🇭🇰 港交所WUXI APPTECCodex · 实盘不做把握 8/10
北京时间·🕒 发布 08-03 17:15:00时区推断·⟳ 抓取 08-03 17:17:51·⚡ 决策 08-04 12:46:46 +19h28m·84.1 天前
药明康德发布2026年中报并大幅上调全年收入和现金流指引
原始PDF显示药明康德2026年上半年收入288.98亿元、同比增长38.9%,归母净利润110.80亿元、同比增长33.7%,调整后非IFRS净利润同比增长83.2%。
📄 原文WUXI APPTEC↗ 原文
ANNOUNCEMENT OF THE UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED JUNE 30, 2026
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the con…
不做 药明康德(02359.HK)
查重命中同一具体催化:2026-08-04 03:16 UTC已处理“药明康德披露2026年半年报并上调全年收入及现金流指引”;且港股上午已涨10.68%,不重复推卡、不追。
不做 药明康德(603259.SH)
同一中报及上调指引催化已处理;且A股财报追多未满足归母或扣非净利润同比超过10倍硬闸,上午已涨停,不做。
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研究档案
🔎 新鲜度:最早出现 2026-08-03 · 扩散 high · price-in 风险 high ↗
关键理由
- 原始PDF显示药明康德2026年上半年收入288.98亿元、同比增长38.9%,归母净利润110.80亿元、同比增长33.7%,调整后非IFRS净利润同比增长83.2%。
- 公司将2026年总收入指引由513–530亿元上调至585–605亿元,持续经营收入增速指引由18%–22%上调至35%–39%,调整后自由现金流指引由105–115亿元上调至135–145亿元。
- 但查重命中同一具体催化已在系统内处理,且当前港股和A股均已在8月4日上午完成明显重定价,不重复出卡。
主要风险
- 同一中报及上调指引催化已由系统在2026-08-04 03:16 UTC处理;重复推卡会干扰执行。
- A股财报追多硬闸要求归母或扣非净利润同比增长超过10倍,本次不满足,且上午已涨停。
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原文全文
展开原文 · 117,264 字
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
# WUXI APPTEC CO., LTD.*
# 無錫藥明康德新藥開發股份有限公司
(A joint stock company incorporated in the People’s Republic of China with limited liability)
(Stock Code: 2359)
ANNOUNCEMENT OF THE UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED JUNE 30, 2026
|FINANCIAL HIGHLIGHTS<br><br>Six months ended June 30,<br><br>2026 2025 Change RMB million<br><br>(except for percentages)<br><br>RMB million<br><br>(except for percentages)<br><br>Revenue 28,897.5 20,799.3 38.9% Gross Profit 15,382.1 9,112.2 68.8% Gross Profit Margin 53.2% 43.8%<br><br>Net Profit Attributable to the Owners of<br><br>the Company 11,080.2 8,287.3 33.7% Margin of Net Profit Attributable to the<br><br>Owners of the Company 38.3% 39.8%<br><br>Adjusted Non-IFRS Net Profit Attributable to the Owners of the Company 11,570.5 6,314.8 83.2%<br><br>Margin of Adjusted Non-IFRS Net Profit Attributable to the Owners of the Company 40.0% 30.4%<br><br>RMB RMB Earnings per Share<br><br>— Basic 3.80 2.92 30.1% — Diluted 3.76 2.89 30.1%<br><br>Adjusted Non-IFRS Earnings per Share<br><br>— Basic 3.97 2.22 78.8% — Diluted 3.92 2.20 78.2%|
|---|
|2026 MID-YEAR DIVIDEND DISTRIBUTION PLAN<br><br>The Board has declared a mid-year dividend for the Reporting Period as follows: a cash dividend of RMB5.1000 (inclusive of tax) for every 10 shares. The Company’s designated A-share repurchase securities account currently holds 9,701,231 shares, and H-share treasury shares amounts to 20,148,900 shares. The foregoing total of 29,850,131 shares will not participate in the dividend distribution. This represents a dividend distribution in an aggregate amount of RMB1,506,492,582.24 (inclusive of tax) based on 2,953,907,024 shares, which represent the Company’s total issued share capital of 2,983,757,155 shares as of the date of this announcement, after deduction of the shares held in the designated A-share repurchase securities account and H-share treasury shares. In the event of any change in the total issued share capital of the Company entitled to the profit distribution (i.e. after deduction of the shares held in the designated A-share repurchase securities account and H-share treasury shares) prior to the record date for implementation of the profit distribution, dividends will be distributed based on the unchanged dividend amount per share and the aggregate distribution amount will be adjusted accordingly.|
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The Board of Directors is pleased to announce the unaudited interim results of the Company and its subsidiaries for the Reporting Period.
In this announcement, “we”, “us”, “our” and “WuXi AppTec” refer to the Company and where the context otherwise requires, the Group (as defined below).
## MANAGEMENT DISCUSSION AND ANALYSIS
## 1. THE MANAGEMENT’S DISCUSSION AND ANALYSIS ON OPERATIONS OF THE GROUP FOR THE REPORTING PERIOD
### A. Analysis on Principal Operations
As a global company with operations across Asia, Europe, and North America, we provide a broad portfolio of R&D and manufacturing services that enable the global pharmaceutical and life sciences industry to advance discoveries and deliver groundbreaking treatments to patients. Through its unique business models, our integrated, end-to-end services include chemistry drug CRDMO, biology discovery, preclinical testing and clinical research services, helping customers improve the productivity of advancing healthcare products in a cost-effective and efficient way.
We have always adhered to the highest international quality standard. Since our inception, we have won an esteemed reputation in the global drug R&D market, attributed to its exceptional service record and a robust intellectual property protection system. The quality of service established by the Company enjoys significant recognition and credibility within the industry. Through continuous optimization and the exploration of business synergies across various sectors, we enhance our ability to serve customers worldwide and strengthen our unique integrated CRDMO business model, offering a true one-stop service that fulfills clients’ needs from drug discovery, development and manufacturing.
Operating within the pharmaceutical R&D services industry, we primarily provide a broad portfolio of R&D and manufacturing services for the global pharmaceutical and life sciences industry. Our principal activities include chemistry drug CRDMO, biology discovery, preclinical testing and clinical research services. Aligned with the pharmaceutical R&D value chain, our integrated end-to-end R&D service platform delivers services at the early stages of drug discovery, in the process of continuous advancement of customer projects, the Company continues to expand our services from “follow the project” to “follow the molecule” to achieve sustained growth.
Our growth is closely tied to the development of the global pharmaceutical industry and investments in new drug R&D. The thriving global pharmaceutical market presents tremendous growth opportunities for our principal activities. With worldwide economic development, global population growth, aging demographics, technological advancements, rising healthcare expenditures and increasing public demand for healthier lifestyles, the global pharmaceutical market is expected to continue its expansion, along with the demand for pharmaceutical R&D services.
### Revenue
During the Reporting Period, we achieved synergy across various regions by leveraging our advantages in global presence and full industrial chain coverage, and seized new business opportunities to serve our customers continuously.
Detailed breakdown of our revenue by reportable segments is as follows:
Six months ended June 30, 2026 2025 Revenue
Operating Segments Revenue Revenue Change RMB million RMB million (%)
WuXi Chemistry 24,986.0 16,301.4 53.3 WuXi Testing 2,480.6 1,885.9 31.5 WuXi Biology 1,391.9 1,251.6 11.2 Others 39.0 86.6 -54.9
Continuing Operations 28,897.5 19,525.5 48.0 Discontinued Operations — 1,273.8 -100.0
Total 28,897.5 20,799.3 38.9
- Note 1: According to IFRS Accounting Standards, the Group has classified the relevant businesses that have signed equity sale agreements, completed sales, or those being discontinued during the Reporting Period or comparative periods, as discontinued operations. Comparative disclosures have been adjusted accordingly.
- Note 2: The sum of the data may be inconsistent with the total due to rounding.
During the Reporting Period, the Company achieved total revenue of RMB28.90 billion, representing a YoY increase of 38.9%. Revenue from continuing operations was up 48.0% YoY. Backlog for continuing operations reached RMB66.43 billion as of June 30, 2026, up 25.2% YoY.
- (1) WuXi Chemistry
Revenue of WuXi Chemistry reached RMB24.99 billion, up 53.3% YoY, mainly driven by steady pipeline progression to late stages, and the sequential ramp-up of new capacity throughout last year. During the Reporting Period:
— We are accelerating proactive capacity planning, and initiated the new Changzhou site ahead of schedule to better meet growing customer demand.
— Small molecule drug discovery service (“R”) continues to generate downstream opportunities. In the past 12 months, we successfully synthesized and delivered more than 440,000 new compounds. Meanwhile, 155 molecules were converted from R to D phase during the first half of 2026.
— Small molecule development and manufacturing (“D” & “M”, Development and Manufacturing) service maintains strong momentum.
- i. The small molecule CDMO pipeline continued to expand. Driven by ‘follow the molecule’ and ‘win the molecule’, small molecule CRDMO pipeline efficiently converts and captures high-quality molecules, delivering sustained growth. 699 new molecules were added in the first half of 2026. As of June 30, 2026, our pipeline reached 3,731 molecules, including 95 commercial projects, 94 in phase III, 394 in phase II and 3,148 in phase I and pre-clinical stages. Notably, commercial and phase III projects increased by 15 during the first half of 2026.
- ii. As our business model continuously attracts high-quality molecules, and the pipeline steadily advances to late stages, aligned with proactive capacity planning and strong execution, revenue of small molecule D&M rose 72.7% YoY to RMB14.99 billion during the first half of 2026.
— TIDES business (oligo and peptides) sustains rapid growth.
- i. TIDES revenue up 44.3% YoY to RMB7.26 billion during the first half of 2026, with full-year revenue expected to grow about 45% YoY.
- ii. During the first half of 2026, TIDES D&M customers grew 39% YoY, and molecules grew 68% YoY.
- (2) WuXi Testing
Revenue of WuXi Testing increased 31.5% YoY to RMB2.48 billion. During the Reporting Period:
— Notably, revenue from drug safety evaluation services grew 42.8% YoY, maintaining its industry-leading position in the Asia-Pacific region.
— The Company is enabling customers’ global partnerships to accelerate innovation. New modality business continued its strong momentum, contributing more than 35% of WuXi Testing revenue during the first half of 2026, while maintaining its leading position in areas including nucleic acids, conjugates, multispecific antibodies and peptides.
— DMPK continued to drive excellence across R&D and service capabilities, with a 24/7 automated and intelligent closed-loop bioanalytical workflow, further solidifying its industry leading position in bioanalysis.
— During the first half of 2026, Suzhou facility successfully completed its first South Korea Ministry of Food and Drug Safety (MFDS) project inspection, alongside a project inspection by Japan Pharmaceuticals and Medical Devices Agency (PMDA) (the third consecutive time since its first inspection by the agency in 2024).
- (3) WuXi Biology
Revenue of WuXi Biology reached RMB1.39 billion, up 11.2% YoY. We efficiently enable our global customers through integrated in vitro & in vivo drug discovery capabilities, cross-regional collaboration and end-to-end solutions in emerging areas. During the Reporting Period:
— WuXi Biology follows the science and strategically builds differentiated drug discovery capabilities in emerging therapeutic areas. It actively expands global business and efficiently generates downstream opportunities for the CRDMO model by continuously contributing more than 20% of the Company’s new customers.
— Our integrated in vitro screening platform achieved accelerated progress, continuously winning new customers with automation upgrades and operational efficiency. In addition, our enhanced in vivo pharmacology capabilities continued to drive rapid revenue growth.
— New modality business contributed more than 35% of WuXi Biology revenue during the first half of 2026, with rapid new customer expansion in areas including nucleic acids, antibody conjugates and peptides.
We continue to focus on our unique integrated CRDMO core business, and accelerate global expansion, capacity construction and capability development; capture customers’ ongoing demand for enabling services, and provide highly efficient and exceptional services, benefiting patients worldwide, and driving long-term growth; and further optimize management and operations, continue to enhance production and operational efficiency, and strengthen resilience to navigate complex and dynamic market conditions.
Driven by greater success of multiple customers’ products, our unique CRDMO model, and management and execution excellence, the Company has raised its fullyear guidance for 2026. The Company is targeting 2026 total revenue of RMB58.5– 60.5 billion (up from RMB51.3–53.0 billion), with continuing operations revenue growing 35%-39% YoY (up from 18%-22%). By driving quality growth, realizing scale efficiency and enhancing operational excellence, while proactively managing new capacity ramp-up and foreign exchange rate challenges, the Company is confident in maintaining a stable and resilient margin of adjusted non-IFRS net profit attributable to the owners of the Company in 2026. To meet growing customer demand by accelerating global capacity expansion and initiating the new Changzhou site ahead of schedule, the Company has raised 2026 capex to RMB7.5–8.5 billion (up from RMB6.5–7.5 billion). Along with business growth and efficiency improvements, 2026 adjusted free cash flow is raised to RMB13.5–14.5 billion (up from RMB10.5–11.5 billion).
The above-mentioned full-year guidance of the Company and its TIDES business for 2026 constitutes forward-looking statements. Such forward-looking statements are not historical facts, but instead are predictions about future events based on our beliefs, development strategy, business plan as well as assumptions made by and information currently available to our management. Although we believe that our predictions are reasonable, future events are inherently uncertain and our forward-looking statements may turn out to be incorrect. Our forward-looking statements are subject to risks and uncertainties including, but not limited to, the effective competitiveness of our services, our ability to meet timelines for the expansion of our service offerings or to reach the scale of our production capacity expansion plans, our ability to protect our clients’ intellectual property, industry competition and regulation, the international geopolitical environment, legislative restrictions and judicial proceedings, the impact of emergencies and other force majeure. Our forward-looking statements do not constitute any profit forecast by our management or an undertaking by the Company to our investors. Accordingly, investors are strongly cautioned that reliance on any forward-looking statements involves known and unknown risks and uncertainties. All information provided in forward-looking statements is as of the date of this announcement and is based on assumptions that we believe to be reasonable as of this date, and we do not undertake any obligation to update any forward-looking statement or information to reflect future events or circumstances, except as required under applicable law.
Gross Profit
Six months ended June 30, 2026 2025
Gross Profit
Gross Profit Margin
Gross Profit
Gross Profit Margin
Gross Profit
Change RMB million (%) RMB million (%) (%)
WuXi Chemistry 13,941.2 55.8 7,875.7 48.3 77.0 WuXi Testing 935.6 37.7 498.9 26.5 87.5 WuXi Biology 483.2 34.7 436.0 34.8 10.8 Others 22.0 56.3 65.3 75.4 -66.3
Continuing Operations 15,382.1 53.2 8,875.8 45.5 73.3 Discontinued Operations — N/A 236.4 18.6 -100.0
Total 15,382.1 53.2 9,112.2 43.8 68.8
- Note 1: According to IFRS Accounting Standards, the Group has classified the relevant businesses that have signed equity sale agreements, completed sales, or those being discontinued during the Reporting Period or comparative periods, as discontinued operations. Comparative disclosures have been adjusted accordingly.
- Note 2: The sum of the data may be inconsistent with the total due to rounding.
During the Reporting Period, the Company realized RMB15.38 billion in gross profit, representing a YoY increase of 68.8%. Gross profit margin was 53.2%, representing an increase of 9.4 percentage points as compared with the corresponding period of 2025.
- (1) WuXi Chemistry
Gross profit of WuXi Chemistry was RMB13.94 billion and the gross profit margin increased by 7.5 percentage points as compared with the corresponding period of 2025, mainly due to continued optimization of production processes and improvements in capacity efficiency driven by the growth of late-stage clinical and commercial projects.
- (2) WuXi Testing
Gross profit of WuXi Testing was RMB0.94 billion and the gross profit margin increased by 11.3 percentage points as compared with the corresponding period of 2025, mainly due to differentiated capabilities and enhanced operational management.
- (3) WuXi Biology
Gross profit of WuXi Biology was RMB0.48 billion. Affected by exchange rate fluctuations, its gross profit margin decreased by 0.1 percentage points as compared with the corresponding period of 2025. With continuous business integration and enhanced operational efficiency, WuXi Biology closely follows the market and maintains a dynamic pricing strategy, continuously generating downstream opportunities.
### Other Gains and Losses
Other gains and losses decreased from RMB2,448.9 million for the six months ended
- June 30, 2025 to RMB120.4 million for the six months ended June 30, 2026. The decrease was primarily due to: (1) the absence of gains from the sale of a partial interest in an associate WuXi XDC Cayman Inc. which were recognized in the corresponding period of 2025, resulting in a net decrease of RMB2,933.3 million for the Reporting Period; partially offset by (2) an increase of RMB776.3 million in fair value gains on financial assets at FVTPL (unrealized). Impairment Losses under Expected Credit Losses (“ECL”) Model, net of Reversal
Impairment losses under ECL model, net of reversal decreased from RMB290.6 million for the six months ended June 30, 2025 to RMB99.6 million for the six months ended June 30, 2026. The decrease is primarily due to the higher credit impairment losses recorded in the corresponding period of 2025, resulting from changes in parameters including comprehensive recoverability and the discount rate.
Impairment losses of non-financial assets
Impairment losses of non-financial assets decreased from RMB73.5 million for the six months ended June 30, 2025 to RMB27.5 million for the six months ended June 30, 2026, primarily due to decreased impairment losses on non-financial assets as a result of the Company’s business strategic realignment and resource integration in the corresponding period of 2025.
Impairment losses of assets classified as held for sale
Impairment losses of assets classified as held for sale decreased from RMB120.7 million for the six months ended June 30, 2025, to nil for the six months ended
- June 30, 2026, which was primarily due to impairment losses recognized in the corresponding period of 2025 in connection with the expected sale of WuXi ATU China operations. No such events occurred during the Reporting Period.
### Share of results of associates
Share of results of associates decreased from gains of RMB240.2 million for the six months ended June 30, 2025 to gains of RMB147.6 million for the six months ended June 30, 2026, which was primarily due to a decrease in equity pick-up gains from WuXi Healthcare Ventures II, L.P. and WuXi XDC Cayman Inc.. In particular, the decrease in equity pick-up gain from WuXi XDC Cayman Inc. was attributable to the decrease in the Company’s shareholding percentage, following a partial sale of its shares in 2025.
### Finance costs
Finance costs decreased from RMB168.8 million for the six months ended June
- 30, 2025 to RMB101.1 million for the six months ended June 30, 2026, which was primarily due to lower interest expense on Convertible Bonds newly issued in May 2026 during the Reporting Period. Profit for the Period
Profit for the Reporting Period increased from RMB8,383.8 million for the six months ended June 30, 2025 to RMB11,126.3 million for the six months ended June
- 30, 2026, which was primarily due to the Company maintaining a laser focus on and strengthening the Company’s CRDMO business model, with continued revenue growth, and enhanced capacity efficiency resulting from the growth of late-stage clinical and commercial projects, all of which contributed to the increase in net profit. Cash Flows
Six months ended June 30,
2026 2025 RMB million RMB million
Net cash from operating activities 9,311.0 7,066.5 Net cash (used in)from investing activities (10,467.5) 2,174.8 Net cash used in financing activities (900.2) (4,930.0) Free cash flow 6,349.5 4,964.7
For the six months ended June 30, 2026, net cash from operating activities of the
- Company amounted to RMB9,311.0 million, representing an increase of 31.8% as compared with the six months ended June 30, 2025. The increase was primarily driven by the steady growth in the Company’s operating profit, while the cash conversion of profits remained at a healthy level.
- For the six months ended June 30, 2026, net cash used in investing activities of the
- Company amounted to RMB10,467.5 million, while net cash from investing activities of the Company amounted to RMB2,174.8 million for the six months ended June 30, 2025. The turnaround was primarily due to: (1) an increase in cash outflows from investing activities, primarily due to increased purchases of short-term wealth management products during the Reporting Period, aimed at enhancing returns on existing cash reserves while ensuring sufficient liquidity for daily operations; and (2) a decrease in cash inflows from investing activities, driven by the absence of proceeds from the sale of a partial interest in an associate WuXi XDC Cayman Inc. and the divestiture of certain businesses, which were recorded in the corresponding period of 2025.
For the six months ended June 30, 2026, net cash used in financing activities of the Company amounted to RMB900.2 million, representing a decrease of 81.7% as compared with the six months ended June 30, 2025. During the Reporting Period, cash used in financing activities were primarily driven by the payments of higher dividends and payments on repurchase of A and H shares, which were partially offset by the proceeds from the issuance of the Convertible Bonds during the Reporting Period. Consequently, net cash used in financing activities recorded a YoY decrease.
### Indebtedness
As at June 30, 2026, total liabilities of the Company amounted to RMB32,378.6 million (December 31, 2025: RMB22,873.3 million), the composition of which was 29.0% being trade and other payables, 24.6% being bank borrowings, 20.3% being convertible bonds, 11.6% being contract liabilities, 8.3% being income tax payables and 6.2% being other items.
- (1) Bank Borrowings (current and non-current)
As at June 30, 2026, the Company had aggregated RMB bank borrowings of RMB7,981.2 million, with fixed interest rate, were entirely RMB loans. Among the total bank borrowings, RMB6,182.4 million will be due within one year and RMB1,798.8 million will be due after one year.
- (2) Charges on Assets
As at June 30, 2026, the Company pledged bank deposits with an amount of RMB24.6 million, which increased by 94.1% from RMB12.7 million as at December 31, 2025. The balance mainly represented deposits for restricted bank balance related to funds under protective freeze, and letters of guarantee as collateral for raw material and equipment purchases.
- (3) Contingent Liabilities As at June 30, 2026, the Company had no significant contingent liabilities.
- (4) Gearing Ratio
As at June 30, 2026, the gearing ratio, calculated as total liabilities over total assets, was 27.8%, as compared with 22.2% as at December 31, 2025. The higher ratio was primarily due to the Convertible Bonds newly issued in 2026.
### Treasury Policies
Currently, the Group follows a set of treasury policies to manage its capital resources, foreign exchange and cash flows to prevent related risks. The Group applied its cash flows from operations, bank loans and proceeds from the issuance of bonds and new shares to satisfy its operational and investment needs.
Certain entities in the Group have sales and purchases in foreign currencies, which expose the Group to foreign exchange risks. In addition, certain entities in the Group also have receivables and payables which are denominated in currencies other than their respective functional currencies. The Group is mainly exposed to the foreign currency of the USD. During the Reporting Period, the Group used derivative contracts to hedge against part of our exposure to foreign exchange risks.
### B. Non-IFRS Measures
To supplement our condensed consolidated financial statements presented in accordance with IFRS, we use adjusted EBITDA, adjusted non-IFRS gross profit, adjusted non-IFRS net profit attributable to the owners of the Company and adjusted free cash flow (collectively the “adjusted non-IFRS measures”) as additional financial measures.
The adjusted non-IFRS measures are not an alternative to (i) profit before income tax or profit for the period (as determined in accordance with IFRS) as a measure of our operating performance, (ii) cash flows from operating, investing and financing activities as a measure of our ability to meet our cash needs, or (iii) any other measures of performance or liquidity
The Company believes that the adjusted non-IFRS measures are useful for understanding and assessing underlying business performance and operating trends, and that the Company’s management and investors may benefit from referring to these measures in assessing the Group’s financial performance by eliminating the impact of certain unusual, non-recurring, non-cash and/or non-operating items that the Group does not consider indicative of the performance of the Group’s business.
The management of the Group believes such adjusted non-IFRS measures are widely accepted and adopted in the industry in which the Group operates. However, the presentation of the adjusted non-IFRS measures is not intended to be (and should not be) considered in isolation, or as a substitute for the financial information prepared and presented in accordance with IFRS. Shareholders and potential investors should not view the adjusted non-IFRS measures on a stand-alone basis or as a substitute for results under IFRS, or as being comparable to results reported or forecasted by other companies.
Adjusted EBITDA
Six months ended June 30,
2026 2025 RMB million RMB million
(except for percentages)
(except for percentages)
Profit before tax 13,517.6 9,630.8 Add:
Interest expense 93.6 148.8 Depreciation and amortization 1,917.7 1,737.9
EBITDA 15,528.8 11,517.6 EBITDA margin 53.7% 55.4% Add:
Share-based compensation expenses 341.6 212.2 Issuance expenses of convertible bonds 7.5 20.0 Foreign exchange related losses 644.0 493.2 Gains or losses from divestiture, restructuring and
resource integration initiatives (28.3) 104.8 Realized and unrealized gains from venture capital
investments (378.3) (2,773.8) Realized and unrealized share of losses(gains) from
joint ventures 0.2 (0.1)
### Adjusted EBITDA 16,115.5 9,574.0
Adjusted EBITDA margin 55.8% 46.0%
Note: The sum of the data may be inconsistent with the total due to rounding.
