5–8.5 billion, and construction of the new Changzhou base was started ahead of schedule.

As of September 11, 2026, the A-share closing price was RMB 151.24, down approximately 12.9% from the intra-August high of RMB 173.60; daily turnover was RMB 4.589 billion, with net main-force selling of RMB 547 million, and the 20-day main-force cost of RMB 159.59 was above the current price. The technical indicator snapshot as of September 4 showed the stock price below short- and medium-term moving averages, RSI at 42.73, and MACD negative, overall weak, but this snapshot was 5 trading days earlier than the latest close, and the latest Qian Gu Qian Ping (Thousand Stocks Thousand Reviews) showed no clear signals from major technical indicators.

2. Company Overview

2.1 Basic Information

Item	Content
Stock Code	A-share 603259 (SSE); H-share 02359.HK (HKEX)
Full Company Name	WuXi AppTec Co., Ltd.
Registered/Office Address	288 Fut Zhong Road, Waigaoqiao Free Trade Zone, Pudong, Shanghai
Business Nature	Pharmaceutical R&D services (CXO) enterprise; does not produce or sell its own finished drugs, providing integrated, end-to-end new drug R&D and manufacturing outsourcing services to the global pharmaceutical and life sciences industry, with the core model being its self-coined term "CRDMO" (Research drug discovery → Development → Manufacturing)
Number of Employees	33,834 (as of end-2025, annual report basis; other older materials state 38,134, which is data from an earlier reporting period and should not be treated as the latest figure)
2025 Continuing Operations Revenue	RMB 43.421 billion, +21.40% YoY
2025 Total Operating Revenue (including discontinued operations)	RMB 45.456 billion, +15.84% YoY
2025 Net Profit Attributable to Shareholders	RMB 19.151 billion (the doubling was mainly due to RMB 7.31 billion in non-current asset disposal gains from the sale of a portion of equity in associate WuXi XDC Cayman and divested businesses, not operational improvement)
2025 Net Cash Flow from Operating Activities	RMB 17.203 billion
H1 2026 Operating Revenue	RMB 28.897 billion, +38.93% YoY; net profit attributable to shareholders RMB 11.080 billion, +29.43% YoY; net profit excluding non-recurring items approximately RMB 10.6 billion, +89% YoY
Full-Year 2026 Guidance (after mid-year upward revision in 2026)	Revenue RMB 58.5–60.5 billion (previously RMB 51.3–53.0 billion); continuing operations revenue growth 35%–39% (previously 18%–22%); capital expenditure RMB 7.5–8.5 billion (previously RMB 6.5–7.5 billion), with construction of the new Changzhou base started ahead of schedule
Confusion Alert	WuXi Biologics (2269.HK, large-molecule biologics CRDMO), WuXi XDC (2268.HK, ADC CRMO), and WuXi AppTec are affiliated but independent listed entities; their financial data must not be used interchangeably

2.2 Main Business and Product Layout

Chemistry Business (WuXi Chemistry): 2025 revenue RMB 36,465,846,900 (RMB 36.466 billion), +25.52% YoY, accounting for approximately 84% of continuing operations revenue (if the full-caliber total of RMB 45.456 billion including discontinued operations is used as the denominator, the proportion is 80.22%; both calibers are correct, note not to mix them up); H1 2026 revenue RMB 24.99 billion, accounting for 86.46%, gross margin 56.55%
Testing Business (WuXi Testing): 2025 revenue RMB 4,041,701,000 (RMB 4.042 billion), +4.69% YoY; H1 2026 revenue RMB 2.481 billion, accounting for 8.58%, gross margin 37.95%
Biology Business (WuXi Biology): 2025 revenue RMB 2,677,175,000 (RMB 2.677 billion), +5.24% YoY; H1 2026 revenue RMB 1.392 billion, accounting for 4.82%, gross margin 34.92%
Other Businesses (Others): 2025 revenue RMB 236,100,800 (RMB 236 million), -23.78% YoY; H1 2026 revenue RMB 39 million
Discontinued Operations (divested/disposed): 2025 revenue RMB 2,035,342,000 (RMB 2.035 billion), -41.42% YoY; in 2025, the company completed the divestiture of several non-core businesses including clinical service research, further focusing on the CRDMO main track

2.3 Upstream/Downstream Position in the Industry Chain and Cost-Profit Structure

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

Reporting Period	Operating Revenue	YoY	Net Profit Attributable to Shareholders	YoY
H1 2026 (A-share basis, disclosure date 2026-08-03)	RMB 28.897 billion	+38.93% (another version states +38.94%)	Net profit attributable to shareholders RMB 11.080 billion	+29.43%
H1 2026 (H-share IFRS basis, disclosure date 2026-08-03)	Data missing (minutes do not provide H-share basis revenue)	Data missing	Data missing (minutes only provide attributable net profit YoY)	+33.7%
H1 2026 (A-share basis, excluding non-recurring items)	—	—	Net profit attributable to shareholders excluding non-recurring items RMB 10.572 billion	+89.39%
H1 2026 (A-share basis, adjusted Non-IFRS)	—	—	Adjusted Non-IFRS net profit attributable to shareholders RMB 11.571 billion	+83.2%
Q2 2026 (single quarter)	RMB 16.462 billion	+47.71% (single-quarter record high)	Net profit attributable to shareholders RMB 6.429 billion	+31.49%
Q1 2026	Data missing	Data missing	Net profit attributable to shareholders RMB 4.652 billion	Data missing
FY 2025 Annual Report (disclosure date 2026-03-23/24)	RMB 45.456 billion	+15.84% (of which continuing operations revenue +21.40% YoY)	Net profit attributable to shareholders RMB 19.151 billion (including non-recurring items such as investment gains from the sale of a portion of WuXi XDC equity and divested businesses)	+102.65%
FY 2025 Annual Report (excluding non-recurring items)	—	—	Net profit attributable to shareholders excluding non-recurring items RMB 13.241 billion	+32.56%
FY 2025 Annual Report (adjusted Non-IFRS)	—	—	Adjusted Non-IFRS net profit attributable to shareholders RMB 14.96 billion	+41.3%
FY 2024 Annual Report (historical reference)	RMB 39.241 billion	-2.73% (excluding COVID-19 commercial projects +5.2%)	Net profit attributable to shareholders RMB 9.450 billion	-1.63%

