Wuxi Xdc Cayman, Inc. · HKEX:2268
Wuxi Xdc Cayman — FY2025 Earnings Presentation
35 slides from Wuxi Xdc Cayman's earnings presentation, Mar 23, 2026
Slide 1: Inside Information: 2025 Annual 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 forward-looking statements
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 Annual Results
Stock Code: 2268.HK WuXi XDC 2025 Annual Results 24 March, 2026 | 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: Contents
WuXi XDC: Pure-play and the Best CDMO Winner for Bioconjugates Three-Year Consecutive Winner of the Contents “Best CDMO” At World ADC Awards in 2023, 2024, 2025 and 1 2025 Annual Results Highlights Winner of the “Best CRO” At World ADC Awards in 2025 2 Business and Operation 3 Financial Results 4 Ou
Slide 6: 2025 Annual Results Highlights
01 2025 Annual Results Highlights
Slide 7: Robust Business Growth and Outstanding Financial Results
Robust Business Growth and Outstanding Financial Results Projects Key Financial Results and Backlog Newly signed iCMC projects Revenue (RMB) 70 (record high) 5,944.2M 46.7% YoY 10 New PPQ projects added Gross Profit 2,139.3M 72.5% YoY 252 Ongoing iCMC projects Adjusted Net Profit(1) 18 PPQ projects
Slide 8: Year 2025 – Key Achievements and Milestones
Year 2025 – Key Achievements and Milestones - Serving 640+ customers worldwide, 120+ global IND submissions by 2025 cumulatively - Reinforcing leadership through organic growth and strategic acquisitions, with 24%+ Innovation & global market share Execution - Enhanced technology toolbox: WuXi DARxTM
Slide 9: Business and Operation
b 02 Business and Operation LS ——E
Slide 10: 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 1039 Discovery(1) / 681 (3) 69 projects advanced from discovery to iCMC stage (1) 124 Preclinical / 102 (3) "Development": Faster ro
Slide 11: 70 Newly Signed Projects: Powering Innovation-Driven Growth in CRDMO
70 Newly Signed Projects: Powering Innovation-Driven Growth in CRDMO Sustained momentum 70 newly signed: emerging novel in iCMC projects signing modalities & indications 70 ~20% ~5% 50 53 Bi-specific Dual-payload ADCs ADCs ~17% ~10% 2023 2024 2025 XDCs Non- oncology ➢ The 70 newly signed iCMC projec
Slide 12: PPQ Pipeline: A Solid Foundation for Commercial Potential
PPQ Pipeline: A Solid Foundation for Commercial Potential PPQ Projects Profile 56% 5 11 20 Overseas MNC/Major Differentiated PPQ components Customers Biopharma Targets/MoAs completed(1) Customers ➢ The PPQ projects include both commercially validated MoAs and the next generation of ADCs ➢ Strategica
Slide 13: Rapidly Growing High Quality Client Base and Market Share
Rapidly Growing High Quality Client Base and Market Share Steadily Increasing Customer Base Growing Multinational Pharma Presence Cumulative +144 643 +154 499 14 ~32% +80 out of 20 345 265 Global pharma customers from Revenue contributed by “Top 20 Pharmaceutical “Top 20 Pharmaceutical 2022 2023 202
Slide 14: Our Extensive Discovery and CMC Expertise
Our Extensive Discovery and CMC Expertise: Unmatched Diverse Solutions from Over 19,000 Molecules .. Bioconjugation PD Experience (2) Diversified Projects .. For Diversified Modalities Antibody Peptide ADC Projects Conjugates (APC) 19,000+ Bioconjugate molecules Antibody Oligos Conjugation (AOC) 773
Slide 15: Research Expertise Powers ADC/XDC Innovation
Research Expertise Powers ADC/XDC Innovation: Differentiated and Abundant R&D Activities in 2025 Research Engine: 5,600+ ADC/XDC Molecules Explored in 2025 ~3,400 ~1,700 ADC Molecules XDC Molecules 600+ ~530 ~500 ~61% (32%) (~30%) 2,300+ ~30% ~2,800 ~9% ~500 Intermediate ~350 ~190 Molecules (21%) (~
Slide 16: 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 • Launched in 202
Slide 17: WuXiDARx Platform: Simplified Process, Homogeneous Control, Dual-Payload Power
WuXiDARx™ Platform: Simplified Process, Homogeneous Control, Dual- Payload Power WuXiDAR2™ offers narrow DAR distribution with WuXiDARx™ technology can generate dual-payload a simple process, unlocking potential for next- ADCs using only the interchain cysteine sites. generation APC innovation. Tras
Slide 18: Innovation-enabling Advanced Payload Linker Technologies
Innovation-enabling Advanced Payload Linker Technologies Our advanced payload-linker technologies are strategically engineered to maximize therapeutic potential through 3 core innovations: ➢ Tunable payload potency balancing efficacy and safety ➢ Novel cleavage mechanisms enabling controlled drug re
Slide 19: Innovation & Capacity Further Drives Value Creation
Innovation & Capacity Further Drives Value Creation: Leveraging Payload-linkers Innovation from R&D to MFG Supply Empowering innovation in novel payload modalities — dual-payloads, peptide conjugates, and oligonucleotide-based therapeutics — we are scaling our payload-linker R&D and manufacturing ca
