Wuxi Xdc Cayman, Inc. · HKEX:2268
Wuxi Xdc Cayman — H1 2025 Earnings Presentation
36 slides from Wuxi Xdc Cayman's earnings presentation, Aug 18, 2025
Slide 1: Inside Information: 2025 Interim Results Presentation
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in relia
Slide 2: Announcement notice and board statement
Further, to ensure that all shareholders and potential investors of the Company have equal and timely access to such information, the Company has included in this announcement the full copy of the Presentation. Shareholders and potential investors of the Company are reminded that the Presentation ma
Slide 3: WuXi XDC 2025 Interim Results
Stock Code: 2268.HK WuXi XDC 2025 Interim Results 19 August, 2025 | Hong Kong
Slide 4: Disclaimer
Disclaimer 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
Slide 5: Pure-play and the Best CDMO Winner for Bioconjugates
WuXi XDC: Pure-play and the Best CDMO Winner for Bioconjugates Contents Winner of the “Best CDMO” 1 2025 Interim Results Highlights At World ADC Awards 2023, 2024 and more… 2 Latest Bioconjugates Industry Update 3 Business and Operation 4 Financial Results 5 Company Outlook 3
Slide 6: 2025 Interim Results Highlights
01 2025 Interim Results Highlights
Slide 7: Robust Business Growth and Outstanding Financial Results
Robust Business Growth and Outstanding Financial Results Projects and Customers Key Financial Results (RMB) Newly signed iCMC projects Revenue 37 (record high) 2,700.9M 62.2% YoY 3 New PPQ projects added Adj. Net Profit Before Interest Income and Expense(2) 563 Global customers(1) 732.6M 69.6% YoY A
Slide 8: Delivering Excellence: 1H 2025 Achievements & Recent Updates
Delivering Excellence: 1H 2025 Achievements & Recent Updates Wuxi Site: Capacity • New campus officially commenced operation in May Expansion • DP3 achieved GMP release in July Singapore Site: • Mechanical completion of site construction in June • 16,000+ bioconjugate molecules(1), with more Experti
Slide 9: Latest Bioconjugates Industry Update
02 Latest Bioconjugates Industry Update
Slide 10: Latest R&D Trends of Bioconjugates
Latest R&D Trends of Bioconjugates: Sustained Growth Through Multidimensional Advances Across the Industry 1 ADC+I/O and BsADCs combination remains dpADCs gains a R&D focus momentum with in 2025 4 RDC getting more attractions potential further breakthrough in 1L treatment • TROP-2 ADC + PD-1 combo a
Slide 11: Sustainable Growth in the ADC Market Fueled by More Novel ADCs
Sustainable Growth in the ADC Market Fueled by More Novel ADCs Global ADC Market Size Forecast(1) Global Novel ADC Therapeutic Class Breakdown USD bn Outsourcing Rate 2024-2030E(2) CAGR Bispecific ADC 51% 66.2 ~60% 31% AOC 15% CAGR 34% 13% Dual-payload ADC 13.2 4.1 DAC 10% 2020 … 2024A … 2030E Antib
Slide 12: Business and Operation
b 03 Business and Operation LS ——E
Slide 13: Our Business Model Continues to Win Customers and Projects Globally
Our Business Model Continues to Win Customers and Projects Globally Number of Projects Through “Enable – Follow – Win” Strategy “R” "Research”: Enable discovery to PCC 858 Discovery(1) / 681 (3) 59 projects advanced from discovery to iCMC stage (1) 122 Preclinical / 102 (3) "Development": Faster rou
Slide 14: Solidifying Leadership with Growing Customer Base, Expanding Market Share