H1 2026 interim report disclosure date: 2026-08-03; A-share (China Accounting Standards) basis: operating revenue RMB 28.897 billion, +38.93% YoY (another version states +38.94%), net profit attributable to shareholders RMB 11.080 billion, +29.43% YoY, net profit attributable to shareholders excluding non-recurring items RMB 10.572 billion, +89.39% YoY, adjusted Non-IFRS net profit attributable to shareholders RMB 11.571 billion, +83.2% YoY, adjusted Non-IFRS net margin 40.0% (+9.7pct YoY), basic earnings per share RMB 3.80 (+26.25% YoY), gross margin 53.91% (+9.46pct YoY), net operating cash flow RMB 9.699 billion (+30.52% YoY), interim dividend plan of RMB 5.1 per 10 shares (tax inclusive), totaling approximately RMB 1.506 billion. By product: chemistry business RMB 24.986 billion (+53.28%, accounting for 86.46%, of which small molecule D&M RMB 14.99 billion +72.7%, TIDES RMB 7.26 billion +44.3%); testing business RMB 2.481 billion (+31.53%); biology business RMB 1.392 billion (+11.21%). Single-quarter breakdown: Q2 revenue RMB 16.462 billion (+47.71%, single-quarter record high), attributable net profit RMB 6.429 billion (+31.49%); Q1 attributable net profit RMB 4.652 billion. Continuing operations revenue +48.0% YoY; period-end continuing operations backlog RMB 66.43 billion, +25.2% YoY. Caliber difference alert: for the same H1 2026 interim report, under H-share (IFRS/international standards) basis, attributable net profit YoY was +33.7%, gross margin 53.23%, average return on equity 13.85%; i.e., "attributable net profit +29.43% (A-share standards)" and "+33.7% (H-share IFRS)" coexist, which is a difference between two sets of standards, and the caliber must be noted when citing. FY 2025 Annual Report (disclosure date 2026-03-23/24): operating revenue RMB 45.456 billion, +15.84% YoY (continuing operations revenue +21.40% YoY), net profit attributable to shareholders RMB 19.151 billion, +102.65% YoY (including investment gains from the sale of a portion of WuXi XDC equity and divested businesses, which are non-recurring items), net profit attributable to shareholders excluding non-recurring items RMB 13.241 billion, +32.56% YoY, adjusted Non-IFRS net profit attributable to shareholders RMB 14.96 billion, +41.3% YoY, basic earnings per share RMB 6.7 (+104.27%), fully diluted EPS RMB 6.4183, net cash flow from operating activities RMB 17.203 billion (+38.66% YoY), period-end continuing operations backlog approximately RMB 58 billion (+28.8% YoY); dividends/buybacks: FY 2025 proposed dividend of RMB 15.7927 per 10 shares (approximately RMB 4.712 billion), including interim + special dividends, full-year cash dividends of RMB 6.755 billion, plus RMB 2 billion in share buyback and cancellation, totaling RMB 8.755 billion, accounting for 45.72% of attributable net profit; business breakdown: chemistry business RMB 36.466 billion (+25.52%), testing RMB 4.042 billion (+4.69%), biology RMB 2.677 billion (+5.24%), others RMB 236 million, TIDES RMB 11.37 billion (+96.0%). Historical reference (FY 2024 Annual Report): revenue RMB 39.241 billion (-2.73%, excluding COVID-19 commercial projects +5.2%), attributable net profit RMB 9.450 billion (-1.63%), basic EPS RMB 3.28.

H1 2026 results exceeded expectations: A-share basis revenue RMB 28.897 billion (+38.93%), attributable net profit RMB 11.080 billion (+29.43%), net profit excluding non-recurring items RMB 10.572 billion (+89.39%), adjusted Non-IFRS attributable net profit RMB 11.571 billion (+83.2%); Q2 single-quarter revenue of RMB 16.462 billion set a single-quarter record high (+47.71%). Growth was mainly driven by the chemistry business (RMB 24.986 billion, +53.28%, accounting for 86.46%), of which small molecule D&M was RMB 14.99 billion (+72.7%) and TIDES was RMB 7.26 billion (+44.3%); period-end continuing operations backlog was RMB 66.43 billion (+25.2%), and continuing operations revenue grew +48.0% YoY. After the interim report, the company fully raised its 2026 guidance: overall revenue from RMB 51.3–53.0 billion to RMB 58.5–60.5 billion, continuing operations revenue growth from +18%–22% to +35%–39%, capital expenditure from RMB 6.5–7.5 billion to RMB 7.5–8.5 billion, and full-year TIDES growth guidance from approximately 40% to approximately 45%. Note the caliber and base effects: interim attributable net profit YoY of +29.43% under A-share standards coexists with +33.7% under H-share IFRS (likewise gross margin 53.91% vs 53.23%); the doubling of 2025 attributable net profit (+102.65%) includes large non-recurring gains/losses (sale of WuXi XDC equity, divested businesses), so when assessing valuation, the more stable calibers of RMB 13.241 billion excluding non-recurring items / RMB 14.96 billion adjusted Non-IFRS should be used; using RMB 19.151 billion to calculate PE would systematically underestimate the valuation multiple.