Adjusted Non-IFRS Gross Profit and Net Profit Attributable to the Owners of the Company
Six months ended June 30,
2026 2025 RMB million RMB million
(except for percentages)
(except for percentages)
Net profit attributable to the owners of the Company 11,080.2 8,287.3 Add:
Share-based compensation expenses 274.8 176.4 Issuance expenses of convertible bonds 5.7 19.6 Foreign exchange related losses 569.1 448.0 Amortization of acquired intangible assets from merger
and acquisition 10.5 13.8 Gains or losses from divestiture, restructuring and
resource integration initiatives (33.2) 139.9
Non-IFRS net profit attributable to the owners of the Company 11,907.0 9,085.0
Add:
Realized and unrealized gains from venture capital
investments (336.7) (2,770.1) Realized and unrealized share of losses(gains) from joint
ventures 0.2 (0.1)
Adjusted non-IFRS net profit attributable to the owners
of the Company 11,570.5 6,314.8 Adjusted non-IFRS gross profit (Note 1) 15,579.2 9,258.0 Adjusted non-IFRS gross profit margin 53.9% 44.5%
WuXi Chemistry 56.4% 49.0% WuXi Testing 38.6% 27.2% WuXi Biology 37.0% 36.4%
### Adjusted non-IFRS gross profit margin on a constant currency basis 55.7% 44.9%
- Note 1: The adjustments made to the adjusted non-IFRS gross profit mentioned above are the same as those made to the adjusted non-IFRS net profit attributable to the owners of the Company at the gross profit level.
- Note 2: The sum of the data may be inconsistent with the total due to rounding.
Adjusted Free Cash Flow
Six months ended June 30,
2026 2025 RMB million RMB million
Net cash from operating activities 9,311.0 7,066.5
Add: Income tax expenditures related to significant equity and business sales 671.5 —
### Adjusted net cash from operating activities 9,982.5 7,066.5
Less: Capital expenditures (2,961.6) (2,101.8)
### Adjusted free cash flow 7,020.9 4,964.7
Note: Free cash flow refers to net cash from operating activities less capital expenditures. The adjustments to free cash flow primarily relate to income tax expenditures related to significant transactions, mainly equity or business sales, disclosed in the Company’s announcements. Specifically, adjusted free cash flow for the six months ended June 30, 2026 excludes the impact of tax payments relating to the gain arising from the divestiture of certain business, which was originally recognized in net cash from operating activities. As the gains from the divestiture of certain business constitute material non-recurring activities with related proceeds reflected in net cash from investing activities, this adjustment is necessary to ensure an accurate representation of core operating cash flows and to maintain meaningful period-to-period comparability of our financial results.
- C. Assets and Liabilities Analysis
Items
Percentage of the amount to the total assets as at
Amount as at June 30, 2026
June 30, 2026
(In RMB million) (%)
Ratio of change for
the amount
as at June 30, 2026 as
Percentage of the amount to the total assets as at
compared
with the amount as at
Amount as at December 31, 2025
December 31, 2025
December 31, 2025 Reasons
(In RMB million) (%) (%)
Assets Other non-current
assets
190.4 0.2 481.4 0.5 -60.4 Primarily due to the long-term receivables from the divestiture of certain businesses, which will be due within one year and are reclassified to other current assets.
Trade and other receivables
Financial assets at FVTPL (current)
Derivative financial instruments
Pledged bank deposits
12,674.9 10.9 9,622.6 9.3 31.7 Primarily due to the expansion of the Company’s business and the YoY growth in revenue during the Reporting Period, leading to a corresponding increase in accounts receivable.
10,914.3 9.4 5,806.2 5.6 88.0 Primarily due to increased investment in wealth management products to optimize cash management and capital efficiency.
268.9 0.2 68.7 0.1 291.7 Primarily due to the fair value change of derivative financial instruments.
24.6 0.0 12.7 0.0 94.1 Primarily due to the increase in restricted cash under protective freeze.
Items
Percentage of the amount to the total assets as at
Amount as at June 30, 2026
June 30, 2026
(In RMB million) (%)
Ratio of change for
the amount
as at June 30, 2026 as
Percentage of the amount to the total assets as at
compared
with the amount as at
Amount as at December 31, 2025
December 31, 2025
December 31, 2025 Reasons
(In RMB million) (%) (%)
Term deposits with initial term of over three months
8,747.6 7.5 5,662.8 5.5 54.5 Primarily due to the purchase of term deposits with initial term of over three months to optimize cash management and capital efficiency.
Assets classified as held for sale
Liabilities Derivative financial
instruments
— — 26.0 0.0 -100.0 Primarily due to the completion of the
disposal of assets classified as held for sale at the end of the prior year.
14.2 0.0 — — N/A Primarily due to the fair value change of derivative financial instruments.
Contract liabilities 3,754.4 3.2 2,709.2 2.6 38.6 Primarily due to the continuous expansion of business and sufficient orders on hand, which led to a corresponding increase in advance receipts from customers during the Reporting Period.
Convertible bonds 6,585.8 5.7 — — N/A Primarily due to the Convertible Bonds newly issued in 2026.
- D. Analysis on Investments Investment on wealth management product
The Group adopted a prudent financial management approach towards its treasury policy and maintained a healthy financial position throughout the Reporting Period. To better utilize surplus cash from operating and financing activities, we have engaged in treasury management activities by investing in wealth management products issued by financial institutions. All the short-term investments should have a proper tenor to match funding needs from operating and investing activities, with a view to strike a balance among principal guaranteed, liquidity and yield.
As at June 30, 2026, the balance of current financial assets at FVTPL was RMB10,914.3 million.
### Investment in companies
As part of our efforts to foster the ecosystem, the Company has established joint ventures and made selective investments in a wide variety of companies within the healthcare ecosystem. We primarily focus our investments in: (1) targets that fit into and support our existing value chain, (2) cutting edge technologies that we believe will advance the healthcare industry, and (3) strategic long-term investments.
During the Reporting Period, additional investments in other equities aside from joint ventures and associates amounted to RMB153.8 million. Our investments of financial assets at FVTPL mainly include three categories, the movements of which during the Reporting Period are listed below:
Listed companies
Fund investments
In RMB million
Non-listed companies Total
Opening Balance 1,086.9 1,838.7 5,036.7 7,962.3 Addition — 122.6 31.3 153.8 Transfer from non-listed companies/
(transfer to listed companies) 1,008.6 — (1,008.6) Fair value change during the Reporting
Period 13.9 (27.0) 389.2 376.0
Disposals and distributions (18.4) (20.8) (30.0) (69.2) Foreign exchange effects (29.9) (43.1) (115.5) (188.6)
### Ending Balance 2,061.1 1,870.4 4,303.0 8,234.5
Note: The discrepancies between the total and sums of amounts in the table above are due to rounding.
### Significant Investment Held
As at June 30, 2026, the Group did not hold significant investments with a value of 5% or more of the Company’s total assets and none of the above mentioned investment constituted such significant investment to our Group. As at the date of this announcement, the Group does not have any plan for material investments or purchase of capital assets.
### E. Core Competence Analysis
We believe that the below strengths have enabled us to succeed and stand out from our competitors:
### (1) Leading global new drug R&D services platform with integrated end-to-endcapabilities
We are one of the few open service platforms for new drug R&D in the industry that has service capabilities covering the entire new drug R&D industry chain, and we are expected to fully benefit from the rapid development of the global new drug R&D outsourcing services market. Our integrated end-to-end new drug R&D service platform can meet diversified customers’ demands in terms of technologies and coverage of services. In line with the scientific pattern of continuous development of new drug research and development projects from the early stage to the later stage, in the process of continuous advancement of customer projects, the Company continues to expand our services from “follow the project” to “follow the molecule”. At the early stage of new drug R&D, we enable our customers with our expertise, and have won the trusts of numerous customers, and we enjoy high reputation in the industry which allow us to obtain more business opportunities at the subsequent product development and commercial stages, continuously driving the growth of our business. During the Reporting Period, we fully leveraged our global footprint and full industrial chain coverage to assist our customers in pushing forward their new drug R&D through global linkage, which gained wide recognitions from them. Going forward, we will continue to enhance our capacity and expand our scale globally in order to enable pharmaceutical innovations worldwide more effectively.
### (2) Enabling innovation through leading advantages in the industry based onlatest scientific and technological discoveries
We leverage the latest scientific and technological discoveries to enable medical innovation in an effort to assist our customers in transforming new drug ideas into reality. With our leading service capability and scale in the industry and unique integrated CRDMO business model, we can quickly develop distinct industry insights, better predict future technological developments and emerging research trends in the industry, timely capture new development opportunities, and continuously drive long-term business growth. With the continuous breakthroughs in new technologies, new mechanisms and new molecular types, and after years of development and accumulation, we have adopted a number of industry-leading technologies and capabilities. Our API platform continues to improve our R&D capabilities in flow chemistry, enzyme catalysis, crystallization and particle engineering process research. The capabilities of our formulation platforms have expanded from oral preparation to sterile injectable preparations, and we will continue to conduct research on the formulation process of poorly soluble drugs and the development and application of new technologies such as spray drying, hot melt extrusion and lipid nanoparticles. In addition, we have comprehensive R&D and production capabilities for highly active drugs, providing “end-to-end” services from active pharmaceutical ingredients to preparations, covering oral and injectable drugs. The capabilities of our WuXi TIDES platform fully utilize innovative technologies such as thin-film evaporation, tangential flow filtration (TFF)/precipitation and continuous flow purification to provide one-stop services covering drug discovery, CMC research and production for oligonucleotides, peptides and related chemical conjugated drugs. Looking forward, we will continue to enhance the service capabilities of new molecular types, such as peptide, oligonucleotide, PROTAC and conjugate to enable global medical innovation.
Moreover, we put efforts in exploring various technology innovations that can be applied to the new drug research and development process, and help customers to improve their R&D efficiency, reducing the entry barrier of pharmaceutical R&D. Leveraging our deep insights into industrial trends and emerging technologies, we enable our customers to understand and study the latest scientific discoveries and convert them into potential commercial results.
### (3) Strengthening our platform through enhancing our capacities and expandingthe scale by leveraging our knowledge of the industry and customer needs
We have accumulated extensive industry experience after 20 years of rapid growth. We provide services to leading global pharmaceutical companies, and establish deep partnerships with them. Throughout the cooperation, we keep abreast of the latest industry trends and accumulate experience in meeting customer needs. Through continuous capability and capacity construction to enhance our business services, we provide customers with more premium and comprehensive services.
We continue to advance our global deployment and capacity expansion, enhance its capabilities and capacities, and improve operating efficiency to better meet customer needs.
In the future, with the continuous innovation of science and technology, the industry and customers’ demand for high-quality capabilities, production capacity and services will continue to increase, and the Company will provide integrated, end-to-end new drug research and development and production services to the global pharmaceutical and life science industries. The Company will continue to strengthen its capabilities and scale to improve operating efficiency, to provide its customers with the best services, benefiting patients worldwide.
### (4) Strong, diverse and sticky customer base and continuing growth of our networkwithin the healthcare ecosystem
We have a strong, diverse and sticky customer base. Our unique integrated enabling platform helps lower the entry barrier for new drug R&D, improve R&D efficiency, and support partners in achieving success, attracting more participants to join the new drug R&D industry. Throughout this process, the Company continuously drives the development of new knowledge and technologies, improves R&D efficiency, reduces R&D costs, and the platform’s innovative enabling capabilities continue to strengthen, forming a virtuous cycle ecosystem.
### (5) Experienced management team with vision and ambition
We have an excellent management team with global vision and industrial strategic insight. Our management team led by Dr. Ge Li has extensive working experience in the medical industry, with strong execution ability, many years of investment and management experience in the medical industry and international vision. It also has relatively high reputation in the global pharmaceutical and life sciences field. Our experienced and visionary management team enables the Company to have a unique and sharp understanding of the global economic cycle and the overall development trend of the medical industry. Under the leadership of our management, we are able to deeply understand market and industry development trends, policy changes and their impacts on customer needs, quickly adjust our business models, improve decision-making speed and flexibility to match customer needs, driving the rapid development of the business segments of the Company and becoming an innovation enabler and industry contributor in the global healthcare ecosystem.
- F. Other Events
- (1) Grant of awards under the 2025 H Share Award and Trust Scheme
During the Reporting Period, 31,665,610 underlying 2025 Award Shares have been granted to 3,381 2025 Selected Participants (including the connected selected participants), accounting for approximately 6.2031% of the then total number of issued H Shares and approximately 1.0613% of the then total issued share capital of the Company. The number of award shares underlying the awards granted to the connected selected participants represents 6,131,504 H Shares, accounting for approximately 1.2011% of the then total number of issued H Shares and approximately 0.2055% of the then total issued share capital of the Company, while the number of award shares underlying the awards granted to the 3,368 independent selected participants represents 25,534,106 H Shares, accounting for approximately 5.0020% of the then total number of issued H Shares and approximately 0.8558% of the then total issued share capital of the Company.
Please refer to the announcement of the Company dated June 9, 2026 for further details.
### (2) Adoption of the 2026 H Share Award and Trust Scheme
The adoption of the 2026 H Share Award and Trust Scheme was approved at the 2025 annual general meeting of the Company (the “2025 AGM”) held on April 28, 2026.
As at June 16, 2026, the Company implemented the acquisition of H Shares through on-market transactions pursuant to the repurchase mandate granted by the Shareholders at the 2025 AGM (the “Repurchase Mandate”) and in accordance with the 2026 H Share Award and Trust Scheme, utilizing funds in an aggregate amount of HK$2.5 billion. The number of H Shares purchased is 20,148,900 H Shares, representing approximately 0.68% of the then total issued share capital of the Company.
Please refer to the announcement of the Company dated June 17, 2026 for further details.
### (3) The issue of RMB6,780 million USD settled zero coupon convertible bonds due2027
On May 14, 2026 (after trading hours), the Company, Morgan Stanley Asia Limited, Citigroup Global Markets Limited and Goldman Sachs (Asia) L.L.C. (collectively, the “Managers”) entered into the subscription agreement, pursuant to which and subject to certain conditions contained therein, the Company has agreed to issue, and the Managers have, severally and not jointly, agreed to subscribe and pay for, or to procure subscribers to subscribe and pay for, the Bonds in a principal amount of RMB6,780 million.
The net proceeds from the subscription of the bonds, after deducting the Managers’ commissions and other estimated expenses payable in connection with this offering, will be approximately US$1,023 million, and will be utilized in the following manner: (a) approximately 90% will be used for global capacity and capability expansion; (b) approximately 10% will be used for general corporate purposes. The Company has obtained the approval for the listing of, and permission to deal in, the conversion shares on the Hong Kong Stock Exchange, and it has also obtained the approval for the listing of the bonds on the Vienna MTF operated by the Vienna Stock Exchange.
Please refer to the announcements of the Company dated May 15, 2026 and May 21, 2026 for further details.
## THE MANAGEMENT’S DISCUSSION AND ANALYSIS ON FUTURE DEVELOPMENT OF THE COMPANY
### A. Industry Landscape and Trends
The global pharmaceutical research and production service industry is expected to maintain rapid growth, driven by a higher proportion of outsourcing from large pharmaceutical companies and the increasing demands from small and medium pharmaceutical companies. On the one hand, the innovative drug R&D industry is characterized by large investments, long cycles, and high risks. As a result of low R&D returns and the “patent cliff” faced by drug manufacturers, large pharmaceutical companies are expected to promote R&D projects through external R&D institutes to improve R&D efficiency and reduce R&D costs. On the other hand, small pharmaceutical companies, including small and medium pharmaceutical and life science companies and individual entrepreneurs, have become a major driving force for pharmaceutical innovation. These small and medium pharmaceutical companies do not have the sufficient time or capital to build their own R&D project laboratories and production facilities but need various services to meet their needs of R&D project in a short period of time. They will seek R&D and production outsourcing services, especially integrated end-to-end R&D services, to fulfill their R&D service needs from concept verification to product launch.
### B. Development Strategies
Our vision is that “every drug can be made and every disease can be treated”. We provide the global pharmaceutical and life sciences industry with comprehensive and integrated new drug R&D and production services. We are committed to promoting new drug development and delivering groundbreaking treatment solutions to patients. With the customer-oriented principle, we help customers improve R&D efficiency by offering high-quality, efficient, and cost-effective R&D services, bringing more quality new drugs to patients faster.
Today, with the continuous emergence and rapid iteration of scientific innovations, the future new drug R&D model will witness a new definition and profound reforms. A patient-centered healthcare innovation ecosystem is emerging. More and more scientists, engineers, entrepreneurs, doctors and patients will participate in all aspects of R&D and innovation. In the future, we will: (1) consistently adhere to our unique integrated CRDMO business model, effectively deliver exceptional services to customers and benefit patients worldwide; closely follow scientific innovations, develop distinct industry insights, instantly seize opportunities in new molecule, sustaining long-term growth; (2) continue to focus on our core CRDMO operations, improving operating efficiency; (3) accelerate the expansion of global capacity and capabilities, continue to invest in talent retention for long-term shared growth.
### C. Operation Plan
In 2026, we will adhere to our unique integrated CRDMO business model. In response to customers’ ongoing demand for enabling services, we continue to enhance our capabilities and capacity, optimize production processes and improve operating efficiency. These factors are driving sustained long-term business growth, delivering highly efficient and exceptional services to customers and helping to bring groundbreaking therapies to patients worldwide.
### (1) Platform Building
On the one hand, we will further enhance the capabilities and scale of our R&D service platform as well as operating efficiency. We continue advancing the design and construction of various global facilities, aiming to better serve the requirements of our global customers.
On the other hand, we will further explore advantages of the integrated endto-end R&D services platform to strengthen customer conversion. With the continuous advancement of development projects of customers, we will expand services offering by evolving from “following the project” to “following the molecule”.
### (2) Customer Strategy
We are committed to further improving customers’ satisfaction through providing high quality and efficient services and strict intellectual property protections for our customers. Moreover, we will continue to add more new customers worldwide, in particular, long-tail customers, through diversified channels. We will attract more participants to join the new drug R&D industry and enable more customers to succeed through ongoing reduction of entry barrier of the drug R&D industry.
### (3) Quality and Compliance
We have always adhered to the highest international quality standard and attached great importance to our compliance with relevant laws and regulations. We possess comprehensive management systems in quality control, safety production, intellectual property protection, international trade compliance, sales management, financial and accounting management, and business continuity planning, and continuously iterate on these systems. In 2026, we will continue to refine and implement our standard operating policies and procedures to prevent occurrence of accidents and facilitate sound growth of all segments.
We consistently adhere to all applicable global laws and regulations concerning quality and information security in all business operations, and strictly enforces our relevant corporate management policies. During the Reporting Period, we successfully completed 465 quality audits and inspections conducted by global customers, regulatory authorities and independent third parties, as well as 21 information security audits by global customers, all with no critical findings. Currently, 20 of our main sites are ISO/IEC 27001 certified, covering all main sites in China for continuing operations.
We will continuously enhance and refine our systems and practices in respect of quality, information security and intellectual property protection. We welcome and attach great importance to feedback from regulatory authorities and clients, and regards such feedback as a key driving force for our compliance and sustainable development.
### (4) Innovation and Development
We will continue to utilize and iterate new technologies and methods to better empower global pharmaceutical innovation. We have the global-leading new drug R&D platform and extensive experience of projects and closely followed the new drug R&D technological development. We will continue to invest substantially in further improving service capabilities for new molecule types, such as peptide, oligonucleotide, PROTAC and conjugate to capture new business opportunities and empower global pharmaceutical innovation.
On such basis, we put efforts in exploring various innovative technologies that can be applied to the new drug research and development process, and help customers to improve their R&D efficiency, while reducing the entry barrier of pharmaceutical R&D.
At the same time, we continuously advance the application of automation technology to help improve operational efficiency, enhance industry insights, and increase business predictability, thereby providing better service to our clients and patients.
### (5) Team of Talents
We will continue to introduce, foster and retain talents within the industry. We have taken specific initiatives including: (1) strengthening the reform of the reward, incentive and honor system by establishing a fair, transparent and result-oriented performance appraisal system; (2) providing concrete promotion opportunities; (3) providing technical and management trainings; and (4) offering market-oriented compensations to further improve our medium and long-term incentive mechanism.
### (6) Corporate Culture
We will continue to uphold our core value of “honesty and dedication, working together and sharing success; doing the right thing and doing things well”, and firmly implement our code of conduct of “customer first, honesty and integrity, ongoing improving, efficient implementation, cross-functional collaboration, transformation and innovation”, and enhance our core competitiveness.
### (7) Long-term Sustainable Development
As an innovation enabler, a trusted partner to our customers, and a contributor to the global healthcare industry, WuXi AppTec, as a committed United Nations Global Compact (UNGC) participant for year 2024 to 2026, is committed to supporting the Ten Principles of the United Nations Global Compact. Through the establishment of a governance framework underpinned by oversight from the Board of Directors and the Strategy Committee, guidance from the Sustainability Committee, and collaboration among cross-functional professional teams, the Company has effectively integrated its sustainability management strategy into its corporate strategy, culture and daily operations, thereby fulfilling its commitment to sustainable development.
The Company has established near-term GHG emissions reduction targets validated by the Science Based Targets initiative (SBTi) and has translated these targets into actionable plans to systematically advance the implementation of its decarbonization roadmap. Our near-term emissions reduction targets have been validated by SBTi in 2025. Meanwhile, the Company adheres to industry standards, including those established by the Pharmaceutical Supply Chain Initiative (PSCI). We continued to serve as a PSCI supplier partner in year 2024 to 2026. We work closely with value chain partners to enhance sustainability awareness and management capabilities through initiatives such as strengthened sustainability risk assessments for suppliers and capacity-building training programs.
The Company places great emphasis on sustainability-related disclosures. Through regular assessments of the completeness of its governance-related disclosures, the adequacy of descriptions of management initiatives, and the accuracy of quantified performance data, the Company continuously optimizes disclosures. In addition, the Company engages independent third-party assurance providers to further strengthen the credibility of its disclosures and address the expectations of regulators, customers and other stakeholders regarding the Company’s long-term sustainable development.
The Company’s sustainability management practices have received strong recognition from leading global ESG rating agencies. The Company has achieved the MSCI “AAA” rating in year 2025 to 2026, and sustained leadership ratings for 6 consecutive years; improved to the highest “A” rating in CDP Climate Change in 2025 for the first time, and received the “A” rating in CDP Water Security for two consecutive years in year 2024 to 2025; received the “Gold” rating by EcoVadis for two consecutive years in year 2024 to 2025; as well as been included in S&P Global Sustainability Yearbook for four consecutive years in year 2023 to 2026. Looking ahead, while continuing to deepen its business development and pursue excellence, WuXi AppTec will remain committed to advancing its sustainability strategy and working together with stakeholders across society to build a healthier and more sustainable future.
- D. Potential Risks
- (1) Risk of market demands decline in drug R&D services
Our business operation relies on expenditures and demands of our customers (including multi-national pharmaceutical companies, life science companies, start-ups, and scholars and non-profit research organizations, etc.) on outsourcing services, i.e., discovery, analytical testing, development and manufacturing of pharmaceuticals, etc. In the past, benefiting from continuous growth of the global pharmaceutical market and the increase of R&D budgets and the proportion of outsourcing services of our customers, the demands on our services from our customers continued to rise. Our business operation could be adversely impacted if the industry growth slows down or percentages of outsourcing services decline. In addition, any merger, consolidation and R&D budget adjustment of pharmaceutical players might also impact our customers’ R&D expenditures and outsourcing demands, resulting in adverse impact on our business operation.
- (2) Risk of changes in regulatory policy of the industry
The drug R&D services industry is heavily regulated by regulators including drug administrations in any nation or region where we have established our presence, which typically regulate drug R&D services players through development of relevant policies, laws and regulations. The scope of regulation may cover various aspects such as technical specifications and standards and requirements for cross-border outsourcing services and production. Systems of policies, laws and regulations in the drug R&D services industry are well established in developed countries. In China, regulators such as the NMPA also have gradually developed and continuously refined relevant laws and regulations subject to market development. In case we fail to timely adjust our operating strategy to adapt to changes of industrial policies and laws and regulations in the drug R&D services industry in corresponding nations or regions, potential adverse impact might be caused to our business operation.
- (3) Risk of heightened competition in the drug R&D services industry
Currently, competition in the global drug R&D services market is getting increasingly intense. Our competitors in particular segments mainly include specialized CROs/CDMOs and in-house R&D department of large pharmaceutical companies, among which, most are large global pharmaceutical companies or R&D organizations, which may enjoy advantages over us in terms of financial strength, technological capabilities and customer base.
Aside from the aforementioned incumbents, we also face competition from new entrants, which either have greater financial strength, more effective business channels or stronger R&D capabilities in respective segment. We will face risk resulted from heightened competition in the pharmaceutical market and weakened competitive edge in case we fail to enhance our overall R&D strength and other strengths in business competition.