Solidifying Leadership with Growing Customer Base, Expanding Market Share and Landmark Deals Steadily Increasing Customer Base Growing Multinational Pharma Presence Cumulative +154 499 +64 563 13 ~33% +80 out of 20 345 265 Global pharma customers from Revenue contributed by “Top 20 Pharmaceutical “T
Slide 15: Strong Revenue Growth Underpinned by Diversified Project Status and Region
Strong Revenue Growth Underpinned by Diversified Project Status and Region Revenue Breakdown by Project Status Both pre-IND and post-IND Revenue Increased 1H 2024 2024 1H 2025 Significantly Total Revenue 1,665.2 4,052.3 2,700.9 (RMB mm) • Pre-IND Revenue: Rapid growth highlights our strong “R” and “
Slide 16: The 37 Newly Signed Projects: Highly Differentiated Targets and New Modalities
The 37 Newly Signed Projects: Highly Differentiated Targets and New Modalities Align with Global ADC Innovation Momentum The 37 newly inked iCMC projects span all geographies, with the United States and China driving the greatest momentum. Continuously strong Early stage, yet highly New modalities a
Slide 17: Accelerating ADC/XDC Innovation: Abundant R&D Activities in 1H 2025
Accelerating ADC/XDC Innovation: Differentiated and Abundant R&D Activities in 1H 2025 Total 2,300+ ADC/XDC Molecules Explored in 1H 2025 ~1,300 ~1,000 ADC Molecules XDC Molecules 600+ ~380 ~58% (~40%) 2,300+ ~1,200 ~42% ~300 (~30%) (1) ~190 (~20%) (1) Novel ADCs Novel XDC Modalities ~80 Bispecific
Slide 18: Extensive Discovery and CMC Experience: Over 16,000 Molecules
Our Extensive Discovery and CMC Experience: Unmatched Diverse Solutions from Over 16,000 Molecules .. With Various Targets and Experience Diversified Projects .. Payload-linker Offerings Diversified Active Targets ADC Projects 16,000+ HER3 CLDN6 CLDN18.2 ROR1 Bioconjugate molecules MSLN DLL3 648 201
Slide 19: Ongoing Commitment to Cutting-Edge Technologies
Ongoing Commitment to Cutting-Edge Technologies, Unlocking Vast Clinical Validation Opportunities Evolving WuXi XDC Proprietary Toolbox to Seize Industry Trend Conjugation Technologies… Novel Payload-Linkers… (1) WuXiTecan-1 and X-LinC WuXiTecan-2 • The upgraded version • Launched in 2024 • Newly la
Slide 20: Global Expansion of Our Manufacturing Facilities
Global Expansion of Our Manufacturing Facilities Wuxi Changzhou Shanghai Singapore •mAb intermediate •mAb intermediate Payload-linker Global R&D •Payload-linker Manufacturing Center •Drug substance •Drug substance •Drug product •Drug product “All-in-one manufacturing” for the entire bioconjugates su
Slide 21: Wuxi Site: Maintain Expansion Momentum
Wuxi Site: Maintain Expansion Momentum to Strengthen All-in-One Manufacturing Capabilities Wuxi Site 1H 2025 Milestones • The new campus commenced operation in New campus May 2025 • DP3 facility achieved GMP release in July 2025, with full order book expecting • The ramp-up of BCM2 L2 has been accel
Slide 22: Singapore Site: Set to Begin GMP Operation in 2026
Singapore Site: Set to Begin GMP Operation in 2026 Groundbreaking - March 2024 Construction in progress – Dec. 2024 Mechanical completion - June 2025 4F: Lab 3F: mAb&DS 2F: MSAT Lab 1F: DP&Warehouse A World-class Modular Fabrication Integrated MFG Site mAb DS DP • Singapore site will offer intermedi