3.2 Earnings Forecasts

Forecast sources: Guotai Haitong (2026-08-07) http://stock.finance.sina.com.cn/stock/go.php/vReport_Show/kind/search/rptid/839436415238/index.phtml; a certain brokerage as relayed by Jiufang Zhitou (2026-08-11) https://www.9fzt.com/industryReport/article.html?id=839762656071; Zhongtai International (post-interim report, relayed by moomoo) https://www.moomooapp.com/hans/news/post/74431663; Morgan Stanley (2026-08-04, aastocks) https://www.aastocks.com/en/cnhk/quote/stock-news-content/603259/NOW.1536384/AAFN; BofA Securities (2026-08-12, aastocks) https://www.aastocks.com/en/mobile/news.aspx?newsid=NOW.1537765; CLSA (post-interim report, moomoo) https://www.moomooapp.com/hans/news/post/75806271; Zhitong Caijing https://hk.investing.com/news/stock-market-news/article-1531257; Huaxin Securities, Orient Securities, CICC, and Tonghuashun iFinD summaries are available in the Securities Star research report compilation http://stock.stockstar.com/report/data_fn_p4.html, Tonghuashun http://stock.10jqka.com.cn/20260514/c676697135.shtml, http://stock.10jqka.com.cn/20260324/c675510247.shtml. This includes Morgan Stanley (2026-06-30 basis): 2025-28 adjusted earnings CAGR of approximately 16%, H-share target price HKD 168 (previously HKD 155), A-share RMB 153. Note: the company's own earnings guidance is management's guidance (not brokerage forecasts) — the 2026 guidance given at the FY 2025 annual report was overall revenue of RMB 51.3–53.0 billion and continuing operations revenue +18%–22% YoY; after the H1 2026 interim report, it was fully raised to overall revenue of RMB 58.5–60.5 billion, continuing operations revenue growth of +35%–39%, capital expenditure of RMB 7.5–8.5 billion, and full-year TIDES growth of approximately 45%. ⚠️ Brokerage forecasts diverged significantly before and after the interim report, with 2026E net profit jumping from approximately RMB 17.4 billion to RMB 21.7–23.5 billion; post-August data should be used, and there is currently no complete post-interim multi-broker consensus average.

Year	Operating Revenue	Net Profit Attributable to Shareholders	Net Profit Growth Rate	Earnings Per Share (EPS)
2026E (Guotai Haitong, 2026-08-07)	RMB 60.204 billion	RMB 23.516 billion	Data missing	RMB 7.88
2027E (Guotai Haitong, 2026-08-07)	RMB 72.398 billion	RMB 29.111 billion	Data missing	RMB 9.76
2028E (Guotai Haitong, 2026-08-07)	RMB 80.478 billion	RMB 33.270 billion	Data missing	RMB 11.15
2026E (a certain brokerage, relayed by Jiufang Zhitou, 2026-08-11)	RMB 60.33 billion	RMB 21.72 billion	Data missing	Data missing
2027E (a certain brokerage, relayed by Jiufang Zhitou, 2026-08-11)	RMB 72.85 billion	RMB 27.22 billion	Data missing	Data missing
2028E (a certain brokerage, relayed by Jiufang Zhitou, 2026-08-11)	RMB 83.14 billion	RMB 31.72 billion	Data missing	Data missing
2026E (Zhongtai International, post-H1 2026 interim report)	Revenue raised 13.5% (specific amount not given)	Earnings forecast raised 38.0% (specific amount not given)	Raised 38.0%	Data missing
2027E (Zhongtai International, post-H1 2026 interim report)	Revenue raised 11.8% (specific amount not given)	Earnings forecast raised 28.7% (specific amount not given)	Raised 28.7%	Data missing
2028E (Zhongtai International, post-H1 2026 interim report)	Revenue raised 15.5% (specific amount not given)	Earnings forecast raised 34.0% (specific amount not given)	Raised 34.0%	Data missing
2026E–2028E (Morgan Stanley, 2026-08-04)	Data missing	Data missing	Under 2027E EPS valuation, current price is approximately 17x PE (2025-28 adjusted earnings CAGR approximately 16%)	Data missing
2026E–2028E (BofA Securities, 2026-08-12)	Data missing	Raised (specific amount not given)	Data missing	Data missing
2026E–2028E (CLSA, post-interim report)	Data missing	Data missing	Data missing	Data missing
2026E (Huaxin Securities, 2026-06-30, pre-interim report, significantly exceeded, for comparison only)	RMB 53.038 billion	Data missing (only EPS given)	Data missing	RMB 5.93
2027E (Huaxin Securities, 2026-06-30, pre-interim report, for comparison only)	RMB 61.677 billion	Data missing (only EPS given)	Data missing	RMB 7.15
2028E (Huaxin Securities, 2026-06-30, pre-interim report, for comparison only)	RMB 71.742 billion	Data missing (only EPS given)	Data missing	RMB 8.53
2026E (Orient Securities, 2026-05-14, pre-interim report, for comparison only)	Data missing	RMB 17.415 billion	Data missing	Data missing
2026E (CICC, 2026-03-24, pre-interim report, for comparison only)	Data missing	RMB 17.032 billion	Data missing	Data missing
2026E (Tonghuashun iFinD summary, as of 2026-05-14, average of 20 institutions, pre-interim report, for comparison only)	Data missing	Average RMB 17.431 billion (high RMB 22.018 billion / low RMB 13.914 billion)	Data missing	Data missing
2026E (Tonghuashun iFinD summary, as of 2026-03-24, average of 20 institutions, pre-interim report, for comparison only)	Data missing	Average RMB 15.974 billion	Data missing	Data missing