### (4) Business compliance risk
We have always attached great importance to the compliance of our business operation and gradually established a relatively complete internal control system, which requires our staff to abide by relevant laws and regulations and carry out business activities in accordance with relevant laws. Although we have developed a comprehensive internal control and compliance approval system as well as standard operating procedures to ensure legitimacy and compliance of our daily operation, our business operation will be adversely impacted to a certain degree resulting from failure to obtain qualifications required for daily R&D, testing analysis and production, or to completing necessary approval and filing processes or to timely coping with any regulatory requirement put forward or added by the regulators due to ineffective supervision on subsidiaries or departments by the parent company and senior management in actual practices given the number of subsidiaries we control.
### (5) Risk of global operation and change of international policy
We have built or acquired a number of companies to fuel our global business expansion and accumulated abundant experience of global operation over the years. During the Reporting Period, our revenue from global operation accounted for a significant proportion of our main business revenue. Given that we are required to abide by the laws and regulations of the nations and regions where we carry out business operations and rely on suppliers of raw materials, customers and technical service providers to ensure our orderly daily operation, our normal global operation and sustainable development may be impacted and subject to potential adverse impact in case any of the following circumstances occurs, including material change of laws, regulations, industrial policies or political and economic environment of any nation or region where we carry out business operation, or any other factors beyond our control such as international tension, war, trade sanction, or other force majeure.
On June 8, 2026, the United States Department of Defense (the “DoD”) erroneously included WuXi AppTec in its officially updated Section 1260H list of designated “Chinese military companies”. The Company believes that the designation of WuXi AppTec on such list (the “1260H Designation”) is wrong and unsupported by the facts. To protect the interests of our customers, partners, employees and shareholders, the Company has taken legal actions by filing a litigation against the DoD at the U.S. District Court for the District of Columbia (the “Court”) on June 11, 2026 to challenge the 1260H Designation. The Company also filed a motion for preliminary injunction with the Court on June 29, 2026 to seek enjoining the DoD from enforcing, implementing or taking any other action pursuant to the 1260H Designation during the litigation process.
The Court held a hearing on our motion for preliminary injunction on July 22, 2026, but has not yet issued a ruling as of 4:00 p.m. on August 3, 2026 (China Standard Time), being the time of finalization of this announcement. We continue to believe that, as the judicial process continues, the facts will prevail after an objective and fair judicial review.
While our operations are fully functional as usual and we remain fully committed to serve our customers, the 1260H Designation has defamed the Company’s hard-won reputation and created severe market interference. It has also created uncertainty over U.S. business relationships and may eventually cause harm to the patients that rely on our scientific endeavors. Therefore, the Company is pursuing all available legal remedies to correct this erroneous 1260H Designation, and will keep its shareholders timely informed of any further material developments in connection with this ongoing legal proceeding.
### (6) Risk of loss of key scientific staff
Our key scientific staff is an important part of our core competence as well as foundation and key to our survival and growth. Maintenance of a stable team of key scientific staff and attraction of talents to join us play a key role on our abilities to keep our leading position in the industry in terms of technological capabilities and continuity of our R&D and manufacturing services. Turnover of key scientific staff might occur if we lose our competitive edge in terms of compensation, incentive mechanism on core technical staff fails to give its full play or human resources management/control or internal promotion system could not be effectively implemented, which will in turn adversely affect our core competitiveness and sustainable profitability.
### (7) Risk of failure in business expansion
We anticipate that our customers’ outsourcing demands on drug R&D, commercial manufacturing and clinical development will increase on an ongoing basis. In order to continuously meet market demands and seize the growth opportunity, we need to invest a great deal of capital and resources and continue to push forward strengthening of our capabilities and expansion of scale globally. Adverse impact might be caused to our business, financial and operating performances and outlook in case our entry into new segment suffers unforeseeable delay due to delay in construction and regulatory issues, or we fail to achieve our growth targets.
### (8) Exchange Rate risk
Most of the Company’s revenue was settled in USD. If RMB appreciates significantly in the future, the resulting RMB income may decrease correspondingly after conversion; concurrently, the exchange of the Company’s USD assets into RMB may incur foreign exchange losses, which may directly impact our profitability as a result.
### (9) Risk of material impact on value of our assets at fair value by marketfluctuation
Value of our assets or liabilities measured at fair value, such as equity interests in listed companies and non-listed underlying investment interests, and biological assets, are measured at the fair value at the end of each Reporting Period, with the changes in fair value recognized in current profit and loss. Among which, our equity interests in listed companies and other non-listed underlying interests are recorded as other non-current financial assets measured at fair value, the value of which could be greatly affected by market fluctuations. We pay close attention to the trend of the share price on the investee listed companies with a view to making timely investment decisions with these investee companies. As we markto-market the fair value of certain of our investments on a periodic basis, we expect the fair value of our financial assets at fair value, especially the value of shares in publicly-traded companies held by us, may be significantly changed by capital market fluctuations which may cause significant fluctuations on our net profit and further affect our results.
### (10) Risks of impact of emergencies and force majeure on our operation
Emergent public health emergencies, earthquakes, typhoons and other force majeure events may affect our operation. In response to these situations, we have developed business continuity plans to timely and systematically facilitate the resumption of the critical operations, functions, and technology in the pre-and post-crisis periods and during the crisis, ensuring that our business can continue to develop feasibly and steadily. However, if our business continuity plans fail to cope with the impact of relevant emergencies and force majeure events, it may have an adverse impact on our business, finance, operational performance and prospects.
## HUMAN RESOURCES
As at June 30, 2026, the Group had 35,584 employees. The Group enters into employment contracts with its employees to cover matters such as position, term of employment, wage, employee benefits and liabilities for breaches and grounds for termination.
The remuneration of the Group’s employees includes basic salaries, allowances, bonus, share incentives and other employee benefits, and is determined with reference to their experience, qualifications and general market conditions. We provide regular trainings to our employees in order to improve their skills and knowledge. The training courses range from further educational studies to skill training to professional development course for management personnel.
## PRE-EMPTIVE RIGHTS
There are no provisions for pre-emptive rights under the Articles of Association, or the laws of the PRC, which would oblige the Company to offer new shares on a pro rata basis to its existing Shareholders.
## PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES OF THE COMPANY
### Repurchase of A Shares of the Company
On June 9, 2026, the Company held the third meeting of the fourth session of the Board, where the Board approved the Resolution on Repurchase of A Shares of the Company through Bidding in 2026 (the “Share Repurchase”) and agreed to implement the Share Repurchase.
On June 25, 2026, the Company completed the implementation of the Share Repurchase, and has repurchased an aggregate of 9,701,231 A Shares through bidding, representing 0.33% of the then total issued share capital of the Company. The maximum price for the Share Repurchase was RMB118.48 per A Share. The minimum price for the Share Repurchase was RMB95.11 per A Share. The average price for the Share Repurchase was RMB103.08 per A Share. The total amount of funds utilized was RMB1,000,008,218.79 (exclusive of transaction fees).
The A Shares repurchased from the Share Repurchase will be used for the employee stock ownership plan.
Please refer to the relevant announcements of the Company dated June 9, 2026 and June 26, 2026, the next day disclosure returns of the Company dated from June 11, 2026 to June 25, 2026, as well as the circular of the Company dated March 25, 2026, the poll results announcement dated April 28, 2026, for further details.
### Repurchase of H Shares of the Company
As at June 16, 2026, the Company implemented the acquisition of H Shares through onmarket transactions pursuant to the Repurchase Mandate and in accordance with the 2026 H Share Award and Trust Scheme, utilizing funds in an aggregate amount of HK$2.5 billion. The number of H Shares purchased is 20,148,900 H Shares, representing approximately
- 0.68% of the then total issued share capital of the Company. The maximum price for the acquisition was HK$132.70 per H Share. The minimum price for the acquisition was HK$111.50 per H Share. The average price for the acquisition was HK$123.87 per H Share.
Please refer to the relevant announcements of the Company dated March 23, 2026 and June 17, 2026, the next day disclosure returns of the Company dated from May 26, 2026 to June 16, 2026, as well as the circular of the Company dated March 25, 2026, the poll results announcement dated April 28, 2026, for further details.
Save as disclosed above and save for the issuance of the Convertible Bonds, neither the Company nor any of its subsidiaries has purchased, sold or redeemed any of the Company’s listed securities during the Reporting Period.
## 2026 MID-YEAR DIVIDEND DISTRIBUTION PLAN
The authorization to the Board to formulate and implement the Company’s 2026 mid-year dividend distribution plan has been approved by the Shareholders at the 2025 AGM. Accordingly, the Board has declared a mid-year dividend for the Reporting Period within the scope of the authorization as follows: a cash dividend of RMB5.1000 (inclusive of tax) for every 10 shares. The Company’s designated A-share repurchase securities account currently holds 9,701,231 shares, and H-share treasury shares amounts to 20,148,900 shares. The foregoing total of 29,850,131 shares will not participate in the dividend distribution. This represents a dividend distribution in an aggregate amount of RMB1,506,492,582.24 (inclusive of tax) based on 2,953,907,024 shares, which represent the Company’s total
issued share capital of 2,983,757,155 shares as of the date of this announcement, after deduction of the shares held in the designated A-share repurchase securities account and H-share treasury shares. In the event of any change in the total issued share capital of the Company entitled to the profit distribution (i.e. after deduction of the shares held in the designated A-share repurchase securities account and H-share treasury shares) prior to the record date for implementation of the profit distribution, dividends will be distributed based on the unchanged dividend amount per share and the aggregate distribution amount will be adjusted accordingly. The 2026 mid-year dividend distribution plan is expected to be paid to the eligible Shareholders by no later than September 4, 2026.
## SUFFICIENCY OF PUBLIC FLOAT
According to the information that is publicly available to the Company and within the knowledge of the Board, as at the date of this announcement, the Company has maintained the public float as required under the Listing Rules.
## CORPORATE GOVERNANCE
The Company is committed to ensuring that its affairs are conducted in accordance with high ethical standards. This reflects its belief that, in the achievement of its long-term objectives, it is imperative to act with probity, transparency and accountability. By so acting, the Company believes that Shareholder wealth will be maximized in the long term and that its employees, those with whom it does business and the communities in which it operates will all benefit. The Board is of the view that, the Company has complied with the relevant code provisions contained in the CG Code during the Reporting Period, save for deviation from code provision C.2.1 of the CG Code.
Pursuant to code provision C.2.1 of the CG Code, the responsibility between the chairman and chief executive officer should be segregated and should not be performed by the same individual. However, the Company does not have a separate chairman and chief executive officer and Dr. Ge Li currently performs these two roles. The Board considers that vesting the roles of chairman and chief executive officer in the same person is beneficial to the management of the Group. The balance of power and authority is ensured by the operation of the senior management and the Board, which comprises experienced individuals. The Board currently comprises four executive Directors (including Dr. Ge Li), two non-executive Directors and five independent non-executive Directors and therefore has a fairly strong independence element in its composition. In addition, the Board has appointed Dr. Wei Yu as the lead independent non-executive Director (the “Lead INED”) of the Company with effect from April 28, 2026. The Lead INED is not an executive position in the Company and does not have any management role in the Group, and will not have a separate or higher level of responsibility or liability relative to the other independent non-executive Directors.
The Board will continue to review and monitor its code of corporate governance practices of the Company with an aim to maintaining a high standard of corporate governance.
## DIRECTORS’ SECURITIES TRANSACTIONS
The Company has devised its own code of conduct regarding Directors’ dealings in the Company’s securities (the “Code of Conduct”) on terms no less exacting than the Model Code as set out in Appendix C3 to the Listing Rules.
Specific enquiry has been made of all the Directors and the Directors have confirmed that they have complied with the Model Code and the Code of Conduct throughout the Reporting Period.
The Company has also established written guidelines (the “Employees Written Guidelines”) no less exacting than the Model Code for securities transactions by employees who are likely to be in possession of unpublished price-sensitive information of the Company. No incident of non-compliance of the Employees Written Guidelines by the employees was noted by the Company.
## REVIEW OF FINANCIAL STATEMENTS
### Audit Committee
As at June 30, 2026, the Audit Committee of the Company comprises three independent non-executive Directors, namely Ms. Christine Shaohua Lu-Wong, Dr. Wei Yu and Dr. Xin Zhang. The chairman of the Audit Committee is Ms. Christine Shaohua Lu-Wong. The Audit Committee has reviewed with management and external auditor the consolidated financial information of the Group for the Reporting Period, including accounting principles and practices adopted by the Group and discussed internal controls and financial reporting matters.
### Scope of work of Deloitte Touche Tohmatsu
The independent auditors of the Company, namely Deloitte Touche Tohmatsu, have carried out a review of the interim financial information in accordance with the Hong Kong Standard on Review Engagement 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Hong Kong Institute of Certified Public Accountants.
## PUBLICATION OF INTERIM RESULTS ANNOUNCEMENT AND INTERIM REPORT
This announcement is published on the website of the Hong Kong Stock Exchange (www.hkexnews.hk) and the Company’s website (www.wuxiapptec.com). The interim report of the Company for the Reporting Period will be despatched to the Shareholders and published on the aforesaid websites in due course.
The Board is pleased to announce that the unaudited condensed consolidated interim results of the Group for the six months ended June 30, 2026 with the comparative figures in the corresponding period in 2025 are as follows:
## CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the six months ended June 30, 2026
Six months ended June 30, Continuing Operations Discontinued Operations Total
2026 2025 2026 2025 2026 2025 Notes RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
### (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
(Restated) (Restated)
Revenue 5 28,897,479 19,525,506 — 1,273,776 28,897,479 20,799,282 Cost of sales (13,515,385) (10,649,706) — (1,037,343) (13,515,385) (11,687,049)
Gross profit 15,382,094 8,875,800 — 236,433 15,382,094 9,112,233 Other income 6 648,370 621,441 18,718 18,101 667,088 639,542 Other gains and losses 7 101,565 2,347,605 18,864 101,337 120,429 2,448,942 Impairment losses under expected credit
losses (“ECL”) model, net of reversal (99,570) (292,559) — 1,973 (99,570) (290,586) Impairment losses of non-financial assets (27,506) (69,394) — (4,114) (27,506) (73,508) Impairment losses of assets classified as
held for sale — — — (120,737) — (120,737) Selling and marketing expenses (390,793) (348,662) — (45,705) (390,793) (394,367) Administrative expenses (1,575,467) (1,103,153) — (144,578) (1,575,467) (1,247,731) R&D expenses (605,014) (480,831) — (33,596) (605,014) (514,427)
### Operating profit 13,433,679 9,550,247 37,582 9,114 13,471,261 9,559,361
Share of results of associates 147,607 240,201 — — 147,607 240,201 Share of results of joint ventures (177) 67 — — (177) 67 Finance costs 8 (101,132) (161,876) — (6,935) (101,132) (168,811)
### Profit before tax 13,479,977 9,628,639 37,582 2,179 13,517,559 9,630,818
Income tax expense 9 (2,396,111) (1,186,597) 4,886 (60,471) (2,391,225) (1,247,068)
### Profit(loss) for the period 10 11,083,866 8,442,042 42,468 (58,292) 11,126,334 8,383,750
RMB’000 RMB’000 (Unaudited) (Unaudited) (Restated)
Other comprehensive (expense)income for the period Items that may be reclassified subsequently to
profit or loss: Exchange differences on translation of financial
statements of foreign operations (672,756) (194,737) Fair value gain on hedging instrument designated in cash
flow hedges 169,873 156,851 Share of other comprehensive expense of an associate,
net of related income tax (11,415) —
Other comprehensive expense for the period, net of income tax (514,298) (37,886)
Total comprehensive income for the period 10,612,036 8,345,864
Profit(loss) for the period attributable to owners of the Company: From continuing operations 11,037,706 8,348,175 From discontinued operations 42,468 (60,856)
### 11,080,174 8,287,319
Profit for the period attributable to non-controlling interests: From continuing operations 46,160 93,867 From discontinued operations — 2,564
### 46,160 96,431
Total comprehensive income for the period attributable to: Owners of the Company 10,567,968 8,255,215 Non-controlling interests 44,068 90,649
### 10,612,036 8,345,864
RMB RMB Note (Unaudited) (Unaudited)
(Restated)
Earnings per share From continuing and discontinued operations
— Basic 12 3.80 2.92
— Diluted 12 3.76 2.89
From continuing operations
— Basic 12 3.78 2.94
— Diluted 12 3.75 2.91
Assets Non-current Assets
Property, plant and equipment 27,748,493 26,233,860 Right-of-use assets 1,548,723 1,629,357 Goodwill 862,656 864,389 Other intangible assets 379,375 414,281 Interests in associates 2,264,146 2,141,502 Interests in joint ventures 3,103 3,375 Deferred tax assets 619,507 531,297 Financial assets at fair value through profit or loss
(“FVTPL”) 13 8,413,344 8,131,208 Other non-current assets 190,412 481,371 Biological assets 1,085,587 1,013,273
Total Non-current Assets 43,115,346 41,443,913 Current Assets
Inventories 8,798,113 6,922,791 Contract costs 1,350,056 1,101,351 Biological assets 978,377 969,103 Amounts due from related parties 144,570 147,686 Trade and other receivables 14 12,674,893 9,622,588 Contract assets 14 554,487 469,518 Income tax recoverable 2,610 8,807 Financial assets at FVTPL 13 10,914,289 5,806,212 Derivative financial instruments 17 268,943 68,657 Other current assets 1,735,032 1,402,987 Pledged bank deposits 24,631 12,688 Term deposits with initial term of over three
months 8,747,620 5,662,791 Bank balances and cash 26,953,584 29,455,831
73,147,205 61,651,010 Assets classified as held for sale — 26,046 Total Current Assets 73,147,205 61,677,056 Total Assets 116,262,551 103,120,969
Liabilities Current Liabilities
Trade and other payables 15 9,384,812 7,833,267 Amounts due to related parties 15,689 20,364 Derivative financial instruments 17 14,165 Contract liabilities 3,754,424 2,709,160 Bank borrowings 6,182,361 5,986,738 Lease liabilities 154,474 159,018 Income tax payables 2,702,861 2,526,721 Convertible bonds 16 6,585,807 —
Total Current Liabilities 28,794,593 19,235,268 Non-current Liabilities
Bank borrowings 1,798,800 1,819,100 Deferred tax liabilities 468,350 415,459 Deferred income 925,830 948,171 Lease liabilities 390,983 455,257
Total Non-current Liabilities 3,583,963 3,637,987 Total Liabilities 32,378,556 22,873,255 Capital and Reserves
Share capital 18 2,983,757 2,983,757 Reserves 80,349,960 76,728,533
Equity attributable to owners of the Company 83,333,717 79,712,290 Non-controlling interests 550,278 535,424
Total Equity 83,883,995 80,247,714 Total Equity and Liabilities 116,262,551 103,120,969
## NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2026
## 1. GENERAL INFORMATION
WuXi AppTec Co., Ltd. (the “Company”) was incorporated in the PRC on March 1, 2017 as a joint stock limited liability company under the PRC laws upon the conversion of 無錫藥明康德新藥開發有限公司 WuXi AppTec Ltd. (formerly known as 無錫藥明康德組合化學有限公司 WuXi PharmaTechs Co., Ltd.), a company with limited liability incorporated in the PRC in December 2000. The Company completed its initial public offering and listing of 104,198,556 ordinary shares of the Company (“A Shares”) (stock code: 603259.SH) in May 2018. The Company completed its public offering and listing of 116,474,200 ordinary shares of the Company (“H Shares”) (stock code: 2359.HK) in December 2018.
The address of the registered office of the Company is Mashan No. 5 Bridge, Binhu District, Wuxi, Jiangsu Province, the PRC and the principal place of business of the Company is 288 Fute Zhong Road, Waigaoqiao Free Trade Zone, Shanghai, the PRC. The de facto controllers of the Company are Dr. Ge Li, Mr. Zhaohui Zhang and Mr. Xiaozhong Liu.
The principal activity of the Company and its subsidiaries (collectively referred to as “Group”) is to provide a portfolio of research and manufacturing services throughout the discovery, development and manufacturing spectrum for small molecule drugs, development of computer software and databases as well as consulting services for combinatorial chemistry and pharmaceuticals.
The functional currency of the Company is Renminbi (“RMB”), which is the same as the presentation currency of the condensed consolidated financial statements.
## 2. BASIS OF PREPARATION AND ACCOUNTING POLICIES
The condensed consolidated financial statements have been prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting” (“IAS 34”) as issued by the International Accounting Standards Board (“IASB”) as well as the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.
The condensed consolidated financial statements have been prepared on the historical cost basis except for certain financial instruments which are measured at fair value and biological assets which are measured at fair value less costs to sell.
Other than additional/change in accounting policies resulting from application of amendments to IFRS Accounting Standards, the accounting policies and methods of computation used in the condensed consolidated financial statements for the six months ended June 30, 2026 are the same as those presented in the Group’s annual consolidated financial statements for the year ended December 31, 2025.
## 3. APPLICATION OF AMENDMENTS TO IFRS ACCOUNTINGSTANDARDS
In the Reporting Period, the Group has applied the following amendments to IFRS Accounting Standards issued by the IASB for the first time, which are mandatorily effective for the Group’s annual period beginning on January 1, 2026 for the preparation of the Group’s condensed consolidated financial statements:
Amendments to IFRS 9 and IFRS 7 Amendments to the Classification and
Measurement of Financial Instruments Amendments to IFRS 9 and IFRS 7 Contracts Referencing Nature-dependent
Electricity Amendments to IFRS Accounting
Annual Improvements to IFRS Accounting Standards — Volume 11
Standards
The application of the amendments to IFRS Accounting Standards in the Reporting Period has had no material impact on the Group’s financial positions and performance for the current and prior periods and/or on the disclosures set out in these condensed consolidated financial statements.
## 4. SEGMENT INFORMATION
Based on the Group’s internal organisation structure, management requirements and internal reporting system, the Group’s operations are divided into different segments whose operating results are regularly evaluated by the Group’s management to determine the allocation of resources to them and evaluate their performance. In order to provide more focused and relevant accounting information in the financial report to reflect the Group’s current main businesses and growth drivers, the continuing operations are primarily divided into WuXi Chemistry, WuXi Testing, WuXi Biology and Others. These reportable segments are determined based on the nature of the business.
The Group’s revenue streams are categorized as follows:
WuXi Chemistry Providing services for chemistry drug development from discovery, through preclinical and clinical stages, to commercial manufacturing, offering an integrated, end-to-end solution, meeting any material requirement at any scale, covering all categories for all synthetic molecular modalities, including small molecules, oligonucleotides, peptides and related chemistry conjugates, as well as supporting the formulation business for various chemical drugs.
WuXi Testing End-to-end comprehensive testing platform of drug R&D and testing, integrating CMC, Pharmacology, DMPK, Toxicology and Bioanalysis services into a complete “package”, bringing research from Discovery to successful IND and Beyond.
WuXi Biology Providing a full spectrum of biology services and solutions that support various biological research and testing projects, from target discovery to candidate selection and optimization, and into the clinic, for different target classes and molecular types.
Others Comprising the non-core business, as well as income from administrative services, sales of raw materials and sales of scrap materials.
### Segment revenue and results
The following is an analysis of the Group’s revenue and results by reportable segments.
Six months ended June 30, 2026 (Unaudited) Continuing Operations
Discontinued Operations
WuXi Chemistry
WuXi Testing
WuXi Biology Others Subtotal
(Note i) Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
Segment revenue 24,985,953 2,480,598 1,391,880 39,048 28,897,479 — 28,897,479 Segment results 13,941,229 935,634 483,229 22,002 15,382,094 — 15,382,094
Unallocated amount:
Other income 648,370 18,718 667,088 Other gains and losses 101,565 18,864 120,429 Impairment losses under ECL
model, net of reversal (99,570) — (99,570) Impairment losses of non-
financial assets (27,506) — (27,506) Selling and marketing
expenses (390,793) — (390,793) Administrative expenses (1,575,467) — (1,575,467) R&D expenses (605,014) — (605,014) Share of results of associates 147,607 — 147,607 Share of results of joint
ventures (177) — (177) Finance costs (101,132) — (101,132)
Profit before tax 13,479,977 37,582 13,517,559
Six months ended June 30, 2025 (Unaudited) (Restated) Continuing Operations
Discontinued Operations
WuXi Chemistry
WuXi Testing
WuXi Biology Others Subtotal
(Note i) Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
Segment revenue 16,301,370 1,885,901 1,251,605 86,630 19,525,506 1,273,776 20,799,282 Segment results 7,875,663 498,887 435,961 65,289 8,875,800 236,433 9,112,233
### Unallocated amount:
Other income 621,441 18,101 639,542 Other gains and losses 2,347,605 101,337 2,448,942 Impairment losses under ECL
model, net of reversal (292,559) 1,973 (290,586) Impairment losses of non-
financial assets (69,394) (4,114) (73,508) Impairment losses of assets
classified as held for sale — (120,737) (120,737) Selling and marketing
expenses (348,662) (45,705) (394,367) Administrative expenses (1,103,153) (144,578) (1,247,731) R&D expenses (480,831) (33,596) (514,427) Share of results of associates 240,201 — 240,201 Share of results of joint
ventures 67 — 67 Finance costs (161,876) (6,935) (168,811)
Profit before tax 9,628,639 2,179 9,630,818
Note i: According to IFRS Accounting Standards, the Group has classified the relevant businesses that have signed equity sale agreements, completed sales, or those being discontinued during the Reporting Period or comparative periods, as discontinued operations. Comparative disclosures have been adjusted accordingly.
