WUXI XDC (02268) has been initiated with a "Buy" rating in a recent research analysis. The company reported strong first-half 2025 results, with revenue reaching RMB 2.7 billion, representing a 62.2% year-over-year increase, while net profit climbed 52.7% to RMB 750 million.

As of the end of the first half, WUXI XDC's total iCMC project count reached 225, with 37 new iCMC projects signed during the period - a record high. These projects demonstrate highly differentiated target selection and innovative technological approaches, aligning with industry innovation trends such as XDC and bispecific ADC developments. The company also maintained 11 PPQ projects, adding 3 new contracts in the first half.

The company's outstanding order backlog totaled $1.33 billion by mid-year, up 57.9% year-over-year, with new contract signings growing 48.4%. North American operations showed particularly strong growth momentum compared to other regions.

WUXI XDC operates as a global ADC CXO leader, maintaining comprehensive research and development technology platforms. The company continues to expand its client base and project portfolio while steadily scaling production capacity.

Financial projections estimate the company will achieve revenues of RMB 57.5 billion, RMB 78.3 billion, and RMB 101.7 billion for 2025-2027 respectively, representing growth rates of 42%, 36%, and 30%. Net profit is forecasted at RMB 16 billion, RMB 22.6 billion, and RMB 30.2 billion for the same period, with corresponding growth rates of 50%, 41%, and 34%.