3.3 Valuation Levels and Institutional Ratings

Institution	Rating	Date	Notes
Guotai Haitong	Overweight (target price RMB 236.44, 30x 2026 PE)	2026-08-07	2026E attributable net profit RMB 23.516 billion, EPS RMB 7.88/9.76/11.15 (2026-28)
A certain brokerage relayed by Jiufang Zhitou	Buy	2026-08-11	2026E attributable net profit RMB 21.72 billion, 2027E RMB 27.22 billion, 2028E RMB 31.72 billion
Zhongtai International	Buy (H-share target price HKD 216)	Post-H1 2026 interim report	Earnings forecast raised 38.0%/28.7%/34.0% (2026-28), revenue raised 13.5%/11.8%/15.5%
Morgan Stanley	Overweight (A-share target price RMB 175, H-share HKD 168)	2026-08-04	Under 2027E EPS valuation, current price is approximately 17x PE
BofA Securities	Buy (A-share target price RMB 210.5, previously RMB 177.8)	2026-08-12	Raised 2026-28 earnings forecasts
CLSA	Outperform (A-share target price RMB 230, previously RMB 187.8)	Post-H1 2026 interim report	H-share target price raised to HKD 262
Morgan Stanley (2026-06-30 basis)	Overweight (H-share target price HKD 168, previously HKD 155; A-share RMB 153)	2026-06-30	2025-28 adjusted earnings CAGR approximately 16%; H-share raised from 145 to 153 and further raised
Huaxin Securities	Buy (target price RMB 125.20)	2026-06-30	Pre-interim forecast, initial coverage; 2026-28 revenue RMB 53.038/61.677/71.742 billion, EPS RMB 5.93/7.15/8.53; significantly exceeded, for comparison only
Orient Securities	Buy (target price ≤ RMB 140.16)	2026-05-14	Pre-interim forecast; 2026E net profit RMB 17.415 billion; for comparison only
CICC	Outperform	2026-03-24	Pre-interim forecast; 2026E net profit RMB 17.032 billion; for comparison only
Tonghuashun iFinD summary (20 institutions)	13 Buy, 3 Recommend, 3 Overweight, 1 Outperform	As of 2026-05-14	2026E net profit average RMB 17.431 billion, target price average RMB 148.88 (high RMB 200.40 / low RMB 130.00); pre-interim summary, for comparison only
Tonghuashun iFinD summary (20 institutions)	Data missing (minutes do not list rating distribution)	As of 2026-03-24	2026E net profit average RMB 15.974 billion, target price average RMB 132.91; pre-interim summary, for comparison only
Securities Star weekly review summary (29 institutions)	27 Buy, 2 Overweight	2026-09-12 (data as of 2026-09-11)	29 institutions gave ratings within the last 90 days; average institutional target price over the past 90 days was RMB 197.78 (rolling 90-day blended value, including pre- and post-interim samples)

Current valuation levels (the "as of" date of each figure must be noted): as of the 2026-08-03 close (A-share basis), P/E (TTM) approximately 17.69x, P/B (LF) approximately 4.6x, P/S (TTM) approximately 7.16x (source: China Securities Journal); on the same day under H-share (IFRS) basis, P/E (TTM) approximately 19.07x, P/B (TTM) approximately 5.03x, P/S (TTM) approximately 7.83x (source: China Securities Journal). Share price/market cap (recent): 2026-03-23 close RMB 87.79, A-share total market cap RMB 261.9 billion; 2026-09-10 close, A-share total market cap RMB 467.6 billion; 2026-09-11 close RMB 151.24, A-share total market cap RMB 457.714 billion, down 1.68% for the week, with an intraday high of RMB 157.17 on 9/9 and an intraday low of RMB 149.70 on 9/11. The researcher's TTM PE estimate in the minutes (for reference, an estimated value, not officially disclosed): using FY 2025 attributable net profit of RMB 19.151 billion + H1 2026 attributable net profit of RMB 11.080 billion − H1 2025 of approximately RMB 8.56 billion (back-calculated from 110.80/1.2943) ≈ RMB 21.67 billion TTM attributable net profit, based on the 2026-09-11 market cap of RMB 457.7 billion, TTM PE is approximately 21x. 52-week range: the investing.com Hong Kong stock page shows a 52-week range of 87.09–173.60, current price 162.86, PE 23.58, PB 5.15, dividend yield 1.15% (the snapshot date of this page is unclear, and the quote of 162.86 is inconsistent with the 151.24 of 9/11; use only as range reference, do not rely on the single-point price). Uncertainties/data limitations to note: 1) Interim attributable net profit YoY caliber is split (A-share standards +29.43% vs H-share IFRS +33.7%), gross margin 53.91% (A-share) vs 53.23% (H-share) likewise, always note the caliber; 2) 2025 net profit doubling (+102.65%) includes large non-recurring gains/losses (sale of WuXi XDC equity, divested businesses), when assessing valuation the more stable calibers of RMB 13.241 billion excluding non-recurring items / RMB 14.96 billion adjusted Non-IFRS should be used; using RMB 19.151 billion to calculate PE would systematically underestimate the valuation multiple; 3) Brokerage forecast timing is fragmented, with a huge gap between post-interim (8/3) forecasts and pre-interim forecasts (2026E net profit jumping from approximately RMB 17.4 billion to RMB 21.7–23.5 billion, A-share target prices jumping from approximately RMB 130–148 to RMB 210–236); post-August data should be used, and there is currently no complete post-interim multi-broker consensus average — RMB 197.78 (90-day target price average) is a rolling 90-day blended value including pre- and post-interim samples; 4) Source reliability: financial data (revenue/net profit/excluding non-recurring items/EPS/backlog) is cross-consistent across multiple sources, with high credibility; valuation multiples (PE/PB/PS) come from the China Securities Journal "China Securities Intelligent Financial News" algorithmic caliber, single-point and single-source only, without second-source cross-validation; investing.com's revenue/profit line data has obvious column misalignment (e.g., showing 2024 revenue as 35,766.75 million), and values from this source should not be directly cited; Citi's 2026-02-09 target prices (A-share RMB 140/H-share HKD 158.5) are clearly out of step with the current price and other major brokerage target prices, being pre-interim stale values that should not be used as "current target prices"; 5) Time basis: market/valuation data primarily use two time points — 2026-08-03 (interim report disclosure date) and 2026-09-11 (latest verifiable close); market conditions may change after writing; 6) Guidance is management's caliber: the RMB 58.5–60.5 billion revenue target is guidance proactively raised by the company in the H1 2026 interim report, not achieved figures, and carries execution risk (geopolitics/Biosecure Act, GLP-1 end-market sales, major customer order pacing, etc.).