The chief operating decision maker (“CODM”) makes decisions according to operating results of each segment. No analysis of segment asset and liability is presented as the CODM does not regularly review such information for the purposes of resources allocation and performance assessment. Therefore, only segment revenue and segment results are presented.
Entity-wide disclosure
Geographical information
An analysis of the Group’s revenue from external customers, analyzed by their respective country/region of domicile, is detailed below:
Six months ended June 30,
2026 2025 RMB’000 RMB’000
(Unaudited) (Unaudited) (Restated)
Continuing Operations
- — USA 22,276,009 13,791,659
- — PRC 3,234,977 2,471,138
— Europe 2,614,682 2,377,759 — Rest of the world 771,811 884,950
28,897,479 19,525,506
Discontinued Operations — 1,273,776
Total Revenue 28,897,479 20,799,282
— USA 22,276,009 14,239,372
- — PRC 3,234,977 3,174,956
— Europe 2,614,682 2,458,523 — Rest of the world 771,811 926,431
Note: Geographical affiliations of customers may change in case of merger and acquisition, spin-offs and etc. Thus revenue split by region has been adjusted accordingly (similar to the comparative disclosures).
Information about the Group’s non-current assets by geographical location of the assets is presented below:
As at June 30,
As at December 31,
2026
2025 RMB’000 RMB’000
(Unaudited) (Audited)
— PRC 24,651,709 25,015,741 — Rest of the world 9,395,870 7,729,759
### 34,047,579 32,745,500
Non-current assets excluding deferred tax assets, deposits and financial assets at FVTPL.
## 5. REVENUE
The Group derives its revenue from the transfer of goods and services over time and at a point in time in the following major service lines. This is consistent with the revenue information that is disclosed for each reportable segment under IFRS 8 in Note 4.
An analysis of the Group’s revenue is as follows:
Six months ended June 30,
2026 2025 RMB’000 RMB’000
(Unaudited) (Unaudited) (Restated)
### Continuing Operations
— WuXi Chemistry 24,985,953 16,301,370 — WuXi Testing 2,480,598 1,885,901 — WuXi Biology 1,391,880 1,251,605 — Others 39,048 86,630
### 28,897,479 19,525,506
Discontinued Operations — 1,273,776
### 28,897,479 20,799,282
Timing of revenue recognition
Six months ended June 30,
2026 2025 RMB’000 RMB’000
(Unaudited) (Unaudited) (Restated)
Continuing Operations Over time
— WuXi Chemistry 2,809,546 2,578,758 — WuXi Testing 2,480,598 1,885,901 — WuXi Biology 1,391,880 1,251,605 — Others 28,088 83,488
### 6,710,112 5,799,752
At a point in time
— WuXi Chemistry 22,176,407 13,722,612 — Others 10,960 3,142
22,187,367 13,725,754
Discontinued Operations — 1,273,776
28,897,479 20,799,282
One single customer of WuXi Chemistry and other segments contributed more than 10 percent of the Group’s revenue in the first half of 2026. (One single customer of WuXi Chemistry and other segments contributed more than 10 percent of the Group’s revenue in the first half of 2025.)
The aggregate amount of the transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) in the continuing operations are RMB66,435 million as at June 30, 2026.
## 6. OTHER INCOME
Six months ended June 30,
2026 2025 RMB’000 RMB’000
(Unaudited) (Unaudited) (Restated)
Continuing Operations Interest income 508,708 443,403 R&D grants and others from various countries
related to
— assets (i) 68,717 63,348 — income (ii) 69,914 102,159 Dividend income arising from financial assets at
FVTPL 1,031 12,531
648,370 621,441
Discontinued Operations 18,718 18,101
667,088 639,542
Notes:
- (i) The Group has received certain R&D grants and others from various countries to invest in laboratory equipment. The grants and subsidies were recognised in profit or loss over the useful lives of the relevant assets.
- (ii) The R&D grants and others from various countries related to income have been received to compensate for the Group’s R&D expenditures. Some of the grants related to income have future related costs expected to be incurred and require the Group to comply with conditions attached to the grants. These grants related to income are recognised in profit or loss when related costs are subsequently incurred and the Group receives acknowledge of compliance. Other grants related to income that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Group with no future related costs are recognised in profit or loss in the period in which they become receivable.
## 7. OTHER GAINS AND LOSSES
Six months ended June 30,
2026 2025 RMB’000 RMB’000
(Unaudited) (Unaudited) (Restated)
Continuing Operations Net foreign exchange loss (629,385) (471,337) Gain on financial assets at FVTPL (realized) 69,977 142,005 Gain(loss) on financial assets at FVTPL (unrealized) 424,393 (351,904) Gain on biological assets (unrealized) 264,845 154,378 Gain on disposal of an associate — 2,933,266 Loss on disposal of plant and equipment and
biological assets (16,335) (40,224) Gain(loss) on derivative financial instruments
(realized) 353 (36,444) (Loss)gain on derivative financial instruments
(unrealized) (14,933) 15,343 Others 2,650 2,522
101,565 2,347,605
### Discontinued Operations 18,864 101,337
120,429 2,448,942
## 8. FINANCE COSTS
Six months ended June 30,
2026 2025 RMB’000 RMB’000
(Unaudited) (Unaudited) (Restated)
### Continuing Operations
Interest expense on borrowings 65,788 55,431 Interest expense on lease liabilities 11,443 16,815 Effective interest expense on convertible bonds 23,901 102,842
Total borrowing cost 101,132 175,088 Less: amounts capitalised in the cost of
qualifying assets — (13,212)
101,132 161,876
Discontinued Operations — 6,935
101,132 168,811
## 9. INCOME TAX EXPENSE
Six months ended June 30,
2026 2025 RMB’000 RMB’000
(Unaudited) (Unaudited) (Restated)
Continuing Operations Current tax:
— PRC 2,262,016 1,077,885 — Hong Kong 235,761 177,374 — USA 2,093 51,416 — Rest of world 2,361 (658)
### 2,502,231 1,306,017
(Over)under provision in respect of prior years:
— PRC (39,179) 16,236 — USA 6,487 — Rest of world 3 —
### (32,689) 16,236
Deferred tax:
— Current period (73,431) (135,656)
2,396,111 1,186,597
Discontinued Operations (4,886) 60,471
2,391,225 1,247,068
- 10. PROFIT FOR THE PERIOD Profit for the period from continuing operations has been arrived at after charging:
Six months ended June 30,
2026 2025 RMB’000 RMB’000
(Unaudited) (Unaudited) (Restated)
Depreciation of property, plant and equipment 1,791,150 1,551,114 Depreciation of right-of-use assets 79,711 92,793 Amortization of other intangible assets and other non-
current assets 50,301 58,408 Staff costs (Note i)
— Salaries and other benefits 4,963,545 4,204,547 — Retirement benefit scheme contributions 563,562 506,505 — Equity-settled share-based payments 341,582 211,852
### 7,789,851 6,625,219
Capitalised in inventories and contract costs (3,490,851) (2,293,402) Capitalised in construction in progress (3,492) (18,081)
### 4,295,508 4,313,736
Impairment losses recognised on inventories included
in cost of sales 35,258 25,157 Expense relating to short-term leases 758 2,887 Expense relating to leases of low-value assets that are
not shown above as short-term leases 3,298 3,055 Auditor’s remuneration (Note ii) 3,355 3,292
- Note i: Staff costs (including directors’ emoluments), comprise salaries, bonus and the benefits borne by the Company.
- Note ii: Auditor’s remuneration includes fees for audit and interim review services.
## 11. DIVIDENDS
On April 28, 2026, the 2025 Profit Distribution Plan of the Company was approved at the 2025 AGM. Pursuant to the 2025 Profit Distribution Plan, a final dividend of RMB15.7927 per 10 shares for the 2025 Profit Distribution Plan (inclusive of tax) (2024 Profit Distribution Plan and 2025 Special Dividend Distribution: RMB9.8169 and RMB3.5000 per 10 shares (inclusive of tax), respectively) based on the record date for determining the Shareholders’ entitlement to 2025 Profit Distribution Plan was declared to both holders of A Shares and H Shares. The aggregated dividends amounted to RMB4,712,158,162.18 (six months ended June 30, 2025: RMB3,842,107,646.75), which was paid by the Company during the Reporting Period.
The authorization to the Board to formulate and implement the Company’s 2026 mid-year dividend distribution plan has been approved by the Shareholders at the 2025 AGM. Subsequent to the end of the Reporting Period, the Board declared the 2026 mid-year dividend distribution plan within the scope of the authorization as follows: a cash dividend of RMB5.1000 (inclusive of tax) for every 10 shares. The Company’s designated A-share repurchase securities account currently holds 9,701,231 shares, and H-share treasury shares amounts to 20,148,900 shares. The foregoing total of 29,850,131 shares will not participate in the dividend distribution. This represents a dividend distribution in an aggregate amount of RMB1,506,492,582.24 (inclusive of tax) based on 2,953,907,024 shares, which represent the Company’s total issued share capital of 2,983,757,155 shares as of the date of this announcement, after deduction of the shares held in the designated A-share repurchase securities account and H-share treasury shares. In the event of any change in the total issued share capital of the Company entitled to the profit distribution (i.e. after deduction of the shares held in the designated A-share repurchase securities account and H-share treasury shares) prior to the record date for implementation of the profit distribution, dividends will be distributed based on the unchanged dividend amount per share and the aggregate distribution amount will be adjusted accordingly.
## 12. EARNINGS PER SHAREContinuing Operations
The calculation of the basic and diluted earnings per share from continuing operations attributable to owners of the Company is based on the following data:
Six months ended June 30,
2026 2025 RMB’000 RMB’000
(Unaudited) (Unaudited) (Restated)
Earnings: Profit attributable to owners of the Company 11,080,174 8,287,319 Less: Profit (loss) for the period from discontinued
operations 42,468 (60,856)
Earnings for the purpose of calculating basic earnings per share from continuing operations 11,037,706 8,348,175
Effect of dilutive potential ordinary shares: Incentive schemes issued by an associate (13,118) (13,214) Interest on convertible bonds 22,015 102,513
Earnings for the purpose of calculating diluted earnings per share from continuing operations 11,046,603 8,437,474
Six months ended June 30,
2026 2025 (Unaudited) (Unaudited)
Number of Shares (’000): Weighted average number of ordinary shares for the
purpose of calculating basic earnings per share 2,916,386 2,840,111
### Effect of dilutive potential ordinary shares:
Incentive schemes issued by the Company 21,050 7,738 Convertible bonds 11,586 49,601
Weighted average number of ordinary shares for the purpose of calculating diluted earnings per share 2,949,022 2,897,450
### Continuing and Discontinued Operations
The calculation of the basic and diluted earnings per share from continuing and discontinued operations attributable to owners of the Company is based on the following data:
Six months ended June 30,
2026 2025 RMB’000 RMB’000
(Unaudited) (Unaudited)
Earnings for the purpose of basic earnings per share 11,080,174 8,287,319
Effect of dilutive potential ordinary shares: Incentive schemes issued by an associate (13,118) (13,214) Interest on convertible bonds 22,015 102,513
Earnings for the purpose of calculating diluted earnings per share 11,089,071 8,376,618
The denominators used are the same as those detailed above for both basic and diluted earnings per share.
The earnings for the purpose of calculating diluted earnings per share for the six months ended June 30, 2026 and six months ended June 30, 2025 have been adjusted on the effect of incentive schemes issued by an associate and the interest on convertible bonds.
The computation of diluted earnings per share for the six months ended June 30, 2026 and six months ended June 30, 2025 is based on weighted average number of shares assumed to be in issue after taking into account the effect of incentive schemes issued by the Company and convertible bonds.
## 13. FINANCIAL ASSETS AT FVTPL
As at June 30,
As at December 31,
2026
2025 RMB’000 RMB’000
(Unaudited) (Audited)
Current Asset Financial products 10,914,289 5,806,212
10,914,289 5,806,212
Non-current Assets
Listed equity securities 2,061,093 1,086,872 Unlisted equity investments 4,303,004 5,036,692 Unlisted fund investments 1,870,366 1,838,694 Others 178,881 168,950
### 8,413,344 8,131,208
## 14. TRADE AND OTHER RECEIVABLES/CONTRACT ASSETSTrade and Other Receivables
As at June 30,
As at December 31,
2026
2025 RMB’000 RMB’000
(Unaudited) (Audited)
Trade receivables
— third parties 10,950,503 7,671,783 Less: Allowance for credit losses (619,462) (551,843)
### 10,331,041 7,119,940
Note receivable 9,454 18,672 Total trade and note receivables 10,340,495 7,138,612
Other receivables 110,184 665,070 Prepayments 341,284 246,628 Interest receivables on deposits 129,562 28,476 Prepaid expenses 37,351 21,566 Value added tax recoverable 1,682,965 1,496,189 Deposits 33,052 26,047
### 2,334,398 2,483,976
Total trade and other receivables 12,674,893 9,622,588
The Group allows a credit period ranging from 30 to 90 days to its customers. The following is an aging analysis of trade receivables (net of allowance for credit losses) and note receivable presented based on the invoice dates and their credit period, at the end of each Reporting Period:
As at June 30,
As at December 31,
2026
2025 RMB’000 RMB’000
(Unaudited) (Audited)
Within 180 days 10,054,938 6,757,921 181 days to 1 year 110,949 164,252 1 year to 2 years 109,025 154,238 More than 2 years 65,583 62,201
### 10,340,495 7,138,612
In determining the recoverability of the trade receivables, the Group considers any change in the credit quality of the trade receivables from the date on which the credit was initially granted up to the reporting date.
Contract Assets
As at June 30,
As at December 31,
2026
2025 RMB’000 RMB’000
(Unaudited) (Audited)
Contract assets 585,476 495,188 Less: Allowance for credit losses (30,989) (25,670)
### 554,487 469,518
The contract assets represent primarily amounts that the Group is entitled to receive from customers before the customer pays following the satisfaction of its performance obligations. During the period in which the services are performed, the Group first recognises the work performed as a contract asset representing the consideration that the Group is entitled to receive for the services transferred to date, and the Group reclassifies the recognised contract asset to account receivable when it obtains the unconditional right to collect from the customer.
## 15. TRADE AND OTHER PAYABLES
As at June 30,
As at December 31,
2026
2025 RMB’000 RMB’000
(Unaudited) (Audited)
Trade payables 3,379,776 2,429,950 Note payable 16,478 —
Total trade and note payables 3,396,254 2,429,950
Salary and bonus payables 1,788,003 2,326,309 Payables for acquisition of plant and equipment 2,364,845 1,659,590 Accrued expenses 975,734 709,030 Dividend payable to non-controlling interests 54,606 23,607 Other taxes payable 425,171 236,092 Interest payable on bank borrowings 908 1,017 Others 379,291 447,672
### 9,384,812 7,833,267
Payment terms with suppliers are mainly on credit within 90 days from the time when the goods are received from the suppliers. The following is an age analysis of trade payables and note payable presented based on invoice dates and their credit period at the end of each Reporting Period:
As at June 30,
As at December 31,
2026
2025 RMB’000 RMB’000
(Unaudited) (Audited)
Within one year 3,355,040 2,381,248
- 1 year to 2 years 17,813 13,874
- 2 years to 3 years 9,900 11,243 More than 3 years 13,501 23,585
### 3,396,254 2,429,950
## 16. CONVERTIBLE BONDS
On May 21, 2026, the Company issued an aggregate principal amount of RMB6,780 million USD settled zero coupon convertible bonds due 2027 (the “Convertible Bonds”). The initial conversion price of the Convertible Bonds is HK$153.00 per H Share. The Company has obtained the Hong Kong Stock Exchange’s approval for the listing and trading of the shares to be issued upon conversion of the Convertible Bonds, and has also received approval from the Vienna MTF operated by the Vienna Stock Exchange for the listing of the Convertible Bonds.
The debt and conversion option components of the Convertible Bonds on the issue date are set out below:
Conversion option
Debt component
component Total RMB’000 RMB’000 RMB’000
(Unaudited) (Unaudited) (Unaudited)
Gross proceeds from issuance of convertible bonds 6,630,742 386,558 7,017,300 Transaction costs (68,835) (4,013) (72,848)
Net proceeds 6,561,907 382,545 6,944,452
During the Reporting Period, the interest expense of the debt component is RMB23,901,000.
At the end of the Reporting Period, the balances of the debt and conversion option components of the Convertible Bonds are set out below:
Conversion option
Debt component
component Total RMB’000 RMB’000 RMB’000
At June 30, 2026 (Unaudited) 6,585,807 382,545 6,968,352
## 17. DERIVATIVE FINANCIAL INSTRUMENTS
As at June 30,
As at December 31,
2026
2025 RMB’000 RMB’000
(Unaudited) (Audited)
Current assets Derivatives under hedge accounting Cash flow hedges
— Foreign currency forward contracts 268,943 68,657
Current liabilities Other derivatives (not under hedge accounting) Foreign currency forward contracts 14,165 —
Derivatives under hedge accounting
It is the policy of the Group to enter into forward foreign exchange contracts to manage its foreign exchange rate risk arising from anticipated future foreign currency transactions within the expected period, in particular, the exchange rate between USD and RMB, which are designated into cash flow hedges.
Average strike rate as
at June 30, 2026
Notional value
Fair value assets as at
as at June 30,
June 30,
2026
2026 USD’000 RMB’000
### Sell USD
Less than 3 months 6.8702 1,617,100 149,975 3 to 6 months 6.8499 1,027,800 118,968
Six months ended June 30, 2026
Fair value change of derivative
financial instruments
Reclassification from other comprehensive income into profit or loss
recognised in other comprehensive income
RMB’000 RMB’000
Profit or loss item
Cash flow hedges Anticipated future sales 425,022 (220,639) Revenue
It is anticipated that the sales will take place within the expected period at which time the amount recognised in other comprehensive income will be reclassified to profit or loss.
At the inception of above hedging relationships, the Group formally designates and documents the hedge relationship, risk management objective and strategy for undertaking the hedge. The cash flow hedge mentioned above were assessed to be highly effective.
## 18. SHARE CAPITALRMB’000
Ordinary shares of RMB1.00 each
- At January 1, 2025 (Audited) 2,887,993 Repurchase and cancellation of ordinary A shares (15,776)
- At June 30, 2025 (Unaudited) 2,872,217 Issue of H Shares placing 73,800 Conversion of convertible bonds 49,601 Repurchase and cancellation of ordinary A shares (11,861)
At December 31, 2025 (Audited) 2,983,757 Ordinary shares of RMB1.00 each At January 1, 2026 (Audited) 2,983,757
- At June 30, 2026 (Unaudited) 2,983,757
During the six months ended June 30, 2026, the Company repurchased 9,701,231 (six months ended June 30, 2025:16,675,284) of its own ordinary A shares through bidding, with an aggregate consideration of RMB1,000,303,000 (six months ended June 30, 2025:RMB1,060,026,000) paid.
The ordinary A shares repurchased during the Reporting Period will be used for the employee stock ownership plan and remained as treasury shares at the end of the Reporting Period (15,775,377 shares were cancelled upon repurchase for the six months ended June 30, 2025).
During the six months ended June 30, 2026, the Company repurchased 20,148,900 of its own ordinary H shares through on-market transactions pursuant to the repurchase mandate and in accordance with the 2026 H Share Award and Trust Scheme (six months ended June 30, 2025: the scheme trustee under the 2025 H Share Award and Trust Scheme acquired 34,092,975 H shares through on-market transactions in accordance with the Company’s instructions), with an aggregate consideration of RMB2,160,450,000 (six months ended June 30, 2025: RMB2,289,239,000) paid.
## 19. SUBSEQUENT EVENTSDeclaration of 2026 Mid-Year Dividend Distribution Plan
Subsequent to the end of the Reporting Period, the Board of the Company declared the 2026 mid-year dividend distribution plan (as detailed in Note 11).
## 20. SUPPLEMENTARY INFORMATION
The following table sets forth the relevant financial indicators prepared in accordance with the China Accounting Standards for Business Enterprises. For details, please refer to the 2026 Semi-Annual Report of WuXi AppTec Co., Ltd. on the Shanghai Stock Exchange website, dated August 4, 2026.
Six months ended June 30, 2026 2025 RMB million RMB million
Net profit attributable to the owners of the Company 11,080.2 8,560.9 Net profit attributable to the owners of the Company
after deducting non-recurring gain or loss items 10,572.2 5,582.1
## DEFINITIONS
In this announcement, unless the context otherwise requires, the following expressions shall have the following meanings:
“2025 Award Shares” the H Shares granted to a 2025 Selected Participant in an award of the 2025 Scheme
“2025 H Share Award and Trust Scheme” or “2025 Scheme”
the 2025 H Share award and trust scheme adopted by the Company in accordance with the 2025 Scheme Rules
“2025 Profit Distribution” the proposed distribution of cash dividend of RMB15.7927 for every 10 Shares (inclusive of tax) under the 2025 Profit Distribution Plan
“2025 Profit Distribution Plan”
the profit distribution plan of the Company for the year ended December 31, 2025
“2025 Scheme Rules” the rules of the 2025 Scheme (as amended from time to time)
- “2025 Selected Participant” any eligible employee who is approved for participation in the 2025 Scheme and has been granted any award in accordance with the 2025 Scheme Rules
- “2026 H Share Award and Trust Scheme” or “2026 Scheme”
the 2026 H Share award and trust scheme adopted by the Company in accordance with the 2026 Scheme Rules
“2026 Scheme Rules” the rules of the 2026 Scheme (as amended from time to time)
“A Share(s)” domestic shares of our Company, with a nominal value of RMB1.00 each, which are listed for trading on the Shanghai Stock Exchange and traded in RMB
“API” active pharmaceutical ingredient
“Articles of Association” the articles of association of the Company as amended from time to time
“Audit Committee” the audit committee of the Board
“Board” our board of Directors
“Bonds” or “Convertible Bonds”
aggregate principal amount of RMB6,780 million USD settled zero coupon convertible bonds due 2027 issued by the Company, convertible at the option of the holder thereof into fully paid ordinary H Shares of the Company of par value of RMB1.00 each at the initial conversion price of HK$153.00 per H Share
“CDMO” Contract Development and Manufacturing Organization
“CG Code” the “Corporate Governance Code” as contained in Appendix C1 to the Listing Rules
“China” or “PRC” the People’s Republic of China, which for the purpose of this interim results announcement and for geographical reference only, excludes Hong Kong, Macau and Taiwan
“CMC” Chemistry, Manufacturing and Controls
“Company”, “our Company”, “WuXi AppTec”, “We”, “our”, or “us”
WuXi AppTec Co., Ltd.* (無錫藥明康德新藥開發股份有限 公司), a joint stock limited company incorporated under the laws of the PRC, the predecessor of which, WuXi AppTec Ltd. (無錫藥明康德新藥開發有限公司) (formerly known as WuXi PharmaTech Co., Ltd (無錫藥明康德組合化學有 限公司)) was established under the laws of the PRC as an enterprise legal person in December 2000, the A Shares of which are listed on the Shanghai Stock Exchange (stock code: 603259) and the H shares of which are listed on the Hong Kong Stock Exchange (stock code: 2359) and if the context requires, includes its predecessor
“CRDMO” Contract Research Development and Manufacturing Organization
“CRO” Contract Research Organization
“Director(s)” the director(s) of the Company or any one of them
“DMPK” Drug Metabolism and Pharmacokinetics
“EBITDA” Earnings before Interest, Tax, Depreciation and Amortization
“FVTPL” fair value through profit or loss
“Group” or “our Group” the Company and its subsidiaries
“H Share(s)” overseas listed foreign shares in the share capital of our Company with nominal value of RMB1.00 each, which are listed on the Stock Exchange
“HK$” or “HKD” Hong Kong dollars and cents, both are the lawful currency of Hong Kong
“Hong Kong” the Hong Kong Special Administrative Region of the PRC
“IFRS” International Financial Reporting Standards
“IND” investigational new drug
“Listing Rules” the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (as amended from time to time)
“Model Code” the “Model Code for Securities Transactions by Directors of Listed Issuers” as set out in Appendix C3 to the Listing Rules
“NMPA” the National Medical Products Administration of the PRC
“PROTAC” proteolysis targeting chimera
“R&D” research and development
“Reporting Period” the six months ended June 30, 2026
“RMB” Renminbi, the lawful currency of the PRC
“Share(s)” ordinary shares in the capital of our Company with a nominal value of RMB1.00 each, comprising A Shares and H Shares
“Shareholder(s)” holder(s) of Shares
“Stock Exchange” or “Hong Kong Stock Exchange”
The Stock Exchange of Hong Kong Limited
“US” the United States of America, its territories, its possession and all areas subject to its jurisdiction
“USD” or “US$” United States dollars, the lawful currency of the United States
“Vienna MTF” Vienna Multilateral Trading Facility
“WuXi Biology” biology business of the Company
“WuXi Chemistry” chemistry business of the Company
“WuXi Testing” testing business of the Company
“YoY” year-over-year
“%” percentage
By order of the Board WuXi AppTec Co., Ltd.* Dr. Ge Li Chairman
Hong Kong, August 3, 2026
As of the date of this announcement, the Board comprises Dr. Ge Li, Dr. Minzhang Chen, Dr. Steve Qing Yang and Mr. Zhaohui Zhang as executive Directors, Mr. Xiaomeng Tong and Dr. Yibing Wu as non-executive Directors and Ms. Christine Shaohua Lu-Wong, Dr. Wei Yu, Dr. Xin Zhang, Ms. Zhiling Zhan and Mr. Xuesong Leng as independent non-executive Directors.
