WuXi XDC Delivers Exceptional Performance in 2025, Reinforcing Global Leadership in Bioconjugate CRDMO

The Group's gross profit increased by 72.5% YoY to RMB 2,139 million, with a gross profit margin of  36.0% for the year ended December 31, 2025, and a 5.4 percentage points increase compared to that of 2024. This improvement is driven by (i) the enhanced overall operation and manufacturing efficiency, (ii) the utilization ratio of production facilities continued to improve, mainly due to strong customer demand, and (iii) the successful ramp-up of operating production lines including BCM2 L2 and DP3.

Adjusted Net Profit and Its Margin

The Group's adjusted net profit increased by 69.9% YoY to RMB 1,559 million, demonstrating the strong profit growth momentum of the Group's core operating business. The margin of adjusted net profit was 26.2% for the year ended December 31, 2025, and a 3.6 percentage points increase compared to that of 2024.

Customers and Projects Highlights for Annual Results of 2025

• We have continuously expanded our customer base, reaching a cumulative total of 643, through strong customer-enabling empowerment.

• The "Enable, Follow, and Win the Molecule" strategy continued to drive sustained and rapid project growth. The total number of integrated projects ("iCMC projects") is 252, with a record 70 newly signed integrated projects.

• The Group has successfully secured over 18 PPQ projects, with 10 new PPQ projects added in 2025.

• The Group has a diversified project base covering both innovative ADC and broader bioconjugate ("XDC") projects. The total number of integrated ADC projects reached 226, and the number of integrated XDC projects increased to 26.

• In 2025, the Group explored over 5,600 molecules of multiple modalities, including bispecific ADCs, dual-payload ADCs, degrader-antibody conjugates (DAC), antibody-oligonucleotide conjugates (AOC), antibody-peptide conjugates (APC), lysosome-targeting chimaeras (LYTAC), etc.

Fully Integrated R&D Technology Platform for Annual Results of 2025

The Group strives to empower customers with cutting-edge conjugation and payload-linker technologies, along with extensive expertise in bioconjugate development capabilities to fulfill diverse R&D requirements.

WuXiDARx™

• The proprietary WuXiDARx™ technology aims to meet customers' demands for highly homogeneous ADCs with a wide range of DAR values at clinically validated conjugation sites.
• WuXiDARx™ technology enables dual-payload ADC generation via native interchain cysteine sites without antibody engineering or enzymatic conjugation, offering a streamlined, cost-effective single-platform solution.
• The platform has successfully facilitated customers to bring 8 ADC pipelines from preclinical stage to clinical stage.
• WuXiDAR2™ offers narrow DAR distribution with a simple process; WuXiDAR1™ combines the process of WuXiDAR2™ with thiol-rebridging connector to produce homogeneous DAR1 which could be potentially developed in AOCs/APCs.

X-LinC

• The proprietary X-LinC technology could potentially enhancing ADC stability and therapeutic window since the data demonstrated that it significantly improves plasma stability by replacing the maleimide connector.

WuXiTecan

• The Group is developing its proprietary payload and hydrophilic linker to enable ADCs with better stability, hydrophilicity, and tolerability.
• The newly launched WuXiTecan-1 and WuXiTecan-2 platforms have demonstrated excellent efficacy and safety profiles in preclinical studies. Notably, WuXiTecan-2 based dual-payload (MMAE+WuXiTecan-2) ADC achieved enhanced anti-tumor efficacy in CDX model.
• Customers are actively evaluating the performance of WuXiTecan‑1 and WuXiTecan‑2, with potential collaborations under discussion involving our proprietary payloads featuring novel mechanisms of action and multi‑payload platform.

Capacity Expansion & Business Operation Updates for Annual Results of 2025

• The total number of full-time employees increased to 2,662 in the Group, driven by rapid business growth and the Group's capacity expansion.

• All the Group's manufacturing operations are conducted in accordance with the GMP regulations set by the FDA, EMA, and NMPA. The Group has completed over 200 GMP audits from global customers, including 20 audits by EU Qualified Persons.
  • Wuxi site: Further increased its integrated manufacturing capacities. The DP5 and DP6 facility in Wuxi is currently under construction.
  • Singapore site: On track to begin GMP release in 2026 1H, driven by solid overseas customer demand. This state-of-the-art site expands our global manufacturing footprint and reinforces our "China + Singapore" dual sourcing strategy, delivering enhanced supply security and operational agility for customers worldwide.
  • Shanghai site: Further investments in the discovery and technology frontier as global R&D center.