4. Recent News and Announcements

4.1 H1 2026 Results Released, Full-Year Guidance Fully Raised

After market close on 2026-08-03, H1 2026 results were released: operating revenue RMB 28.897 billion, +38.93% YoY, of which continuing operations revenue +48.0% YoY; net profit attributable to shareholders RMB 11.080 billion, +29.43% YoY (first time half-year net profit exceeded RMB 10 billion); net profit attributable to shareholders excluding non-recurring items RMB 10.572 billion, +89.39% YoY (growth far higher than attributable net profit, reason: in the same period last year, the sale of a portion of associate WuXi XDC equity generated large non-recurring gains, raising the H1 2025 base); adjusted non-IFRS net profit attributable to shareholders RMB 11.571 billion, +83.2% YoY, adjusted non-IFRS net margin +9.7pct YoY to 40.0%; gross profit RMB 15.58 billion (+68.5%), gross margin 53.9%, +9.46pct YoY. Single Q2 revenue approximately RMB 16.46 billion (+47.7%), continuing operations revenue +55.2%, adjusted non-IFRS attributable net profit approximately RMB 6.97 billion (+91.7%). As of 2026-06-30, continuing operations backlog RMB 66.43 billion, +25.2% YoY. By business: chemistry business RMB 24.99 billion (+53.3%), of which small molecule D&M RMB 14.99 billion (+72.7%), TIDES RMB 7.26 billion (+44.3%); testing business RMB 2.48 billion (+31.5%, drug safety evaluation +42.8%); biology business RMB 1.39 billion (+11.2%). On the same day, full-year guidance was fully raised: overall revenue from RMB 51.3-53.0 billion to RMB 58.5-60.5 billion; continuing operations revenue growth from 18%-22% to 35%-39%; capital expenditure from RMB 6.5-7.5 billion to RMB 7.5-8.5 billion (construction of the new Changzhou base started ahead of schedule); adjusted free cash flow from RMB 10.5-11.5 billion to RMB 13.5-14.5 billion. Sources: company website wuxiapptec.cn 2026/08/03; China Securities Journal 2026-08-04; Xinhua Finance 2026-08-04; 21st Century Business Herald 2026-08-03; Everbright Securities 2026-08-04, Guosen Securities 2026-08-06, Zhongtai Securities 2026-08-04, China Post Securities 2026-08-05 research reports.

4.2 H1 2026 Interim Dividend Plan Announced

On 2026-08-03, the H1 2026 interim dividend was announced: RMB 5.10 per 10 shares (tax inclusive), totaling approximately RMB 1.506 billion based on total share capital of approximately 2.954 billion shares, larger than the first interim dividend in 2025. The FY 2025 annual cash dividend (RMB 15.7927 per 10 shares, approximately RMB 4.71 billion) was paid in 2026. Sources: China Securities Journal 2026-08-04; 21st Century Business Herald 2026-08-03.

4.3 Employee Stock Ownership Plan (Draft) Announced

On 2026-08-03, the employee stock ownership plan draft was announced (still subject to shareholder meeting approval): proposed to grant no more than 9.7012 million A-shares to no more than 4,000 management personnel and core technical staff; purchase price RMB 103.08 per share; funding source is the long-term incentive fund set aside by the company, totaling no more than RMB 1 billion; duration 60 months, unlocked in four tranches of 25% each; performance assessment targets: 2026 revenue ≥ RMB 53 billion for 100% vesting, RMB 51.3 billion ≤ revenue < RMB 53 billion for 60% vesting, < RMB 51.3 billion no vesting. Source: China Securities Journal 2026-08-04. Note: this is a draft, and uncertainty remains.

4.4 Voluntary Announcement on DEL Platform Cybersecurity Incident

After market close on 2026-08-24, a voluntary announcement was released (announcement text dated 2026-08-25): the DNA Encoded Library (DEL) platform of the biology business segment recently experienced a cybersecurity incident, with some data accessed without authorization (the DEL platform is an encoded chemical compound library for early discovery projects). The company has activated its emergency response mechanism and engaged external cybersecurity experts and legal counsel to investigate. The company stated: as of now, IT systems are operating normally, and the DEL platform's security is under control; no evidence has been found that materials were made public, misused, or improperly exploited; affected customers have been proactively contacted; operations are normal and service capabilities are unaffected. Sources: SSE announcement (full text via Sina Finance 2026-08-25), Jiemian News / Brokerage China / 21st Century Business Herald 2026-08-24. Uncertainty: the potential follow-on impact of the incident on customer relationships and business has not been quantified, and the company has not disclosed the scope of data involved; follow-up investigation conclusions need to be tracked.

4.5 Announcement on Sale of WuXi XDC (02268.HK) Shares

On 2026-08-27, it was announced: on 2026-08-26, 53.524 million shares of WuXi XDC were sold via block trade, approximately 4.23% of its total share capital, with transaction value of approximately HKD 3.920 billion; the expected impact on 2026 pre-tax profit is approximately RMB 3.143 billion (more than 10% of the audited 2025 attributable net profit); the transaction value accounts for 4.21% of 2025 attributable net assets; this equity asset is presented as "long-term equity investment" in the financial statements; the announcement notes that these are preliminary figures, subject to annual audit. This is the fifth reduction of WuXi XDC holdings since November 2024; cumulative sales of approximately 221 million shares, cumulative proceeds of approximately HKD 10.870 billion, and cumulative impact on after-tax net profit of approximately RMB 4.351 billion (per prior announcement calibers). Use of proceeds: focus on the CRDMO core business and accelerate global capacity construction (Switzerland Couvet, US Middletown base planned to commence operations by end-2026, Singapore base Phase I planned to commence operations in 2027). Sources: Securities Times 2026-08-27, National Business Daily 2026-08-27, Cailian Press 2026-08-28.

4.6 US Department of Defense 1260H List Litigation Progress

2026-06-08 (US time): The US Department of Defense added WuXi AppTec to the updated list of "Chinese Military Companies" (CMC) designated under Section 1260H. 2026-06-09/06-12 announcements firmly denied this, calling the designation "clearly erroneous." 2026-06-11 (US time): filed suit against the Department of Defense in the US District Court for the District of Columbia, seeking a declaration that the designation is invalid, revocation, and removal from the list. 2026-06-29: filed a motion for preliminary injunction. 2026-07-22: the court held a hearing. 2026-08-07 (US time): the court granted the preliminary injunction motion, prohibiting the Department of Defense from enforcing/implementing the effect of the 1260H listing during the litigation; denied the Department of Defense's request to suspend the injunction pending appeal, requiring only a USD 1 bond from WuXi AppTec. The court found that all three grounds for the Department of Defense's listing contained biases in evidence interpretation (① "5.32% state-owned fund shareholding" was actually WuXi AppTec's proportion of that fund's net assets, actually approximately 0.001% of total share capital; ② in the university-related research, WuXi AppTec was only a "third-party laboratory"; ③ in the PLA General Hospital-related research, the applicant was Novo Nordisk, and WuXi AppTec's subsidiary was only one of three third-party laboratories). Nature note: this is temporary relief during litigation, not a final ruling; the court has not revoked the listing through a substantive judgment, and the Department of Defense may still appeal or supplement evidence to re-list. Market reaction: on August 10, A-shares intraday reached a high of RMB 166.66 (only RMB 0.17 away from the historical high); H-shares intraday reached a record high of HKD 204.60 on August 11. Sources: China Securities Journal 2026-08-10 (announcement Lin 2026-033), National Business Daily 2026-08-09, Caijing 2026-08-10. Background: the US Biosecure Act has taken effect but no longer names specific companies, instead dynamically formulating a list of "biotechnology companies of concern" based on mechanisms such as 1260H, so the 1260H designation is critical to WuXi AppTec.

