药明康德中期报告2026

2359 2026 目 錄 2 5 6 35 67 68 71 74 76 78 135 202671202671 118 88135 333 50147 288 33 33191910 47917 81–38 201 1283 8 1151509 99MT 25–28 A 188 H 1617 A603259H02359 www.wuxiapptec.cn/zh-hk/ 1. A. CRDMO CRDMO 289.038.9%48.0%20266664.325.2% (1)(WuXi Chemistry) 249.953.3% — —RResearch12442026RD155 —DMDevelopment and Manufacturing i.CDMOCRDMO2026D&M69920266D&M3,7319594III394II3,148IIII202615 ii.2026D&M149.972.7% —TIDES i.2026TIDES72.644.3%TIDES45%ii.2026TIDESD&M39%68% (2)(WuXi Testing) 24.831.5% —42.8%—202635%—7x24—20262024 (3)(WuXi Biology) 13.911.2% —CRDMO20%——202635% CRDMO CRDMO20262026513–530585–60518%–22%35%–39%2026202665–7575–852026105–115135–145 2026TIDES 153.868.8%53.2%20259.4 (1)(WuXi Chemistry) 139.47.5 (2)(WuXi Testing) 9.411.3 (3)(WuXi Biology) 4.80.1 20256302,448.92026630120.4(1) 2025WuXiXDC Cayman Inc.2,933.3(2)776.3 2025630290.6202663099.62025 202563073.5202663027.52025 2025630120.720266302025ATU 2025630240.22026630147.6WuXi Healthcare Ventures II,L.P.WuXi XDC Cayman Inc.WuXi XDC CaymanInc.2025 2025630168.82026630101.120265 20256308,383.8202663011,126.3CRDMO 20266309,311.0202563031.8% 202663010,467.520256302,174.8(1)(2) 2025WuXi XDC Cayman Inc. 2026630900.2202563081.7%AH 202663032,378.62025123122,873.329.0%24.6%20.3%11.6%8.3%6.2% (1) 20266307,981.26,182.41,798.8 (2) 202663024.62025123112.794.1% (3) 2026630 (4) 202663027.8%2025123122.2%2026 B. (i)(ii)(iii) 2026630 C. 202663020251231 D. 202663010,914.3 (1)(2)(3) 153.8 20266305% E. (1) (2) CRDMO WuXi TIDES(TFF)CMCPROTAC (3) 20 (4) (5) F. (1)2025H 31,665,61020253,3812025H6.2031%1.0613%6,131,504HH1.2011%0.2055%3,36825,534,106HH5.0020%0.8558% 202669 (2)2026H 2026428202520252026H 202661620252026HH25H20,148,900H0.68% 2026617 (3)6,7802027 2026514Citigroup GlobalMarkets Limited6,780 1,023(a)90%(b)10%Vienna MTF 20265152026521 2. A. B. (1)CRDMO(2)CRDMO(3) C. 2026CRDMO (1) (2) (3) 2026 4652120ISO/IEC 27001 (4) PROTAC (5) (1)(2)(3)(4) (6) (7) 20242026UNGC (SBTi)2025SBTi(PSCI)20242026PSCI ESG20252026MSCI ESGAAA62025CDPA20242025CDPA20242025EcoVadis202320264 D. (1) (2) (3) CRO/CDMO (4) (5) 2026681260H1260H202661120266291260H2026722 2026871260H (6) (7) (8) (9) (10) 2020 20251231202085H6,558.620251231 2025H 2025731CitigroupGlobal MarketsLimited2025202520252025202520252025104.2720252025429202473,800,000H202520252025202520257302025H112.0020251.0073,800,000202573,800,0002025202587 2025(a)2025(b) 202576.52025103.62202663020252,185.9 H20257312026630 (1) (2)20251231 (3) 2025 202512312025 2027 2026514CitigroupGlobal MarketsLimited6,78020272027H153.002027H153.00202751,146,959HH10.02%1.71%2027H9.11%1.69% 2026514H130.10H1.0051,146,95920272026521 2027 20271,023202751,146,959156.68 Vienna MTF 2027202651520265212027H2027153.0020272027 26 2026521 2027 202720265152026630 法定披露 2027 A 2026692026A 202662520266A9,701,2310.33%A118.48A95.11A103.081,000,008,218.79A 20266920266262026611202662520263252026428 H 20266162026HH25H20,148,900H0.68%H132.70H111.50H123.87HH 202632320266172026526202661620263252026428 2026H 2026 20262025105.1000A9,701,231H20,148,90029,850,1312,983,757,155AH2,953,907,0241,506,492,582.24AH2026202694 2026325202520264282025202683 2026412025202632320263252026428 1.2026428 2026426 2025123113.51B(1) 1. 20266302026HH 20266302026H2026 298,375,715 2.2020H 20207212020H202020207H20202020202072120208312020812 2020H202020202020HH2020H20202020H 20266302020H20202020H2020 2020H2020 20202020202020202020 20202020(i)202020202020(ii)2020 3.2021H 2021822021H2021202120H2021202120212021202120212021H2021132021110,452,209202120218302021H202120212021822021830202112152021810 2021H202120212021HH2021H20212021H 202120212021 20212021 20266302021H202120202120212021 2021202120229192023113 2021H2021 1.202120212021202120212021H20212021 2.20212021 3. 2021H2021 20212021202120212021 20212021(i)202120212021(ii)2021 5. 202120212021 202120212021H202120212021B100%B02021202120212021 202120212021810— II.2021H—— 6.2021202297202181.00202316202191.05 4.2021 SAIH202182202120212021(4)SAI(4)(4)SAI(4)75(i)HSAI(ii)SAISAISAISAISAISAI2021SAIA-BB-SAISAISAISAI 2021SAISAI2021H2021SAI2021 SAISAI2021SAISAISAI 2021SAISAISAISAISAISAI 2021SAISAI(i)HSAI(ii)SAISAI SAISAI2021810— V.2021— SAI— 2021SAISAISAI2021810— V.2021— 2021 5.2022H (i)(ii)20228152022H2022202220H2022202220222022202220222022H202214202220221,418,7602022202210132022H202220222022815202210132022123020228182022921 2022H202220222022HH2022H20222022H 202220222022 20222022 20266302022H202220222,7782022920222,76920222022 20222022202212302023627202411120246242025110 2022H2022 1.202220222022202220222022H20222022 2.20222022 3. 2022 202220221013202220222022 20222022(i)2022101320222022(ii)2022 4.2022H121.52 5. 202220222022 202220222022H202220222022B100%B-02022202220222022 202220222022818—II.2022H—— 6.202220221220202273.902023620202267.452