CMO Debut Expected in 2027; BioDlink Integration on Track

研报英文原文证据摘录

CMO Debut Expected in 2027; BioDlink Integration on Track

China (PRC) | Life Science Tools & Diagnostics

Wuxi XDC EquityJulyResearch6, 2026

ASSUMING COVERAGECMO Debut Expected in 2027; BioDlink

RATING BUYIntegration on Track

PRICE HK$61.70^

Duality/BNTX’s HER2 ADC is expected to be the first revenue-generating

manufacturing project in 2027, validating its commercial capabilities and PRICE TARGET | % TO PT HK$80.00 | +30%

supporting future global pharma partnerships. Singapore GMP release 52W HIGH-LOW HK$85.50 - HK$42.45

remains on track for Jul-2026. BioDlink integration on track to alleviate FLOAT (%) | ADV MM (USD) 26.8% | 390.28

DP capacity constraints. We fine-tuned our model to reflect the business MARKET CAP HK$89.5B | $11.4B

update. With this note, primary coverage transfers to Bingyu Chen. TICKER 2268 HK ^Prior trading day's closing price unless otherwise

noted.

Manufacturing capacity to validate commercial credibility - Duality/BioNTech’s HER2 ADC is

expected to be the first revenue-generating manufacturing project in 2027, with management

FY (Dec) CHANGE TO JEFe JEF vs CONS

guiding for potential peak sales of US$1-2bn. Company expects this project to serve as

2026 2027 2026 2027

a validation of WuXi XDC’s commercialization capabilities. Meanwhile, the upcoming FDA

inspection of its Wuxi facility should further strengthen its execution at commercial scale and REV -3% -4% NA NA

reinforce its regulatory track record. Per sac-TMT, management noted they are keeping active EPS NA NA NA NA

dialogue with Merck. Company expects 3–4 BLA submissions annually. Commercial revenue

is not yet incorporated in our current forecast of +30% 2027-2028 revenue growth.

Singapore site ready for GMP release; stable margin guided - Construction and validation