WuXi XDC (02268) closed 2025 with record‐high top-line and bottom-line performances, driven by rapid project onboarding and expanding commercial manufacturing for antibody–drug conjugates (ADCs) and broader bioconjugates (XDCs).
Financial highlights • Revenue climbed 46.7% year on year to RMB 5.94 billion, supported by balanced growth from both pre-IND (58% of revenue) and post-IND (42%) programmes. • Gross profit rose 72.5% to RMB 2.14 billion, lifting gross margin to 36.0% from 30.6% in 2024. • Adjusted net profit advanced 69.9% to RMB 1.56 billion, with margin widening to 26.2% (2024: 22.6%). Statutory net profit reached RMB 1.48 billion. • The order book expanded 50.3% to USD 1.49 billion, while newly-signed contract value increased 41% to about USD 1.33 billion.
Commercial progress • Active portfolio reached 252 integrated CMC projects, including 128 post-IND, 18 process performance qualification (PPQ) projects and the company’s first commercial mandate. • Seventy new iCMC contracts were signed in 2025, a record for the group; 38 IND submissions were filed during the year. • Customer base exceeded 640 companies worldwide; nine of the world’s top-20 pharma firms now contribute roughly 32% of revenue. North America accounted for 51% of 2025 sales, Europe 25%, China 15% and other regions 9%.
Capacity build-out and M&A • Wuxi site’s DP3 line obtained GMP clearance in July 2025; DP5 and DP6 are scheduled for late-2027/early-2028. • The Singapore facility completed mechanical construction in June 2025 and targets GMP release in first-half 2026, followed by commercial production in second-half 2026. • A new Jiangyin plant, designed to lift payload-linker output five-fold to 3-5 tons per year, is slated for completion by 2028. • WuXi XDC’s general offer to acquire at least 60% of Suzhou-based BioDlink (announced 17 March 2026) adds a 50,000 m² bioconjugate manufacturing site with up to 2,000 L drug-substance reactors and over 8 million vials per-year drug-product capacity. • Group headcount surpassed 2,600, with more than 600 new hires in 2025.
Investment roadmap • Actual capital expenditure in 2025 was RMB 1.68 billion; management projects RMB 3.10 billion for 2026. • Total committed capex to 2030 is budgeted at RMB 8 billion, covering Chinese expansions, the Singapore campus and further overseas sites.
Strategic outlook Management targets 30–35% compound annual revenue growth through 2030, underpinned by: 1. Diversification into bispecific, dual-payload and non-oncology XDC modalities (goal: 20% of revenue from XDC formats); 2. An integrated global manufacturing network spanning Wuxi, Singapore, Jiangyin and Suzhou, with additional overseas capacity under evaluation; 3. More than 60 PPQ components and up to 15 biologics licence applications supported by 2030.
WuXi XDC has secured “Best CDMO” honours at the World ADC Awards for three consecutive years (2023-2025) and added the “Best CRO” accolade in 2025, reinforcing its positioning as a specialist, pure-play CDMO for bioconjugates.