• Executed two strategic acquisitions aligned with core growth objectives, significantly strengthening manufacturing and R&D capabilities:
  • Suzhou site: the acquisition of BioDlink further enhances our integrated bioconjugate production covering mAb, DS and DP, and expands our customer base and project pipelines.
  • Hefei site: the acquisition expands our expertise in peptide and oligonucleotide synthesis, enabling accelerated development of novel conjugates.

• The Group was named the winner of "Best CDMO" for the third consecutive year in 2023, 2024 and 2025, as well as "Best CRO" at the 2025 World ADC Awards.

• The Group also received multiple awards from the 2025 Extel ranking in diverse categories, signifying our commitment to high-quality corporate governance and investor interactions.

• The Group is committed to strengthen ESG governance and received top-tier ratings in ESG rankings, reflecting our exceptional performance in corporate responsibility, risk management, and ethical business conduct.

CEO Comment

Dr. Jimmy Li, CEO of WuXi XDC, stated, "2025 was a transformative year for WuXi XDC, as we solidified our leadership in global biconjugate CRDMO market and completed several key strategic initiatives: we expanded our production capacity footprint through 'organic expansion + strategic acquisition' and established our Singapore site, which is expected to achieve GMP release in the first half of 2026, building a truly global supply chain system. Recently, we also entered into a technology licensing partnership for WuXiTecan-2, helping our clients accelerate bioconjugates development and realize the value resonance of our proprietary technology platforms. Looking ahead to 2026, we will continue to uphold our unwavering commitment to innovation, operational excellence, and collaboration with our clients. We will empower our customers with continuous evolution, bring breakthrough therapies to more patients worldwide, and lead the development of the industry."

Key Financials Ratios (For the Year Ended December 31)

About WuXi XDC

WuXi XDC Cayman Inc. ("WuXi XDC", stock code: 2268.HK) is a leading global CRDMO focused on bioconjugate market. It provides end-to-end contract research, development and manufacturing services for ADC and broader bioconjugates. For more information about WuXi XDC, please visit: www.wuxixdc.com 

Contacts

Investor: wuxixdc.ir@wuxibiologics.com
Media: wuxixdc_pr@wuxibiologics.com
BD: wuxixdc_info@wuxibiologics.com

Forward-Looking Statements

This presentation may contain certain "forward-looking statements" which are not historical facts, but instead are predictions about future events based on our beliefs as well as assumptions made by and information currently available to our management. Although we believe that our predictions are reasonable, future events are inherently uncertain, and our forward-looking statements may turn out to be incorrect. Our forward-looking statements are subject to risks relating to, among other things, the ability of our service offerings to compete effectively, our ability to meet timelines for the expansion of our service offerings, and our ability to protect our customers' intellectual property. Our forward-looking statements in this presentation speak only as of the date on which they are made, and we assume no obligation to update any forward-looking statements except as required by applicable law or listing rules. Accordingly, you are strongly cautioned that reliance on any forward-looking statements involves known and unknown risks and uncertainties. All forward-looking statements contained herein are qualified by reference to the cautionary statements set forth in this section.

Use of Adjusted Financial Measures (Non-IFRS Measures)

The Group defines "adjusted net profit attributable to owners of the Company" as net profit attributable to owners of the Company after elimination of share-based compensation expense as non-cash expenditure, net foreign exchange loss or gain as non-operating item, non-recurring/one-off transaction costs as non-operating item, and net of interest income and finance costs as non-operating item. We believe that the adjusted financial measures used in this presentation are useful for understanding and assessing underlying business performance and operating trends, and we believe that management and investors may benefit from referring to these adjusted financial measures in assessing our financial performance by eliminating the impact of certain unusual and non-recurring items that we do not consider indicative of the performance of our business. However, the presentation of these non-IFRS financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with IFRS. You should not view adjusted results on a stand-alone basis or as a substitute for results under IFRS, or as being comparable to results reported or forecasted by other companies.

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SOURCE WuXi XDC