Earnings release
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– 1 – Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. (Stock Code: 2268) (Incorpor ated in the Cayman Islands with limited liability) WUXI XDC CA YMAN INC. ʮ̡ * INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED JUNE 30, 2026 FINANCIAL HIGHLIGHTS Six months ended June 30, Period-over-period % 2026 2025 AER Growth CER GrowthRMB’000 RMB’000 (unaudited) (unaudited) (Note 1) (Note 1) Revenue 3,701,378 2,700,869 37.0% 41.5% Gross profit 1,371,313 975,247 40.6% – Gross profit margin 37.0% 36.1% Adjusted net profit attributable to owners of the Company (Note 2) 1,027,328 747,510 37.4% – Margin of adjusted net profit attributable to owners of the Company 27.8% 27.7%
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– 2 – The Group delivered another strong results for the six months ended June 30, 2026. The Group consolidated revenue reached RMB3,701.4 million, with a 37.0% AER period-over-period growth. Excluding the impact from foreign exchange fluctuations, the CER period-over-period growth is 41.5%. Gross profit amounted to RMB1,371.3 million during the Reporting Period, with 40.6% period-over-period growth. The Group’s gross profit margin further increased to 37.0% from 36.1%. Adjusted net profit attributable to owners of the Company increased to RMB1,027.3 million, representing 37.4% period-over-period growth. The margin of adjusted net profit attributable to owners of the Company remained stable at 27.8%. Excluding revenue from BioDlink, the WuXi XDC standalone revenue reached RMB3,556.0, with a 31.7% AER period-over-period growth. Excluding the impact from foreign exchange fluctuations, the CER period-over-period growth is 36.2%. The WuXi XDC standalone gross profit amounted to RMB1,336.8 million during the Reporting Period, with 37.1% period-over-period growth. WuXi XDC standalone gross profit margin continued to increase to 37.6% from 36.1%. The WuXi XDC standalone adjusted net profit increased to RMB1,027.6 million, representing 37.5% period-over-period growth. The WuXi XDC standalone adjusted net profit margin was further improved to 28.9% from 27.7%. The Board does not recommend any payment of interim dividend for the six months ended June 30, 2026. Notes: (1) Given that a majority of the Group’s service contracts are denominated in U.S. dollars (“ USD”), the Group presents certain operating results on both an actual exchange rate (“ AER”) basis and a constant exchange rate (“ CER”) basis. Results presented on a CER basis are translated using a constant exchange rate of Renminbi (“ RMB”)7.1837 to USD1 to facilitate period-on-period comparison by excluding the impact of foreign exchange rate fluctuations. Financial results presented on a CER basis is a non-IFRS measure and should not be considered in isolation or as a substitute for financial results prepared in accordance with the applicable accounting standards. (2) The Group defines “adjusted net profit attributable to owners of the Company” as net profit attributable to owners of the Company after elimination of share-based compensation expense as non-cash expenditure, net foreign exchange loss or gain as non-operating item, non-recurring/ one-off transaction costs as non-operating item, and net of interest income and finance costs as non-operating item. It is a non-IFRS measure intended to supplement the Group’s interim results prepared in accordance with IFRS and is not intended to be considered in isolation or as a substitute for IFRS net profit of the Company. For further discussion of adjusted net profit as well as certain other non-IFRS measures, including the intended uses of these measures and the calculation and reconciliation thereof to the corresponding IFRS measures, please see “Management Discussion and Analysis — Financial Review — Non-IFRS Measures.” (3) The net profit attributable to owners of the Company increased from RMB745.7 million for the six months ended June 30, 2025, to RMB819.3 million for the six months ended June 30, 2026.
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– 3 – MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW The Group maintained strong growth in the first half of 2026. As a leading CRDMO player in the global bioconjugate industry, the Group continued to support customers through integrated ADC CRDMO solutions designed to improve the efficiency of ADC and broader bioconjugate development. In the first quarter of 2026, the Group completed the BioDlink Acquisition, through a voluntary conditional cash tender offer. Alongside the WuXi XDC standalone growth initiatives, the BioDlink Acquisition further strengthens the Group’s manufacturing capabilities, enriches the Group’s customer network and project portfolio, and solidifies the Group’s market-leading positioning among ADC CRDMO. As a bioconjugate CRDMO, the Group continued to advance its R&D capabilities. Its proprietary technology toolbox is built around three areas: conjugation technology (WuXiDARx™), proprietary linkers (X-LinC™ and WuXiLinker™), and novel payloads (WuXiTecan-2™ and dual payloads). In February 2026, the Group entered into a licensing agreement for its WuXiTecan-2™ platform with Labs for a total potential consideration of up to USD885 million, including upfront fees, clinical and commercial milestones, as well as tiered sales royalties, with 2 projects moved into iCMC stage. In August 2026, the Group further expanded the WuXiTecan-2™ licensing portfolio through a licensing-out agreement with European biotech company for a novel, first-in- class bioconjugate candidate. The 3 iCMC projects enabled by these WuXiTecan-2™ licensing transactions within six months indicate continued market interests in the platform. The Group is also in discussions with other potential partners regarding further collaborations involving its R&D platforms. The Group continues to reinforce its market leadership position within the industry. The Group has been awarded the “Best CDMO” World ADC Awards for three consecutive years (2023, 2024, 2025), alongside the 2025 “Best CRO” World ADC Award. These industry recognitions, paired with consistent top-line expansion in tandem, affirm the Group’s global standing as an integrated ADC and bioconjugate service provider powered by proprietary technology and deep CMC expertise.
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– 4 – The Group’s growth continued to be supported by a strong talent base. As of June 30, 2026, the Group’s headcount exceeded 3,600 employees, including more than 3,100 employees at WuXi XDC on a standalone basis. The Group also maintained a highly qualified domestic talent pool, with more than 50% of employees holding master’s degrees or above, providing a solid foundation for innovation and operational excellence. Moving forward, capitalizing on strong global bioconjugate industry tailwinds, the Group will deepen its global footprint, ramp up manufacturing capacity expansion and accelerate R&D innovation. These concerted efforts will strengthen the Group’s core competitiveness and capture ample market opportunities to fuel sustained long-term growth. Overall Performance during the Reporting Period The Group delivered another strong result for the six months ended June 30, 2026. Since the completion of the BioDlink Acquisition in March 2026, the Group has consolidated its results into the Group’s financials effective from April 2026. The Group consolidated revenue reached RMB3,701.4 million, with a 37.0% AER period-over-period growth. Excluding the impact from foreign exchange fluctuations, the CER period-over-period growth is 41.5%. Gross profit amounted to RMB1,371.3 million during the Reporting Period, with 40.6% period-over-period growth. The Group’s gross profit margin further increased to 37.0% from 36.1%. Adjusted net profit attributable to owners of the Company increased to RMB1,027.3 million, representing 37.4% period- over-period growth. The margin of adjusted net profit attributable to owners of the Company remained stable at 27.8%. Excluding revenue from BioDlink, the WuXi XDC standalone revenue reached RMB3,556.0 million, with a 31.7% AER period-over-period growth. Excluding the impact from foreign exchange fluctuations, the CER period-over-period growth is 36.2%. The WuXi XDC standalone gross profit amounted to RMB1,336.8 million during the Reporting Period, with 37.1% period-over-period growth. The WuXi XDC standalone gross profit margin continued to increase to 37.6% from 36.1%. The WuXi XDC standalone adjusted net profit increased to RMB1,027.6 million, representing 37.5% period-over-period growth. The WuXi XDC standalone adjusted net profit margin was further improved to 28.9%, from 27.7%.
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– 5 – During the Reporting Period, the Group’s ADC CRDMO business continued to grow, supported by its “Enable, Follow and Win the molecule” strategy. The Group continued to support integrated ADC and bioconjugate projects through its bioconjugation platform and global operations. Newly signed projects reached a record high during the Reporting Period. This reflects continued strong activity in upstream R&D and provides further momentum for the sustained high-growth development of the bioconjugates industry. Key project figures are set out below: • 51 integrated projects were newly signed during the Reporting Period. • 2 process performance qualifications (“ PPQ”) projects were newly signed during the Reporting Period. • The total number of integrated projects increased from 225 as of June 30, 2025 to 328 as of June 30, 2026. • The total number of ongoing post-IND projects increased from 103 as of June 30, 2025 to 162 as of June 30, 2026. • The total number of phase II and beyond projects increased to 57 as of June 30, 2026, from 37 as of June 30, 2025. Among these projects, 21 PPQ projects and 2 commercial stage projects were secured as of June 30, 2026. • The Group moved forward 77 projects from discovery to iCMC stage cumulatively during the Reporting Period. • The cumulative total number of drug discovery stage projects executed by the Group since inception increased to 1,325 as of June 30, 2026, from 858 as of June 30, 2025. • The Group’s effective execution of the “win the molecule” strategy cumulatively brought 134 external projects into the pipeline since the inception of the Group. • The Group’s service backlog increased by 50.4% to US$1,998.2 million as of June 30, 2026, from US$1,329.0 million as of June 30, 2025. Total backlog, including upcoming milestone fees, increased by 62.2% to US$2,156.2 million. As of June 30, 2026, the Group has supported 814 global customers with end-to- end integrated services, underpinned by its full-spectrum “All-in-One” CRDMO infrastructure spanning early discovery through commercial-scale manufacturing. Among them, 15 out of the top 20 global pharmaceutical companies 1 partnered with the Group to develop ADCs or XDCs, which comprises 33.6% of the Group’s total revenue in the six months ended June 30, 2026. 1 The top 20 global pharmaceutical companies were ranked by their revenue in 2025.
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– 6 – The following funnel diagram sets forth the developmental stages and other details of ongoing integrated projects as of June 30, 2026. The Group helped customers to submit IND applications for (i) 149 ADC candidates globally and 14 XDC candidates globally since its inception up to and including June 30, 2026, and (ii) 24 ADC candidates globally and 3 XDC candidates globally during the six months ended June 30, 2026. 328 Number of Projects Through “ Enable – Follow – Win ” Strategy 77 projects advanced from discovery to iCMC stage(1) Seamless transition between early & late-stage PD new integrated projects signed in 20261H51 25 iCMC project won in 20261H 27 IND submissions in 20261H, 160+ accumulatively 2 Commercial projects 21 PPQ projects with more potential BLA submissions “Research”: Enable discovery to PCC “Development”: Faster route to IND “Manufacturing”: PPQ & Commercial 2 Commercial 1,325 Discovery (3)(1) / 1,039 166 Preclinical / 124 (3) 105 Phase I / 86 (3) 25 Phase II / 18 (3) 30 Phase III / 23 (3) 162 ongoing post-IND bioconjugate projects iCMC Projects(2)(4) “R” “D” “M” Notes: 1 Cumulative number of projects since the Group’s inception and as of June 30, 2026. 2 As of June 30, 2026, the number of ongoing integrated CMC projects, excluding projects with no revenue contribution in the past 30 months. 3 The small-sized figures account for the number of projects as of December 31, 2025, save for the number of projects at discovery stage which is cumulative from the Group’s inception up until December 31, 2025. 4 The minimum contract value for projects to be classified as iCMC projects was increased to over US$1.5 million. The following table sets forth the details of ongoing projects by each development stage. During the six months ended June 30, 2026, 13 ongoing post-IND projects were advanced from the pre-IND stage leveraging the Group’s ADC CRDMO services.
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– 7 – As of June 30, 2025 As of June 30, 2026 Development Stage Typical Duration Number of Ongoing Projects (3) Type of Projects Number of Ongoing Projects (3) Type of Projects Discovery N/A(1) 858(4) ADC (648) and XDC (210) 1,325 (4) ADC (967) and XDC (358) Preclinical 1-2 years 122 ADC (111) and XDC (11) 166 ADC (136) and XDC (30) Clinical Multiple years (2) 103 ADC (90) and XDC (13) 162 ADC (150) and XDC (12) Notes: 1. The duration of discovery projects can vary significantly in light of their ad hoc nature and depends on the types of projects at issue. Therefore, there is not a typical range for discovery projects. 2. The typical duration of projects in phase I, II and III stages are 1–3 years, 2–4 years and 3–5 years, respectively. 3. “Number of ongoing projects” is the number of integrated projects excluding the number of integrated projects that are inactive or for which the customers notify the Group that they do not intend to further pursue. An integrated project is deemed inactive if the Group has not been requested to provide services in the past 30 months. 4. Represents the cumulative number of discovery projects executed from the Group’s inception through the indicated date. Since the duration and chance of success of discovery projects can vary significantly due to their early-stage nature, the cumulative number, instead of the ongoing project number, of discovery projects is presented to demonstrate the Group’s experience in bioconjugate discovery. As the Group continues to win new drug discovery projects, this is expected to provide the Group with an increasing number of opportunities to compete for and win more cutting-edge XDC projects in addition to traditional ADC projects. 5. The minimum contract value for projects to be classified as iCMC projects was increased to over US$1.5 million.
