月度催化剂前瞻：中国CDMO赛道

China Healthcare Asia Pacific Laurence TamEquity Analyst Marco Wong Monthly Catalyst Preview:CDMOs Marco.Wong@morganstanley.com indicators suggest sustained or even better performance in 2026vs.2025,which allows investors to look pastfluctuations inSino-US relations. Asia PacificIndustryView Attractive China's advances in technology, efficiency and cost-effectiveness have led to an even higher propensity for MNCs and biotechs to outsourceGlobal launches of novel drugs withblockbuster potential have also heightened expectations for CDMOs along the supply chain, many of which are in China.For peptide and small molecule GLP-1s, capital is gravitating toward WuXi AppTec and Asymchem. Both have announced aggressive capex schedules.For in vivo CAR-T and DNA synthesis, capital is moving to GenScript. The rise of Al drug developers has created substantial demand for wet lab validation.Outsourcing of ADCs development to China remains very high, benefiting WuXi Bio and WuXi XDC. Progression to commercial contracts would bekey tovaluation. Morgan Stanley does and seeks to do business withcompanies covered in Morgan Stanley Research. As a resultinvestors should be aware that the firm may have a conflict ofinterest that could affect theobjectivity of Morgan StanleyResearch. Investors should consider Morgan StanleyResearch as only a single factor in making their investmentdecision. For analyst certification and other important disclosures,refer to the Disclosure Section, located at the end of thisreport. += Analysts employed by non-U.S. affliates are not registeredwith FINRA, may not be associated persons of the memberand may not be subject to FINRA restrictions onand trading securities held by a research analyst account. The information and opinions in Morgan Stanley Research were prepared or are disseminated by Morgan Stanley Asia Limited (which accepts the responsibilty forits contents) and/or MorganStanley Asia (Singapore)Pte. (Registration number199206298Z)and/orMorgan Stanley Asia (Singapore)Securities Pte Ltd (Registration number200008434H),regulated by the Monetary Authority of Singapore (which accepts legal responsibilty for its contents and should be contacted with respect to any matters arising from, or in connection with, Morgan Stanley Research)and/or Morgan Stanley TaiwanLimited and/or Morgan Stanley& Colnternational plc, SeoulBranch,and/or Morgan Stanley AustraliaLimited(A.B.N.67003734 576,holderof Australian financialservices license No. 233742, which accepts responsibility for its contents), and/or Morgan Stanley Wealth Management Australia Pty Ltd (A.B.N. 19 OO9 145 555, holder of Australian financialservices license No. 24O813, which accepts responsibility for its contents), and/or Morgan Stanley India Company Private Limited having Corporate ldentification No (CIN)U22990MH1998PTC115305, regulated by the Securities and Exchange Board of ndia ('SEBI) and holder of licenses as a Research Analyst (SEBI Registration No.INHO00001105); Stock Broker(SEBI Stock Broker Registration No. INZO00244438),Merchant Banker (SEBI Registration No.INM000011203),and depository participant with National Securities Depository Limited (SEBIRegistration No.IN-DP-NSDL-567-2021) having registered office at Altimus, Level 39 &40,Pandurang Budhkar Marg, Worl,Mumbai 400018,India;Telephone no.+91-22-61181000; ComplianceOfficer Details: Mr. Tejarshi Hardas, Tel. No.: +91-22-61181000 or Email: tejarshi.hardas@morganstanley.com; Grievance officer details: Mr. Tejarshi Hardas, Tel No.: +91-22-61181000 or Emailmsic-compliance@morganstanley.comwhichacceptstheresponsibilityforitscontentsandshouldbecontactedwithrespecttoanymattersarisingfrom,orinconnectionwith,Morgan StanleyResearch, and their affiliates (collectively, Morgan Stanley). Morgan Stanley India Company Private Limited (MSICPL) may use Al tools in providing research services. All recommendationscontained herein are made by the duly qualified research analysts.For important disclosures, stock price charts and equity rating histories regarding companies that are the subject of this report, please see the Morgan Stanley Research Disclosure Website at www.morganstanley.com/eqr/disclosures/webapp/generalresearch, or contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: ResearchManagement), New York, NY,10036 USA.Forvaluationmethodologyandrisks associatedwithanyrecommendation,rating orprice targetreferencedin this researchreport,please contact the Client Support Teamasfollows:US/Canada +1 800 303-2495; Hong Kong +852 2848-5999; Latin America +1 718 754-5444 (U.S.); London +44 (0)20-7425-8169; Singapore +65 6834-6860; Sydney +61 (0)2-9770-1505; Tokyo +81(0)3-6836-9000.Alternativelyyoumay contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: Research Management),New York,NY10036USAAnalyst Certification Thefollowing analysts hereby certify that their views about the companies and their