4.7 Shareholder Returns and Buyback History (as of FY 2025 annual report basis)

During 2025, a total of RMB 2.00 billion of A-shares were repurchased and cancelled through centralized bidding (two tranches of RMB 1 billion each: the first 2025 repurchase of 11,860,809 shares was cancelled on 2025-08-28; the second 2025 repurchase of 15,775,377 shares was cancelled on 2025-06-24). FY 2025 total cash dividends were RMB 6.755 billion, and cash dividends + buyback cancellations totaled RMB 8.755 billion, accounting for 45.72% of FY 2025 attributable net profit. On 2026-04-28, the 2025 annual shareholders' meeting and A-share/H-share class shareholder meetings approved the "Proposal on the General Authorization for Disposal of Listed Circulating Shares Held by the Company." Sources: company 2025 annual report (disclosed 2026-03-24); 2025 interim report summary. Uncertainty: this search did not confirm whether there is a new A-share buyback plan in 2026; 2026 buyback-related announcements need to be separately verified.

5. Share Price Trend and Technical Analysis

5.1 Price Overview

Indicator	Value
Closing Price	RMB 151.24, down RMB 3.26, -2.11%
Open/High/Low/Previous Close	RMB 154.00 / 154.36 / 149.70 / 154.50
Amplitude	3.02%
Volume	303,599 lots (303,600 lots)
Turnover	RMB 4.589 billion
Volume Ratio	1.08
Turnover Rate	1.23% (free-float basis)
Limit-Up/Limit-Down Price	RMB 169.95 / 139.05
Total Share Capital/Free-Float Share Capital	3.026 billion shares / 2.473 billion shares
Total Market Cap/Free-Float Market Cap	RMB 457.714 billion / RMB 374.059 billion
P/E (Static / TTM / Dynamic)	23.90 / 21.12 / 20.66
P/B (Static / Dynamic)	5.42 / 5.60
Net Assets Per Share	RMB 27.9291
52-Week High	RMB 173.60 (multiple sources mark as all-time high since listing, occurring within August 2026)
52-Week Low	Approximately RMB 85-87 range (there is a discrepancy between RMB 85.00 and RMB 87.09, possibly due to intraday low vs closing low or adjusted price caliber differences; treated as a range)
Recent 5-6 Trading Day Closing Sequence	09-04 153.83 (-1.47%); 09-07 153.25 (-0.38%); 09-08 156.35 (+2.02%); 09-09 154.88 (-0.94%); 09-10 154.50 (-0.25%); 09-11 151.24 (-2.11%)
Period Change	3-day change -3.27%; 5-day change -1.68%
H-Share (02359.HK)	2026-09-11 close HKD 188.80, -1.15%
Main Force Capital (2026-09-11)	Net main-force selling RMB 547 million (Securities Star)
Institutional Participation	38.45%, classified as "moderate control" by East Money Qian Gu Qian Ping
Main Force Cost	Most recent 1-day main force cost RMB 151.17; most recent 20-day main force cost RMB 159.59

5.2 Technical Indicators

Indicator	Value	Brief Interpretation
MA5 / MA10 / MA20	RMB 154.83 / 155.24 / 154.85 (2026-09-04 snapshot)	The three lines are highly converged in the RMB 154.8-155.2 zone; at snapshot time the stock price of RMB 153.83 was below them, bearish moving average structure. Indicator values are 5 trading days earlier than the latest close and are dated
MA50 / MA100 / MA200	RMB 156.28 / 159.91 / 144.67 (2026-09-04 snapshot)	At snapshot time the stock price was only above MA200, with all short- and medium-term moving averages above the stock price; MA200 is an important medium-term reference support
RSI(14)	42.73 (2026-09-04 snapshot)	Below the 50 midline, neutral to weak, giving a sell signal
MACD(12,26)	-0.46 (2026-09-04 snapshot)	DIF below DEA, histogram negative, sell signal; East Money 2026-09-11 Qian Gu Qian Ping shows no clear MACD signal
ADX(14)	21.98 (2026-09-04 snapshot)	Trend strength weak, no strong trend
STOCH(9,6) / STOCHRSI(14)	36.13 / 0 (2026-09-04 snapshot)	STOCH sell signal, STOCHRSI in oversold territory
Williams %R / CCI(14)	-86.33 / -130.23 (2026-09-04 snapshot)	Former oversold, latter sell signal, short-term oscillators point to weakness
ATR(14)	1.88	Average daily range approximately RMB 1.9, classified as "low volatility"
Technical Indicators Composite	9 Sell, 2 Buy (2026-09-04 snapshot)	Composite rating "Strong Sell"; this snapshot is 5 trading days earlier than the latest close, so its timeliness should be discounted accordingly
Bollinger Bands (BOLL)	No directly citable specific upper/middle/lower band values obtained (Securities Star technical analysis page returned empty values, East Money shows no clear signal)	Using the 20-day moving average of approximately RMB 154-155 as the middle band, combined with the actual range of the past month from RMB 173.60 down to RMB 149.70, the lower band is roughly estimated at RMB 144-148 and the upper band roughly RMB 160-166; these values are rough estimates, not directly cited
East Money Qian Gu Qian Ping (2026-09-11 16:00)	MACD/KDJ/RSI/BOLL/BIAS/WR all "no clear signal"; next-day rise probability 45.26% (sample 3,204), 5-day rise probability 47.91%	Official technical signals neutral, probability statistics for reference only
Institutional Participation	38.45% (2026-09-11)	Classified as "moderate control" by East Money