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– 8 – The Group’s Services The Group is committed to continuously enhancing its platform, propelling and transforming the development of the bioconjugate industry, enabling global biopharmaceutical partners and benefiting patients worldwide. With its fully integrated, “All-in-One” bioconjugate platform that covers key aspects of bioconjugate CRDMO services, including discovery, process development and GMP manufacturing for bioconjugates, monoclonal antibody intermediates and payload-linkers associated with bioconjugates, the Group empowers its customers at any stage of the development process to advance their projects. Throughout the Reporting Period, the Group’s services, based on its “Enable, Follow and Win the molecule” strategy, continued to satisfy the needs of clients/partners in developing their bioconjugates. The following diagram depicts the Group’s bioconjugate CRDMO services. - - GMP Manufacturing and ADC DS/DP Testing Release mAb Intermediate Manufacturing — Up to 2,000L IND Enabling Process Development Payload Linker Manufacturing Analytical Method Development Bioconjugate DS/DP Manufacturing — DS Up to 2000L Conjugation, Vial DP (Liquid & Lyophilized), Packaging & Labeling CMC Regulatory Support Non-GMP Manufacturing of Drug Substance (DS) and Drug Product (DP) Late-Stage Process Optimization, Process Characterization and PPQ Discovery Chemistry Developability Study Payload-Linker Synthesis Conjugation Discovery In Vitro/In Vivo Characterization Early-Phase (Phases I & II) Commercial ProductionPre-Clinical DevelopmentDrug Discovery Late-Phase (Phase III) Abbreviations: PPQ = process performance qualification; DS = drug substance; DP = drug product; mAb = monoclonal antibody. Note: ADC/Bioconjugate CMC scope (process development, analytical method development, manufacturing) includes mAb intermediate for bioconjugate, payload-linker and bioconjugate DS and DP.
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– 9 – Drug Discovery and Process Development Drug Discovery ADC discovery is essential to identifying the preclinical ADC drug candidates with the desired properties for preclinical candidate selection. Drug discovery projects are of fundamental strategic importance, as they enable the Group to establish and deepen relationships with client teams that are conducting cutting-edge research, which is expected to provide the Group with an increasing number of opportunities to compete for and win more cutting-edge XDC projects in addition to traditional ADC projects. The Group’s research expertise underpins its ADC/XDC innovation, as demonstrated by the Group’s extensive and differentiated R&D activities in the six months ended June 30, 2026. Notably, the Group explored over 22,000 ADC/XDC molecules cumulatively as of the end of the Reporting Period. Early-stage Process Development The Group conducts various IND-enabling studies to optimize the production of ADC and to ensure its manufacturing consistency and successful scale-up. Bioconjugate drug substance development empowers the Group to optimize the process development of various types of bioconjugates, develop scale-up processes and support technology transfer to proceed to GMP manufacturing, IND filing and beyond. As of June 30, 2026, the Group has a total of 271 projects in the preclinical and phase I process development phase. Late-stage Development and Process Validation Leveraging on its in-depth expertise in process development, the Group offers late-stage development and process validation services to help its customers evaluate the late-stage readiness of the developed process. As of June 30, 2026, the Group has a total number of 57 projects in phase II and beyond development and process validation, involving process optimization, process characterization and performance qualification, being 20 projects more than the 37 projects as of June 30, 2025. The increase in the number of projects was primarily due to the implementation of the “enable, follow and win the molecule” strategies, which has enabled several early-stage projects to advance into later stages and won new projects during the Reporting Period.
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– 10 – Manufacturing of mAb intermediate, payload-linker, Drug Substance and Drug Product The Group offers both non-GMP and GMP-compliant manufacturing of bioconjugate drug substance and drug product to cater to its customers’ varied needs from the preclinical stage to the post-IND stage. As of the date of this announcement, the Group operates domestic sites in Shanghai, Wuxi, Hefei and Suzhou in China and offers fully integrated and end-to-end bioconjugates CRDMO service capabilities from drug discovery to commercialization, making the Group globally the leading CRDMO dedicated to ADCs and other bioconjugates that provides full-spectrum services. Manufacturing Facilities To address growing global demand for bioconjugate development and support medium- to long-term growth, the Group announced a multi-year capital expenditure roadmap for 2026 to 2030, with nearly RMB8 billion allocated to expand ADC manufacturing capacity. The program focuses on DS and DP production capacity, specialized payload- linker infrastructure and continued investment in R&D innovation. As of the date of this announcement, capacity expansion milestones are well underway across the Group’s global manufacturing network: In China: The Wuxi site expansion is progressing, including the ongoing construction of XDP5 and the planned XDP6 facilities. The XPLM2 payload-linker manufacturing facility in Jiangyin is also under development. In addition, the acquired Suzhou site operated by BioDlink is expected to expand the Group’s mAb intermediate, DS and DP production capacities. In Singapore: The Dual function XmAb/XBCM3 facility has secured GMP release in August; XDP4 is scheduled for GMP release by the end of August. The newly qualified Singapore site adds incremental mAb intermediate, DS and DP production suites alongside Manufacturing Science and Technology (MSAT) lab and office space to back global ADC programs. Beyond its strong standalone growth, the Group has further strengthened its manufacturing infrastructure through strategic external acquisitions. The Hefei site, acquired in August 2025, is dedicated to developing and manufacturing peptide-based and oligonucleotide-based conjugates, broadening the Group’s technological capabilities and enabling the Group to better serve growing market demand in these high-potential areas. In March 2026, the Group completed the BioDlink Acquisition, a Suzhou-based biopharmaceutical company with established mAb intermediate, bioconjugates DS and DP manufacturing capabilities. The BioDlink Acquisition further strengthens the Group’s manufacturing capabilities, enriches the Group’s customer network and project portfolio, and solidifies the Group’s market- leading position among ADC CRDMO.
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– 11 – The following table summarizes the latest manufacturing facilities of the Group: Site Site Area (sq.m.) Capacity Mainland China facilities Wuxi 103,748 Conjugation Drug Substance Production (“XBCM”) and Antibody Intermediates Production (“XmAb”) • One DS facility with single-use reactor systems ranging from 5 liters to 500 liters and the redesigned reactor system with additional DS capacity, commenced operation in the first half of 2025. • Two dual function mAb intermediate and DS facilities are designed with capacities ranging from 50 liters to 2,000 liters per batch for monoclonal antibody intermediates or 2,000 liters of drug substance per batch. Conjugation Drug Product Production (“XDP”) • Three DP facilities, designed to produce total fifteen million doses of bioconjugates per year in liquid or lyophilized form (15 million vials, lyophilizer 2x5 m2, 3x20 m 2, 2x30 m 2). • One DP facility, designed to produce twelve million doses of bioconjugate drug products per year in liquid or lyophilized form (12 million vials, lyophilizer 4x30m 2) and is expected to commence operation by first half of 2027. • One DP facility, designed to produce 8 million doses of bioconjugate drug products in liquid and/ or lyophilized form and is expected to commence operation by first half of 2028. Payload Linker (“XPLM1”) • One payload linker facility, designed as a kilogram- scale payload and linker production line. • Additionally, one payload linker facility, designed as a kilogram-scale payload and linker production line. (500 batches per year) and is expected to commence operation by late 2026/early 2027.
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– 12 – Site Site Area (sq.m.) Capacity Shanghai Waigaoqiao 11,000 Discovery Lab • Laboratories for bioconjugate discovery and support functions. Bioconjugate Process Development Lab • Bioconjugate process development and analytical method development. Laboratory-scale sample preparation to pilot-scale manufacturing of ADCs and other bioconjugates. Hefei 6,000 Peptide and Oligonucleotide Synthesis and R&D Center • Laboratories for peptide-based and oligonucleotide- based conjugates. Jiangyin 80,525 Payload Linker (“XPLM2”) • One facility, designed as a line of tens of kilograms production line. Suzhou (BioDlink) 50,000 mAb/Antibody Intermediates Production • Five mAb and antibody intermediate facilities, with single-use reactor systems ranging from 50 liters to 2,000 liters. Conjugation Drug Substance Production • Three DS facilities, capacities ranging from 20 liters to 500 liters per batch of drug substance. Conjugation Drug Product Production • Two DP facilities, designed to produce five million doses of bioconjugate drug products per year in liquid or lyophilized form (5 million vials, lyophilizer 1x5 m 2 & 2x20 m 2).
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– 13 – Site Site Area (sq.m.) Capacity Global facility Singapore 25,000 Conjugation Drug Substance Production • One dual function mAb intermediate and DS facility is designed with capacity to produce 50 liters to 2,000 liters per batch for monoclonal antibody intermediates, or up to 2,000 liters per batch for bioconjugate drug substance and has achieved GMP release in August 2026. • One DS facility with capacity of up to 500 liters of bioconjugate drug substance per batch and is expected to commence GMP manufacturing by late 2026. Conjugation Drug Product Production • One DP facility, designed to produce eight million doses of bioconjugates drug products per year in liquid or lyophilized form with 200 to 300 vials per minute for liquid or lyophilized drug products (8 million vials, lyophilizer 1x10 m 2 & 2x30 m 2) and is expected to commence operation by the end of August 2026. CMC Regulatory Support The Group’s customers typically need to submit filings with relevant authorities before they can initiate clinical trials for their bioconjugates or commercialize their bioconjugates. The Group supports its customers’ regulatory filings by drafting filing dossiers, addressing regulatory questions and conducting cGMP readiness assessments for them. The Group possesses extensive knowledge and experience with regard to regulatory filings in major jurisdictions including China, the United States and Europe. As of 30 June 2026, the Group has empowered over 163 IND submissions accumulatively.
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– 14 – Fully Integrated R&D Technology Platform The Group is committed to advancing next-generation bioconjugates through innovative conjugation and payload-linker technologies. The Group continues to expand its proprietary intellectual property portfolio, focusing on novel linker technologies, innovative payloads, including next-generation topoisomerase I inhibitors and other differentiated mechanism-of-action classes, as well as dual-payload applications. Multiple customer programs enabled by the WuXiDARx™, X-LinC™, and WuXi Payload-Linker™ platforms have advanced from PCC and iCMC to clinical development, demonstrating the robustness, scalability, and broad applicability of the Group’s integrated technology platform. • WuXiDARx™ For novel conjugation technologies, the Group has developed the proprietary WuXiDARx™ technology platform, which enables highly homogeneous bioconjugates with flexible DAR options, enhanced process robustness, and improved developability. — WuXiDAR4™ enhances ADC homogeneity and therapeutic index (TI). As of June 30, 2026, WuXiDAR4™ had enabled customers to advance eight ADC programs from preclinical to clinical development. — WuXiDAR2™ delivers highly homogeneous ADCs and antibody-peptide conjugates (“ APCs ”), enabling the first DAR2 ADC program to advance into CMC development. — WuXiDAR1™ enables highly homogeneous DAR1 ADCs and AOCs, validating the platform’s applicability to AOC development. — WuXiDARx™ also enables sequential and precise dual-payload conjugation and has successfully facilitated the advancement of a dual-payload ADC program into CMC development.
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– 15 – • WuXi Payload-Linker™ The Group has developed proprietary payload-linker platforms to enable next- generation ADCs with differentiated mechanisms of action, improved therapeutic index, and enhanced developability. — WuXiTecan-2™ is a proprietary exatecan-based payload-linker featuring enhanced hydrophilicity, improved plasma stability, and robust in vivo efficacy. The technology has been applied to three iCMC-stage customer programs through technology licensing, demonstrating its developability and translational potential. — WuXiLinker™ is a proprietary hydrophilic linker technology that improves the developability, stability, and conjugation performance of hydrophobic payloads. The technology has been extended to multiple payload classes, including WuXiMMAE™, WuXiATRi™, and WuXiEribulin™. In addition, the Group is advancing a portfolio of novel payloads, including DNA damage response (“DDR ”) inhibitors, immune modulators, and other differentiated payload classes, further expanding its technology toolbox for next-generation ADC development. — X-LinC™ is a proprietary stable conjugation connector designed to replace conventional maleimide chemistry, enhancing ADC stability through reduced payload-linker deconjugation. Preclinical studies have demonstrated superior stability compared with maleimide-based conjugation approaches in both in vitro and in vivo settings. Following the consolidation of BioDlink, the Group further expanded its technology portfolio by integrating the proprietary platforms of both companies. Together with collaborations with external partners to access innovative ADC technologies, the Group continues to strengthen its end-to-end service capabilities and technological competitiveness within the ADC industry.