* For identification purposes only
# WUXI APPTEC CO., LTD.*
# 無錫藥明康德新藥開發股份有限公司
(A joint stock company incorporated in the People’s Republic of China with limited liability)
(Stock Code: 2359)
ANNOUNCEMENT OF THE UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED JUNE 30, 2026
|FINANCIAL HIGHLIGHTS<br><br>Six months ended June 30,<br><br>2026 2025 Change RMB million<br><br>(except for percentages)<br><br>RMB million<br><br>(except for percentages)<br><br>Revenue 28,897.5 20,799.3 38.9% Gross Profit 15,382.1 9,112.2 68.8% Gross Profit Margin 53.2% 43.8%<br><br>Net Profit Attributable to the Owners of<br><br>the Company 11,080.2 8,287.3 33.7% Margin of Net Profit Attributable to the<br><br>Owners of the Company 38.3% 39.8%<br><br>Adjusted Non-IFRS Net Profit Attributable to the Owners of the Company 11,570.5 6,314.8 83.2%<br><br>Margin of Adjusted Non-IFRS Net Profit Attributable to the Owners of the Company 40.0% 30.4%<br><br>RMB RMB Earnings per Share<br><br>— Basic 3.80 2.92 30.1% — Diluted 3.76 2.89 30.1%<br><br>Adjusted Non-IFRS Earnings per Share<br><br>— Basic 3.97 2.22 78.8% — Diluted 3.92 2.20 78.2%|
|---|
|2026 MID-YEAR DIVIDEND DISTRIBUTION PLAN<br><br>The Board has declared a mid-year dividend for the Reporting Period as follows: a cash dividend of RMB5.1000 (inclusive of tax) for every 10 shares. The Company’s designated A-share repurchase securities account currently holds 9,701,231 shares, and H-share treasury shares amounts to 20,148,900 shares. The foregoing total of 29,850,131 shares will not participate in the dividend distribution. This represents a dividend distribution in an aggregate amount of RMB1,506,492,582.24 (inclusive of tax) based on 2,953,907,024 shares, which represent the Company’s total issued share capital of 2,983,757,155 shares as of the date of this announcement, after deduction of the shares held in the designated A-share repurchase securities account and H-share treasury shares. In the event of any change in the total issued share capital of the Company entitled to the profit distribution (i.e. after deduction of the shares held in the designated A-share repurchase securities account and H-share treasury shares) prior to the record date for implementation of the profit distribution, dividends will be distributed based on the unchanged dividend amount per share and the aggregate distribution amount will be adjusted accordingly.|
|---|
The Board of Directors is pleased to announce the unaudited interim results of the Company and its subsidiaries for the Reporting Period.
In this announcement, “we”, “us”, “our” and “WuXi AppTec” refer to the Company and where the context otherwise requires, the Group (as defined below).
## MANAGEMENT DISCUSSION AND ANALYSIS
## 1. THE MANAGEMENT’S DISCUSSION AND ANALYSIS ON OPERATIONS OF THE GROUP FOR THE REPORTING PERIOD
### A. Analysis on Principal Operations
As a global company with operations across Asia, Europe, and North America, we provide a broad portfolio of R&D and manufacturing services that enable the global pharmaceutical and life sciences industry to advance discoveries and deliver groundbreaking treatments to patients. Through its unique business models, our integrated, end-to-end services include chemistry drug CRDMO, biology discovery, preclinical testing and clinical research services, helping customers improve the productivity of advancing healthcare products in a cost-effective and efficient way.
We have always adhered to the highest international quality standard. Since our inception, we have won an esteemed reputation in the global drug R&D market, attributed to its exceptional service record and a robust intellectual property protection system. The quality of service established by the Company enjoys significant recognition and credibility within the industry. Through continuous optimization and the exploration of business synergies across various sectors, we enhance our ability to serve customers worldwide and strengthen our unique integrated CRDMO business model, offering a true one-stop service that fulfills clients’ needs from drug discovery, development and manufacturing.
Operating within the pharmaceutical R&D services industry, we primarily provide a broad portfolio of R&D and manufacturing services for the global pharmaceutical and life sciences industry. Our principal activities include chemistry drug CRDMO, biology discovery, preclinical testing and clinical research services. Aligned with the pharmaceutical R&D value chain, our integrated end-to-end R&D service platform delivers services at the early stages of drug discovery, in the process of continuous advancement of customer projects, the Company continues to expand our services from “follow the project” to “follow the molecule” to achieve sustained growth.
Our growth is closely tied to the development of the global pharmaceutical industry and investments in new drug R&D. The thriving global pharmaceutical market presents tremendous growth opportunities for our principal activities. With worldwide economic development, global population growth, aging demographics, technological advancements, rising healthcare expenditures and increasing public demand for healthier lifestyles, the global pharmaceutical market is expected to continue its expansion, along with the demand for pharmaceutical R&D services.
### Revenue
During the Reporting Period, we achieved synergy across various regions by leveraging our advantages in global presence and full industrial chain coverage, and seized new business opportunities to serve our customers continuously.
Detailed breakdown of our revenue by reportable segments is as follows:
Six months ended June 30, 2026 2025 Revenue
Operating Segments Revenue Revenue Change RMB million RMB million (%)
WuXi Chemistry 24,986.0 16,301.4 53.3 WuXi Testing 2,480.6 1,885.9 31.5 WuXi Biology 1,391.9 1,251.6 11.2 Others 39.0 86.6 -54.9
Continuing Operations 28,897.5 19,525.5 48.0 Discontinued Operations — 1,273.8 -100.0
Total 28,897.5 20,799.3 38.9
- Note 1: According to IFRS Accounting Standards, the Group has classified the relevant businesses that have signed equity sale agreements, completed sales, or those being discontinued during the Reporting Period or comparative periods, as discontinued operations. Comparative disclosures have been adjusted accordingly.
- Note 2: The sum of the data may be inconsistent with the total due to rounding.
During the Reporting Period, the Company achieved total revenue of RMB28.90 billion, representing a YoY increase of 38.9%. Revenue from continuing operations was up 48.0% YoY. Backlog for continuing operations reached RMB66.43 billion as of June 30, 2026, up 25.2% YoY.
- (1) WuXi Chemistry
Revenue of WuXi Chemistry reached RMB24.99 billion, up 53.3% YoY, mainly driven by steady pipeline progression to late stages, and the sequential ramp-up of new capacity throughout last year. During the Reporting Period:
— We are accelerating proactive capacity planning, and initiated the new Changzhou site ahead of schedule to better meet growing customer demand.
— Small molecule drug discovery service (“R”) continues to generate downstream opportunities. In the past 12 months, we successfully synthesized and delivered more than 440,000 new compounds. Meanwhile, 155 molecules were converted from R to D phase during the first half of 2026.
— Small molecule development and manufacturing (“D” & “M”, Development and Manufacturing) service maintains strong momentum.
- i. The small molecule CDMO pipeline continued to expand. Driven by ‘follow the molecule’ and ‘win the molecule’, small molecule CRDMO pipeline efficiently converts and captures high-quality molecules, delivering sustained growth. 699 new molecules were added in the first half of 2026. As of June 30, 2026, our pipeline reached 3,731 molecules, including 95 commercial projects, 94 in phase III, 394 in phase II and 3,148 in phase I and pre-clinical stages. Notably, commercial and phase III projects increased by 15 during the first half of 2026.
- ii. As our business model continuously attracts high-quality molecules, and the pipeline steadily advances to late stages, aligned with proactive capacity planning and strong execution, revenue of small molecule D&M rose 72.7% YoY to RMB14.99 billion during the first half of 2026.
— TIDES business (oligo and peptides) sustains rapid growth.
- i. TIDES revenue up 44.3% YoY to RMB7.26 billion during the first half of 2026, with full-year revenue expected to grow about 45% YoY.
- ii. During the first half of 2026, TIDES D&M customers grew 39% YoY, and molecules grew 68% YoY.
- (2) WuXi Testing
Revenue of WuXi Testing increased 31.5% YoY to RMB2.48 billion. During the Reporting Period:
— Notably, revenue from drug safety evaluation services grew 42.8% YoY, maintaining its industry-leading position in the Asia-Pacific region.
— The Company is enabling customers’ global partnerships to accelerate innovation. New modality business continued its strong momentum, contributing more than 35% of WuXi Testing revenue during the first half of 2026, while maintaining its leading position in areas including nucleic acids, conjugates, multispecific antibodies and peptides.
— DMPK continued to drive excellence across R&D and service capabilities, with a 24/7 automated and intelligent closed-loop bioanalytical workflow, further solidifying its industry leading position in bioanalysis.
— During the first half of 2026, Suzhou facility successfully completed its first South Korea Ministry of Food and Drug Safety (MFDS) project inspection, alongside a project inspection by Japan Pharmaceuticals and Medical Devices Agency (PMDA) (the third consecutive time since its first inspection by the agency in 2024).
- (3) WuXi Biology
Revenue of WuXi Biology reached RMB1.39 billion, up 11.2% YoY. We efficiently enable our global customers through integrated in vitro & in vivo drug discovery capabilities, cross-regional collaboration and end-to-end solutions in emerging areas. During the Reporting Period:
— WuXi Biology follows the science and strategically builds differentiated drug discovery capabilities in emerging therapeutic areas. It actively expands global business and efficiently generates downstream opportunities for the CRDMO model by continuously contributing more than 20% of the Company’s new customers.
— Our integrated in vitro screening platform achieved accelerated progress, continuously winning new customers with automation upgrades and operational efficiency. In addition, our enhanced in vivo pharmacology capabilities continued to drive rapid revenue growth.
— New modality business contributed more than 35% of WuXi Biology revenue during the first half of 2026, with rapid new customer expansion in areas including nucleic acids, antibody conjugates and peptides.
We continue to focus on our unique integrated CRDMO core business, and accelerate global expansion, capacity construction and capability development; capture customers’ ongoing demand for enabling services, and provide highly efficient and exceptional services, benefiting patients worldwide, and driving long-term growth; and further optimize management and operations, continue to enhance production and operational efficiency, and strengthen resilience to navigate complex and dynamic market conditions.
Driven by greater success of multiple customers’ products, our unique CRDMO model, and management and execution excellence, the Company has raised its fullyear guidance for 2026. The Company is targeting 2026 total revenue of RMB58.5– 60.5 billion (up from RMB51.3–53.0 billion), with continuing operations revenue growing 35%-39% YoY (up from 18%-22%). By driving quality growth, realizing scale efficiency and enhancing operational excellence, while proactively managing new capacity ramp-up and foreign exchange rate challenges, the Company is confident in maintaining a stable and resilient margin of adjusted non-IFRS net profit attributable to the owners of the Company in 2026. To meet growing customer demand by accelerating global capacity expansion and initiating the new Changzhou site ahead of schedule, the Company has raised 2026 capex to RMB7.5–8.5 billion (up from RMB6.5–7.5 billion). Along with business growth and efficiency improvements, 2026 adjusted free cash flow is raised to RMB13.5–14.5 billion (up from RMB10.5–11.5 billion).
The above-mentioned full-year guidance of the Company and its TIDES business for 2026 constitutes forward-looking statements. Such forward-looking statements are not historical facts, but instead are predictions about future events based on our beliefs, development strategy, business plan as well as assumptions made by and information currently available to our management. Although we believe that our predictions are reasonable, future events are inherently uncertain and our forward-looking statements may turn out to be incorrect. Our forward-looking statements are subject to risks and uncertainties including, but not limited to, the effective competitiveness of our services, our ability to meet timelines for the expansion of our service offerings or to reach the scale of our production capacity expansion plans, our ability to protect our clients’ intellectual property, industry competition and regulation, the international geopolitical environment, legislative restrictions and judicial proceedings, the impact of emergencies and other force majeure. Our forward-looking statements do not constitute any profit forecast by our management or an undertaking by the Company to our investors. Accordingly, investors are strongly cautioned that reliance on any forward-looking statements involves known and unknown risks and uncertainties. All information provided in forward-looking statements is as of the date of this announcement and is based on assumptions that we believe to be reasonable as of this date, and we do not undertake any obligation to update any forward-looking statement or information to reflect future events or circumstances, except as required under applicable law.
Gross Profit
Six months ended June 30, 2026 2025
Gross Profit
Gross Profit Margin
Gross Profit
Gross Profit Margin
Gross Profit
Change RMB million (%) RMB million (%) (%)
WuXi Chemistry 13,941.2 55.8 7,875.7 48.3 77.0 WuXi Testing 935.6 37.7 498.9 26.5 87.5 WuXi Biology 483.2 34.7 436.0 34.8 10.8 Others 22.0 56.3 65.3 75.4 -66.3
Continuing Operations 15,382.1 53.2 8,875.8 45.5 73.3 Discontinued Operations — N/A 236.4 18.6 -100.0
Total 15,382.1 53.2 9,112.2 43.8 68.8
- Note 1: According to IFRS Accounting Standards, the Group has classified the relevant businesses that have signed equity sale agreements, completed sales, or those being discontinued during the Reporting Period or comparative periods, as discontinued operations. Comparative disclosures have been adjusted accordingly.
- Note 2: The sum of the data may be inconsistent with the total due to rounding.
During the Reporting Period, the Company realized RMB15.38 billion in gross profit, representing a YoY increase of 68.8%. Gross profit margin was 53.2%, representing an increase of 9.4 percentage points as compared with the corresponding period of 2025.
- (1) WuXi Chemistry
Gross profit of WuXi Chemistry was RMB13.94 billion and the gross profit margin increased by 7.5 percentage points as compared with the corresponding period of 2025, mainly due to continued optimization of production processes and improvements in capacity efficiency driven by the growth of late-stage clinical and commercial projects.
- (2) WuXi Testing
Gross profit of WuXi Testing was RMB0.94 billion and the gross profit margin increased by 11.3 percentage points as compared with the corresponding period of 2025, mainly due to differentiated capabilities and enhanced operational management.
- (3) WuXi Biology
Gross profit of WuXi Biology was RMB0.48 billion. Affected by exchange rate fluctuations, its gross profit margin decreased by 0.1 percentage points as compared with the corresponding period of 2025. With continuous business integration and enhanced operational efficiency, WuXi Biology closely follows the market and maintains a dynamic pricing strategy, continuously generating downstream opportunities.
### Other Gains and Losses
Other gains and losses decreased from RMB2,448.9 million for the six months ended
- June 30, 2025 to RMB120.4 million for the six months ended June 30, 2026. The decrease was primarily due to: (1) the absence of gains from the sale of a partial interest in an associate WuXi XDC Cayman Inc. which were recognized in the corresponding period of 2025, resulting in a net decrease of RMB2,933.3 million for the Reporting Period; partially offset by (2) an increase of RMB776.3 million in fair value gains on financial assets at FVTPL (unrealized). Impairment Losses under Expected Credit Losses (“ECL”) Model, net of Reversal
Impairment losses under ECL model, net of reversal decreased from RMB290.6 million for the six months ended June 30, 2025 to RMB99.6 million for the six months ended June 30, 2026. The decrease is primarily due to the higher credit impairment losses recorded in the corresponding period of 2025, resulting from changes in parameters including comprehensive recoverability and the discount rate.
Impairment losses of non-financial assets
Impairment losses of non-financial assets decreased from RMB73.5 million for the six months ended June 30, 2025 to RMB27.5 million for the six months ended June 30, 2026, primarily due to decreased impairment losses on non-financial assets as a result of the Company’s business strategic realignment and resource integration in the corresponding period of 2025.
Impairment losses of assets classified as held for sale
Impairment losses of assets classified as held for sale decreased from RMB120.7 million for the six months ended June 30, 2025, to nil for the six months ended
- June 30, 2026, which was primarily due to impairment losses recognized in the corresponding period of 2025 in connection with the expected sale of WuXi ATU China operations. No such events occurred during the Reporting Period.
### Share of results of associates
Share of results of associates decreased from gains of RMB240.2 million for the six months ended June 30, 2025 to gains of RMB147.6 million for the six months ended June 30, 2026, which was primarily due to a decrease in equity pick-up gains from WuXi Healthcare Ventures II, L.P. and WuXi XDC Cayman Inc.. In particular, the decrease in equity pick-up gain from WuXi XDC Cayman Inc. was attributable to the decrease in the Company’s shareholding percentage, following a partial sale of its shares in 2025.
### Finance costs
Finance costs decreased from RMB168.8 million for the six months ended June
- 30, 2025 to RMB101.1 million for the six months ended June 30, 2026, which was primarily due to lower interest expense on Convertible Bonds newly issued in May 2026 during the Reporting Period. Profit for the Period
Profit for the Reporting Period increased from RMB8,383.8 million for the six months ended June 30, 2025 to RMB11,126.3 million for the six months ended June
- 30, 2026, which was primarily due to the Company maintaining a laser focus on and strengthening the Company’s CRDMO business model, with continued revenue growth, and enhanced capacity efficiency resulting from the growth of late-stage clinical and commercial projects, all of which contributed to the increase in net profit. Cash Flows
Six months ended June 30,
2026 2025 RMB million RMB million
Net cash from operating activities 9,311.0 7,066.5 Net cash (used in)from investing activities (10,467.5) 2,174.8 Net cash used in financing activities (900.2) (4,930.0) Free cash flow 6,349.5 4,964.7
For the six months ended June 30, 2026, net cash from operating activities of the
- Company amounted to RMB9,311.0 million, representing an increase of 31.8% as compared with the six months ended June 30, 2025. The increase was primarily driven by the steady growth in the Company’s operating profit, while the cash conversion of profits remained at a healthy level.
- For the six months ended June 30, 2026, net cash used in investing activities of the
- Company amounted to RMB10,467.5 million, while net cash from investing activities of the Company amounted to RMB2,174.8 million for the six months ended June 30, 2025. The turnaround was primarily due to: (1) an increase in cash outflows from investing activities, primarily due to increased purchases of short-term wealth management products during the Reporting Period, aimed at enhancing returns on existing cash reserves while ensuring sufficient liquidity for daily operations; and (2) a decrease in cash inflows from investing activities, driven by the absence of proceeds from the sale of a partial interest in an associate WuXi XDC Cayman Inc. and the divestiture of certain businesses, which were recorded in the corresponding period of 2025.
For the six months ended June 30, 2026, net cash used in financing activities of the Company amounted to RMB900.2 million, representing a decrease of 81.7% as compared with the six months ended June 30, 2025. During the Reporting Period, cash used in financing activities were primarily driven by the payments of higher dividends and payments on repurchase of A and H shares, which were partially offset by the proceeds from the issuance of the Convertible Bonds during the Reporting Period. Consequently, net cash used in financing activities recorded a YoY decrease.
### Indebtedness
As at June 30, 2026, total liabilities of the Company amounted to RMB32,378.6 million (December 31, 2025: RMB22,873.3 million), the composition of which was 29.0% being trade and other payables, 24.6% being bank borrowings, 20.3% being convertible bonds, 11.6% being contract liabilities, 8.3% being income tax payables and 6.2% being other items.
- (1) Bank Borrowings (current and non-current)
As at June 30, 2026, the Company had aggregated RMB bank borrowings of RMB7,981.2 million, with fixed interest rate, were entirely RMB loans. Among the total bank borrowings, RMB6,182.4 million will be due within one year and RMB1,798.8 million will be due after one year.
- (2) Charges on Assets
As at June 30, 2026, the Company pledged bank deposits with an amount of RMB24.6 million, which increased by 94.1% from RMB12.7 million as at December 31, 2025. The balance mainly represented deposits for restricted bank balance related to funds under protective freeze, and letters of guarantee as collateral for raw material and equipment purchases.
- (3) Contingent Liabilities As at June 30, 2026, the Company had no significant contingent liabilities.
- (4) Gearing Ratio
As at June 30, 2026, the gearing ratio, calculated as total liabilities over total assets, was 27.8%, as compared with 22.2% as at December 31, 2025. The higher ratio was primarily due to the Convertible Bonds newly issued in 2026.
### Treasury Policies
Currently, the Group follows a set of treasury policies to manage its capital resources, foreign exchange and cash flows to prevent related risks. The Group applied its cash flows from operations, bank loans and proceeds from the issuance of bonds and new shares to satisfy its operational and investment needs.
Certain entities in the Group have sales and purchases in foreign currencies, which expose the Group to foreign exchange risks. In addition, certain entities in the Group also have receivables and payables which are denominated in currencies other than their respective functional currencies. The Group is mainly exposed to the foreign currency of the USD. During the Reporting Period, the Group used derivative contracts to hedge against part of our exposure to foreign exchange risks.
### B. Non-IFRS Measures
To supplement our condensed consolidated financial statements presented in accordance with IFRS, we use adjusted EBITDA, adjusted non-IFRS gross profit, adjusted non-IFRS net profit attributable to the owners of the Company and adjusted free cash flow (collectively the “adjusted non-IFRS measures”) as additional financial measures.
The adjusted non-IFRS measures are not an alternative to (i) profit before income tax or profit for the period (as determined in accordance with IFRS) as a measure of our operating performance, (ii) cash flows from operating, investing and financing activities as a measure of our ability to meet our cash needs, or (iii) any other measures of performance or liquidity
The Company believes that the adjusted non-IFRS measures are useful for understanding and assessing underlying business performance and operating trends, and that the Company’s management and investors may benefit from referring to these measures in assessing the Group’s financial performance by eliminating the impact of certain unusual, non-recurring, non-cash and/or non-operating items that the Group does not consider indicative of the performance of the Group’s business.
The management of the Group believes such adjusted non-IFRS measures are widely accepted and adopted in the industry in which the Group operates. However, the presentation of the adjusted non-IFRS measures is not intended to be (and should not be) considered in isolation, or as a substitute for the financial information prepared and presented in accordance with IFRS. Shareholders and potential investors should not view the adjusted non-IFRS measures on a stand-alone basis or as a substitute for results under IFRS, or as being comparable to results reported or forecasted by other companies.
Adjusted EBITDA
Six months ended June 30,
2026 2025 RMB million RMB million
(except for percentages)
(except for percentages)
Profit before tax 13,517.6 9,630.8 Add:
Interest expense 93.6 148.8 Depreciation and amortization 1,917.7 1,737.9
EBITDA 15,528.8 11,517.6 EBITDA margin 53.7% 55.4% Add:
Share-based compensation expenses 341.6 212.2 Issuance expenses of convertible bonds 7.5 20.0 Foreign exchange related losses 644.0 493.2 Gains or losses from divestiture, restructuring and
resource integration initiatives (28.3) 104.8 Realized and unrealized gains from venture capital
investments (378.3) (2,773.8) Realized and unrealized share of losses(gains) from
joint ventures 0.2 (0.1)
### Adjusted EBITDA 16,115.5 9,574.0
Adjusted EBITDA margin 55.8% 46.0%
Note: The sum of the data may be inconsistent with the total due to rounding.
Adjusted Non-IFRS Gross Profit and Net Profit Attributable to the Owners of the Company
Six months ended June 30,
2026 2025 RMB million RMB million
(except for percentages)
(except for percentages)
Net profit attributable to the owners of the Company 11,080.2 8,287.3 Add:
Share-based compensation expenses 274.8 176.4 Issuance expenses of convertible bonds 5.7 19.6 Foreign exchange related losses 569.1 448.0 Amortization of acquired intangible assets from merger
and acquisition 10.5 13.8 Gains or losses from divestiture, restructuring and
resource integration initiatives (33.2) 139.9
Non-IFRS net profit attributable to the owners of the Company 11,907.0 9,085.0
Add:
Realized and unrealized gains from venture capital
investments (336.7) (2,770.1) Realized and unrealized share of losses(gains) from joint
ventures 0.2 (0.1)
Adjusted non-IFRS net profit attributable to the owners
of the Company 11,570.5 6,314.8 Adjusted non-IFRS gross profit (Note 1) 15,579.2 9,258.0 Adjusted non-IFRS gross profit margin 53.9% 44.5%
WuXi Chemistry 56.4% 49.0% WuXi Testing 38.6% 27.2% WuXi Biology 37.0% 36.4%
### Adjusted non-IFRS gross profit margin on a constant currency basis 55.7% 44.9%
- Note 1: The adjustments made to the adjusted non-IFRS gross profit mentioned above are the same as those made to the adjusted non-IFRS net profit attributable to the owners of the Company at the gross profit level.
