Erratum: Capacity Integration On Track; CDMO Deal Drives Growth Visibility

研报英文原文证据摘录

Erratum: Capacity Integration On Track; CDMO Deal Drives Growth Visibility

China (PRC) | Biotechnology

BioDlink International EquityJuneResearch9, 2026

TARGET | ESTIMATE CHANGEErratum: Capacity Integration On Track;

RATING BUYCDMO Deal Drives Growth Visibility

PRICE HK$3.75^

BioDlink signed a CDMO Services Agreement with Wuxi XDC, enhancing rev

HK$4.40 (HK$2.40) |

visibility and capacity utilization. Post acquisition, BioDlink maintains listing PRICE TARGET | % TO PT +17%

status while gradually phasing out its biosimilar biz, focusing on CDMO. By 52W HIGH-LOW HK$5.87 - HK$1.70

2025, BioDlink had 213 projects (vs 153 in 2024), incl. 145 ADC programs, FLOAT (%) | ADV MM (USD) 15.0% | 0.89

with total backlog of Rmb308m. We think XDC's acquisition will improve MARKET CAP HK$2.7B | $347.1M

CDMO svc quality and boost project injection. Maintain Buy with PT raised TICKER 1875 HK

to HK$4.4. ^Prior trading day's closing price unless otherwise

noted.

Includes previous price target and estimates.

FY (Dec) CHANGE TO JEFe JEF vs CONS

Focus on CDMO leveraging on XDC's R&D capability - BioDlink announced the completion of

2026 2027 2026 2027

acquisition by Wuxi XDC in March 2026. Following the transaction, Wuxi XDC holds 61.47% of

REV -65% NA NA NA

BioDlink equity interest. Post the acquisition, BioDlink will maintain its listing status and will fully

EPS -94% NA NA NA

terminate its biosimilar segment, focusing on the CDMO biz line, and aims to double CDMO rev,

with CDMO contributing to >80% of total rev in 2026. In May '26, BioDlink further strengthened

its integration with XDC by entering a CDMO Master Services Agreement, under which BioDlink 2026 (RMB) 1Half 2Half FY

will provide bioconjugate CDMO services for up to Rmb92.5mn/Rmb257.1mn/Rmb424.8mn EPS -- -- 0.01