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– 16 – Quality Management The Group’s quality assurance department is committed to meeting the high industry standards and requirements and supervises the implementation of quality standards. The Group has established quality control measures for all stages of its operations, covering procurement of raw and auxiliary materials, research and development and process development, as well as manufacturing of bioconjugate intermediates and drug substances and drug products. The Group has adopted a centralized quality assurance system across its “All-in-One” manufacturing facilities, and hence is able to produce high quality deliverables and efficiently allocate risk exposures generated by variables at different stages of the manufacturing process. All manufacturing operations of the Group are conducted in accordance with the GMP regulations of the FDA, the EMA and the NMPA. As of June 30, 2026, the Group has completed more than over 200 GMP audits from global clients, including 27 audits by EU Qualified Persons (EU QP). The Group believes that these certificates will help manifest the Group’s premier quality system that meets global quality standards. The Wuxi site is currently preparing for future Pre-License Inspection (PLI) readiness, supported by the Group’s growing portfolio of late-stage and pre-commercial projects. Achievements and Company Awards The Group was ranked No. 1 globally and in China among CRDMOs for ADCs and other bioconjugates in terms of revenue in 2025, according to analysis of the Company and Frost & Sullivan. The Group employs an “enable, follow and win the molecule” strategy to not only grow with its existing customers by providing services from an early stage of their product development cycle, but also win new customers as their bioconjugates progress. The Group’s diverse and growing customer base includes both innovative biotechnology companies and global pharmaceutical companies, many of which are leading players in the ADC and bioconjugate space with potentially first-in-class or best- in-class pipeline programs. The Company received the “Best CDMO” Award for three consecutive years (2023, 2024 and 2025) and the “Best CRO” Award at the 2025 World ADC Awards, and won multiple awards at the Asia-Pacific Biopharma Excellence Awards 2025 and 2026.
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– 17 – Investor Relations The Group believes that good corporate governance is essential for enhancing the confidence of Shareholders and potential investors. To this end, the Group endeavors to maintain effective and on-going communication with investors to enhance transparency and to provide high quality and timely disclosure of information to investors. The Group has developed a multichannel approach to ensure that the Shareholders and investors can exercise their rights in an informed manner based on a good understanding of the Group’s key business imperatives. These communication tools include announcements, press releases, general meetings, interim and annual reports, investor and analyst briefings, roadshows, and industry and sell-side events. During the Reporting Period, the Group received recognition and awards for its effective investor relations programs and high-quality investor interaction. The Group encourages Shareholders’ active participation in results sharing meetings with investors, annual and extraordinary general meetings, facility tours and other roadshows. The Group has progressively adopted the use of web-based and digitalized communication strategies across multiple influential platforms to strengthen its investor relations. Environmental, Social and Governance The Group’s operation sites are required to pass environmental impact assessments under applicable PRC laws and regulations. The Group’s Shanghai and Wuxi sites passed such assessments in October 2022 and September 2019, respectively. To the extent possible, the Group’s facilities utilize next-generation technologies and clean energy sources, which improve resource conservation and reduce the level of waste produced by the operations. The Group aims to reduce its Scope 1 and Scope 2 greenhouse gas emissions intensity by 50% (tons/RMB10,000) by 2030 from a 2021 base year. For the near term, the Group aims to curb the increment of its resource consumption and waste generation in spite of the growing size of its business operations. The Group will adjust the targets and goals in accordance with actual business operations, and will closely monitor the financial and non-financial impact on its business for actions taken to achieve these goals and targets. The implementation of this plan is facilitated by the design of the Group’s sites, which utilize natural temperature and light for tailored heating, ventilation, air conditioning and lighting. The Group also ensures that its equipment meets applicable energy efficiency requirements. The Group is committed to continuously enhanced ESG governance and received “A” rating from the MSCI ESG ratings in 2026 and “A” rating from Wind ESG in 2025, and was recognized by Morningstar Sustainalytics as an Industry ESG Leader, reflecting the Group’s exceptional performance in corporate responsibility, risk management, and ethical business conduct.
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– 18 – Recent Developments (July to August 2026) The Group continued to advance its strategic priorities in global manufacturing expansion and technology platform commercialization in July to August 2026. The following developments highlight key operational and business milestones achieved in these areas: In August 2026, the Singapore manufacturing facility XmAb/XBCM3 has achieved GMP release, marking the Group’s first operational facility outside of mainland China. XDP4 has scheduled GMP release by the end of August. The Singapore site is equipped with state-of-the-art production lines for mAb intermediate, ADC bioconjugates DS and DP manufacturing, supported by comprehensive analytical and quality control laboratories. The GMP release of the Singapore facility follows rigorous qualification and validation processes aligned with international regulatory standards, reflecting the Group’s unwavering dedication to quality excellence and regulatory compliance. This milestone advances the Group’s global capacity expansion and strengthens its ability to serve international customers with geographically diversified supply chain solutions. In August 2026, the Group further deepened its strategic collaboration with a European biotech company through a target-exclusive licensing agreement for the Group’s proprietary WuXiTecan-2™ payload-linker technology. Under the agreement, the Group will leverage its integrated CMC development and manufacturing expertise to advance the ADC components. The deal includes upfront, development, regulatory and commercial milestone payments, as well as tiered royalties on future net sales. This represents the second technology licensing between the two parties, further demonstrating the client’s continued confidence and interests in the Group’s differentiated technology platforms. FUTURE OUTLOOK Per Frost & Sullivan estimates, the global ADC market is projected to expand at a 30.3% CAGR, rising from USD10.4 billion in 2023 to USD66.2 billion by 2030. The ADC market continues to benefit from both structural outsourcing demand and industry maturation. The increasing development complexity has encouraged customers to seek integrated CRDMO partners capable of delivering end-to-end solutions, while the growing number of approved ADC products and late-stage clinical programs is expected to support sustained demand for ADC development and manufacturing services over the long term. Furthermore, in the current market, innovative bioconjugates are extending beyond ADC through conjugation of various payloads and various carriers. Hence, the name “XDC” represents the bioconjugation possibilities spanning various bioconjugate modalities. This wave of new commercial launches has the potential to generate more manufacturing outsourcing demand for the bioconjugate CRDMO players.
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– 19 – To capitalize on global bioconjugate demand, the Group’s long-term growth strategy across four core pillars: • Drive early-stage innovation via proprietary R&D and strategic partnerships The Group will continue investing in in-house technology development and external collaborations to explore the next-gen bioconjugate modalities. The Group’s R&D pipeline spans conjugation platforms, proprietary payload-linker systems and emerging novel formats including bispecific ADCs, dual-payload ADCs, degrader- antibody conjugates (DACs), AOCs, APCs, peptide drug conjugates (PDCs) and nanobody drug conjugates (NDCs), potentially empowering partners to advance differentiated, first-in-class bioconjugate candidates. • Leverage the Group’s all-in-one integrated platform to capture full lifecycle projects The Group differentiated “All-in-One” bioconjugate platform serves as a key enabler to capturing full lifecycle projects. By enabling early-stage client bioconjugate research, the Group continuously builds a robust project pipeline, with cross-stage project progression driving sustained long-term business growth and reinforcing its global CRDMO market leadership. • Expand global GMP manufacturing footprint to address rising worldwide capacity needs The Group will continue executing its medium-term capacity expansion roadmap. The Group’s Singapore site has secured GMP release and the successful integration of BioDlink has expanded the Group’s overall mAb intermediate, bioconjugates DS and DP manufacturing capacities and optimized its end-to-end operational system. • Strengthen and scale CMO manufacturing capacity Demand for late-stage and commercial manufacturing services continues to increase as more ADCs and broader bioconjugates receive regulatory approvals and advance into commercialization, positioning the Group’s expanding manufacturing network to effectively capture this growing market opportunity.
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– 20 – FINANCIAL REVIEW Revenue The Group consolidated revenue reached RMB3,701.4 million, with a 37.0% AER period-over-period growth. Excluding the impact from foreign exchange fluctuations, the CER period-over-period growth is 41.5%. 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 (which typically yield higher contract values). Revenue by Geographic Coverage The Group has a broad, loyal and fast-growing customer base. During the Reporting Period, the Group generated revenue from ultimate customers primarily from North America, China and Europe. The following table sets forth a breakdown of revenue based on the location of the customers’ headquarters, both in absolute amount and as a percentage of total revenue, for the periods indicated: Six months ended June 30, 2026 2025 Revenue (1) RMB’000 RMB’000 (unaudited) — North America 1,688,812 45.6% 1,390,612 51.5% — Europe 909,295 24.6% 604,749 22.4% — China 798,551 21.6% 484,613 17.9% — Others (2) 304,720 8.2% 220,895 8.2% Total 3,701,378 100.0% 2,700,869 100.0%
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– 21 – Notes: (1) Revenue by geographic coverage is presented based on the location of the ultimate customer. For legacy contracts that were contracted with Remaining WXB Group but were executed by the Group, the Company classifies revenue based on the location of the customers’ headquarters, rather than that of the Remaining WXB Group. (2) Includes primarily countries and regions in Asia (excluding China) and Australia. Revenue from customers in China and Europe increased significantly during the Reporting Period, as a result of the continual increase in customer demand for ADC CRDMO services globally and the Group’s established industry position as a leading CRDMO service provider for ADCs and other bioconjugates. Revenue by Project Development Stage During the Reporting Period, the Group generated revenue from a mix of bioconjugate products in various development stages, which can be broadly categorized into (i) revenue from pre-IND projects, primarily bioconjugate discovery projects at the drug discovery stage and preclinical development stage, and (ii) revenue from post-IND projects, primarily at clinical and commercial stage. The following table sets forth a breakdown of revenue by development stages of projects, both in absolute amount and as a percentage of total revenue, for the periods indicated: Six months ended June 30, 2026 2025 Revenue RMB’000 RMB’000 (unaudited) Pre-IND services 1,543,922 41.7% 1,116,274 41.3% Post-IND services 2,157,456 58.3% 1,584,595 58.7% Total 3,701,378 100.0% 2,700,869 100.0% Revenue from both pre-IND services and post-IND services increased during the Reporting Period, as compared to the same period in 2025, primarily due to the increase in the total number of projects, the number of projects that have progressed to late-stage development and the increase in production capacity to meet the increasing demand for the Group’s CRDMO services.
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– 22 – Revenue by Project Type During the Reporting Period, the Group generated revenue from both ADC and non- ADC projects in terms of project types. The following table sets forth a breakdown of revenue by project types, both in absolute amount and as a percentage of total revenue, for the periods indicated: Six months ended June 30, 2026 2025 Revenue RMB’000 RMB’000 (unaudited) ADC 3,198,676 86.4% 2,504,414 92.7% Non-ADC 502,702 13.6% 196,455 7.3% Total 3,701,378 100.0% 2,700,869 100.0% As of June 30, 2026, the Group had 286 ADC integrated projects and 42 non-ADC integrated projects, accounting for respectively 87.2% and 12.8% of the total number of ongoing integrated projects as of the same date. Cost of Sales The cost of sales of the Group mainly consists of indirect production cost and overheads, direct labor cost, cost of raw materials and services and depreciation and amortization. The cost of sales of the Group increased by 35.0% from RMB1,725.6 million for the six months ended June 30, 2025 to RMB2,330.1 million for the six months ended June 30, 2026, primarily due to increases in cost of raw materials, direct labor costs used in production and indirect production costs and overheads incurred in relation to antibodies master services, which are correlated with the Group’s revenue growth. Gross Profit and Gross Profit Margin The gross profit of the Group increased by 40.6% from RMB975.2 million for the six months ended June 30, 2025 to RMB1,371.3 million for the six months ended June 30, 2026. During the Reporting Period, the Group continued to enhance its operation efficiency and optimize its procurement strategy. The Group continued to maintain the utilization ratio of existing production facilities at a high level, achieved faster ramp-up of newly operating production lines, and increased contribution from higher value-added services. As a result of these factors, the Group’s gross profit margin further increased from 36.1% for the six months ended June 30, 2025 to 37.0% for the six months ended June 30, 2026.
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– 23 – Selling and Marketing Expenses The selling and marketing expenses of the Group mainly consist of (i) labor cost for the sales and marketing personnel, (ii) selling and marketing related business development expense, and (iii) depreciation and amortization, representing primarily amortization of the customer relationship asset acquired in relation to the acquisition of subsidiaries and businesses in previous years. The selling and marketing expenses of the Group increased by 31.3% from RMB49.0 million for the six months ended June 30, 2025 to RMB64.4 million for the six months ended June 30, 2026, primarily due to the Group’s continued investments in its marketing activities and recruitment of selling and marketing talents, and an increase in share-based payment expenses during the Reporting Period. Administrative and Other Expenses The administrative and other expenses of the Group mainly consist of (i) labor cost for the administrative personnel, (ii) logistics and accommodation expenses, (iii) depreciation and amortization, (iv) professional service fees, (v) other administrative expenses, primarily maintenance expense and utilities, and (vi) other expenses arising from generation of other income. The administrative and other expenses of the Group increased by 39.7% from RMB107.9 million for the six months ended June 30, 2025 to RMB150.7 million for the six months ended June 30, 2026, primarily due to one time transaction expenses incurred with the BioDlink Acquisition and an increase in labor cost for the Group’s increase in headcount and average compensation level of its administrative personnel and management. Research and Development Expenses The research and development expenses of the Group mainly consist of (i) labor cost for the R&D staff, (ii) cost of materials used in R&D activities, and (iii) depreciation and amortization of the equipment and facilities used by the R&D department and the amortization of the intangible assets used in R&D activities. The research and development expenses of the Group increased by 65.6% from RMB49.5 million for the six months ended June 30, 2025 to RMB81.9 million for the six months ended June 30, 2026, primarily due to (i) an increase in cost of raw materials as a result of increase in material procurement for research and development activities driven by strong business growth and (ii) an increase in R&D staff and compensation.