- Note 2: The sum of the data may be inconsistent with the total due to rounding.
Adjusted Free Cash Flow
Six months ended June 30,
2026 2025 RMB million RMB million
Net cash from operating activities 9,311.0 7,066.5
Add: Income tax expenditures related to significant equity and business sales 671.5 —
### Adjusted net cash from operating activities 9,982.5 7,066.5
Less: Capital expenditures (2,961.6) (2,101.8)
### Adjusted free cash flow 7,020.9 4,964.7
Note: Free cash flow refers to net cash from operating activities less capital expenditures. The adjustments to free cash flow primarily relate to income tax expenditures related to significant transactions, mainly equity or business sales, disclosed in the Company’s announcements. Specifically, adjusted free cash flow for the six months ended June 30, 2026 excludes the impact of tax payments relating to the gain arising from the divestiture of certain business, which was originally recognized in net cash from operating activities. As the gains from the divestiture of certain business constitute material non-recurring activities with related proceeds reflected in net cash from investing activities, this adjustment is necessary to ensure an accurate representation of core operating cash flows and to maintain meaningful period-to-period comparability of our financial results.
- C. Assets and Liabilities Analysis
Items
Percentage of the amount to the total assets as at
Amount as at June 30, 2026
June 30, 2026
(In RMB million) (%)
Ratio of change for
the amount
as at June 30, 2026 as
Percentage of the amount to the total assets as at
compared
with the amount as at
Amount as at December 31, 2025
December 31, 2025
December 31, 2025 Reasons
(In RMB million) (%) (%)
Assets Other non-current
assets
190.4 0.2 481.4 0.5 -60.4 Primarily due to the long-term receivables from the divestiture of certain businesses, which will be due within one year and are reclassified to other current assets.
Trade and other receivables
Financial assets at FVTPL (current)
Derivative financial instruments
Pledged bank deposits
12,674.9 10.9 9,622.6 9.3 31.7 Primarily due to the expansion of the Company’s business and the YoY growth in revenue during the Reporting Period, leading to a corresponding increase in accounts receivable.
10,914.3 9.4 5,806.2 5.6 88.0 Primarily due to increased investment in wealth management products to optimize cash management and capital efficiency.
268.9 0.2 68.7 0.1 291.7 Primarily due to the fair value change of derivative financial instruments.
24.6 0.0 12.7 0.0 94.1 Primarily due to the increase in restricted cash under protective freeze.
Items
Percentage of the amount to the total assets as at
Amount as at June 30, 2026
June 30, 2026
(In RMB million) (%)
Ratio of change for
the amount
as at June 30, 2026 as
Percentage of the amount to the total assets as at
compared
with the amount as at
Amount as at December 31, 2025
December 31, 2025
December 31, 2025 Reasons
(In RMB million) (%) (%)
Term deposits with initial term of over three months
8,747.6 7.5 5,662.8 5.5 54.5 Primarily due to the purchase of term deposits with initial term of over three months to optimize cash management and capital efficiency.
Assets classified as held for sale
Liabilities Derivative financial
instruments
— — 26.0 0.0 -100.0 Primarily due to the completion of the
disposal of assets classified as held for sale at the end of the prior year.
14.2 0.0 — — N/A Primarily due to the fair value change of derivative financial instruments.
Contract liabilities 3,754.4 3.2 2,709.2 2.6 38.6 Primarily due to the continuous expansion of business and sufficient orders on hand, which led to a corresponding increase in advance receipts from customers during the Reporting Period.
Convertible bonds 6,585.8 5.7 — — N/A Primarily due to the Convertible Bonds newly issued in 2026.
- D. Analysis on Investments Investment on wealth management product
The Group adopted a prudent financial management approach towards its treasury policy and maintained a healthy financial position throughout the Reporting Period. To better utilize surplus cash from operating and financing activities, we have engaged in treasury management activities by investing in wealth management products issued by financial institutions. All the short-term investments should have a proper tenor to match funding needs from operating and investing activities, with a view to strike a balance among principal guaranteed, liquidity and yield.
As at June 30, 2026, the balance of current financial assets at FVTPL was RMB10,914.3 million.
### Investment in companies
As part of our efforts to foster the ecosystem, the Company has established joint ventures and made selective investments in a wide variety of companies within the healthcare ecosystem. We primarily focus our investments in: (1) targets that fit into and support our existing value chain, (2) cutting edge technologies that we believe will advance the healthcare industry, and (3) strategic long-term investments.
During the Reporting Period, additional investments in other equities aside from joint ventures and associates amounted to RMB153.8 million. Our investments of financial assets at FVTPL mainly include three categories, the movements of which during the Reporting Period are listed below:
Listed companies
Fund investments
In RMB million
Non-listed companies Total
Opening Balance 1,086.9 1,838.7 5,036.7 7,962.3 Addition — 122.6 31.3 153.8 Transfer from non-listed companies/
(transfer to listed companies) 1,008.6 — (1,008.6) Fair value change during the Reporting
Period 13.9 (27.0) 389.2 376.0
Disposals and distributions (18.4) (20.8) (30.0) (69.2) Foreign exchange effects (29.9) (43.1) (115.5) (188.6)
### Ending Balance 2,061.1 1,870.4 4,303.0 8,234.5
Note: The discrepancies between the total and sums of amounts in the table above are due to rounding.
### Significant Investment Held
As at June 30, 2026, the Group did not hold significant investments with a value of 5% or more of the Company’s total assets and none of the above mentioned investment constituted such significant investment to our Group. As at the date of this announcement, the Group does not have any plan for material investments or purchase of capital assets.
### E. Core Competence Analysis
We believe that the below strengths have enabled us to succeed and stand out from our competitors:
### (1) Leading global new drug R&D services platform with integrated end-to-endcapabilities
We are one of the few open service platforms for new drug R&D in the industry that has service capabilities covering the entire new drug R&D industry chain, and we are expected to fully benefit from the rapid development of the global new drug R&D outsourcing services market. Our integrated end-to-end new drug R&D service platform can meet diversified customers’ demands in terms of technologies and coverage of services. In line with the scientific pattern of continuous development of new drug research and development projects from the early stage to the later stage, in the process of continuous advancement of customer projects, the Company continues to expand our services from “follow the project” to “follow the molecule”. At the early stage of new drug R&D, we enable our customers with our expertise, and have won the trusts of numerous customers, and we enjoy high reputation in the industry which allow us to obtain more business opportunities at the subsequent product development and commercial stages, continuously driving the growth of our business. During the Reporting Period, we fully leveraged our global footprint and full industrial chain coverage to assist our customers in pushing forward their new drug R&D through global linkage, which gained wide recognitions from them. Going forward, we will continue to enhance our capacity and expand our scale globally in order to enable pharmaceutical innovations worldwide more effectively.
### (2) Enabling innovation through leading advantages in the industry based onlatest scientific and technological discoveries
We leverage the latest scientific and technological discoveries to enable medical innovation in an effort to assist our customers in transforming new drug ideas into reality. With our leading service capability and scale in the industry and unique integrated CRDMO business model, we can quickly develop distinct industry insights, better predict future technological developments and emerging research trends in the industry, timely capture new development opportunities, and continuously drive long-term business growth. With the continuous breakthroughs in new technologies, new mechanisms and new molecular types, and after years of development and accumulation, we have adopted a number of industry-leading technologies and capabilities. Our API platform continues to improve our R&D capabilities in flow chemistry, enzyme catalysis, crystallization and particle engineering process research. The capabilities of our formulation platforms have expanded from oral preparation to sterile injectable preparations, and we will continue to conduct research on the formulation process of poorly soluble drugs and the development and application of new technologies such as spray drying, hot melt extrusion and lipid nanoparticles. In addition, we have comprehensive R&D and production capabilities for highly active drugs, providing “end-to-end” services from active pharmaceutical ingredients to preparations, covering oral and injectable drugs. The capabilities of our WuXi TIDES platform fully utilize innovative technologies such as thin-film evaporation, tangential flow filtration (TFF)/precipitation and continuous flow purification to provide one-stop services covering drug discovery, CMC research and production for oligonucleotides, peptides and related chemical conjugated drugs. Looking forward, we will continue to enhance the service capabilities of new molecular types, such as peptide, oligonucleotide, PROTAC and conjugate to enable global medical innovation.
Moreover, we put efforts in exploring various technology innovations that can be applied to the new drug research and development process, and help customers to improve their R&D efficiency, reducing the entry barrier of pharmaceutical R&D. Leveraging our deep insights into industrial trends and emerging technologies, we enable our customers to understand and study the latest scientific discoveries and convert them into potential commercial results.
### (3) Strengthening our platform through enhancing our capacities and expandingthe scale by leveraging our knowledge of the industry and customer needs
We have accumulated extensive industry experience after 20 years of rapid growth. We provide services to leading global pharmaceutical companies, and establish deep partnerships with them. Throughout the cooperation, we keep abreast of the latest industry trends and accumulate experience in meeting customer needs. Through continuous capability and capacity construction to enhance our business services, we provide customers with more premium and comprehensive services.
We continue to advance our global deployment and capacity expansion, enhance its capabilities and capacities, and improve operating efficiency to better meet customer needs.
In the future, with the continuous innovation of science and technology, the industry and customers’ demand for high-quality capabilities, production capacity and services will continue to increase, and the Company will provide integrated, end-to-end new drug research and development and production services to the global pharmaceutical and life science industries. The Company will continue to strengthen its capabilities and scale to improve operating efficiency, to provide its customers with the best services, benefiting patients worldwide.
### (4) Strong, diverse and sticky customer base and continuing growth of our networkwithin the healthcare ecosystem
We have a strong, diverse and sticky customer base. Our unique integrated enabling platform helps lower the entry barrier for new drug R&D, improve R&D efficiency, and support partners in achieving success, attracting more participants to join the new drug R&D industry. Throughout this process, the Company continuously drives the development of new knowledge and technologies, improves R&D efficiency, reduces R&D costs, and the platform’s innovative enabling capabilities continue to strengthen, forming a virtuous cycle ecosystem.
### (5) Experienced management team with vision and ambition
We have an excellent management team with global vision and industrial strategic insight. Our management team led by Dr. Ge Li has extensive working experience in the medical industry, with strong execution ability, many years of investment and management experience in the medical industry and international vision. It also has relatively high reputation in the global pharmaceutical and life sciences field. Our experienced and visionary management team enables the Company to have a unique and sharp understanding of the global economic cycle and the overall development trend of the medical industry. Under the leadership of our management, we are able to deeply understand market and industry development trends, policy changes and their impacts on customer needs, quickly adjust our business models, improve decision-making speed and flexibility to match customer needs, driving the rapid development of the business segments of the Company and becoming an innovation enabler and industry contributor in the global healthcare ecosystem.
- F. Other Events
- (1) Grant of awards under the 2025 H Share Award and Trust Scheme
During the Reporting Period, 31,665,610 underlying 2025 Award Shares have been granted to 3,381 2025 Selected Participants (including the connected selected participants), accounting for approximately 6.2031% of the then total number of issued H Shares and approximately 1.0613% of the then total issued share capital of the Company. The number of award shares underlying the awards granted to the connected selected participants represents 6,131,504 H Shares, accounting for approximately 1.2011% of the then total number of issued H Shares and approximately 0.2055% of the then total issued share capital of the Company, while the number of award shares underlying the awards granted to the 3,368 independent selected participants represents 25,534,106 H Shares, accounting for approximately 5.0020% of the then total number of issued H Shares and approximately 0.8558% of the then total issued share capital of the Company.
Please refer to the announcement of the Company dated June 9, 2026 for further details.
### (2) Adoption of the 2026 H Share Award and Trust Scheme
The adoption of the 2026 H Share Award and Trust Scheme was approved at the 2025 annual general meeting of the Company (the “2025 AGM”) held on April 28, 2026.
As at June 16, 2026, the Company implemented the acquisition of H Shares through on-market transactions pursuant to the repurchase mandate granted by the Shareholders at the 2025 AGM (the “Repurchase Mandate”) and in accordance with the 2026 H Share Award and Trust Scheme, utilizing funds in an aggregate amount of HK$2.5 billion. The number of H Shares purchased is 20,148,900 H Shares, representing approximately 0.68% of the then total issued share capital of the Company.
Please refer to the announcement of the Company dated June 17, 2026 for further details.
### (3) The issue of RMB6,780 million USD settled zero coupon convertible bonds due2027
On May 14, 2026 (after trading hours), the Company, Morgan Stanley Asia Limited, Citigroup Global Markets Limited and Goldman Sachs (Asia) L.L.C. (collectively, the “Managers”) entered into the subscription agreement, pursuant to which and subject to certain conditions contained therein, the Company has agreed to issue, and the Managers have, severally and not jointly, agreed to subscribe and pay for, or to procure subscribers to subscribe and pay for, the Bonds in a principal amount of RMB6,780 million.
The net proceeds from the subscription of the bonds, after deducting the Managers’ commissions and other estimated expenses payable in connection with this offering, will be approximately US$1,023 million, and will be utilized in the following manner: (a) approximately 90% will be used for global capacity and capability expansion; (b) approximately 10% will be used for general corporate purposes. The Company has obtained the approval for the listing of, and permission to deal in, the conversion shares on the Hong Kong Stock Exchange, and it has also obtained the approval for the listing of the bonds on the Vienna MTF operated by the Vienna Stock Exchange.
Please refer to the announcements of the Company dated May 15, 2026 and May 21, 2026 for further details.
## THE MANAGEMENT’S DISCUSSION AND ANALYSIS ON FUTURE DEVELOPMENT OF THE COMPANY
### A. Industry Landscape and Trends
The global pharmaceutical research and production service industry is expected to maintain rapid growth, driven by a higher proportion of outsourcing from large pharmaceutical companies and the increasing demands from small and medium pharmaceutical companies. On the one hand, the innovative drug R&D industry is characterized by large investments, long cycles, and high risks. As a result of low R&D returns and the “patent cliff” faced by drug manufacturers, large pharmaceutical companies are expected to promote R&D projects through external R&D institutes to improve R&D efficiency and reduce R&D costs. On the other hand, small pharmaceutical companies, including small and medium pharmaceutical and life science companies and individual entrepreneurs, have become a major driving force for pharmaceutical innovation. These small and medium pharmaceutical companies do not have the sufficient time or capital to build their own R&D project laboratories and production facilities but need various services to meet their needs of R&D project in a short period of time. They will seek R&D and production outsourcing services, especially integrated end-to-end R&D services, to fulfill their R&D service needs from concept verification to product launch.
### B. Development Strategies
Our vision is that “every drug can be made and every disease can be treated”. We provide the global pharmaceutical and life sciences industry with comprehensive and integrated new drug R&D and production services. We are committed to promoting new drug development and delivering groundbreaking treatment solutions to patients. With the customer-oriented principle, we help customers improve R&D efficiency by offering high-quality, efficient, and cost-effective R&D services, bringing more quality new drugs to patients faster.
Today, with the continuous emergence and rapid iteration of scientific innovations, the future new drug R&D model will witness a new definition and profound reforms. A patient-centered healthcare innovation ecosystem is emerging. More and more scientists, engineers, entrepreneurs, doctors and patients will participate in all aspects of R&D and innovation. In the future, we will: (1) consistently adhere to our unique integrated CRDMO business model, effectively deliver exceptional services to customers and benefit patients worldwide; closely follow scientific innovations, develop distinct industry insights, instantly seize opportunities in new molecule, sustaining long-term growth; (2) continue to focus on our core CRDMO operations, improving operating efficiency; (3) accelerate the expansion of global capacity and capabilities, continue to invest in talent retention for long-term shared growth.
### C. Operation Plan
In 2026, we will adhere to our unique integrated CRDMO business model. In response to customers’ ongoing demand for enabling services, we continue to enhance our capabilities and capacity, optimize production processes and improve operating efficiency. These factors are driving sustained long-term business growth, delivering highly efficient and exceptional services to customers and helping to bring groundbreaking therapies to patients worldwide.
### (1) Platform Building
On the one hand, we will further enhance the capabilities and scale of our R&D service platform as well as operating efficiency. We continue advancing the design and construction of various global facilities, aiming to better serve the requirements of our global customers.
On the other hand, we will further explore advantages of the integrated endto-end R&D services platform to strengthen customer conversion. With the continuous advancement of development projects of customers, we will expand services offering by evolving from “following the project” to “following the molecule”.
### (2) Customer Strategy
We are committed to further improving customers’ satisfaction through providing high quality and efficient services and strict intellectual property protections for our customers. Moreover, we will continue to add more new customers worldwide, in particular, long-tail customers, through diversified channels. We will attract more participants to join the new drug R&D industry and enable more customers to succeed through ongoing reduction of entry barrier of the drug R&D industry.
### (3) Quality and Compliance
We have always adhered to the highest international quality standard and attached great importance to our compliance with relevant laws and regulations. We possess comprehensive management systems in quality control, safety production, intellectual property protection, international trade compliance, sales management, financial and accounting management, and business continuity planning, and continuously iterate on these systems. In 2026, we will continue to refine and implement our standard operating policies and procedures to prevent occurrence of accidents and facilitate sound growth of all segments.
We consistently adhere to all applicable global laws and regulations concerning quality and information security in all business operations, and strictly enforces our relevant corporate management policies. During the Reporting Period, we successfully completed 465 quality audits and inspections conducted by global customers, regulatory authorities and independent third parties, as well as 21 information security audits by global customers, all with no critical findings. Currently, 20 of our main sites are ISO/IEC 27001 certified, covering all main sites in China for continuing operations.
We will continuously enhance and refine our systems and practices in respect of quality, information security and intellectual property protection. We welcome and attach great importance to feedback from regulatory authorities and clients, and regards such feedback as a key driving force for our compliance and sustainable development.
### (4) Innovation and Development
We will continue to utilize and iterate new technologies and methods to better empower global pharmaceutical innovation. We have the global-leading new drug R&D platform and extensive experience of projects and closely followed the new drug R&D technological development. We will continue to invest substantially in further improving service capabilities for new molecule types, such as peptide, oligonucleotide, PROTAC and conjugate to capture new business opportunities and empower global pharmaceutical innovation.
On such basis, we put efforts in exploring various innovative technologies that can be applied to the new drug research and development process, and help customers to improve their R&D efficiency, while reducing the entry barrier of pharmaceutical R&D.
At the same time, we continuously advance the application of automation technology to help improve operational efficiency, enhance industry insights, and increase business predictability, thereby providing better service to our clients and patients.
### (5) Team of Talents
We will continue to introduce, foster and retain talents within the industry. We have taken specific initiatives including: (1) strengthening the reform of the reward, incentive and honor system by establishing a fair, transparent and result-oriented performance appraisal system; (2) providing concrete promotion opportunities; (3) providing technical and management trainings; and (4) offering market-oriented compensations to further improve our medium and long-term incentive mechanism.
### (6) Corporate Culture
We will continue to uphold our core value of “honesty and dedication, working together and sharing success; doing the right thing and doing things well”, and firmly implement our code of conduct of “customer first, honesty and integrity, ongoing improving, efficient implementation, cross-functional collaboration, transformation and innovation”, and enhance our core competitiveness.
### (7) Long-term Sustainable Development
As an innovation enabler, a trusted partner to our customers, and a contributor to the global healthcare industry, WuXi AppTec, as a committed United Nations Global Compact (UNGC) participant for year 2024 to 2026, is committed to supporting the Ten Principles of the United Nations Global Compact. Through the establishment of a governance framework underpinned by oversight from the Board of Directors and the Strategy Committee, guidance from the Sustainability Committee, and collaboration among cross-functional professional teams, the Company has effectively integrated its sustainability management strategy into its corporate strategy, culture and daily operations, thereby fulfilling its commitment to sustainable development.
The Company has established near-term GHG emissions reduction targets validated by the Science Based Targets initiative (SBTi) and has translated these targets into actionable plans to systematically advance the implementation of its decarbonization roadmap. Our near-term emissions reduction targets have been validated by SBTi in 2025. Meanwhile, the Company adheres to industry standards, including those established by the Pharmaceutical Supply Chain Initiative (PSCI). We continued to serve as a PSCI supplier partner in year 2024 to 2026. We work closely with value chain partners to enhance sustainability awareness and management capabilities through initiatives such as strengthened sustainability risk assessments for suppliers and capacity-building training programs.
The Company places great emphasis on sustainability-related disclosures. Through regular assessments of the completeness of its governance-related disclosures, the adequacy of descriptions of management initiatives, and the accuracy of quantified performance data, the Company continuously optimizes disclosures. In addition, the Company engages independent third-party assurance providers to further strengthen the credibility of its disclosures and address the expectations of regulators, customers and other stakeholders regarding the Company’s long-term sustainable development.
The Company’s sustainability management practices have received strong recognition from leading global ESG rating agencies. The Company has achieved the MSCI “AAA” rating in year 2025 to 2026, and sustained leadership ratings for 6 consecutive years; improved to the highest “A” rating in CDP Climate Change in 2025 for the first time, and received the “A” rating in CDP Water Security for two consecutive years in year 2024 to 2025; received the “Gold” rating by EcoVadis for two consecutive years in year 2024 to 2025; as well as been included in S&P Global Sustainability Yearbook for four consecutive years in year 2023 to 2026. Looking ahead, while continuing to deepen its business development and pursue excellence, WuXi AppTec will remain committed to advancing its sustainability strategy and working together with stakeholders across society to build a healthier and more sustainable future.
- D. Potential Risks
- (1) Risk of market demands decline in drug R&D services
Our business operation relies on expenditures and demands of our customers (including multi-national pharmaceutical companies, life science companies, start-ups, and scholars and non-profit research organizations, etc.) on outsourcing services, i.e., discovery, analytical testing, development and manufacturing of pharmaceuticals, etc. In the past, benefiting from continuous growth of the global pharmaceutical market and the increase of R&D budgets and the proportion of outsourcing services of our customers, the demands on our services from our customers continued to rise. Our business operation could be adversely impacted if the industry growth slows down or percentages of outsourcing services decline. In addition, any merger, consolidation and R&D budget adjustment of pharmaceutical players might also impact our customers’ R&D expenditures and outsourcing demands, resulting in adverse impact on our business operation.
- (2) Risk of changes in regulatory policy of the industry
The drug R&D services industry is heavily regulated by regulators including drug administrations in any nation or region where we have established our presence, which typically regulate drug R&D services players through development of relevant policies, laws and regulations. The scope of regulation may cover various aspects such as technical specifications and standards and requirements for cross-border outsourcing services and production. Systems of policies, laws and regulations in the drug R&D services industry are well established in developed countries. In China, regulators such as the NMPA also have gradually developed and continuously refined relevant laws and regulations subject to market development. In case we fail to timely adjust our operating strategy to adapt to changes of industrial policies and laws and regulations in the drug R&D services industry in corresponding nations or regions, potential adverse impact might be caused to our business operation.
- (3) Risk of heightened competition in the drug R&D services industry
Currently, competition in the global drug R&D services market is getting increasingly intense. Our competitors in particular segments mainly include specialized CROs/CDMOs and in-house R&D department of large pharmaceutical companies, among which, most are large global pharmaceutical companies or R&D organizations, which may enjoy advantages over us in terms of financial strength, technological capabilities and customer base.
Aside from the aforementioned incumbents, we also face competition from new entrants, which either have greater financial strength, more effective business channels or stronger R&D capabilities in respective segment. We will face risk resulted from heightened competition in the pharmaceutical market and weakened competitive edge in case we fail to enhance our overall R&D strength and other strengths in business competition.
### (4) Business compliance risk
We have always attached great importance to the compliance of our business operation and gradually established a relatively complete internal control system, which requires our staff to abide by relevant laws and regulations and carry out business activities in accordance with relevant laws. Although we have developed a comprehensive internal control and compliance approval system as well as standard operating procedures to ensure legitimacy and compliance of our daily operation, our business operation will be adversely impacted to a certain degree resulting from failure to obtain qualifications required for daily R&D, testing analysis and production, or to completing necessary approval and filing processes or to timely coping with any regulatory requirement put forward or added by the regulators due to ineffective supervision on subsidiaries or departments by the parent company and senior management in actual practices given the number of subsidiaries we control.
### (5) Risk of global operation and change of international policy
We have built or acquired a number of companies to fuel our global business expansion and accumulated abundant experience of global operation over the years. During the Reporting Period, our revenue from global operation accounted for a significant proportion of our main business revenue. Given that we are required to abide by the laws and regulations of the nations and regions where we carry out business operations and rely on suppliers of raw materials, customers and technical service providers to ensure our orderly daily operation, our normal global operation and sustainable development may be impacted and subject to potential adverse impact in case any of the following circumstances occurs, including material change of laws, regulations, industrial policies or political and economic environment of any nation or region where we carry out business operation, or any other factors beyond our control such as international tension, war, trade sanction, or other force majeure.
