1H26F preview and FY26F forecast revisions

研报英文原文证据摘录

1H26F preview and FY26F forecast revisions

Global Markets Research

Wuxi Bio 2269.HK 2269 HK 24 July 2026

EQUITY: HEALTH CARE & PHARMACEUTICALS

Rating1H26F preview and FY26F forecast revisions Remains Buy

Target priceWe expect solid operations but anticipate headwind from Increased from HKD 51.38FX impact and investment losses HKD 50.54

We estimate 1H26F top-line grew 15.5%, while non-recurring items likely drove Closing23 July 2026price HKD 39.24

bottom line down 15.3% y-y

We expect Wuxi Bio to report 1H26F revenue of CNY11.5bn (+15.5% y-y). By segment, Implied upside +30.9%we forecast revenue of pre-IND / early-stage services / late-stage manufacturing

registered 12%/18%/18% y-y growth to CNY4.6bn/CNY1.6bn/CNY5.1bn, considering the Market Cap (USD mn) 20,664.0

robust “R” business growth (despite the base being a bit high) and big commercial stage ADT (USD mn) 136.1

projects (management noted that the top 3 manufacturing projects should each generate

over USD100mn revenue in 2026E). Relative performance chart

By margin, we estimate gross margin declined slightly by 0.7pp to 42.0% and operating

margin contracted 0.9pp to 27.8%, led by an FX impact headwind (average USD/CNY

declined from 7.18 in 1H25 to 6.89 in 1H26). For 1H26F, anticipating loss from investment

owing to challenging market conditions, we forecast net profit to shareholders came in at

CNY2.0bn (-15% y-y).

Maintain Buy rating and raise TP to HKD51.38 from HKD50.54, implying 30.9%

upside

Recall that in end-May, management updated the company’s healthy growing trend and

reiterated its 2026E top-line growth target (see our report: QuickNote-WuxiBio(2269

HK)(Buy)-FY26Etoplineguidancereaffirmedandmid-termtoplinegrowthtarget

provided).