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– 24 – Finance Costs The finance costs of the Group mainly include interest expenses arising from bank borrowings and lease liabilities. The finance costs of the Group increased by 34.5% from RMB7.7 million for the six months ended June 30, 2025 to RMB10.3 million for the six months ended June 30, 2026, primarily due to an increase in interest expense on bank borrowings. Other Income The other income of the Group mainly consists of (i) interest income from banks, (ii) research and other grants related to income and asset, (iii) sales of materials to related parties, and (iv) rental income, arising from the lease of the assembly center to the Remaining WXB Group. The other income of the Group decreased by 10.7% from RMB121.8 million for the six months ended June 30, 2025 to RMB108.8 million for the six months ended June 30, 2026. Other Gains and Losses The other gains and losses of the Group primarily include fair value gain on structured deposits, net foreign exchange loss or gain, loss on derivative financial instruments, loss on disposal of property, plant and equipment and loss on disposal of intangible assets. The Group recorded net other losses of RMB13.9 million for the six months ended June 30, 2025 and recorded net other losses of RMB201.7 million for the six months ended June 30, 2026, primarily due to net foreign exchange loss incurred. Impairment Losses (including Reversals of Impairment Losses or Impairment Gains) on Financial Assets The impairment losses (including reversals of impairment losses or impairment gains) on financial assets represent loss allowances on the Group’s financial assets (including trade and other receivables and contract assets) (“ Impairment Losses ”). The Group recognized Impairment Losses of RMB1.9 million for the six months ended June 30, 2025, primarily due to the increased trade and other receivable balance which are in line with the Group’s revenue growth. The Group recognized Impairment Losses of RMB4.4 million for the six months ended June 30, 2026.
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– 25 – The Group periodically reviews the credit ratings of its customers, by taking into account their historical payment records, to evaluate the collectability of their receivables. As a usual practice, customers are required to make a down payment in respect of their orders, and the Group grants credit terms to customers based on their respective credit ratings. The Group’s management has been closely monitoring the status of overdue receivables, proactively following up on collection, and prudently making provisions. Income Tax Expense The income tax expense of the Group increased from RMB121.4 million for the six months ended June 30, 2025 to RMB148.6 million for the six months ended June 30, 2026, which is in line with the increment of profit before tax. The effective tax rate of the Group increased from 14.0% for the six months ended June 30, 2025 to 15.4% for the six months ended June 30, 2026. Net Profit and Net Profit Margin As a result of the foregoing, the Group’s net profit increased by 9.7% from RMB745.7 million for the six months ended June 30, 2025 to RMB818.0 million for the six months ended June 30, 2026. The significant growth in the Group’s net profit during the Reporting Period is generally in line with the Group’s revenue and business growth (after taking into account the effects of non-cash share-based compensation). The Group’s net profit margin decreased from 27.6% for the six months ended June 30, 2025 to 22.1% for the six months ended June 30, 2026, primarily due to the adverse impact of foreign exchange and interest rate movements, and one time transaction expenses incurred with the BioDlink Acquisition. Amid a highly volatile macroeconomic environment, the USD/ RMB exchange rate experienced significant fluctuations in the first half of the year. This resulted in a net foreign exchange loss of RMB197.9 million, which was recognised in the income statement and adversely impacted the Group’s profit for the six months ended June 30, 2026. Adjusted Net Profit and Margin of Adjusted Net Profit The adjusted net profit of the Group increased by 37.4% from RMB747.5 million for the six months ended June 30, 2025 to RMB1,027.1 million for the six months ended June 30, 2026. Margin of adjusted net profit remained stable at 27.7% for the six months ended June 30, 2026.
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– 26 – Basic and Diluted Earnings Per Share The basic earnings per share of the Group increased by 4.8% from RMB0.62 for the six months ended June 30, 2025 to RMB0.65 for the six months ended June 30, 2026. The diluted earnings per share of the Group increased by 5.3% from RMB0.57 for the six months ended June 30, 2025 to RMB0.60 for the six months ended June 30, 2026. The increase in basic and diluted earnings per share was primarily due to the increase in the net profit resulting from the strong business growth of the Group as discussed above. Property, Plant and Equipment The balance of the property, plant and equipment of the Group increased by 25.6% from RMB4,039.3 million as of December 31, 2025 to RMB5,074.6 million as of June 30, 2026, primarily due to (i) an increase in the value of construction in progress as a result of the ongoing constructions in Singapore and the PRC facilities and (ii) additions of property, plant and equipment arising from the BioDlink Acquisition. Investment Properties The balance of investment properties of the Group increased by 13.7% from RMB11.6 million as of December 31, 2025 to RMB13.2 million as of June 30, 2026. Goodwill As of June 30, 2026, goodwill amounted to RMB1,446.9 million (December 31, 2025: RMB215.2 million). The goodwill balance as of December 31, 2025 was solely attributable to the acquisition of the Payload & Linker Business in 2021. Following the completion of the BioDlink Acquisition in 2026, additional goodwill was recognized, resulting in a total goodwill balance of RMB1,446.9 million as of June 30, 2026. Intangible Assets The intangible assets of the Group mainly include customer relationship and license. Intangible assets increased by 165.6% from RMB57.9 million as of December 31, 2025 to RMB153.9 million as of June 30, 2026, primarily due to the BioDlink Acquisition and the regular amortization schedule during the Reporting Period. Inventories The inventories of the Group mainly include raw materials, pharmaceutical intermediates and consumables. The inventory level of the Group increased by 82.2% from RMB173.1 million as of December 31, 2025 to RMB315.4 million as of June 30, 2026, primarily representing inventory stocked up for the timely fulfilment of strong client demands and inventory consumed for the research and development and manufacturing activities.
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– 27 – Trade and Other Receivables Trade receivables from related parties primarily comprised outstanding amounts receivable from the Remaining WXB Group. Trade receivables from third parties primarily represented the outstanding amounts receivable from other customers for CRDMO services. Other receivables primarily represented (i) advances to suppliers, (ii) deposits, (iii) prepayments, and (iv) value-added tax recoverable. The trade and other receivables of the Group increased by 5.2% from RMB2,137.7 million as of December 31, 2025 to RMB2,248.9 million as of June 30, 2026, primarily attributable to receivables from contracts with third parties, which is generally in line with the business growth of the Group. Contract Assets Contract assets increased by 221.7% from RMB43.2 million as of December 31, 2025 to RMB138.9 million as of June 30, 2026, primarily due to the enhancement of business operational efficiency. Contract Costs The contract costs of the Group represent recoverable costs incurred for fulfilling contracts, revenue of which had not been recognized. The contract costs of the Group increased by 21.6% from RMB244.9 million as of December 31, 2025 to RMB297.7 million as of June 30, 2026, which is generally in line with the business growth of the Group. Financial Assets at Fair Value through Profit or Loss (“FVTPL”) The financial assets at FVTPL primarily consisted of the investments in wealth management products of the Group. The Group had financial assets at FVTPL of RMB667.0 million as of December 31, 2025 and of RMB603.0 million as of June 30, 2026.
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– 28 – Trade and Other Payables Trade payables to related parties comprised outstanding amounts payable to the Remaining WXB Group in relation to, among others, the development, manufacturing and testing services for antibody and payload-linkers, raw material procurement services and project management services that the Group procured from these related parties. Trade payables to third parties primarily represented the balances due to the suppliers for purchase of raw materials and consumables. Other payables and accruals to related parties mainly arose from administrative services provided by the related parties and rental expenses. Other payables and accruals to third parties mainly represented payables arising from the construction in progress. The trade and other payables of the Group increased by 14.8% from RMB1,923.6 million as of December 31, 2025 to RMB2,208.3 million as of June 30, 2026, primarily due to the increases in trade payables for the purchase for raw materials and consumables, which are generally in line with the Group’s business growth. Contract Liabilities The contract liabilities of the Group mainly include advance payments received from customers. Contract liabilities increased by 26.1% from RMB799.8 million as of December 31, 2025 to RMB1,008.9 million as of June 30, 2026, which is generally in line with the business growth of the Group. Liquidity and Capital Resources Bank balances and cash and time deposits decreased by 24.7% from RMB6,797.5 million as of December 31, 2025 to RMB5,118.2 million as of June 30, 2026, primarily due to the consideration paid for the BioDlink Acquisition, net with daily operation. Taking into account the financial resources available to the Group, the Directors are of the view that the Group has sufficient working capital to meet its present requirements. Treasury Policy Currently, the Group follows a set of funding and treasury policies to manage its capital resources and to mitigate the associated risks. The Group expects to fund its working capital and other capital requirements from a combination of various sources, including but not limited to internal financing and external financing at reasonable market rates. In order to better control and minimize the cost of funds, the Group’s treasury activities are centralized and all cash transactions are done with reputable banks.
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– 29 – The Group’s treasury policies are also designed to mitigate the foreign currency risk arising from the Group’s global operations. The cash and cash equivalents held by the Group are mainly composed of RMB, HKD and USD. Certain Group entities have foreign currency transactions, including sales and purchases transactions, etc., as well as monetary assets and liabilities denominated in foreign currencies (mainly USD and HKD). Significant Investments, Material Acquisitions and Disposals On January 14, 2026, the Company made a voluntary conditional cash offer to acquire all the issued shares of BioDlink (other than those shares already owned or agreed to be acquired by the Company and its concert parties) and cancel all outstanding share options granted by BioDlink (the “ Offers ”), in each case on the terms and conditions set out in the announcement jointly published by the Company, WuXi Biologics and BioDlink on the website of HKEx and the Company’s website on January 14, 2026 (the “3.5 Announcement ”). On March 31, 2026, the acquisition was completed, and the Company became a controlling shareholder of BioDlink. The Company held 60.67% of BioDlink’s issued share capital as of June 30, 2026. As part of the agreed transaction arrangement, 0.67% of BioDlink’s issued share capital held by the Company is expected to be transferred back to the original shareholder. Upon completion of such transfer, the Company will hold 60.00% of BioDlink’s issued share capital. For further details, please refer to the 3.5 Announcement, the announcements jointly published by the Company and BioDlink dated February 4, 2026, February 12, 2026, March 13, 2026, March 17, 2026 and March 31, 2026 and the composite document and the circular published by the Company dated February 12, 2026. The financial results of BioDlink has been consolidated into the consolidated financial statements of the Group for the six months ended June 30, 2026. Save as the BioDlink Acquisition, as of June 30, 2026, there was no significant investment held by the Company, nor were there any material acquisitions or disposals of subsidiaries, associates and joint ventures during the Reporting Period.
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– 30 – Indebtedness Borrowings The Group had borrowings of RMB490.6 million as of June 30, 2026 as compared to RMB842.0 million as of December 31, 2025. Such borrowings were from reputable banks. Contingent Liabilities and Guarantees As of June 30, 2026, the Group did not have any outstanding debt securities, mortgage, charges, debentures or other loan capital (issued or agreed to be issued), bank overdrafts, liabilities under acceptance or acceptance credits, or other similar indebtedness, material contingent liabilities, guarantees or any litigations or claims of material importance, pending or threatened against any member of the Group. Gearing Ratio Gearing ratio is calculated using interest-bearing borrowings divided by total equity and multiplied by 100%. Gearing ratio decreased from 7.9% as of December 31, 2025 to 4.2% as of June 30, 2026. Currency Risk The foreign currency transactions of the Group, including its sales, expose the Group to foreign currency risk. Certain of the Group’s bank balances and cash, trade and other receivables and trade and other payables are denominated in currencies other than the functional currency of the relevant group entities, such as U.S. dollar, Hong Kong dollars, Singapore dollars, Euro, Great Britain Pound and Swiss Franc, and thus expose the Group to such foreign currency risk. During the Reporting Period, the majority of the Group’s revenue was generated from sales denominated in USD, while most of the purchase of raw materials, property, plant and equipment and expenditures were settled in RMB in China and in USD in foreign countries. At the end of the Reporting Period, the Group has maintained monetary assets and liabilities denominated in foreign currencies (mainly in USD), which expose the Group to foreign currency risk. As a result, the Group’s net profit margin was impacted when the foreign exchange rates fluctuated, especially among USD, HKD, RMB, SGD and EUR.
