WuXi XDC Cayman Inc (2268.HK) Q1 2025 Earnings Report

WuXi XDC Cayman Inc delivered a striking first quarter for QQ1 2025, with revenue of CNY 1,350,434,500 and a gross profit of CNY 487,623,500, representing a gross margin of 36.11%. EBITDA reached CNY 418,057,000 (EBITDA margin 30.96%), while operating income was CNY 383,464,500 and net income stood at CNY 372,850,500. Year-over-year comparisons show substantial improvement across the board: revenue up 138.9% YoY, gross profit up 195.4% YoY, operating income up 303.6% YoY, and net income up 601.4% YoY, with basic EPS of CNY 0.31 and diluted EPS of CNY 0.28. QoQ gains were also robust (revenue +62.2%, gross profit +82.2%, operating income +99.1%, net income +52.7%), underscoring accelerating scale benefits as capacity and utilization expand in the China-based CDMO/DxMO footprint. The results reflect a healthy demand environment for WuXi XDC’s antibody drug conjugates (ADC) and related bioconjugates, along with continued R&D investment that supports a growing project backlog and higher-value programs. Profitability is expanding on top-line leverage and disciplined cost management, with a net margin around 27.6%. While management commentary and explicit forward guidance are not provided in the dataset, the quarter’s metrics imply positive operating leverage as capacity utilization improves and non-GAAP cost discipline persists. Investors should monitor capacity expansion, customer concentration, and regulatory developments, particularly as WuXi XDC operates at the intersection of China-based manufacturing and global biologics development.