产能整合按计划推进；CDMO服务协议驱动增长可见性

China (PRC) | BiotechnologyBioDlink International Capacity Integration On Track; CDMO ServiceDeal Drives Growth Visibility Recently, BioDlink signed a CDMO Services Agreement with Wuxi XDC,enhancing rev visibility and capacity utilization. Post acquisition, BioDlinkmaintains listing status while gradually phasing out its biosimilar biz,focusing on CDMO. By 2025, BioDlink had 213 projects (vs. 153 in 2024),incl. 145 ADC programs, with total backlog of Rmb308mn. We think XDC'sacquisition will improve CDMO svc quality and boost project injection.Maintain Buy with PT at HK$4.4. Focus on CDMO leveraging on XDC's R&D capability- BioDlink announced the completion ofacquisition by Wuxi XDC in March 2026. Following the transaction, Wuxi XDC holds 61.47% ofBioDlink equity interest. Post the acquisition, BioDlink will maintain its listing status and will fullyterminate 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 strengthenedits integration with XDC by entering a CDMO Master Services Agreement, under which BioDlinkwill provide bioconjugate CDMO services for up to Rmb92.5mn/Rmb257.1mn/Rmb424.8mnin 26E/27E/28E, respectively, supporting utilization and growth visibility. BioDlink plans to 1)accelerate its overseas mkt penetration, leveraging Wuxi XDC's resources, also benefiting fromChina biotech out-licensing rally, and 2) cont. to invest in ADC technologies, supported by XDC'sR&D capabilities. CDMO biz with more projects moving to PPQ- CDMO rev delivered a 34% CAGR from 2021 to2025, supported by a steadily expanding project pipeline. Total backlog grew by 61% to reachRmb308mn. By 2025, the company had accumulated 213 projects (vs. 153 in 2024), incl. 145ADC programs and 48/20 antibody and other projects, respectively. BioDlink secured its firstcommercialization approval in Oct 2025 and currently has 8 projects in the pre-BLA stage.Mgmt. exp. 3+ programs (incl. the in-house candidate TAB014) to advance into PPQ in 2026.Capacity:DP05 supports up to 6,000 vials per batch, while DP06 can produce up to 50,000 vialsper batch, implying total annual DP capacity of ~5-6mn vials. Also, it has 3 independent GMPDS sites. The facilities are equipped with OEB-5 isolators and single-use conjugation reactorsranging from 20L to 500L. Implication- We think the acquisition, together with the service agreement, will improveBioDlink’s capacity utilization, enhance growth visibility, and accelerate CDMO rev ramp-upthrough deeper integration with Wuxi XDC. Maintain Buy with new PT at HK$4.4. David Shang * | Equity Analyst+852 3743 8017 | david.shang@jefferies.com Cui Cui, CFA * | Equity Analyst+852 3767 1228 | cui.cui@jefferies.com Bingyu Chen * | Equity Analyst+852 3767 1346 | bingyu.chen@jefferies.com Jing Ma, Ph.D. * | Equity Analyst+852 3767 1277 | jing.ma@jefferies.com Hongda Zhong * | Equity Analyst+852 3767 1311 | hongda.zhong@jefferies.com The Long View: BioDlink International Investment Thesis BioDlink is transitioning into a pure-play CDMO, with revenue growthincreasingly driven by its expanding pipeline of ADC and biologics projects.Its competitive edge lies in its integrated end-to-end bioconjugate platformand proven commercialization track record, further strengthened by WuXiXDC’s global client access, R&D capabilities, and capacity integration. Downside Scenario,HK$3, -20% Upside Scenario,HK$5.7, +52% Base Case,HK$4.4, +17% Meaningful partnership in clinical developmentand/or commercialization, including global ones; Pipeline delay/failure;Partnership break-ups;Onlyexisting products and operating in itsCDMO/CMO business and marketing services;PT of HK$3.0 is DCF based Thecompany continues to advance itscandidates forward in clinical trials; CDMO/CMO business and marketing services ontrack; Earlier launch of pipelines and faster sales ramp-up; More pipeline candidates from its internal R&D orthrough in-licensing/partnerships/acquisitions; Key assets to be approved and commercialized; PT of HK$4.4 is DCF based CDMO/CMOand marketing services receivemore orders than expected; PT of HK$5.7 is DCF based Sustainability Matters Catalysts Clinical data read out;Advance of clinical pipeline;New drug launches;Newpartnershipsand/orin-licensing/out-licensing deals Top Material Issues:1) Compliance Operations, 2) Risk Management, 3) Emissions Management, 4)Employee Rights Protection, 5) Data privacy and information security, 6) Sustainable Supply Chain, 7)Employee Retention and Development, 8) Bioethics, 9) Water Resources Management, 10) IntellectualProperty Protection Company Targets: 1) 20%-30% reduction in Scope I and Scope II GHG emissions intensity (tCO2e/RMB10,000 of revenue)by 2030 compared to 2025 2) 20%-30% reduction in comprehensive energy intensity (tCO2e/RMB10,000 of revenue) by 2030compared to 2025 3) 20-30% reduction in water intensity (tCO2e/RMB10,000 of revenue) by 2030 com