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– 31 – The Group seeks to limit its exposure to foreign currency risk by closely monitoring and minimizing its net foreign currency position. The Group plans to engage in a series of forward contracts to manage its currency risk. Hedge accounting will also be adopted by the Group for derivatives to mitigate the impact on profit or loss due to the fluctuation in foreign exchange rates. Non-IFRS Measures To supplement the Group’s consolidated financial statements which are presented in accordance with IFRS, the Company presents adjusted net profit attributable to owners of the Company (non-IFRS measure), margin of adjusted net profit attributable to owners of the Company (non-IFRS measure), adjusted EBITDA (non-IFRS measure), adjusted EBITDA margin (non-IFRS measure) and adjusted basic and diluted earnings per share (non-IFRS measures) as additional financial measures, which are not required by, or presented in accordance with IFRS. The Group believes that the adjusted financial measures are useful for understanding and assessing underlying business performance and operating trends, and that the Group’s management and investors may benefit from referring to these adjusted financial measures in assessing the Group’s financial performance by eliminating the impact of certain unusual, non-cash and/or non-operating items that the Group does not consider indicative of the performance of the Group’s core business. The Group’s management believes that these non-IFRS financial measures are widely accepted and adopted in the industry in which the Group operates. However, these non-IFRS financial measures are not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with IFRS. Shareholders of the Company and potential investors should not view the adjusted results on a stand-alone basis or as a substitute for results under IFRS. Furthermore, these non-IFRS financial measures may not be comparable to the similarly-titled measures represented by other companies. Additional information is provided below to reconcile adjusted net profit attributable to owners of the Company (non-IFRS measure), and adjusted EBITDA (non-IFRS measure) to the corresponding measures under IFRS.
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– 32 – Adjusted Net Profit Attributable to Owners of the Company (non-IFRS measure) Six months ended June 30, 2026 2025 RMB’000 RMB’000 (unaudited) Net Profit 818,004 745,701 Add: Share-based compensation expense 79,633 55,069 Net foreign exchange loss 197,900 14,563 Non-recurring/one-off transaction costs 26,697 – Less: Net interest income 95,105 67,823 Adjusted Net Profit 1,027,129 747,510 Margin of Adjusted Net Profit 27.7% 27.7% Adjusted Net Profit Attributable to Owners of the Company (non-IFRS measure) (Note) 1,027,328 747,510 Margin of Adjusted Net Profit Attributable to Owners of the Company (non-IFRS measure) 27.8% 27.7% RMB RMB Adjusted Earnings Per Share (non-IFRS measure) — Basic 0.82 0.62 — Diluted 0.75 0.57 Note: In order to better reflect the key performance of the Group’s current business and operations, the adjusted net profit attributable to owners of the Company is calculated as the net profit attributable to owners of the Company, excluding: (i) share-based compensation expense, a non-cash expenditure; (ii) net foreign exchange loss, primarily generated from revaluation of the assets and liabilities denominated in foreign currencies and the fair value change of derivative financial instruments, which the management believes it is irrelevant to the Group’s core business; and (iii) net of interest income and finance costs, a non-operating item.
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– 33 – EBITDA and Adjusted EBITDA (non-IFRS measure) Six months ended June 30, 2026 2025 RMB’000 RMB’000 (unaudited) Net Profit 818,004 745,701 Add: Income tax expense 148,633 121,449 Depreciation and amortization 122,312 64,541 Less: Net interest income 95,105 67,823 EBITDA (non-IFRS measure) 993,844 863,868 EBITDA Margin (non-IFRS measure) 26.9% 32.0% Add: Share-based compensation expense 79,633 55,069 Net foreign exchange loss 197,900 14,563 Non-recurring/one-off transaction costs 26,697 – Adjusted EBITDA (non-IFRS measure) 1,298,074 933,500 Adjusted EBITDA Margin (non-IFRS measure) 35.1% 34.6%
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– 34 – Employee and Remuneration Policies As of June 30, 2026, the Group employed a workforce totaling 3,628 employees. The staff costs, including Directors’ emoluments but excluding any contributions to (i) retirement benefit scheme contributions; and (ii) share-based payment expenses, were RMB542.6 million for the six months ended June 30, 2026, as compared to RMB364.7 million for the six months ended June 30, 2025. The remuneration package of employees generally includes salary and bonus elements. In general, the Group determines the remuneration package based on the qualifications, position and performance of its employees. The Group has adopted the Pre-IPO Share Option Schemes and the 2024 Share Scheme to provide incentives or rewards to eligible participants for their contribution or potential contribution to the Group. In addition, the Group provides its employees with opportunities to work on cutting- edge projects on ADCs and other bioconjugates to develop their knowledge and skills. The Group has an effective training system, including orientation and continuous on- the-job training, to accelerate the learning progress and improve the knowledge and skill levels of its workforce. The orientation process for newly joined employees covers subjects such as corporate culture and policies, work ethics, introduction to the ADC and other bioconjugates development processes, quality management, as well as occupational safety. The Group has periodic on-the-job training which covers streamlined technical know-how relating to its integrated services, environmental, health and safety management systems and mandatory training required by applicable laws and regulations. Further, the Group aims to maintain and enhance a collaborative work environment that encourages its employees to develop their career with the Group. The Group also makes contributions to social insurance funds, including basic pension insurance, medical insurance, unemployment insurance, childbirth insurance, work- related injury insurance funds, and housing reserve funds as applicable to the countries where the Group operates. The remuneration of the Directors and senior management is reviewed by the Remuneration Committee and approved by the Board. The relevant experience, duties and responsibilities, time commitment, working performance and the prevailing market conditions are taken into consideration in determining the emoluments of the Directors and senior management. Interim Dividend The Board does not recommend any payment of interim dividend for the six months ended June 30, 2026.
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– 35 – OTHER INFORMATION COMPLIANCE WITH THE CORPORATE GOVERNANCE CODE The Group is committed to maintaining high standards of corporate governance to safeguard the interests of Shareholders and to enhance corporate value and accountability. The Company has adopted the principles and code provisions stated in the CG Code as the Company’s corporate governance structure, with internal compliance policies in place which set out its compliance requirements so as to ensure consistency with the principles and code provisions stated in the CG Code. The Company has complied with the principles and all the applicable code provisions as set out in Part 2 of the CG Code during the Reporting Period save for the deviation from code provision F.1.3 in relation to attendance of general meetings by directors. The executive Directors, Dr. Jincai Li and Mr. Jerry Jingwei Zhang; the non-executive Directors, Dr. Jijie Gu and Ms. Ming Shi; and the independent non-executive Directors, Dr. Ulf Grawunder and Mr. Kenneth Walton Hitchner III attended the annual general meeting held on June 26, 2026 either in person or by electronic means, while the other Directors were unable to attend due to other business commitments. The Company will continue to review and enhance its corporate governance practices to ensure compliance with the CG Code. COMPLIANCE WITH THE MODEL CODE FOR SECURITY TRANSACTIONS The Company has adopted the Guidelines for Securities Transactions by Directors (“Written Guidelines ”) on no less exacting terms than the Model Code as its own code of conduct regarding securities transactions by the Directors. Having made specific enquiry of all Directors, all of them have confirmed that they have complied with the Model Code and the Written Guidelines during the Reporting Period. In order to ensure strict compliance with the Listing Rules and enhance corporate governance measures, the Company will remind all Directors as to their respective obligations under the Listing Rules in all aspects, including but not limited to the restrictions in dealing with the Company’s securities. No incident of non-compliance with the Guidelines for Securities Transactions by Employees (جby the employees who are likely to be in possession of inside information of the Company was noted by the Company. PROCEEDS FROM THE GLOBAL OFFERING AND ITS UTILIZATION The Company issued 178,446,000 Shares in its Global Offering at HK$20.60 which were listed on the Main Board of the Stock Exchange on November 17, 2023 and subsequently issued 19,158,500 Shares at HK$20.60 upon full exercise of the over-allotment option. The net proceeds from the Global Offering received by the Company, after deduction of the underwriting fees and commissions and other expenses payable by the Company in connection with the Global Offering, amounted to approximately HK$3,936.9 million.
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– 36 – Details on the applications of the net proceeds from the Global Offering were disclosed in the section headed “Future Plans and Use of Proceeds” in the Prospectus. As of June 30, 2026, there have been no material changes to the planned applications of the net proceeds. The following table sets out the planned applications of the net proceeds, net proceeds brought forward for the Reporting Period, actual usage up to and remaining amount as of June 30, 2026 as well as the expected timeline for utilization: Intended use of net proceeds as stated in the Prospectus Planned applications Amount utilized up to June 30, 2026 Net proceeds brought forward for the Reporting Period Remaining amount as of June 30, 2026 Expected timeline for utilization (Note) HK$ million HK$ million HK$ million HK$ million Further expansion of the Group’s service capability and capacity Construction of the Group’s facilities at the Singapore site Establishment of the facilities at the Singapore site 1,299.2 1,299.2 – – N/A Purchase manufacturing and R&D equipment and systems and recruit manufacturing, R&D and management personnel for the operation at the Singapore site 708.7 708.7 293.4 – N/A Expansion of the Group’s production capacity in China Purchase manufacturing and R&D equipment and systems, such as bioreactors, steam sterilizers, capillary electrophoresis instrument and enzyme labeling apparatus, among others 354.3 354.3 – – N/A Establishment, maintenance and improvement of the manufacturing plants at the Wuxi site, including building up a kilogram-scale payload-linker production line 275.5 275.5 – – N/A Selectively pursue strategic alliances, investment and acquisition opportunities 905.5 905.5 905.5 – N/A Working capital and other general corporate purposes 393.7 393.7 – – N/A Total 3,936.9 3,936.9 1,198.9 – Note: The net proceeds from the Global Offering have been fully utilized during the Reporting Period.
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– 37 – USE OF NET PROCEEDS FROM PLACING On September 2, 2025 (after trading hours of the Stock Exchange), the Company entered into a placing agreement (the “ Placing Agreement ”) with Morgan Stanley Asia Limited (the “ Placing Agent ”), pursuant to which the Company had conditionally agreed to place through the Placing Agent, on a fully underwritten basis, 22,277,000 Shares (the “Placing Share(s) ”) to not less than six independent professional, institutional and/or other investors (the “ Primary Placing ”), who and whose ultimate beneficial owners are independent third parties. The Placing Shares represents (i) approximately 1.85% of the existing issued share capital of the Company as of the date of the Placing Agreement; and (ii) approximately 1.82% of the issued share capital of the Company as enlarged by the issuance and allotment of the Placing Shares immediately upon completion of the placing. The aggregate nominal value of the Placing Shares is US$1,113.85. The placing price is HK$58.85 per Placing Share (the “ Placing Price ”) and represented: (i) a discount of approximately 4.00% to the closing price of HK$61.30 per Share as quoted on the Stock Exchange on the last trading day prior to the signing of the Placing Agreement and the subscription agreement (the “ Last Trading Date ”); and (ii) a premium of approximately 2.87% to the average closing price of HK$57.21 per Share as quoted on the Stock Exchange for the five consecutive trading days immediately prior to and including the Last Trading Date. The Placing Price was determined after arm’s length negotiations between the Company and the Placing Agent with reference to the prevailing market prices of the Shares. The net Placing Price for each Placing Share after deducting all applicable costs and expenses, including commission and levies in relation to the placing, amounted to approximately HK$58.39. Completion of the placing took place on September 10, 2025 in accordance with the terms and conditions of the Placing Agreement and the Placing Shares were allotted on the same date under the general mandate granted by the Shareholders at the annual general meeting of the Company on June 27, 2025. The placing would allow the Company to raise additional capital not only to continuously expand the capacity of the Group to secure a stable, uninterrupted and trusted source of supply to safeguard continuity of the Group’s services and client satisfaction, but also seize market opportunities, enhance market share within the industry and maintain an industry-leading position.
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– 38 – The net proceeds from Primary Placing received by the Company (after deducting all fees, costs and expenses incurred by the Company in connection with the placing) were approximately HK$1,300.68 million. Details on the applications of the net proceeds from Primary Placing were disclosed in the announcement of the Company dated September 2, 2025. As of June 30, 2026, there have been no material changes to the planned applications of the net proceeds from placing and the unutilized net proceeds were kept at the bank account of the Group as of June 30, 2026. The following table sets out the planned applications of the net proceeds from placing, net proceeds brought forward for the Reporting Period, actual usage up to and the remaining amount as of June 30, 2026 as well as the expected timeline for utilization: Intended use of net proceeds from placing Planned applications Amount utilized up to June 30, 2026 Net proceeds brought forward for the Reporting Period Remaining amount as of June 30, 2026 Expected timeline for utilization (Note) HK$ million HK$ million HK$ million HK$ million Further expansion of the Group’s service capability and capacity including, but not limited to, its production capacity in relation to clinical and commercial manufacturing for bioconjugates, drug substances and products 1,170.61 488.71 1,170.61 681.90 By the end of 2026 Working capital and other general corporate purposes 130.07 130.07 130.07 – N/A Total 1,300.68 618.78 1,300.68 681.90 Note: The expected timeline for the usage of the remaining proceeds was prepared based on the best estimate of the Group’s future market conditions, which is subject to the current and future development of the market conditions.