On June 8, 2026, the United States Department of Defense (the “DoD”) erroneously included WuXi AppTec in its officially updated Section 1260H list of designated “Chinese military companies”. The Company believes that the designation of WuXi AppTec on such list (the “1260H Designation”) is wrong and unsupported by the facts. To protect the interests of our customers, partners, employees and shareholders, the Company has taken legal actions by filing a litigation against the DoD at the U.S. District Court for the District of Columbia (the “Court”) on June 11, 2026 to challenge the 1260H Designation. The Company also filed a motion for preliminary injunction with the Court on June 29, 2026 to seek enjoining the DoD from enforcing, implementing or taking any other action pursuant to the 1260H Designation during the litigation process.
The Court held a hearing on our motion for preliminary injunction on July 22, 2026, but has not yet issued a ruling as of 4:00 p.m. on August 3, 2026 (China Standard Time), being the time of finalization of this announcement. We continue to believe that, as the judicial process continues, the facts will prevail after an objective and fair judicial review.
While our operations are fully functional as usual and we remain fully committed to serve our customers, the 1260H Designation has defamed the Company’s hard-won reputation and created severe market interference. It has also created uncertainty over U.S. business relationships and may eventually cause harm to the patients that rely on our scientific endeavors. Therefore, the Company is pursuing all available legal remedies to correct this erroneous 1260H Designation, and will keep its shareholders timely informed of any further material developments in connection with this ongoing legal proceeding.
### (6) Risk of loss of key scientific staff
Our key scientific staff is an important part of our core competence as well as foundation and key to our survival and growth. Maintenance of a stable team of key scientific staff and attraction of talents to join us play a key role on our abilities to keep our leading position in the industry in terms of technological capabilities and continuity of our R&D and manufacturing services. Turnover of key scientific staff might occur if we lose our competitive edge in terms of compensation, incentive mechanism on core technical staff fails to give its full play or human resources management/control or internal promotion system could not be effectively implemented, which will in turn adversely affect our core competitiveness and sustainable profitability.
### (7) Risk of failure in business expansion
We anticipate that our customers’ outsourcing demands on drug R&D, commercial manufacturing and clinical development will increase on an ongoing basis. In order to continuously meet market demands and seize the growth opportunity, we need to invest a great deal of capital and resources and continue to push forward strengthening of our capabilities and expansion of scale globally. Adverse impact might be caused to our business, financial and operating performances and outlook in case our entry into new segment suffers unforeseeable delay due to delay in construction and regulatory issues, or we fail to achieve our growth targets.
### (8) Exchange Rate risk
Most of the Company’s revenue was settled in USD. If RMB appreciates significantly in the future, the resulting RMB income may decrease correspondingly after conversion; concurrently, the exchange of the Company’s USD assets into RMB may incur foreign exchange losses, which may directly impact our profitability as a result.
### (9) Risk of material impact on value of our assets at fair value by marketfluctuation
Value of our assets or liabilities measured at fair value, such as equity interests in listed companies and non-listed underlying investment interests, and biological assets, are measured at the fair value at the end of each Reporting Period, with the changes in fair value recognized in current profit and loss. Among which, our equity interests in listed companies and other non-listed underlying interests are recorded as other non-current financial assets measured at fair value, the value of which could be greatly affected by market fluctuations. We pay close attention to the trend of the share price on the investee listed companies with a view to making timely investment decisions with these investee companies. As we markto-market the fair value of certain of our investments on a periodic basis, we expect the fair value of our financial assets at fair value, especially the value of shares in publicly-traded companies held by us, may be significantly changed by capital market fluctuations which may cause significant fluctuations on our net profit and further affect our results.
### (10) Risks of impact of emergencies and force majeure on our operation
Emergent public health emergencies, earthquakes, typhoons and other force majeure events may affect our operation. In response to these situations, we have developed business continuity plans to timely and systematically facilitate the resumption of the critical operations, functions, and technology in the pre-and post-crisis periods and during the crisis, ensuring that our business can continue to develop feasibly and steadily. However, if our business continuity plans fail to cope with the impact of relevant emergencies and force majeure events, it may have an adverse impact on our business, finance, operational performance and prospects.
## HUMAN RESOURCES
As at June 30, 2026, the Group had 35,584 employees. The Group enters into employment contracts with its employees to cover matters such as position, term of employment, wage, employee benefits and liabilities for breaches and grounds for termination.
The remuneration of the Group’s employees includes basic salaries, allowances, bonus, share incentives and other employee benefits, and is determined with reference to their experience, qualifications and general market conditions. We provide regular trainings to our employees in order to improve their skills and knowledge. The training courses range from further educational studies to skill training to professional development course for management personnel.
## PRE-EMPTIVE RIGHTS
There are no provisions for pre-emptive rights under the Articles of Association, or the laws of the PRC, which would oblige the Company to offer new shares on a pro rata basis to its existing Shareholders.
## PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES OF THE COMPANY
### Repurchase of A Shares of the Company
On June 9, 2026, the Company held the third meeting of the fourth session of the Board, where the Board approved the Resolution on Repurchase of A Shares of the Company through Bidding in 2026 (the “Share Repurchase”) and agreed to implement the Share Repurchase.
On June 25, 2026, the Company completed the implementation of the Share Repurchase, and has repurchased an aggregate of 9,701,231 A Shares through bidding, representing 0.33% of the then total issued share capital of the Company. The maximum price for the Share Repurchase was RMB118.48 per A Share. The minimum price for the Share Repurchase was RMB95.11 per A Share. The average price for the Share Repurchase was RMB103.08 per A Share. The total amount of funds utilized was RMB1,000,008,218.79 (exclusive of transaction fees).
The A Shares repurchased from the Share Repurchase will be used for the employee stock ownership plan.
Please refer to the relevant announcements of the Company dated June 9, 2026 and June 26, 2026, the next day disclosure returns of the Company dated from June 11, 2026 to June 25, 2026, as well as the circular of the Company dated March 25, 2026, the poll results announcement dated April 28, 2026, for further details.
### Repurchase of H Shares of the Company
As at June 16, 2026, the Company implemented the acquisition of H Shares through onmarket transactions pursuant to the Repurchase Mandate and in accordance with the 2026 H Share Award and Trust Scheme, utilizing funds in an aggregate amount of HK$2.5 billion. The number of H Shares purchased is 20,148,900 H Shares, representing approximately
- 0.68% of the then total issued share capital of the Company. The maximum price for the acquisition was HK$132.70 per H Share. The minimum price for the acquisition was HK$111.50 per H Share. The average price for the acquisition was HK$123.87 per H Share.
Please refer to the relevant announcements of the Company dated March 23, 2026 and June 17, 2026, the next day disclosure returns of the Company dated from May 26, 2026 to June 16, 2026, as well as the circular of the Company dated March 25, 2026, the poll results announcement dated April 28, 2026, for further details.
Save as disclosed above and save for the issuance of the Convertible Bonds, neither the Company nor any of its subsidiaries has purchased, sold or redeemed any of the Company’s listed securities during the Reporting Period.
## 2026 MID-YEAR DIVIDEND DISTRIBUTION PLAN
The authorization to the Board to formulate and implement the Company’s 2026 mid-year dividend distribution plan has been approved by the Shareholders at the 2025 AGM. Accordingly, the Board has declared a mid-year dividend for the Reporting Period within the scope of the authorization as follows: a cash dividend of RMB5.1000 (inclusive of tax) for every 10 shares. The Company’s designated A-share repurchase securities account currently holds 9,701,231 shares, and H-share treasury shares amounts to 20,148,900 shares. The foregoing total of 29,850,131 shares will not participate in the dividend distribution. This represents a dividend distribution in an aggregate amount of RMB1,506,492,582.24 (inclusive of tax) based on 2,953,907,024 shares, which represent the Company’s total
issued share capital of 2,983,757,155 shares as of the date of this announcement, after deduction of the shares held in the designated A-share repurchase securities account and H-share treasury shares. In the event of any change in the total issued share capital of the Company entitled to the profit distribution (i.e. after deduction of the shares held in the designated A-share repurchase securities account and H-share treasury shares) prior to the record date for implementation of the profit distribution, dividends will be distributed based on the unchanged dividend amount per share and the aggregate distribution amount will be adjusted accordingly. The 2026 mid-year dividend distribution plan is expected to be paid to the eligible Shareholders by no later than September 4, 2026.
## SUFFICIENCY OF PUBLIC FLOAT
According to the information that is publicly available to the Company and within the knowledge of the Board, as at the date of this announcement, the Company has maintained the public float as required under the Listing Rules.
## CORPORATE GOVERNANCE
The Company is committed to ensuring that its affairs are conducted in accordance with high ethical standards. This reflects its belief that, in the achievement of its long-term objectives, it is imperative to act with probity, transparency and accountability. By so acting, the Company believes that Shareholder wealth will be maximized in the long term and that its employees, those with whom it does business and the communities in which it operates will all benefit. The Board is of the view that, the Company has complied with the relevant code provisions contained in the CG Code during the Reporting Period, save for deviation from code provision C.2.1 of the CG Code.
Pursuant to code provision C.2.1 of the CG Code, the responsibility between the chairman and chief executive officer should be segregated and should not be performed by the same individual. However, the Company does not have a separate chairman and chief executive officer and Dr. Ge Li currently performs these two roles. The Board considers that vesting the roles of chairman and chief executive officer in the same person is beneficial to the management of the Group. The balance of power and authority is ensured by the operation of the senior management and the Board, which comprises experienced individuals. The Board currently comprises four executive Directors (including Dr. Ge Li), two non-executive Directors and five independent non-executive Directors and therefore has a fairly strong independence element in its composition. In addition, the Board has appointed Dr. Wei Yu as the lead independent non-executive Director (the “Lead INED”) of the Company with effect from April 28, 2026. The Lead INED is not an executive position in the Company and does not have any management role in the Group, and will not have a separate or higher level of responsibility or liability relative to the other independent non-executive Directors.
The Board will continue to review and monitor its code of corporate governance practices of the Company with an aim to maintaining a high standard of corporate governance.
## DIRECTORS’ SECURITIES TRANSACTIONS
The Company has devised its own code of conduct regarding Directors’ dealings in the Company’s securities (the “Code of Conduct”) on terms no less exacting than the Model Code as set out in Appendix C3 to the Listing Rules.
Specific enquiry has been made of all the Directors and the Directors have confirmed that they have complied with the Model Code and the Code of Conduct throughout the Reporting Period.
The Company has also established written guidelines (the “Employees Written Guidelines”) no less exacting than the Model Code for securities transactions by employees who are likely to be in possession of unpublished price-sensitive information of the Company. No incident of non-compliance of the Employees Written Guidelines by the employees was noted by the Company.
## REVIEW OF FINANCIAL STATEMENTS
### Audit Committee
As at June 30, 2026, the Audit Committee of the Company comprises three independent non-executive Directors, namely Ms. Christine Shaohua Lu-Wong, Dr. Wei Yu and Dr. Xin Zhang. The chairman of the Audit Committee is Ms. Christine Shaohua Lu-Wong. The Audit Committee has reviewed with management and external auditor the consolidated financial information of the Group for the Reporting Period, including accounting principles and practices adopted by the Group and discussed internal controls and financial reporting matters.
### Scope of work of Deloitte Touche Tohmatsu
The independent auditors of the Company, namely Deloitte Touche Tohmatsu, have carried out a review of the interim financial information in accordance with the Hong Kong Standard on Review Engagement 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Hong Kong Institute of Certified Public Accountants.
## PUBLICATION OF INTERIM RESULTS ANNOUNCEMENT AND INTERIM REPORT
This announcement is published on the website of the Hong Kong Stock Exchange (www.hkexnews.hk) and the Company’s website (www.wuxiapptec.com). The interim report of the Company for the Reporting Period will be despatched to the Shareholders and published on the aforesaid websites in due course.
The Board is pleased to announce that the unaudited condensed consolidated interim results of the Group for the six months ended June 30, 2026 with the comparative figures in the corresponding period in 2025 are as follows:
## CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the six months ended June 30, 2026
Six months ended June 30, Continuing Operations Discontinued Operations Total
2026 2025 2026 2025 2026 2025 Notes RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
### (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
(Restated) (Restated)
Revenue 5 28,897,479 19,525,506 — 1,273,776 28,897,479 20,799,282 Cost of sales (13,515,385) (10,649,706) — (1,037,343) (13,515,385) (11,687,049)
Gross profit 15,382,094 8,875,800 — 236,433 15,382,094 9,112,233 Other income 6 648,370 621,441 18,718 18,101 667,088 639,542 Other gains and losses 7 101,565 2,347,605 18,864 101,337 120,429 2,448,942 Impairment losses under expected credit
losses (“ECL”) model, net of reversal (99,570) (292,559) — 1,973 (99,570) (290,586) Impairment losses of non-financial assets (27,506) (69,394) — (4,114) (27,506) (73,508) Impairment losses of assets classified as
held for sale — — — (120,737) — (120,737) Selling and marketing expenses (390,793) (348,662) — (45,705) (390,793) (394,367) Administrative expenses (1,575,467) (1,103,153) — (144,578) (1,575,467) (1,247,731) R&D expenses (605,014) (480,831) — (33,596) (605,014) (514,427)
### Operating profit 13,433,679 9,550,247 37,582 9,114 13,471,261 9,559,361
Share of results of associates 147,607 240,201 — — 147,607 240,201 Share of results of joint ventures (177) 67 — — (177) 67 Finance costs 8 (101,132) (161,876) — (6,935) (101,132) (168,811)
### Profit before tax 13,479,977 9,628,639 37,582 2,179 13,517,559 9,630,818
Income tax expense 9 (2,396,111) (1,186,597) 4,886 (60,471) (2,391,225) (1,247,068)
### Profit(loss) for the period 10 11,083,866 8,442,042 42,468 (58,292) 11,126,334 8,383,750
RMB’000 RMB’000 (Unaudited) (Unaudited) (Restated)
Other comprehensive (expense)income for the period Items that may be reclassified subsequently to
profit or loss: Exchange differences on translation of financial
statements of foreign operations (672,756) (194,737) Fair value gain on hedging instrument designated in cash
flow hedges 169,873 156,851 Share of other comprehensive expense of an associate,
net of related income tax (11,415) —
Other comprehensive expense for the period, net of income tax (514,298) (37,886)
Total comprehensive income for the period 10,612,036 8,345,864
Profit(loss) for the period attributable to owners of the Company: From continuing operations 11,037,706 8,348,175 From discontinued operations 42,468 (60,856)
### 11,080,174 8,287,319
Profit for the period attributable to non-controlling interests: From continuing operations 46,160 93,867 From discontinued operations — 2,564
### 46,160 96,431
Total comprehensive income for the period attributable to: Owners of the Company 10,567,968 8,255,215 Non-controlling interests 44,068 90,649
### 10,612,036 8,345,864
RMB RMB Note (Unaudited) (Unaudited)
(Restated)
Earnings per share From continuing and discontinued operations
— Basic 12 3.80 2.92
— Diluted 12 3.76 2.89
From continuing operations
— Basic 12 3.78 2.94
— Diluted 12 3.75 2.91
Assets Non-current Assets
Property, plant and equipment 27,748,493 26,233,860 Right-of-use assets 1,548,723 1,629,357 Goodwill 862,656 864,389 Other intangible assets 379,375 414,281 Interests in associates 2,264,146 2,141,502 Interests in joint ventures 3,103 3,375 Deferred tax assets 619,507 531,297 Financial assets at fair value through profit or loss
(“FVTPL”) 13 8,413,344 8,131,208 Other non-current assets 190,412 481,371 Biological assets 1,085,587 1,013,273
Total Non-current Assets 43,115,346 41,443,913 Current Assets
Inventories 8,798,113 6,922,791 Contract costs 1,350,056 1,101,351 Biological assets 978,377 969,103 Amounts due from related parties 144,570 147,686 Trade and other receivables 14 12,674,893 9,622,588 Contract assets 14 554,487 469,518 Income tax recoverable 2,610 8,807 Financial assets at FVTPL 13 10,914,289 5,806,212 Derivative financial instruments 17 268,943 68,657 Other current assets 1,735,032 1,402,987 Pledged bank deposits 24,631 12,688 Term deposits with initial term of over three
months 8,747,620 5,662,791 Bank balances and cash 26,953,584 29,455,831
73,147,205 61,651,010 Assets classified as held for sale — 26,046 Total Current Assets 73,147,205 61,677,056 Total Assets 116,262,551 103,120,969
Liabilities Current Liabilities
Trade and other payables 15 9,384,812 7,833,267 Amounts due to related parties 15,689 20,364 Derivative financial instruments 17 14,165 Contract liabilities 3,754,424 2,709,160 Bank borrowings 6,182,361 5,986,738 Lease liabilities 154,474 159,018 Income tax payables 2,702,861 2,526,721 Convertible bonds 16 6,585,807 —
Total Current Liabilities 28,794,593 19,235,268 Non-current Liabilities
Bank borrowings 1,798,800 1,819,100 Deferred tax liabilities 468,350 415,459 Deferred income 925,830 948,171 Lease liabilities 390,983 455,257
Total Non-current Liabilities 3,583,963 3,637,987 Total Liabilities 32,378,556 22,873,255 Capital and Reserves
Share capital 18 2,983,757 2,983,757 Reserves 80,349,960 76,728,533
Equity attributable to owners of the Company 83,333,717 79,712,290 Non-controlling interests 550,278 535,424
Total Equity 83,883,995 80,247,714 Total Equity and Liabilities 116,262,551 103,120,969
## NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2026
## 1. GENERAL INFORMATION
WuXi AppTec Co., Ltd. (the “Company”) was incorporated in the PRC on March 1, 2017 as a joint stock limited liability company under the PRC laws upon the conversion of 無錫藥明康德新藥開發有限公司 WuXi AppTec Ltd. (formerly known as 無錫藥明康德組合化學有限公司 WuXi PharmaTechs Co., Ltd.), a company with limited liability incorporated in the PRC in December 2000. The Company completed its initial public offering and listing of 104,198,556 ordinary shares of the Company (“A Shares”) (stock code: 603259.SH) in May 2018. The Company completed its public offering and listing of 116,474,200 ordinary shares of the Company (“H Shares”) (stock code: 2359.HK) in December 2018.
The address of the registered office of the Company is Mashan No. 5 Bridge, Binhu District, Wuxi, Jiangsu Province, the PRC and the principal place of business of the Company is 288 Fute Zhong Road, Waigaoqiao Free Trade Zone, Shanghai, the PRC. The de facto controllers of the Company are Dr. Ge Li, Mr. Zhaohui Zhang and Mr. Xiaozhong Liu.
The principal activity of the Company and its subsidiaries (collectively referred to as “Group”) is to provide a portfolio of research and manufacturing services throughout the discovery, development and manufacturing spectrum for small molecule drugs, development of computer software and databases as well as consulting services for combinatorial chemistry and pharmaceuticals.
The functional currency of the Company is Renminbi (“RMB”), which is the same as the presentation currency of the condensed consolidated financial statements.
## 2. BASIS OF PREPARATION AND ACCOUNTING POLICIES
The condensed consolidated financial statements have been prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting” (“IAS 34”) as issued by the International Accounting Standards Board (“IASB”) as well as the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.
The condensed consolidated financial statements have been prepared on the historical cost basis except for certain financial instruments which are measured at fair value and biological assets which are measured at fair value less costs to sell.
Other than additional/change in accounting policies resulting from application of amendments to IFRS Accounting Standards, the accounting policies and methods of computation used in the condensed consolidated financial statements for the six months ended June 30, 2026 are the same as those presented in the Group’s annual consolidated financial statements for the year ended December 31, 2025.
## 3. APPLICATION OF AMENDMENTS TO IFRS ACCOUNTINGSTANDARDS
In the Reporting Period, the Group has applied the following amendments to IFRS Accounting Standards issued by the IASB for the first time, which are mandatorily effective for the Group’s annual period beginning on January 1, 2026 for the preparation of the Group’s condensed consolidated financial statements:
Amendments to IFRS 9 and IFRS 7 Amendments to the Classification and
Measurement of Financial Instruments Amendments to IFRS 9 and IFRS 7 Contracts Referencing Nature-dependent
Electricity Amendments to IFRS Accounting
Annual Improvements to IFRS Accounting Standards — Volume 11
Standards
The application of the amendments to IFRS Accounting Standards in the Reporting Period has had no material impact on the Group’s financial positions and performance for the current and prior periods and/or on the disclosures set out in these condensed consolidated financial statements.
## 4. SEGMENT INFORMATION
Based on the Group’s internal organisation structure, management requirements and internal reporting system, the Group’s operations are divided into different segments whose operating results are regularly evaluated by the Group’s management to determine the allocation of resources to them and evaluate their performance. In order to provide more focused and relevant accounting information in the financial report to reflect the Group’s current main businesses and growth drivers, the continuing operations are primarily divided into WuXi Chemistry, WuXi Testing, WuXi Biology and Others. These reportable segments are determined based on the nature of the business.
The Group’s revenue streams are categorized as follows:
WuXi Chemistry Providing services for chemistry drug development from discovery, through preclinical and clinical stages, to commercial manufacturing, offering an integrated, end-to-end solution, meeting any material requirement at any scale, covering all categories for all synthetic molecular modalities, including small molecules, oligonucleotides, peptides and related chemistry conjugates, as well as supporting the formulation business for various chemical drugs.
WuXi Testing End-to-end comprehensive testing platform of drug R&D and testing, integrating CMC, Pharmacology, DMPK, Toxicology and Bioanalysis services into a complete “package”, bringing research from Discovery to successful IND and Beyond.
WuXi Biology Providing a full spectrum of biology services and solutions that support various biological research and testing projects, from target discovery to candidate selection and optimization, and into the clinic, for different target classes and molecular types.
Others Comprising the non-core business, as well as income from administrative services, sales of raw materials and sales of scrap materials.
### Segment revenue and results
The following is an analysis of the Group’s revenue and results by reportable segments.
Six months ended June 30, 2026 (Unaudited) Continuing Operations
Discontinued Operations
WuXi Chemistry
WuXi Testing
WuXi Biology Others Subtotal
(Note i) Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
Segment revenue 24,985,953 2,480,598 1,391,880 39,048 28,897,479 — 28,897,479 Segment results 13,941,229 935,634 483,229 22,002 15,382,094 — 15,382,094
Unallocated amount:
Other income 648,370 18,718 667,088 Other gains and losses 101,565 18,864 120,429 Impairment losses under ECL
model, net of reversal (99,570) — (99,570) Impairment losses of non-
financial assets (27,506) — (27,506) Selling and marketing
expenses (390,793) — (390,793) Administrative expenses (1,575,467) — (1,575,467) R&D expenses (605,014) — (605,014) Share of results of associates 147,607 — 147,607 Share of results of joint
ventures (177) — (177) Finance costs (101,132) — (101,132)
Profit before tax 13,479,977 37,582 13,517,559
Six months ended June 30, 2025 (Unaudited) (Restated) Continuing Operations
Discontinued Operations
WuXi Chemistry
WuXi Testing
WuXi Biology Others Subtotal
(Note i) Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
Segment revenue 16,301,370 1,885,901 1,251,605 86,630 19,525,506 1,273,776 20,799,282 Segment results 7,875,663 498,887 435,961 65,289 8,875,800 236,433 9,112,233
### Unallocated amount:
Other income 621,441 18,101 639,542 Other gains and losses 2,347,605 101,337 2,448,942 Impairment losses under ECL
model, net of reversal (292,559) 1,973 (290,586) Impairment losses of non-
financial assets (69,394) (4,114) (73,508) Impairment losses of assets
classified as held for sale — (120,737) (120,737) Selling and marketing
expenses (348,662) (45,705) (394,367) Administrative expenses (1,103,153) (144,578) (1,247,731) R&D expenses (480,831) (33,596) (514,427) Share of results of associates 240,201 — 240,201 Share of results of joint
ventures 67 — 67 Finance costs (161,876) (6,935) (168,811)
Profit before tax 9,628,639 2,179 9,630,818
Note i: According to IFRS Accounting Standards, the Group has classified the relevant businesses that have signed equity sale agreements, completed sales, or those being discontinued during the Reporting Period or comparative periods, as discontinued operations. Comparative disclosures have been adjusted accordingly.
The chief operating decision maker (“CODM”) makes decisions according to operating results of each segment. No analysis of segment asset and liability is presented as the CODM does not regularly review such information for the purposes of resources allocation and performance assessment. Therefore, only segment revenue and segment results are presented.
Entity-wide disclosure
Geographical information
An analysis of the Group’s revenue from external customers, analyzed by their respective country/region of domicile, is detailed below:
Six months ended June 30,
2026 2025 RMB’000 RMB’000
(Unaudited) (Unaudited) (Restated)
Continuing Operations
- — USA 22,276,009 13,791,659
- — PRC 3,234,977 2,471,138
— Europe 2,614,682 2,377,759 — Rest of the world 771,811 884,950
28,897,479 19,525,506
Discontinued Operations — 1,273,776
Total Revenue 28,897,479 20,799,282
— USA 22,276,009 14,239,372
- — PRC 3,234,977 3,174,956
— Europe 2,614,682 2,458,523 — Rest of the world 771,811 926,431
Note: Geographical affiliations of customers may change in case of merger and acquisition, spin-offs and etc. Thus revenue split by region has been adjusted accordingly (similar to the comparative disclosures).