WuXi AppTec (603259.SH) closed at RMB 151.24 on 2026-09-11, down 2.11%, with turnover of RMB 4.589 billion and turnover rate of 1.23%. The stock price has fallen approximately 12.9% from the all-time high of RMB 173.60 reached within August, but is still approximately 74-78% above the 52-week low (approximately RMB 85-87 range). The September 4 technical snapshot showed MA5/MA10/MA20 highly converged at RMB 154.8-155.2 with the stock price below them, only above MA200 (RMB 144.67), RSI(14) 42.73, MACD -0.46, and a composite technical indicator rating of "Strong Sell"; however, this snapshot is 5 trading days earlier than the latest close, and the indicator values are dated. On the latest trading day, East Money Qian Gu Qian Ping showed no clear signals from major indicators, institutional participation of 38.45% indicates moderate control, net main-force selling was RMB 547 million that day, and the most recent 20-day main force cost of RMB 159.59 is above the current price. Specific Bollinger Band values were not directly citable this time, and only rough estimates were made. Overall, the technical pattern presents "pullback after high-level volume expansion — range-bound oscillation below short- and medium-term moving averages."

5.3 Short-Term Outlook (Next Week, Scenario Projection, for Reference Only)

⚠️ Risk Warning: The following content is only a subjective scenario projection based on existing technical and capital flow data; the weights involved are empirical judgments rather than statistical probabilities, and do not constitute any investment advice.

① Key Technical Levels

Level	Range	Description
Short-Term Resistance	RMB 158~162	Referring to the historical position where short- and medium-term moving averages were at RMB 158-163 in late August and moved down to around RMB 155 in early September, as well as the roughly estimated Bollinger upper band of RMB 160-166; if the stock can close above this range with volume and fill back the September 8 high of RMB 156.35, the short-term weak pattern may ease, and the next observation level could point toward the 52-week high of RMB 173.60
First Support	RMB 149.5~152	Constituted jointly by the 2026-09-11 intraday low of RMB 149.70, close of RMB 151.24, and the most recent 1-day main force cost of RMB 151.17; this range is also the short-term cost band for bulls and bears; if breached with expanded volume, the price will probe stronger support below
Strong Support	RMB 144~148	Constituted by the overlap of MA200 (RMB 144.67, 2026-09-04 snapshot) and the roughly estimated Bollinger lower band of RMB 144-148; if effectively broken below, the next level directly faces a larger vacuum zone between the 52-week low of approximately RMB 85-87 and the June buyback cost of RMB 96.57-118.48

② Next Week Scenarios (Subjective Weights, Not Statistical Probabilities)

Range-bound consolidation (relatively higher weight, approximately 60% (subjective judgment, not statistical probability)): the stock price oscillates slightly within the RMB 149.5~158 range, corresponding to a tug-of-war between first support at RMB 149.5~152 and short- and medium-term moving averages at RMB 154.8~155.2. Trigger conditions: turnover remains at the recent normal level of around RMB 4.5-5.0 billion, volume ratio near 1, no obvious incremental capital or new catalyst; single-day net main-force outflow scale converges.
Weaker downside (moderate to above-moderate weight (subjective judgment, not statistical probability)): if first support at RMB 149.5 is broken and turnover fails to expand (i.e., no buying support), then look toward the RMB 144~148 strong support band in sequence; this scenario corresponds to continued declines in short- and medium-term moving averages, MACD remaining negative, and the medical services sector weakening in tandem. Trigger conditions: single-day closing price loses RMB 149.5 accompanied by overall sector adjustment.
Rebound strengthening (lower weight (subjective judgment, not statistical probability)): requires a clear expansion in turnover and a shift of main-force capital to net inflow as preconditions, with a volume-backed recovery of the RMB 154.8~155.2 converged moving average band and a stand above the RMB 158~162 short-term resistance zone, before a rebound can be considered established, with the 52-week high of RMB 173.60 as further upside reference. Trigger conditions: significant single-day turnover expansion, main-force capital shifting from net selling to net inflow, or sector-wide positive catalyst.

③ Capital and Liquidity Background

Liquidity and shareholding background (data dates are all 2026-09-11 or the most recent disclosure available on that date): 2026-09-11 turnover rate 1.23% (free-float basis), turnover RMB 4.589 billion, volume 303,599 lots, volume ratio 1.08; free-float share capital 2.473 billion shares, free-float market cap RMB 374.059 billion, total market cap RMB 457.714 billion, at large-cap blue-chip level, with daily turnover normally in the tens of billions of RMB range, ample liquidity at the trading level and relatively limited slippage risk. East Money Qian Gu Qian Ping shows institutional participation of 38.45%, classified as "moderate control." On shareholding, the most recent 1-day main force cost is RMB 151.17 (basically flat with the latest close of RMB 151.24), and the most recent 20-day main force cost is RMB 159.59 (above the current price, meaning capital entering over the past 20 days is overall in a floating loss position), with net main-force selling of RMB 547 million that day. ⚠️ Regarding the top ten shareholders and institutional holdings structure of public funds/social security/QFII, etc., this search only found a link to the company's "Announcement on the Shareholding of the Top Ten Shareholders and Top Ten Holders of Non-Restricted Shares Prior to the A-Share Repurchase Matter," but the minutes do not contain the specific shareholder list, shareholding ratios, and data cutoff date, so concentration data is not listed in this section; such data is usually disclosed quarterly with a lag, and the actual structure may have changed; if citing, please refer to the company's latest announcements.

Volume confirmation signal: the stock's recent single-day turnover is normally in the RMB 4.5-5.0 billion range (RMB 4.589 billion on 2026-09-11); if subsequent single-day turnover continues to expand to above RMB 6.0 billion (approximately 30% above the current norm) with the price simultaneously holding above the RMB 154.8~155.2 moving average band, this can be viewed as an observation signal of incremental capital entry; conversely, if turnover shrinks below RMB 4.0 billion during a decline, it more reflects limited selling pressure rather than capital inflow, and should be judged independently in conjunction with price position.