Slide 23: Outlook: Maintain Leading Position Through Continued Sustainable Growth
Outlook: Maintain Leading Position Through Continued Sustainable Growth Perfect Execution Commitment to Innovation Focus on the CRDMO business Continue to invest in cutting- model, striving for highly edge technologies to empower efficient & exceptional customers driving innovation in services and l
Slide 24: Financial Results
7 04 Financial Results —— ——
Slide 25: Superior Financial Results and Strong Growth Momentum
Superior Financial Results and Strong Growth Momentum Revenue Gross Profit RMB mm RMB mm Non-ADC 26.3% 30.6% 32.1% 36.1% 4,052.3 ADC 1,239.8 285.1 2,700.9 975.2 2,123.8 196.5 235.8 1,665.2 559.6 535.3 3,767.2 102.3 2,504.4 1,888.0 1,562.9 2023 2024 1H 2024 1H 2025 2023 2024 1H 2024 1H 2025 Adj. Net
Slide 26: 1H 2025 Margin Analysis
1H 2025 Margin Analysis Gross Profit Margin Factors attributed to gross profit margin improvement in 1H 2025 +5.5 ppts +4.0 ppts ➢ Further improving utilization rate of existing facilities, 36.1% 30.6% 32.1% especially in DS/DP MFG 26.3% ➢ Swift ramp-up of new production line (BCM2 L2) ➢ Enhanced ov
Slide 27: Solid Growth of Backlog and Newly Signed Contract Values
Solid Growth of Backlog and Newly Signed Contract Values Number of Projects Through “Enable – Follow – Win” Strategy Solid Backlog Growth USD mm “R” 858 Discovery(1) / 681 (3) 1,329.0 990.8 841.7 122 Preclinical / 102 (3) 578.6 66 Phase I / 58 (3) 2023 2024 2024 1H 2025 1H “D” 103 ongoing 17 Phase I
Slide 28: Continuous Capex Investment to Meet Increasing Global Demands
Continuous Capex Investment to Meet Increasing Global Demands Operational and Committed Facilities 2025 Capex and Future Outlook NO Facility 2024 2025 2026 2027 ➢ Capital payment is expected to be RMB1,560mn 1H 2H 1H 2H 1H 2H 1H 2H in 2025 1 BCM1 2 BCM2 L1 ⚫ ~RMB900 mm will be in Singapore ⚫ ~RMB450
Slide 29: Company Outlook
7 05 Company Outlook —— ——
Slide 30: We Are Poised For Future Growth
We Are Poised For Future Growth CAGR 2024 Exceed industry average(1) 2030 Company Strategy • Industry leading technologies, with multiple in-house TECHNOLOGY technologies and broad partnerships PIONEER • Global bioconjugate CRDMO leader in ADC and XDC CUSTOMER • Broader and deeper coverage of top MN
Slide 31: Appendix
b Appendix ———
Slide 32: 2024-2025 Bioconjugate Deals Landscape: ADC & XDC
2024-2025 Bioconjugate Deals Landscape : ADC & XDC Summary of Deal Activities in 2024(1) Summary of Deal Activities in Jan-Aug 2025(1) Financing M&A Licensing Financing M&A Licensing Total # of Deals Total # of Deals 110+ 60+ ~10 40+ 40+ ~40 31 7 40+ 12 Total Deal Size (USD bn) Total Deal Size (USD
Slide 33: ADC and XDC Drugs Experiencing Great Commercial and Growth Spurt
ADC and XDC Drugs Experiencing Great Commercial and Growth Spurt • 19 ADCs approved globally, with 15 approved since 2018 and 4 approved since 2H 2024(1) 1H 2025 $2.3bn $1.3bn $0.9bn $1.2bn $0.7bn $1.0bn $0.8bn $0.4bn Growth spurt(1) YoY 24% 2024 $3.8bn $2.3bn $1.9bn $1.6bn $1.3bn $1.3bn $1.4bn $0.7
Slide 34: Consolidated Income Statements
Consolidated Income Statements 32
Slide 35: Consolidated Balance Sheets
Consolidated Balance Sheets 33
Slide 36: Consolidated Balance Sheets (Cont’d)
Consolidated Balance Sheets (Cont’d) 34