WuXi XDC Cayman (2268) H2 2024 earnings summary

Executive summary

• Revenue rose 90.8% YoY to RMB4,052.3 million; gross profit increased 121.6% to RMB1,239.8 million and net profit attributable to owners climbed 277.2% to RMB1,069.6 million.

• Adjusted net profit attributable to owners, excluding listing expenses and share-based compensation, rose 184.8% YoY to RMB1,174.0 million.

• Demand and pipeline advanced: 53 integrated projects were signed, total ongoing integrated projects reached 194, and backlog increased 71.2% to US$990.8 million.

Financial highlights

• FY2024 revenue was RMB4,052.3 million versus RMB2,123.8 million in 2023; gross profit was RMB1,239.8 million versus RMB559.6 million.

• Net profit attributable to owners rose to RMB1,069.6 million from RMB283.5 million; adjusted net profit reached RMB1,174.0 million versus RMB412.3 million.

• Adjusted EBITDA increased to RMB1,252.6 million from RMB501.2 million; EBITDA was RMB1,148.2 million versus RMB372.5 million.

• Basic and diluted EPS were RMB0.89 and RMB0.83, respectively, versus RMB0.28 and RMB0.26 in 2023.

Outlook and guidance

• Strategy targets continued project execution, capacity expansion, commercial and integrated projects, and investment in technology and R&D; no quantitative FY2025 financial targets were stated.

• Singapore operations are expected to commence by late 2025; Wuxi XDP3 is expected in Q2 2025, Singapore XDP4 by mid-2026, and Wuxi XDP5 in 2027.

• Singapore construction and planned site capacity expansion are intended to meet rising global demand; capacity additions include DS, DP, antibody-intermediate lines and laboratories.

• Backlog revenue timing depends on project progress and success rates, which may take longer and are not fully within operational control.