Slide 20: Our Global R&D and Manufacturing Network
Our Global R&D and Manufacturing Network Wuxi Shanghai Suzhou(2) Singapore • mAb intermediate Global R&D Center mAb, DS, DP manufacturing • mAb intermediate • Payload-linker • Drug substance New! • Drug substance • Drug product • Drug product Jiangyin (under construction) Hefei “All-in-one manufactu
Slide 21: Wuxi Site: All-in-One Manufacturing for Clinical and Commercial Projects
Wuxi Site: All-in-One Manufacturing for Clinical and Commercial Projects Wuxi Site 2025 Milestones • DP3 facility achieved GMP release in July 2025, with full order book • High utilization on current six production lines (BCM1, BCM2 L1, BCM2 L2, DP1, DP2 and DP3) • New DP lines DP5 and DP6 are plann
Slide 22: Singapore Site: Cornerstone for Commercial Manufacturing
Singapore Site: Cornerstone for Commercial Manufacturing Mechanical Completion June 2025 Service Scopes Construction Status March 2025 Antibody and Protein Intermediates Up to 2,000 L Drug Substance Manufacturing Up to 2,000 L Drug Product 8 m vials More vials Manufacturing GMP release in 2026 1H A
Slide 23: Jiangyin Site: New Capacity for Large Scale Payload-linker Manufacturing
Jiangyin Site: New Capacity for Large Scale Payload-linker Manufacturing Large-scale Payload-linker Commercial Manufacturing Conceptual rendering ➢ High potent (OEB 5) and non-HP areas ➢ R&D for novel payload modalities ➢ Larger batch size, with total capacity up to 3-5 tons/yr ➢ QC, warehouses, and
Slide 24: Strategic Acquisitions: New Sites Aligned with Business Objectives
Strategic Acquisitions: New Sites Aligned with Business Objectives and Growth Initiatives 1 Hefei: Peptide & Oligo Synthesis R&D Site 2 Suzhou/BioDlink(1): MFG Site for Various Bioconjugates Latest Update • 60% shares received as of 17 March(1) • Acquisition targeted to close by end of March • Integ
Slide 25: Post-Acquisition Synergies from BioDlink Integration
Post-Acquisition Synergies from BioDlink Integration BioDlink Project Funnel as of Dec 31 2025 Cumulative Projects by Phase • Differentiated & Diversified Customer Cumulative Projects by Phase Base — serving a broad spectrum of China- based customers Preclinical143 • Differentiated Late Stage and Co
Slide 26: Financial Results
7 03 Financial Results —— ——
Slide 27: Superior Strong Growth Momentum
Superior Strong Growth Momentum Revenue Gross Profit RMB mm RMB mm 26.3% 30.6% 36.0% 5,944.2 2,139.3 4,052.3 1,239.8 2,123.8 559.6 2023 2024 2025 2023 2024 2025 ADC and XDC Revenue Breakdown Adjusted Net Profit(1) RMB mm 2023 2024 2025 14.9% 22.6% 26.2% 11.1% 7.0% 7.4% 1,558.7 917.2 88.9% 93.0% 92.6
Slide 28: 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 2023 2024 2025 Significantly Total Revenue 2,123.8 4,052.3 5,944.2 (RMB mm) • Pre-IND Revenue: Rapid growth highlights our strong “R” and “D” cap
Slide 29: 2025 Margin Analysis
2025 Margin Analysis Gross Profit Margin Gross profit margin improved mainly attributed to +5.4 ppts 36.0% ➢ Further improving utilization rate of existing facilities 30.6% 26.3% ➢ Swift ramp-up of production line (DP3, BCM2 L2) ➢ Further enhanced operation efficiency 2023 2024 2025 Margin of Adjust
Slide 30: 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” 1039 Discovery(1) / 681 (3) 1,489.2 990.8 124 Preclinical / 102 (3) 578.6 86 Phase I / 58 (3) 2023 2024 2025 “D” 128 ongoing 18 Phase II / 18 (3) post-
Slide 31: Continuous Capex Investment to Meet Increasing Global Demands
Continuous Capex Investment to Meet Increasing Global Demands Operational and Committed Facilities 2026 - 2030 Capex Expansion and Investment Plan 2024 2025 2026 2027 NO Facility 1H 2H 1H 2H 1H 2H 1H 2H We expect to commit RMB 8B capex investment by 2030， including, 1 BCM1 GPM release in 2019 • Suzh
Slide 32: Outlook and Summary
7 04 Outlook and Summary — ——
Slide 33: A Unified Vision and Strategic Blueprint for Commercial Success
A Unified Vision and Strategic Blueprint for Commercial Success Commercialization Strategy - a systematic growth engine built around diversified MFG capabilities, rich funnel, and globalization Growth Target ADC/BsADC, AOC, by 2030 Modalities ADC ADC + APC, DpADC 20% Wuxi, Singapore, of revenue from
Slide 34: Growth Strategy for 2025-2030: R, D, M Firing in All Cylinders
Growth Strategy for 2025-2030: R, D, M Firing in All Cylinders Co. CAGR 30-35%(1) 2025 2030 Industry average ~25.6%(2) R Frontier Molecule D Acceleration to FIH M Commercial MFG • Sustained commitment to core • Seamless integration of • First time right in BLA/PLI & technologies (conjugation, linker
Slide 35: Key Summary
Key Summary Industry growth momentum remained strong BioDlink post-acquisition integration synergies and value capture through operational optimization and capacity scaling New modality opportunities: such as BsADC, DpADC, AOC, APC and other XDCs Accelerated payload-linker growth and potential techn