WUXI APPTEC (02359) has surged nearly 4%, currently up 3.76% at HKD 110.3, with a trading volume of HKD 518 million. The company is set to hold a board meeting on October 24 to consider and approve, among other matters, its Q3 results for the nine months ending September 30, 2025. On September 25, WUXI APPTEC hosted an investor day event. CMB International reports key takeaways from this meeting: 1) The TIDES business maintains its strong momentum, with rapid capacity expansion and a rich pipeline; 2) Early-stage R&D shows further signs of recovery, which will boost early-stage business revenue growth, contributing about one-third of the total revenue; 3) Refined operations help the company maintain resilient profitability amid macro uncertainties and global capacity expansion. Earlier, JPMorgan stated that it continues to favor WUXI APPTEC as a top pick in China's CXO sector, noting that the company is the largest contract research and manufacturing organization in China, with a strong business outlook. They believe competition in the small molecule CRDMO space remains relatively mild, while the growth momentum in WUXI TIDES business continues to be robust.