Gross profit surged by 72.5% YoY to RMB 2,139 million, with its margin of 36.0%, a 5.4 percentage points increase compared to 2024
Adjusted net profit increased by 69.9% YoY to RMB 1,559 million, with its margin of 26.2%, a 3.6 percentage points increase compared to 2024(excluding net interest income and exchange impact)
The total global customer base expanded to over 640 companies, and 14 out of the TOP 20 global pharmaceutical companies have partnered with us
The total number of iCMC projects reached to 252, with 70 newly signed iCMC projects
The robust PPQ pipeline: Secured 18 PPQ projects with 10 new PPQ projects added in 2025
The total backlog grew to US$1.49 billion, representing a strong 50.3% YoY growth
Winner of "Best CDMO" and "Best CRO" Awards: Three consecutive "Best CDMO" Awards from 2023 to 2025 at World ADC Awards, and "Best CRO" Awards at 2025 World ADC Awards
SHANGHAI, March 23, 2026 /PRNewswire/ -- WuXi XDC Cayman Inc. (the "WuXi XDC" or the "Group", stock code: 2268.HK), a leading global Contract Research, Development, and Manufacturing Organization (CRDMO) focused on the bioconjugate market, is pleased to announce its annual results for 2025 (the "Reporting Period").
Management Discussion on 2025 Annual Results and Recent Events (Jan to March 2026)
Rapid Growth - As a leading player in the thriving, innovative global bioconjugates industry, the Group has maintained its rapid business growth by providing world-class bioconjugates CRDMO integrated services and empowering its global partners to accelerate and transform ADC and broader bioconjugate development.
Strategic M&A - Beyond strong operational results, we advanced two strategic M&A initiatives that elevated our extensive capabilities and expanded our global footprint, enabling us to better serve the global customers. (including the Suzhou site from the acquisition of BioDlink, and the Hefei site acquisition)
Technology Engine - Breakthrough advancements across our WuXiDARx™, X-LinC, and WuXiTecan-1 & WuXiTecan-2 platforms are accelerating the development of next-generation bioconjugates, positioning us at the forefront of innovation and drive value creation.
Recent Events - To further advance our evolving growth strategy and strengthen our next phase of expansion, we continue to scale and innovate across our payload-linkers platform.
Jiangyin site: we have planned a new manufacturing facility as our Jiangyin site. This strategic investment establishes scalable production capabilities for emerging novel payload-linkers, including dual-payloads, AOC, and as well as the PPQ batches supply for late-stage projects. 5x the volume of payload-linker production compared to current level at Wuxi site
Technology platform-driven value creation: We have invested consistently in R&D innovation to unlock potential value. In February, we entered into a new flagship strategic collaboration with Earendil Labs, to out-licensing our proprietary WuXiTecan-2, with total potential consideration of up to US$885 million, including upfront, milestone and royalty payments.
Financial Highlights for Annual Results of 2025
Revenue
The Group's revenue increased by 46.7% YoY to RMB 5,944 million for the year ended December 31, 2025. This increase was primarily attributable to (i) the growth in the number of customers and projects, driven by continued active development of the global ADC and broader bioconjugates market, (ii) the increasing market share through the Group's established position as a leading ADC CRDMO service provider in that market, and (iii) the steady advancement of the Group's projects into later stages.
Gross Profit and Its Margin
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 ...