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– 39 – USE OF NET PROCEEDS FROM SUBSCRIPTION OF NEW SHARES UNDER SPECIFIC MANDATE On September 3, 2025 (before trading hours of the Stock Exchange), the Company entered into the subscription agreement (the “ Subscription Agreement ”) with WuXi Biologics (the “ Subscriber ”), pursuant to which the Company had conditionally agreed to issue and allot, and the Subscriber had conditionally agreed to subscribe for, 24,134,000 subscription shares (the “ Subscription Share(s) ”) at the subscription price of HK$58.85 per Subscription Share for a total consideration of approximately HK$1,420.29 million. The Subscription Shares represents (i) approximately 2.00% of the existing issued share capital of the Company as of the date of the Subscription Agreement; (ii) approximately 1.97% of the issued share capital of the Company as enlarged by the issue and allotment of the Placing Shares (assuming completion of the Placing takes place before completion of the subscription); and (iii) approximately 1.93% of the issued share capital of the Company as enlarged by the issue and allotment of the Placing Shares and the Subscription Shares. The subscription price is HK$58.85 per Subscription Share (the “ Subscription Price ”), being the same as the Placing Price and represented: (i) a discount of approximately 4.00% to the closing price of HK$61.30 per Share as quoted on the Stock Exchange on the Last Trading Date; and (ii) a premium of approximately 2.87% to the average closing price of HK$57.21 per Share as quoted on the Stock Exchange for the five consecutive trading days immediately prior to and including the Last Trading Date. The Subscription Price was determined after arm’s length negotiations between the Company and the Subscriber, with reference to the prevailing market prices of the Shares, and was equivalent to the Placing Price of the Placing Shares under the placing. The net Subscription Price for each Subscription Share after deducting all applicable fees, costs and expenses incurred by the Company in relation to the subscription, amounted to approximately HK$58.61. Completion of the subscription took place on October 22, 2025 and WuXi Biologics successfully subscribed for the Subscription Shares on the same date under the specific mandate granted by the independent Shareholders of the Company at the extraordinary general meeting of the Company on October 9, 2025. The Subscription represents a good opportunity for the Company to raise further capital to support the Group’s continuous development and business growth and to further enhance the existing synergy and business collaboration between the two groups.
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– 40 – The net proceeds from subscription of new shares under specific mandate (the “ Net Proceeds from Subscription ”) received by the Company (after deducting all fees, costs and expenses incurred by the Company in connection with the subscription) were approximately HK$1,414.47 million. Details on the applications of the Net Proceeds from Subscription were disclosed in the Company’s announcement on connected transactions dated September 3, 2025 and the circular of the Company dated September 22, 2025. As of June 30, 2026, there have been no material changes to the planned applications of the Net Proceeds from Subscription and the unutilized Net Proceeds from Subscription were kept at the bank account of the Group as of June 30, 2026. The following table sets out the planned applications of the Net Proceeds from Subscription, net proceeds brought forward for the Report Period, actual usage up to and the remaining amount as of June 30, 2026 as well as the expected timeline for utilization: Intended use of Net Proceeds from Subscription Planned applications Amount utilized up to June 30, 2026 Net proceeds brought forward for the Reporting Period Remaining amount as of June 30, 2026 Expected timeline for utilization (Note) HK$ million HK$ million HK$ million HK$ million Further expansion of the Group’s service capability and capacity including, but not limited to, its production capacity in relation to clinical and commercial manufacturing for bioconjugates, drug substances and products 1,273.02 – 1,273.02 1,273.02 By the end of 2026 Working capital and other general corporate purposes 141.45 141.45 141.45 – N/A Total 1,414.47 141.45 1,414.47 1,273.02 Note: The expected timeline for the usage of the remaining proceeds was prepared based on the best estimate of the Group’s future market conditions, which is subject to the current and future development of the market conditions. PURCHASE, SALE OR REDEMPTION OF THE LISTED SECURITIES OF THE COMPANY During the Reporting Period, neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company’s listed securities (including any sale of treasury Shares). As of June 30, 2026, the Company did not hold any treasury Shares.
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– 41 – SHARES HELD BY TRUSTEE UNDER SHARE SCHEMES As of June 30, 2026, the professional trustee (the “ Trustee ”) appointed by the Company in respect of the 2024 Share Scheme held an aggregate of 5,702,000 Shares, representing approximately 0.45% of the total issued Shares of the Company. During the six months ended June 30, 2026, the Trustee purchased 5,702,000 Shares on the open market for an aggregate consideration of approximately HK$327.1 million, at an average purchase price of HK$57.3 per Share. The Share Purchase was funded entirely by the Company’s own financial resources. The Purchased Shares are currently held by the Trustee in accordance with the rules of the 2024 Share Scheme and the terms of the trust deed entered into between the Company and the Trustee. REVIEW OF INTERIM RESULTS The independent auditors of the Company, namely Deloitte Touche Tohmatsu, have carried out a review of the interim financial information in accordance with the Hong Kong Standard on Review Engagement 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Hong Kong Institute of Certified Public Accountants. The Audit Committee has jointly reviewed with the management and the independent auditors of the Company, the accounting principles and policies adopted by the Company and discussed internal control and financial reporting matters (including the review of the unaudited interim results for the six months ended June 30, 2026) of the Group. The Audit Committee and the independent auditors considered that the interim results are in compliance with the applicable accounting standards, laws and regulations, and the Company has made appropriate disclosures thereof. KEY EVENTS AFTER THE REPORTING PERIOD There are no key events affecting the Group subsequent to June 30, 2026. PUBLICATION OF THE 2026 CONDENSED CONSOLIDATED INTERIM RESULTS AND INTERIM REPORT This announcement is published on the website of HKEx (www.hkexnews.hk) and the Company’s website (www.wuxixdc.com). In accordance with the requirements under the Listing Rules which are applicable to the Reporting Period, the interim report for the six months ended June 30, 2026 containing all the information in accordance with the requirements under the Listing Rules will be despatched to the Shareholders (if applicable) and published on the respective websites of HKEx and the Company in due course.
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– 42 – INTERIM RESULTS FOR THE SIX MONTHS ENDED JUNE 30, 2026 The Board is pleased to announce the unaudited condensed consolidated interim results of the Group for the six months ended June 30, 2026, together with the comparative figures for the corresponding period in 2025 as follows:
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– 43 – CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2026 Six months ended June 30, 2026 2025 NOTES RMB’000 RMB’000 (Unaudited) (Unaudited) Revenue 4 3,701,378 2,700,869 Cost of sales (2,330,065) (1,725,622) Gross profit 1,371,313 975,247 Other income 5 108,804 121,831 Other gains and losses 6 (201,695) (13,934) Reversal of impairment losses on financial assets (4,427) (1,928) Selling and marketing expenses (64,367) (49,022) Administrative and other expenses (150,719) (107,885) Research and development expenses (81,945) (49,483) Finance costs 7 (10,327) (7,676) Profit before tax 8 966,637 867,150 Income tax expense 9 (148,633) (121,449) Profit for the period 818,004 745,701 Other comprehensive expense Items that will not be reclassified to profit or loss: Exchange loss arising on translation of foreign operations (61,543) (5,661) Other comprehensive expense for the period (61,543) (5,661) Total comprehensive income for the period 756,461 740,040
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– 44 – Six months ended June 30, 2026 2025 NOTES RMB’000 RMB’000 (Unaudited) (Unaudited) Profit (loss) for the period attributable to: Owners of the Company 819,281 745,701 Non-controlling interests (1,277) – 818,004 745,701 Total comprehensive income (expense) for the period attributable to: Owners of the Company 758,018 740,040 Non-controlling interests (1,557) – 756,461 740,040 RMB RMB Earnings per share — Basic 11 0.65 0.62 — Diluted 11 0.60 0.57
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– 45 – CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT JUNE 30, 2026 June 30, December 31, 2026 2025 NOTES RMB’000 RMB’000 (Unaudited) (Audited) Non-current Assets Property, plant and equipment 12 5,074,586 4,039,349 Investment properties 13,187 11,603 Right-of-use assets 12 90,539 35,564 Goodwill 13 1,446,923 215,193 Intangible assets 14 153,912 57,942 Deferred tax assets 15,998 11,306 Other long-term deposits 2,022 845 6,797,167 4,371,802 Current Assets Inventories 15 315,426 173,145 Trade and other receivables 16 2,248,850 2,137,744 Contract assets 17 138,945 43,190 Contract costs 18 297,656 244,858 Derivative financial assets 23 2,015 – Financial assets at fair value through profit or loss (“ FVTPL”) 19 602,993 666,982 Other current assets 13 – Restricted bank deposits 6,512 – Time deposits 20 3,520,846 5,286,542 Bank balances and cash 20 1,597,343 1,510,922 8,730,599 10,063,383 Current Liabilities Trade and other payables 21 2,208,342 1,923,630 Contract liabilities 1,008,872 799,777 Borrowings 22 193,975 842,000 Income tax payable 121,438 95,139 Lease liabilities 7,984 4,908 Derivative financial liabilities 23 10,322 188 Other current liabilities 4,717 – 3,555,650 3,665,642 Net Current Assets 5,174,949 6,397,741 Total Assets less Current Liabilities 11,972,116 10,769,543
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– 46 – June 30, December 31, 2026 2025 NOTES RMB’000 RMB’000 (Unaudited) (Audited) Non-current Liabilities Deferred tax liabilities 25,155 – Borrowings 22 296,658 – Lease liabilities 32,913 32,236 Deferred income 21,934 11,828 Other non-current liabilities 21,257 – 397,917 44,064 Net Assets 11,574,199 10,725,479 Capital and Reserves Share capital 24 413 410 Reserves 11,297,717 10,725,069 Equity attributable to owners of the Company 11,298,130 10,725,479 Non-controlling interests 276,069 – Total Equity 11,574,199 10,725,479
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– 47 – NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2026 1. GENERAL INFORMATION WuXi XDC Cayman Inc. (the “ Company ”) was established in the Cayman Islands as an exempted company with limited liability on December 14, 2020, and its shares have been listed on the Main Board of The Stock Exchange of Hong Kong Limited (the “ Stock Exchange ”) on November 17, 2023. In the opinion of the directors of the Company, Biologics Cayman is the Company’s ultimate holding company. The Company is an investment holding company. The Company and its subsidiaries (the “ Group”) are principally engaged in the provision of comprehensive contract research, development and manufacturing organization (“ CRDMO ”) services, including discovery, process development and Good Manufacturing Practice manufacturing for bioconjugates, monoclonal antibody intermediates and payload-linkers associated with bioconjugates. The condensed consolidated financial statements are presented in Renminbi (“ RMB”), which is also the functional currency of the Company. 2. BASIS OF PREPARATION OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The condensed consolidated financial statements have been prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting” (“ IAS 34 ”) issued by the International Accounting Standards Board (“ IASB”) as well as the applicable disclosure requirements of the Rules Governing the Listing of Securities on the Stock Exchange. 3. PRINCIPAL ACCOUNTING POLICIES The condensed consolidated financial statements have been prepared on the historical cost basis except for certain financial instruments, which are measured at fair values. Other than the accounting policies in relation to acquisition of subsidiaries constituting a business and a number of amended standards become applicable for the current period disclosed below, the accounting policies and methods of computation used in the condensed consolidated financial statements for the six months ended June 30, 2026 are the same as those presented in the Group’s annual consolidated financial statements for the year ended December 31, 2025. Business combinations A business is an integrated set of activities and assets which includes an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired processes are considered substantive if they are critical to the ability to continue producing outputs, including an organized workforce with the necessary skills, knowledge, or experience to perform the related processes or they significantly contribute to the ability to continue producing outputs and are considered unique or scarce or cannot be replaced without significant cost, effort, or delay in the ability to continue producing outputs.
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– 48 – Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. Acquisition-related costs are generally recognized in profit or loss as incurred. The identifiable assets acquired and liabilities assumed must meet the definitions of an asset and a liability in the Conceptual Framework for Financial Reporting (the “ Conceptual Framework ”) except for transactions and events within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets or IFRIC-Int 21 Levies, in which the Group applies IAS 37 or IFRIC-Int 21 instead of the Conceptual Framework to identify the liabilities it has assumed in a business combination. Contingent assets are not recognized. At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognized at their fair value, except that: • deferred tax assets or liabilities, and assets or liabilities related to employee benefit arrangements are recognized and measured in accordance with IAS 12 Income Taxes and IAS 19 Employee Benefits respectively; • liabilities or equity instruments related to share-based payment arrangements of the acquiree or share-based payment arrangements of the Group entered into to replace share-based payment arrangements of the acquiree are measured in accordance with IFRS 2 Share-based Payment at the acquisition date (see the accounting policy below); • assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 Non- current Assets Held for Sale and Discontinued Operations are measured in accordance with that standard; and • lease liabilities are recognized and measured at the present value of the remaining lease payments (as defined in IFRS 16 Leases ) as if the acquired leases were new leases at the acquisition date except for leases for which (a) the lease term ends within 12 months of the acquisition date; or (b) the underlying asset is of low value. Right-of-use assets are recognized and measured at the same amount as the relevant lease liabilities, adjusted to reflect favourable or unfavorable terms of the lease when compared with market terms. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer’s previously held equity interest in the acquiree (if any) over the net amount of the identifiable assets acquired and the liabilities assumed as at acquisition date. If, after re-assessment, the net amount of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer’s previously held interest in the acquiree (if any), the excess is recognized immediately in profit or loss as a bargain purchase gain. Non-controlling interests that are present ownership interests and entitle their holders to a proportionate share of the relevant subsidiary’s net assets in the event of liquidation are initially measured at the noncontrolling interests’ proportionate share of the recognized amounts of the acquiree’s identifiable net assets or at fair value.
