• Revenue increased by 46.7% YoY to RMB 5,944 million
• 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

 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 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)