④ Points to Watch (Observation Ideas Only, Not Trading Instructions)

Watch the gain or loss of first support at RMB 149.5~152 and strong support at RMB 144~148 (overlap of MA200 and roughly estimated Bollinger lower band), as well as the breakout situation of the upper short-term resistance zone at RMB 158~162 — all are observation ideas, not trading instructions.
Watch whether single-day turnover can expand to above RMB 6.0 billion and coincide with the price holding the moving average band, as an observation point for whether incremental capital enters — observation ideas only, not trading instructions.
Watch whether short- and medium-term moving averages (MA5/MA10/MA20, RMB 154.8~155.2 zone) can turn from flat to upward, and whether the MACD negative histogram narrows — all are observation ideas, not trading instructions.
Watch subsequent disclosures of the top ten shareholders and institutional holdings structure of public funds/social security/QFII, etc. (this minutes does not contain specific data, and such data has a quarterly lag), as well as the sustainability of main-force capital shifting from net selling to net inflow — all are observation ideas, not trading instructions.

The above scenario projections are based on 2026-09-11 closing data (some technical indicators are from the 2026-09-04 snapshot, noted as dated) and historical price and technical indicator calculations. Short-term stock prices will also be disturbed by multiple factors including news flow, capital flow, and overall market environment. Technical indicators themselves have lag and limitations, do not guarantee actual future trends, and do not constitute buy or sell advice. Please make independent judgments in conjunction with the latest market information and bear investment risk yourself.

6. Industry Landscape and Competitor Analysis

7. Risk Warnings

The US Department of Defense included the company in the updated list of "Chinese Military Companies" under Section 1260H. Although a US court has granted a preliminary injunction during litigation, this injunction is not a final ruling, and the Department of Defense may still appeal or supplement evidence to re-list, and related policy changes may affect the company's overseas business expectations and customer cooperation.
The company's biology business DEL platform experienced a cybersecurity incident in August 2026, with some data accessed without authorization. The company states that IT systems and operations are currently normal and that no materials have been found to be made public, misused, or improperly exploited, but the scope of data involved, customer impact, and follow-up investigation results have not been quantified, and could affect customer relationships, compliance costs, and business reputation.
The full-year 2026 revenue guidance of RMB 58.5–60.5 billion and continuing operations revenue growth guidance of 35%–39% are management targets rather than achieved results, and actual fulfillment still depends on customer order pacing, capacity ramp-up, the geopolitical environment, biosecurity-related policies, and changes in end demand such as GLP-1.
The company's revenue structure is highly dependent on the chemistry business, which accounted for 86.46% of revenue in H1 2026, while the testing and biology businesses grew 31.53% and 11.21%, respectively. If small molecule D&M or TIDES order growth slows, or new capacity utilization falls short of expectations, overall revenue and profit growth could be significantly affected.
2025 attributable net profit included non-recurring gains from the sale of WuXi XDC equity and divested businesses; in August 2026, another 53.524 million WuXi XDC shares were sold, expected to impact 2026 pre-tax profit by approximately RMB 3.143 billion, with the specific amount still subject to annual audit. Calculating valuation using attributable net profit that includes asset disposal gains may overstate sustainable profitability or underestimate the actual valuation multiple.
The company raised its 2026 capital expenditure guidance to RMB 7.5–8.5 billion and started construction of the new Changzhou base ahead of schedule, while also advancing capacity layouts including Switzerland Couvet, US Middletown, and the Singapore base. If construction progress, commissioning pace, or capacity utilization falls short of expectations, this could lead to increased depreciation, operating, and capital investment costs while revenue release lags.
As of September 11, 2026, the company's stock price was RMB 151.24, down from the recent high of RMB 173.60, with net main-force selling of RMB 547 million that day and the most recent 20-day main force cost of RMB 159.59 above the current price; if the stock price continues to break below the RMB 149.5–152 support range, the technical picture may weaken further, but some existing technical indicators are as of September 4 and carry timeliness risks and misjudgment risk.
Related data indicating that the company's top five customers contribute nearly half and overseas revenue accounts for a relatively high proportion was mentioned in recent news, but the data provided this time does not give complete customer names, contract terms, or regional breakdown details; customer concentration and overseas business exposure may cause revenue, orders, and collections to be affected by single-customer or regional policy changes.

8. Conclusion and Outlook

The company's core growth logic lies in its CRDMO integrated service model, rapid volume growth in the chemistry business — particularly small molecule D&M and TIDES — and a relatively ample continuing operations backlog. In H1 2026, revenue, profit excluding non-recurring items, and gross margin all improved significantly, with gross margin reaching 53.91% and continuing operations revenue growing 48.0% year-on-year; if orders can be converted as planned and capacity expansion keeps pace, revenue and profit are expected to continue growing rapidly. Existing institutional forecasts for 2026 attributable net profit are approximately RMB 21.72–23.516 billion, but forecasts differ greatly before and after the interim report, and there is no complete post-interim multi-institution consensus average yet.

The company's earnings quality should be observed in conjunction with the excluding-non-recurring-items and adjusted calibers rather than the apparent doubling of 2025 attributable net profit alone. In H1 2026, profit excluding non-recurring items and adjusted profit growth rates were significantly higher than attributable profit growth, mainly related to the existence of non-recurring gains such as the sale of WuXi XDC equity in the same period last year; at the same time, the company continues to sell WuXi XDC shares and increase capital expenditure, meaning asset disposal gains, core business investment, and capacity utilization efficiency need to be assessed separately. Cash flow, backlog, and chemistry business growth are key follow-up tracking points.

The short-term stock price, after pulling back from highs, is in a weak oscillating state, with RMB 149.5–152 as the recent support observation range, RMB 144–148 as a stronger support band formed by MA200 and the roughly estimated Bollinger lower band, and RMB 158–162 as the upper resistance observation range; these technical levels only reflect existing market data and do not represent future trends. Subsequent judgment also requires combining full-year guidance fulfillment, order growth, capital expenditure returns, US-related litigation progress, and cybersecurity incident investigation results to comprehensively assess the sustainability of the company's growth and valuation volatility.

Data Sources

Reports are generated by AI from public online information and may contain errors or outdated information. They are for research only, not investment advice. Verify material facts against company filings and authoritative sources.