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– 49 – If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted retrospectively during the measurement period (see above), and additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognized at that date. Application of amendments to IFRS Accounting Standards In the current interim period, the Group has applied the following amendments to IFRS Accounting Standards as issued by the IASB, for the first time, which are mandatorily effective for the Group’s annual period beginning on January 1, 2026 for the preparation of the Group’s condensed consolidated financial statements: Amendments to IFRS 9 and IFRS 7 Amendments to the Classification and Measurement of Financial Instruments Amendments to IFRS 9 and IFRS 7 Contracts Referencing Nature-dependent Electricity Amendments to IFRS Accounting Standards Annual Improvements to IFRS Accounting Standards — Volume 11 The application of the amendments to IFRS Accounting Standards in the current interim period has had no material impact on the Group’s financial positions and performance for the current and prior periods and/or on the disclosures set out in these condensed consolidated financial statements. 4. REVENUE FROM CONTRACTS WITH CUSTOMERS (i) Disaggregation of revenue from contracts with customers The Group derives its revenue from the transfer of services and goods at a point in time and over time in CRDMO services: Six months ended June 30, 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Type of services and timing of revenue recognition A point in time: — CRDMO services 3,470,599 2,552,357 — Sales of goods 13,379 – Over time: — CRDMO services 217,400 148,512 Total 3,701,378 2,700,869
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– 50 – For the purpose of resources allocation and performance assessment, the chief operating decision maker (i.e. the chief executive officer of the Company) reviews the overall results and financial position of the Group as a whole, including in BioDlink acquired during the current interim period as set out in Note 25. Accordingly, the management of the Group considered it has only one single operating and reportable segment and no further analysis of this single segment is presented. Included in revenue for the current period is USD denominated revenue of USD422,378,000 (for the six months ended June 30, 2025: USD310,912,000) which was translated into the functional currency i.e. RMB, using the exchange rates prevailing at the respective transaction dates. The exchange rates applied during the period ranged from 6.8088 to 7.0230 (for the six months ended June 30, 2025: 7.1586 to 7.2133). (ii) Entity-wide disclosure Geographical information An analysis of the Group’s revenue from customers, analyzed by their respective country/region of operation, is detailed below: Six months ended June 30, 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Revenue — North America 1,676,827 1,376,197 — Europe 908,513 601,968 — the PRC 811,655 504,617 — Rest of the world 304,383 218,087 3,701,378 2,700,869 As at June 30, 2026, other than financial instruments and deferred tax assets, the Group had non-current assets of RMB2,150,657,000 (December 31, 2025: RMB2,045,894,000) located in Singapore. The remaining non-current assets of RMB4,628,490,000 (December 31, 2025: RMB2,313,757,000) are located in the PRC.
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– 51 – 5. OTHER INCOME Six months ended June 30, 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Interest income from banks (note i) 105,432 75,499 Research and other grants related to: — income (note ii) 705 33,803 — assets (note iii) 186 49 Sales of materials to related parties 2,175 12,021 Rental income 306 459 108,804 121,831 Notes: (i) It represents interest income derived from bank balances, short-term bank deposits, time deposits, and restricted bank deposits. (ii) Income from research and other grants of the Group during the current interim period were mainly related to the Group’s contribution to the local high-tech industry and economy. These grants are unconditional and accounted for as immediate financial support with neither future related costs expected to be incurred nor related to any assets of the Group. (iii) The Group has received certain research and other grants as incentive for investing in laboratory equipment and technology platform. The grants were recognized in profit or loss over the useful lives of the relevant assets.
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– 52 – 6. OTHER GAINS AND LOSSES Six months ended June 30, 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Net foreign exchange losses (197,900) (14,563) Fair value gains on wealth management products 1,991 22,214 Loss on disposal of property, plant and equipment (370) (22,271) Loss on derivative financial instruments (8,123) – Others 2,707 686 (201,695) (13,934) 7. FINANCE COSTS Six months ended June 30, 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Interest expense on: — Lease liabilities 743 326 — Bank borrowings 9,584 7,350 10,327 7,676
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– 53 – 8. PROFIT BEFORE TAX Profit before tax has been arrived at after charging (crediting) the following items: Six months ended June 30, 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Depreciation of property, plant and equipment 113,631 64,882 Depreciation for investment properties 301 202 Depreciation of right-of-use assets 3,928 1,256 Amortization of intangible assets 7,231 4,101 125,091 70,441 Staff cost (including directors’ emoluments): — Salaries and other benefits 542,587 364,736 — Retirement benefit scheme contributions 62,087 34,512 — Share-based payment expenses 87,035 57,467 691,709 456,715 Depreciation, amortization and staff cost 816,800 527,156 Less: capitalized in inventories, contract costs and property, plant and equipment (84,923) (51,431) 731,877 475,725 Gross rental income from investment properties 306 459 Less: direct expenses incurred that generated rental income during the period (202) (202) 104 257 Impairment losses recognized (reversed) in respect of: — Trade receivables 2,438 1,936 — Contract assets 1,989 (8) 4,427 1,928 Auditors’ remuneration — Auditor of the Company 1,975 1,689 — Auditor of subsidiaries of the Company 486 352 Write-down of inventories (included in cost of sales) 17,360 11,634 Reversals of inventories write-down (included in cost of sales) (10,534) (3,406) Write-down of contract costs (included in cost of sales) 18,270 7,327 Reversals of contract costs write-down (included in cost of sales) (9,193) (9,226) Cost of inventories recognized as an expense (excluding write-down and reversal of write-down of inventories) 475,294 270,354
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– 54 – 9. INCOME TAX EXPENSE Six months ended June 30, 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Current tax: — the PRC Enterprise Income Tax (“ EIT”) 145,288 112,179 — Hong Kong Profits Tax 35,700 17,531 — Other jurisdictions 422 178 Over provision in prior years (27,440) (6,571) 153,970 123,317 Deferred tax: — Current period (5,337) (1,868) 148,633 121,449 The Group is operating in certain jurisdictions where the Pillar Two Rules have been effective. Per the current available information and management’s estimation, the Group has either passed the Transitional CbCR Safe Harbor (“ TCSH”) testing, or estimated GloBE ETR higher than 15% (global minimum tax rate) in certain jurisdictions which do not satisfy TCSH. Accordingly, the management of the Group considered the Group is not liable to top-up tax under the Pillar Two Rules. 10. DIVIDENDS No dividends were paid, declared or proposed during the current interim period. The directors of the Company have determined that no dividend will be paid in respect of the interim period. 11. EARNINGS PER SHARE The calculation of basic and diluted earnings per share attributable to owners of the Company is based on the following data: Six months ended June 30, 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Earnings attributable to owners of the Company Earnings for the purpose of calculating basic and diluted earnings per share 819,281 745,701
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– 55 – Six months ended June 30, 2026 2025 (Unaudited) (Unaudited) Number of Shares Weighted average number of ordinary shares for the purpose of calculating basic earnings per share 1,258,023,110 1,201,882,061 Effect of dilutive potential ordinary shares: Restricted shares 6,228,452 2,793,817 Share options 105,378,523 101,338,330 111,606,975 104,132,147 Weighted average number of ordinary shares for the purpose of calculating diluted earnings per share 1,369,630,085 1,306,014,208 The weighted average number of ordinary shares shown above have been arrived at after deducting the weighted average effect on 1,153,192 shares (June 30, 2025: nil) held by a trustee under 2024 Restricted Share Award Scheme for the six months ended June 30, 2026. Nevertheless, the computation of the diluted earnings per share for the six months ended June 30, 2026 does not include the adjustment arising from the outstanding share options and restricted share award of BioDlink as these would result in the decrease in loss per share. 12. MOVEMENTS IN PROPERTY, PLANT AND EQUIPMENT AND RIGHT-OF-USE ASSETS During the current interim period, the Group had the following significant movements in property, plant and equipment and right-of-use assets: i. Other than additions of property, plant and equipment arising from the acquisition of subsidiaries amounted to RMB667,537,000, the Group also acquired RMB548,447,000 (six months ended June 30, 2025: RMB756,961,000) of property, plant and equipment for the expansion of production facilities. ii. The Group entered into new lease agreements for properties ranging from 1.25 to 3 years. On lease commencement, the Group recognized right-of-use assets of RMB887,000 and lease liabilities of RMB880,000, respectively. Other than additions in right-of-use assets arising from the acquisition of subsidiaries amounted to RMB18,053,000, the Group also acquired right-of- use assets of RMB39,962,000 in respect of land use rights (six months ended June 30, 2025: nil). The Group did not enter into any renewal agreement for the six months ended June 30, 2026.
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– 56 – 13. GOODWILL Acquisition of Payload and Linker Business Acquisition of BioDlink Total RMB’000 RMB’000 RMB’000 COST AND CARRYING VALUES As at January 1, 2026 (Audited) 215,193 – 215,193 Arising on acquisition of subsidiaries (Note) – 1,231,730 1,231,730 As at June 30, 2026 (Unaudited) 215,193 1,231,730 1,446,923 Note: During the current interim period, the Group acquired 60% of the shares of BioDlink, more details of the acquisition are set out in Note 25. 14. INTANGIBLE ASSETS As at June 30, December 31, 2026 2025 RMB’000 RMB’000 (Unaudited) (Audited) Carrying amount: Customer relationship (note) 129,562 32,042 License 24,350 25,900 153,912 57,942 Note: Customer relationship was recognised on acquisition of subsidiaries in the current and prior periods. The customer relationship of the Group has finite useful life and is amortized on a straight-line basis over its estimated useful lives of 9.4 or 10 years.
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– 57 – 15. INVENTORIES As at June 30, December 31, 2026 2025 RMB’000 RMB’000 (Unaudited) (Audited) Raw material and consumables 300,710 173,145 Work in progress 9,126 – Finished goods 5,590 – 315,426 173,145 Inventories are net of a write-down of approximately RMB32,620,000 as at June 30, 2026 (December 31, 2025: RMB25,794,000). 16. TRADE AND OTHER RECEIVABLES As at June 30, December 31, 2026 2025 RMB’000 RMB’000 (Unaudited) (Audited) Trade receivables — related parties 32,248 24,669 Less: allowance for credit losses (307) (456) — third parties 1,948,008 1,832,170 Less: allowance for credit losses (36,892) (34,305) 1,943,057 1,822,078 Advances to suppliers — third parties 17,793 13,737 Other receivables — related parties 5,342 6,769 — third parties 37,366 33,322 42,708 40,091 Prepayments — third parties 10,188 1,579 Recoverable excess consideration paid in respect of the 60% equity interest acquired under the acquisition of BioDlink 17,975 – Tax recoverable 217,129 260,259 Total trade and other receivables 2,248,850 2,137,744
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– 58 – The Group allows a credit period ranging from 10 to 90 days to its customers. The following is an analysis of trade receivables by age (net of allowance for credit losses), presented based on the invoice dates: As at June 30, December 31, 2026 2025 RMB’000 RMB’000 (Unaudited) (Audited) Not past due 1,534,707 1,315,360 Overdue: — Within 90 days 260,047 326,185 — 91 days to 1 year 129,238 177,054 — Over 1 year 19,065 3,479 1,943,057 1,822,078 17. CONTRACT ASSETS As at June 30, December 31, 2026 2025 RMB’000 RMB’000 (Unaudited) (Audited) Contract assets 141,704 43,960 Less: allowance for credit losses (2,759) (770) 138,945 43,190 The contract assets are primarily related to the Group’s right to consideration for work completed and not billed because the rights are conditioned on the Group’s future performance in achieving specified milestones as stipulated in the contracts. The contract assets are transferred to trade receivables when the rights become unconditional.