Information about the Group’s non-current assets by geographical location of the assets is presented below:
As at June 30,
As at December 31,
2026
2025 RMB’000 RMB’000
(Unaudited) (Audited)
— PRC 24,651,709 25,015,741 — Rest of the world 9,395,870 7,729,759
### 34,047,579 32,745,500
Non-current assets excluding deferred tax assets, deposits and financial assets at FVTPL.
## 5. REVENUE
The Group derives its revenue from the transfer of goods and services over time and at a point in time in the following major service lines. This is consistent with the revenue information that is disclosed for each reportable segment under IFRS 8 in Note 4.
An analysis of the Group’s revenue is as follows:
Six months ended June 30,
2026 2025 RMB’000 RMB’000
(Unaudited) (Unaudited) (Restated)
### Continuing Operations
— WuXi Chemistry 24,985,953 16,301,370 — WuXi Testing 2,480,598 1,885,901 — WuXi Biology 1,391,880 1,251,605 — Others 39,048 86,630
### 28,897,479 19,525,506
Discontinued Operations — 1,273,776
### 28,897,479 20,799,282
Timing of revenue recognition
Six months ended June 30,
2026 2025 RMB’000 RMB’000
(Unaudited) (Unaudited) (Restated)
Continuing Operations Over time
— WuXi Chemistry 2,809,546 2,578,758 — WuXi Testing 2,480,598 1,885,901 — WuXi Biology 1,391,880 1,251,605 — Others 28,088 83,488
### 6,710,112 5,799,752
At a point in time
— WuXi Chemistry 22,176,407 13,722,612 — Others 10,960 3,142
22,187,367 13,725,754
Discontinued Operations — 1,273,776
28,897,479 20,799,282
One single customer of WuXi Chemistry and other segments contributed more than 10 percent of the Group’s revenue in the first half of 2026. (One single customer of WuXi Chemistry and other segments contributed more than 10 percent of the Group’s revenue in the first half of 2025.)
The aggregate amount of the transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) in the continuing operations are RMB66,435 million as at June 30, 2026.
## 6. OTHER INCOME
Six months ended June 30,
2026 2025 RMB’000 RMB’000
(Unaudited) (Unaudited) (Restated)
Continuing Operations Interest income 508,708 443,403 R&D grants and others from various countries
related to
— assets (i) 68,717 63,348 — income (ii) 69,914 102,159 Dividend income arising from financial assets at
FVTPL 1,031 12,531
648,370 621,441
Discontinued Operations 18,718 18,101
667,088 639,542
Notes:
- (i) The Group has received certain R&D grants and others from various countries to invest in laboratory equipment. The grants and subsidies were recognised in profit or loss over the useful lives of the relevant assets.
- (ii) The R&D grants and others from various countries related to income have been received to compensate for the Group’s R&D expenditures. Some of the grants related to income have future related costs expected to be incurred and require the Group to comply with conditions attached to the grants. These grants related to income are recognised in profit or loss when related costs are subsequently incurred and the Group receives acknowledge of compliance. Other grants related to income that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Group with no future related costs are recognised in profit or loss in the period in which they become receivable.
## 7. OTHER GAINS AND LOSSES
Six months ended June 30,
2026 2025 RMB’000 RMB’000
(Unaudited) (Unaudited) (Restated)
Continuing Operations Net foreign exchange loss (629,385) (471,337) Gain on financial assets at FVTPL (realized) 69,977 142,005 Gain(loss) on financial assets at FVTPL (unrealized) 424,393 (351,904) Gain on biological assets (unrealized) 264,845 154,378 Gain on disposal of an associate — 2,933,266 Loss on disposal of plant and equipment and
biological assets (16,335) (40,224) Gain(loss) on derivative financial instruments
(realized) 353 (36,444) (Loss)gain on derivative financial instruments
(unrealized) (14,933) 15,343 Others 2,650 2,522
101,565 2,347,605
### Discontinued Operations 18,864 101,337
120,429 2,448,942
## 8. FINANCE COSTS
Six months ended June 30,
2026 2025 RMB’000 RMB’000
(Unaudited) (Unaudited) (Restated)
### Continuing Operations
Interest expense on borrowings 65,788 55,431 Interest expense on lease liabilities 11,443 16,815 Effective interest expense on convertible bonds 23,901 102,842
Total borrowing cost 101,132 175,088 Less: amounts capitalised in the cost of
qualifying assets — (13,212)
101,132 161,876
Discontinued Operations — 6,935
101,132 168,811
## 9. INCOME TAX EXPENSE
Six months ended June 30,
2026 2025 RMB’000 RMB’000
(Unaudited) (Unaudited) (Restated)
Continuing Operations Current tax:
— PRC 2,262,016 1,077,885 — Hong Kong 235,761 177,374 — USA 2,093 51,416 — Rest of world 2,361 (658)
### 2,502,231 1,306,017
(Over)under provision in respect of prior years:
— PRC (39,179) 16,236 — USA 6,487 — Rest of world 3 —
### (32,689) 16,236
Deferred tax:
— Current period (73,431) (135,656)
2,396,111 1,186,597
Discontinued Operations (4,886) 60,471
2,391,225 1,247,068
- 10. PROFIT FOR THE PERIOD Profit for the period from continuing operations has been arrived at after charging:
Six months ended June 30,
2026 2025 RMB’000 RMB’000
(Unaudited) (Unaudited) (Restated)
Depreciation of property, plant and equipment 1,791,150 1,551,114 Depreciation of right-of-use assets 79,711 92,793 Amortization of other intangible assets and other non-
current assets 50,301 58,408 Staff costs (Note i)
— Salaries and other benefits 4,963,545 4,204,547 — Retirement benefit scheme contributions 563,562 506,505 — Equity-settled share-based payments 341,582 211,852
### 7,789,851 6,625,219
Capitalised in inventories and contract costs (3,490,851) (2,293,402) Capitalised in construction in progress (3,492) (18,081)
### 4,295,508 4,313,736
Impairment losses recognised on inventories included
in cost of sales 35,258 25,157 Expense relating to short-term leases 758 2,887 Expense relating to leases of low-value assets that are
not shown above as short-term leases 3,298 3,055 Auditor’s remuneration (Note ii) 3,355 3,292
- Note i: Staff costs (including directors’ emoluments), comprise salaries, bonus and the benefits borne by the Company.
- Note ii: Auditor’s remuneration includes fees for audit and interim review services.
## 11. DIVIDENDS
On April 28, 2026, the 2025 Profit Distribution Plan of the Company was approved at the 2025 AGM. Pursuant to the 2025 Profit Distribution Plan, a final dividend of RMB15.7927 per 10 shares for the 2025 Profit Distribution Plan (inclusive of tax) (2024 Profit Distribution Plan and 2025 Special Dividend Distribution: RMB9.8169 and RMB3.5000 per 10 shares (inclusive of tax), respectively) based on the record date for determining the Shareholders’ entitlement to 2025 Profit Distribution Plan was declared to both holders of A Shares and H Shares. The aggregated dividends amounted to RMB4,712,158,162.18 (six months ended June 30, 2025: RMB3,842,107,646.75), which was paid by the Company during the Reporting Period.
The authorization to the Board to formulate and implement the Company’s 2026 mid-year dividend distribution plan has been approved by the Shareholders at the 2025 AGM. Subsequent to the end of the Reporting Period, the Board declared the 2026 mid-year dividend distribution plan within the scope of the authorization as follows: a cash dividend of RMB5.1000 (inclusive of tax) for every 10 shares. The Company’s designated A-share repurchase securities account currently holds 9,701,231 shares, and H-share treasury shares amounts to 20,148,900 shares. The foregoing total of 29,850,131 shares will not participate in the dividend distribution. This represents a dividend distribution in an aggregate amount of RMB1,506,492,582.24 (inclusive of tax) based on 2,953,907,024 shares, which represent the Company’s total issued share capital of 2,983,757,155 shares as of the date of this announcement, after deduction of the shares held in the designated A-share repurchase securities account and H-share treasury shares. In the event of any change in the total issued share capital of the Company entitled to the profit distribution (i.e. after deduction of the shares held in the designated A-share repurchase securities account and H-share treasury shares) prior to the record date for implementation of the profit distribution, dividends will be distributed based on the unchanged dividend amount per share and the aggregate distribution amount will be adjusted accordingly.
## 12. EARNINGS PER SHAREContinuing Operations
The calculation of the basic and diluted earnings per share from continuing operations attributable to owners of the Company is based on the following data:
Six months ended June 30,
2026 2025 RMB’000 RMB’000
(Unaudited) (Unaudited) (Restated)
Earnings: Profit attributable to owners of the Company 11,080,174 8,287,319 Less: Profit (loss) for the period from discontinued
operations 42,468 (60,856)
Earnings for the purpose of calculating basic earnings per share from continuing operations 11,037,706 8,348,175
Effect of dilutive potential ordinary shares: Incentive schemes issued by an associate (13,118) (13,214) Interest on convertible bonds 22,015 102,513
Earnings for the purpose of calculating diluted earnings per share from continuing operations 11,046,603 8,437,474
Six months ended June 30,
2026 2025 (Unaudited) (Unaudited)
Number of Shares (’000): Weighted average number of ordinary shares for the
purpose of calculating basic earnings per share 2,916,386 2,840,111
### Effect of dilutive potential ordinary shares:
Incentive schemes issued by the Company 21,050 7,738 Convertible bonds 11,586 49,601
Weighted average number of ordinary shares for the purpose of calculating diluted earnings per share 2,949,022 2,897,450
### Continuing and Discontinued Operations
The calculation of the basic and diluted earnings per share from continuing and discontinued operations attributable to owners of the Company is based on the following data:
Six months ended June 30,
2026 2025 RMB’000 RMB’000
(Unaudited) (Unaudited)
Earnings for the purpose of basic earnings per share 11,080,174 8,287,319
Effect of dilutive potential ordinary shares: Incentive schemes issued by an associate (13,118) (13,214) Interest on convertible bonds 22,015 102,513
Earnings for the purpose of calculating diluted earnings per share 11,089,071 8,376,618
The denominators used are the same as those detailed above for both basic and diluted earnings per share.
The earnings for the purpose of calculating diluted earnings per share for the six months ended June 30, 2026 and six months ended June 30, 2025 have been adjusted on the effect of incentive schemes issued by an associate and the interest on convertible bonds.
The computation of diluted earnings per share for the six months ended June 30, 2026 and six months ended June 30, 2025 is based on weighted average number of shares assumed to be in issue after taking into account the effect of incentive schemes issued by the Company and convertible bonds.
## 13. FINANCIAL ASSETS AT FVTPL
As at June 30,
As at December 31,
2026
2025 RMB’000 RMB’000
(Unaudited) (Audited)
Current Asset Financial products 10,914,289 5,806,212
10,914,289 5,806,212
Non-current Assets
Listed equity securities 2,061,093 1,086,872 Unlisted equity investments 4,303,004 5,036,692 Unlisted fund investments 1,870,366 1,838,694 Others 178,881 168,950
### 8,413,344 8,131,208
## 14. TRADE AND OTHER RECEIVABLES/CONTRACT ASSETSTrade and Other Receivables
As at June 30,
As at December 31,
2026
2025 RMB’000 RMB’000
(Unaudited) (Audited)
Trade receivables
— third parties 10,950,503 7,671,783 Less: Allowance for credit losses (619,462) (551,843)
### 10,331,041 7,119,940
Note receivable 9,454 18,672 Total trade and note receivables 10,340,495 7,138,612
Other receivables 110,184 665,070 Prepayments 341,284 246,628 Interest receivables on deposits 129,562 28,476 Prepaid expenses 37,351 21,566 Value added tax recoverable 1,682,965 1,496,189 Deposits 33,052 26,047
### 2,334,398 2,483,976
Total trade and other receivables 12,674,893 9,622,588
The Group allows a credit period ranging from 30 to 90 days to its customers. The following is an aging analysis of trade receivables (net of allowance for credit losses) and note receivable presented based on the invoice dates and their credit period, at the end of each Reporting Period:
As at June 30,
As at December 31,
2026
2025 RMB’000 RMB’000
(Unaudited) (Audited)
Within 180 days 10,054,938 6,757,921 181 days to 1 year 110,949 164,252 1 year to 2 years 109,025 154,238 More than 2 years 65,583 62,201
### 10,340,495 7,138,612
In determining the recoverability of the trade receivables, the Group considers any change in the credit quality of the trade receivables from the date on which the credit was initially granted up to the reporting date.
Contract Assets
As at June 30,
As at December 31,
2026
2025 RMB’000 RMB’000
(Unaudited) (Audited)
Contract assets 585,476 495,188 Less: Allowance for credit losses (30,989) (25,670)
### 554,487 469,518
The contract assets represent primarily amounts that the Group is entitled to receive from customers before the customer pays following the satisfaction of its performance obligations. During the period in which the services are performed, the Group first recognises the work performed as a contract asset representing the consideration that the Group is entitled to receive for the services transferred to date, and the Group reclassifies the recognised contract asset to account receivable when it obtains the unconditional right to collect from the customer.
## 15. TRADE AND OTHER PAYABLES
As at June 30,
As at December 31,
2026
2025 RMB’000 RMB’000
(Unaudited) (Audited)
Trade payables 3,379,776 2,429,950 Note payable 16,478 —
Total trade and note payables 3,396,254 2,429,950
Salary and bonus payables 1,788,003 2,326,309 Payables for acquisition of plant and equipment 2,364,845 1,659,590 Accrued expenses 975,734 709,030 Dividend payable to non-controlling interests 54,606 23,607 Other taxes payable 425,171 236,092 Interest payable on bank borrowings 908 1,017 Others 379,291 447,672
### 9,384,812 7,833,267
Payment terms with suppliers are mainly on credit within 90 days from the time when the goods are received from the suppliers. The following is an age analysis of trade payables and note payable presented based on invoice dates and their credit period at the end of each Reporting Period:
As at June 30,
As at December 31,
2026
2025 RMB’000 RMB’000
(Unaudited) (Audited)
Within one year 3,355,040 2,381,248
- 1 year to 2 years 17,813 13,874
- 2 years to 3 years 9,900 11,243 More than 3 years 13,501 23,585
### 3,396,254 2,429,950
## 16. CONVERTIBLE BONDS
On May 21, 2026, the Company issued an aggregate principal amount of RMB6,780 million USD settled zero coupon convertible bonds due 2027 (the “Convertible Bonds”). The initial conversion price of the Convertible Bonds is HK$153.00 per H Share. The Company has obtained the Hong Kong Stock Exchange’s approval for the listing and trading of the shares to be issued upon conversion of the Convertible Bonds, and has also received approval from the Vienna MTF operated by the Vienna Stock Exchange for the listing of the Convertible Bonds.
The debt and conversion option components of the Convertible Bonds on the issue date are set out below:
Conversion option
Debt component
component Total RMB’000 RMB’000 RMB’000
(Unaudited) (Unaudited) (Unaudited)
Gross proceeds from issuance of convertible bonds 6,630,742 386,558 7,017,300 Transaction costs (68,835) (4,013) (72,848)
Net proceeds 6,561,907 382,545 6,944,452
During the Reporting Period, the interest expense of the debt component is RMB23,901,000.
At the end of the Reporting Period, the balances of the debt and conversion option components of the Convertible Bonds are set out below:
Conversion option
Debt component
component Total RMB’000 RMB’000 RMB’000
At June 30, 2026 (Unaudited) 6,585,807 382,545 6,968,352
## 17. DERIVATIVE FINANCIAL INSTRUMENTS
As at June 30,
As at December 31,
2026
2025 RMB’000 RMB’000
(Unaudited) (Audited)
Current assets Derivatives under hedge accounting Cash flow hedges
— Foreign currency forward contracts 268,943 68,657
Current liabilities Other derivatives (not under hedge accounting) Foreign currency forward contracts 14,165 —
Derivatives under hedge accounting
It is the policy of the Group to enter into forward foreign exchange contracts to manage its foreign exchange rate risk arising from anticipated future foreign currency transactions within the expected period, in particular, the exchange rate between USD and RMB, which are designated into cash flow hedges.
Average strike rate as
at June 30, 2026
Notional value
Fair value assets as at
as at June 30,
June 30,
2026
2026 USD’000 RMB’000
### Sell USD
Less than 3 months 6.8702 1,617,100 149,975 3 to 6 months 6.8499 1,027,800 118,968
Six months ended June 30, 2026
Fair value change of derivative
financial instruments
Reclassification from other comprehensive income into profit or loss
recognised in other comprehensive income
RMB’000 RMB’000
Profit or loss item
Cash flow hedges Anticipated future sales 425,022 (220,639) Revenue
It is anticipated that the sales will take place within the expected period at which time the amount recognised in other comprehensive income will be reclassified to profit or loss.
At the inception of above hedging relationships, the Group formally designates and documents the hedge relationship, risk management objective and strategy for undertaking the hedge. The cash flow hedge mentioned above were assessed to be highly effective.
## 18. SHARE CAPITALRMB’000
Ordinary shares of RMB1.00 each
- At January 1, 2025 (Audited) 2,887,993 Repurchase and cancellation of ordinary A shares (15,776)
- At June 30, 2025 (Unaudited) 2,872,217 Issue of H Shares placing 73,800 Conversion of convertible bonds 49,601 Repurchase and cancellation of ordinary A shares (11,861)
At December 31, 2025 (Audited) 2,983,757 Ordinary shares of RMB1.00 each At January 1, 2026 (Audited) 2,983,757
- At June 30, 2026 (Unaudited) 2,983,757
During the six months ended June 30, 2026, the Company repurchased 9,701,231 (six months ended June 30, 2025:16,675,284) of its own ordinary A shares through bidding, with an aggregate consideration of RMB1,000,303,000 (six months ended June 30, 2025:RMB1,060,026,000) paid.
The ordinary A shares repurchased during the Reporting Period will be used for the employee stock ownership plan and remained as treasury shares at the end of the Reporting Period (15,775,377 shares were cancelled upon repurchase for the six months ended June 30, 2025).
During the six months ended June 30, 2026, the Company repurchased 20,148,900 of its own ordinary H shares through on-market transactions pursuant to the repurchase mandate and in accordance with the 2026 H Share Award and Trust Scheme (six months ended June 30, 2025: the scheme trustee under the 2025 H Share Award and Trust Scheme acquired 34,092,975 H shares through on-market transactions in accordance with the Company’s instructions), with an aggregate consideration of RMB2,160,450,000 (six months ended June 30, 2025: RMB2,289,239,000) paid.
## 19. SUBSEQUENT EVENTSDeclaration of 2026 Mid-Year Dividend Distribution Plan
Subsequent to the end of the Reporting Period, the Board of the Company declared the 2026 mid-year dividend distribution plan (as detailed in Note 11).
## 20. SUPPLEMENTARY INFORMATION
The following table sets forth the relevant financial indicators prepared in accordance with the China Accounting Standards for Business Enterprises. For details, please refer to the 2026 Semi-Annual Report of WuXi AppTec Co., Ltd. on the Shanghai Stock Exchange website, dated August 4, 2026.
Six months ended June 30, 2026 2025 RMB million RMB million
Net profit attributable to the owners of the Company 11,080.2 8,560.9 Net profit attributable to the owners of the Company
after deducting non-recurring gain or loss items 10,572.2 5,582.1
## DEFINITIONS
In this announcement, unless the context otherwise requires, the following expressions shall have the following meanings:
“2025 Award Shares” the H Shares granted to a 2025 Selected Participant in an award of the 2025 Scheme
“2025 H Share Award and Trust Scheme” or “2025 Scheme”
the 2025 H Share award and trust scheme adopted by the Company in accordance with the 2025 Scheme Rules
“2025 Profit Distribution” the proposed distribution of cash dividend of RMB15.7927 for every 10 Shares (inclusive of tax) under the 2025 Profit Distribution Plan
“2025 Profit Distribution Plan”
the profit distribution plan of the Company for the year ended December 31, 2025
“2025 Scheme Rules” the rules of the 2025 Scheme (as amended from time to time)
- “2025 Selected Participant” any eligible employee who is approved for participation in the 2025 Scheme and has been granted any award in accordance with the 2025 Scheme Rules
- “2026 H Share Award and Trust Scheme” or “2026 Scheme”
the 2026 H Share award and trust scheme adopted by the Company in accordance with the 2026 Scheme Rules
“2026 Scheme Rules” the rules of the 2026 Scheme (as amended from time to time)
“A Share(s)” domestic shares of our Company, with a nominal value of RMB1.00 each, which are listed for trading on the Shanghai Stock Exchange and traded in RMB
“API” active pharmaceutical ingredient
“Articles of Association” the articles of association of the Company as amended from time to time
“Audit Committee” the audit committee of the Board
“Board” our board of Directors
“Bonds” or “Convertible Bonds”
aggregate principal amount of RMB6,780 million USD settled zero coupon convertible bonds due 2027 issued by the Company, convertible at the option of the holder thereof into fully paid ordinary H Shares of the Company of par value of RMB1.00 each at the initial conversion price of HK$153.00 per H Share
“CDMO” Contract Development and Manufacturing Organization
“CG Code” the “Corporate Governance Code” as contained in Appendix C1 to the Listing Rules
“China” or “PRC” the People’s Republic of China, which for the purpose of this interim results announcement and for geographical reference only, excludes Hong Kong, Macau and Taiwan
“CMC” Chemistry, Manufacturing and Controls
“Company”, “our Company”, “WuXi AppTec”, “We”, “our”, or “us”
WuXi AppTec Co., Ltd.* (無錫藥明康德新藥開發股份有限 公司), a joint stock limited company incorporated under the laws of the PRC, the predecessor of which, WuXi AppTec Ltd. (無錫藥明康德新藥開發有限公司) (formerly known as WuXi PharmaTech Co., Ltd (無錫藥明康德組合化學有 限公司)) was established under the laws of the PRC as an enterprise legal person in December 2000, the A Shares of which are listed on the Shanghai Stock Exchange (stock code: 603259) and the H shares of which are listed on the Hong Kong Stock Exchange (stock code: 2359) and if the context requires, includes its predecessor
“CRDMO” Contract Research Development and Manufacturing Organization
“CRO” Contract Research Organization
“Director(s)” the director(s) of the Company or any one of them
“DMPK” Drug Metabolism and Pharmacokinetics
“EBITDA” Earnings before Interest, Tax, Depreciation and Amortization
“FVTPL” fair value through profit or loss
“Group” or “our Group” the Company and its subsidiaries
“H Share(s)” overseas listed foreign shares in the share capital of our Company with nominal value of RMB1.00 each, which are listed on the Stock Exchange
“HK$” or “HKD” Hong Kong dollars and cents, both are the lawful currency of Hong Kong
“Hong Kong” the Hong Kong Special Administrative Region of the PRC
“IFRS” International Financial Reporting Standards
“IND” investigational new drug
“Listing Rules” the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (as amended from time to time)
“Model Code” the “Model Code for Securities Transactions by Directors of Listed Issuers” as set out in Appendix C3 to the Listing Rules
“NMPA” the National Medical Products Administration of the PRC
“PROTAC” proteolysis targeting chimera
“R&D” research and development
“Reporting Period” the six months ended June 30, 2026
“RMB” Renminbi, the lawful currency of the PRC
“Share(s)” ordinary shares in the capital of our Company with a nominal value of RMB1.00 each, comprising A Shares and H Shares
“Shareholder(s)” holder(s) of Shares
“Stock Exchange” or “Hong Kong Stock Exchange”
The Stock Exchange of Hong Kong Limited
“US” the United States of America, its territories, its possession and all areas subject to its jurisdiction
“USD” or “US$” United States dollars, the lawful currency of the United States
“Vienna MTF” Vienna Multilateral Trading Facility
“WuXi Biology” biology business of the Company
“WuXi Chemistry” chemistry business of the Company
“WuXi Testing” testing business of the Company
“YoY” year-over-year
“%” percentage
By order of the Board WuXi AppTec Co., Ltd.* Dr. Ge Li Chairman
Hong Kong, August 3, 2026
As of the date of this announcement, the Board comprises Dr. Ge Li, Dr. Minzhang Chen, Dr. Steve Qing Yang and Mr. Zhaohui Zhang as executive Directors, Mr. Xiaomeng Tong and Dr. Yibing Wu as non-executive Directors and Ms. Christine Shaohua Lu-Wong, Dr. Wei Yu, Dr. Xin Zhang, Ms. Zhiling Zhan and Mr. Xuesong Leng as independent non-executive Directors.
* For identification purposes only
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这条决策早于决策账本(2026-10-08 起逐条追加),没有追加记录。