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– 59 – 18. CONTRACT COSTS As at June 30, December 31, 2026 2025 RMB’000 RMB’000 (Unaudited) (Audited) Costs to fulfil contracts 297,656 244,858 The contract costs are net of a write-down of approximately RMB20,525,000 as at June 30, 2026 (December 31, 2025: RMB11,448,000). 19. FINANCIAL ASSETS AT FVTPL As at June 30, December 31, 2026 2025 RMB’000 RMB’000 (Unaudited) (Audited) Current asset Wealth management products (note) 602,993 666,982 Note: During the current interim period, the Group invested in several contracts of wealth management products with banks. The returns from these wealth management products are determined by reference to the performance of the underlying instruments in the currency market, bond market and gold market. As a result, these wealth management products are recognized as financial assets at FVTPL. The wealth management products are classified as current assets as they are held with the objectives of selling. 20. BANK BALANCES AND CASH/TIME DEPOSITS Bank balances and cash of the Group comprised of cash and short-term bank deposits with an original maturity of three months or less. As at June 30, 2026, bank balances and short-term bank deposits carried interest at market rates which ranged from 0% to 4.08% per annum (December 31, 2025: from 0% to 4.04% per annum). At June 30, 2026, time deposits are carried at fixed interest rate which ranged from 4.00% to 4.42% per annum (December 31, 2025: from 4.00% to 4.63% per annum) and have original maturity over three months but less than two years.
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– 60 – 21. TRADE AND OTHER PAYABLES As at June 30, December 31, 2026 2025 RMB’000 RMB’000 (Unaudited) (Audited) Trade payables — related parties 1,185,115 1,021,290 — third parties 248,110 199,743 1,433,225 1,221,033 Other payables and accruals — related parties 96,504 101,882 — third parties 141,463 93,312 237,967 195,194 Payable for purchase of property, plant and equipment and intangible assets — related parties 2,239 13,986 — third parties 266,539 331,427 Consideration payable in relation to the acquisition of BioDlink 167,112 – Salary and bonus payables 90,707 151,344 Other taxes payables 10,553 10,646 537,150 507,403 Trade and other payables 2,208,342 1,923,630 Payment terms with suppliers are mainly on credit within 90 days. The following is an aged analysis of trade payables, presented based on invoice date at the end of the reporting period: As at June 30, December 31, 2026 2025 RMB’000 RMB’000 (Unaudited) (Audited) Within 90 days 1,298,871 1,005,857 91 days to 1 year 130,729 212,348 Over 1 year but within 5 years 3,625 2,828 1,433,225 1,221,033
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– 61 – 22. BORROWINGS As at June 30, December 31, 2026 2025 RMB’000 RMB’000 (Unaudited) (Audited) Unsecured bank loans 490,633 842,000 The carrying amounts of the above borrowings are repayable: Within one year 193,975 842,000 Within a period of more than one year but not exceeding two years 108,500 – Within a period of more than two years but not exceeding five years 110,658 – Within a period of more than five years but not exceeding ten years 77,500 – 490,633 842,000 Less: Amounts due within one year shown under current liabilities (193,975) (842,000) Amounts shown under non-current liabilities 296,658 – The amounts due are based on scheduled repayment dates set out in the loan agreements. The exposure of the Group’s bank borrowings are as follows: As at June 30, December 31, 2026 2025 RMB’000 RMB’000 (Unaudited) (Audited) Fixed-rate borrowings 109,975 702,000 Variable-rate borrowings 380,658 140,000 490,633 842,000 The Group’s variable-rate borrowings carry interest at 5-year Loan Prime Rate (“ LPR”) minus 0.25% or 1-year LPR minus 0.15% to 0.89% per annum (December 31, 2025: 1-year LPR minus 0.89% to 0.90% per annum).
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– 62 – The ranges of effective interest rates (which are also equal to contracted interest rates) on the Group’s borrowings are as follows: As at June 30, December 31, 2026 2025 (Unaudited) (Audited) Effective interest rates: Fixed-rate borrowings 1.12% to 2.90% 1.90% to 2.13% Variable-rate borrowings 2.11% to 3.25% 2.10% to 2.11% The Group’s borrowings are denominated in RMB. 23. DERIVATIVE FINANCIAL ASSETS AND LIABILITIES Assets Liabilities As at As at June 30, December 31, June 30, December 31, 2026 2025 2026 2025 RMB’000 RMB’000 RMB’000 RMB’000 (Unaudited) (Audited) (Unaudited) (Audited) Target redemption forward contracts and foreign exchange option contracts 2,015 – 10,322 188 During the current interim period, the Group entered into target redemption forward contracts and foreign exchange option contracts with a bank to manage its currency risk. Target redemption forward contracts The target redemption forward contracts comprise multiple monthly settlement tranches. On each settlement date, the Group will sell US$ to the bank at the strike rate. All outstanding settlement tranches will be automatically terminated once the cumulative gains under the contracts reach the predetermined target redemption threshold. Foreign exchange option contracts Under the foreign exchange option contract, the Group will pay the bank a notional amount of US$, in return, receive from the bank an equivalent amount in RMB based on notional US$ amount and the relevant strike rate as specified in each contract. The Group did not select to adopt hedge accounting for the hedging contracts. Losses of RMB8,123,000 from the contracts were recognized as “Loss on derivative financial instruments” in other gains and losses during the six months ended June 30, 2026 (six months ended June 30, 2025: nil).
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– 63 – 24. SHARE CAPITAL AUTHORIZED: Number of shares Par value Authorized share capital US$ US$ At January 1, 2025 (audited), June 30, 2025 (unaudited), January 1, 2026 (audited) and June 30, 2026 (unaudited) 10,000,000,000 0.00005 500,000 ISSUED AND FULLY PAID: Number of shares Par value Share capital US$ US$ RMB’000 equivalent At January 1, 2025 (audited) 1,200,013,419 0.00005 60,000 391 Exercise of pre-IPO share options 3,029,771 0.00005 151 1 At June 30, 2025 (unaudited) 1,203,043,190 0.00005 60,151 392 At January 1, 2026 (audited) 1,255,240,986 0.00005 62,762 410 Exercise of pre-IPO share options 6,321,568 0.00005 316 3 At June 30, 2026 (unaudited) 1,261,562,554 0.00005 63,078 413 25. ACQUISITION OF SUBSIDIARIES In March 2026, the Group completed the acquisition of 60% of the shares of BioDlink, the shares of which are listed on the Stock Exchange, by way of voluntary conditional cash offer to all the then shareholders of BioDlink. BioDlink is principally engaged in the comprehensive contract development and manufacturing organization (“ CDMO ”) services business and is acquired with the objective of growing the Group’s business footprint and strengthening the market position. The acquisition has been accounted for as acquisition of business using the acquisition method. Consideration transferred RMB’000 Cash 1,648,045 Acquisition-related costs amounting to RMB26,697,000 have been excluded from the consideration transferred and have been recognized directly as an expense in the current period within the “Administrative and other expenses” line item in the condensed consolidated statement of profit or loss and other comprehensive income.
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– 64 – Assets acquired and liabilities assumed at the date of acquisition RMB’000 Property, plant and equipment 667,537 Investment properties 1,886 Right-of-use assets 18,053 Intangible assets 103,200 Other long-term deposits 1,218 Inventories 57,108 Trade and other receivables 104,288 Contract assets 33,615 Contract costs 64,162 Restricted bank deposits 785 Bank balances and cash 305,572 Other current assets 186 Trade and other payables (155,950) Contract liabilities (60,339) Borrowings (382,125) Lease liabilities (6,013) Other current liabilities (4,717) Deferred tax liabilities (25,800) Other non-current liabilities (28,807) 693,859 The receivables acquired (which principally comprised trade receivables) with a fair value of RMB104,288,000 at the date of acquisition had gross contractual amounts of RMB109,767,000. The best estimate at the acquisition date of the contractual cash flows not expected to be collected amounted to RMB5,479,000. Non-controlling interests The non-controlling interests (40%) in BioDlink recognized at the acquisition date was measured by reference to the proportionate share of recognized amounts of net identifiable assets of BioDlink amounted to RMB277,544,000. Goodwill arising on acquisition RMB’000 Consideration transferred 1,648,045 Plus: non-controlling interests (40% in BioDlink) 277,544 Less: recognized amounts of net assets acquired (693,859) Goodwill arising on acquisition 1,231,730
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– 65 – The goodwill arising on acquisition of BioDlink is primarily attributed to the production facilities and assembled workforce of BioDlink and some potential contracts which are still under negotiation with prospective new customers as at the date of acquisition. These benefits are not recognized separately from goodwill because they do not meet the recognition criteria for identifiable intangible assets. Net cash outflows arising on acquisition of BioDlink RMB’000 Consideration transferred 1,648,045 Add: Recoverable excess consideration paid in respect of the 60% equity interest (included in other receivables) 17,975 Less: Consideration payable (included in other payables) (167,112) Add: Foreign exchange impact 2,353 Less: Cash and cash equivalents acquired (305,572) 1,195,689 Impact of acquisition on the results of the Group Included in the Group’s profit for the current interim period is a loss of RMB3,192,000 attributable to the additional business generated by BioDlink. The Group’s revenue for the current interim period includes RMB145,340,000 generated from BioDlink. Had the acquisition of BioDlink been completed on January 1, 2026, the Group’s revenue for the current interim period would have been RMB3,802,049,000, and the Group’s profit for the current interim period would have been RMB760,744,000. The pro-forma information is for illustrative purposes only and is not necessarily an indication of revenue and results of operations of the Group that actually would have been achieved had the acquisition been completed on January 1, 2026, nor is it intended to be a projection of future results. In determining the ‘pro-forma’ revenue and profit of the Group had BioDlink been acquired at the beginning of the current interim period, the directors of the Company calculated depreciation of property, plant and equipment and amortization of intangible assets based on the recognized amounts of property, plant and equipment and intangible assets at the date of acquisition.
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– 66 – DEFINITIONS In this announcement, the following expressions have the meanings set out below unless the context requires otherwise: “2021 Pre-IPO Share Option Scheme” the share option scheme adopted by the Company on November 23, 2021 “2023 Pre-IPO Share Option Scheme” the share option scheme adopted by the Company on March 22, 2023 “2024 Share Scheme” the share scheme adopted by the Company on June 12, 2024 “antibody” large, Y-shaped protein produced mainly by plasma cells that is used by the immune system to identify and neutralize pathogens such as bacteria and viruses “antibody drug conjugate(s)” or “ADC(s)” an emerging class of highly potent biopharmaceutical drugs designed as a targeted therapy combining the specific targeting capabilities of monoclonal antibodies with the cancer-killing ability of cytotoxic drugs for the treatment of cancer “AOC” antibody-oligonucleotide conjugate “Audit Committee” the audit committee of the Board “bioconjugate” complex molecule engineered by covalently attaching two or more biological components in order to achieve improved targeting, efficacy and pharmacokinetics for therapeutic applications “BioDlink” BioDlink International Company Limited (ٰ ʮ̡ ), a company incorporated in Hong Kong with limited liability, the Shares of which are listed on the Main Board (stock code: 1875) and a non-wholly owned subsidiary of the Company as of the date of this announcement “BioDlink Acquisition” acquisition of BioDlink through a voluntary conditional cash offer to acquire all issued shares of BioDlink not already owned or agreed to be acquired by the Company and its concert parties, together with the cancellation of all outstanding BioDlink share options. The acquisition was completed on March 31, 2026
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– 67 – “Board” the board of Directors “BLA” Biologics license application, a request for permission to introduce, or deliver for introduction, a biologic product for commercialization in a specific jurisdiction “CAGR” compound annual growth rate “CDMO” contract development and manufacturing organisation “CG Code” the Corporate Governance Code as set out in Appendix C1 to the Listing Rules “cGMP” Current Good Manufacturing Practice, regulations enforced by the FDA on pharmaceutical and biotech firms to ensure that the products produced meet specific requirements for identity, strength, quality and purity “China” or the “PRC” or “Mainland China” the People’s Republic of China excluding, for the purpose of this announcement, Hong Kong, Macau Special Administrative Region and Taiwan “CMC” Chemistry, Manufacturing and Controls, an important and detailed section in a regulatory dossier, support clinical studies conducted in human and marketing authorization applications “Company” or “WuXi XDC” WuXi XDC Cayman Inc. (ʮ ̡)*, an exempted company incorporated under the laws of the Cayman Islands with limited liability “conjugation” the joining of two compounds “CRDMO” Contract Research, Development and Manufacturing Organization “DAR” drug-to-antibody ratio, refers to the average number of drug molecules that are attached to each antibody molecule “Director(s)” the director(s) of the Company “drug product” or “DP” a dosage form that contains an active drug ingredient
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– 68 – “drug substance” or “DS” an active ingredient that is intended to furnish pharmacological activity or other direct effect in the diagnosis, cure, mitigation, treatment, or prevention of disease or to affect the structure or any function of the human body, but does not include intermediates used in the synthesis of such ingredient “EMA” European Medicines Agency “EU” European Union, a politico-economic union of 27 member states that are located primarily in Europe “EUR” Euro, the official currency of 20 out of 27 member States of the EU “FDA” the U.S. Food and Drug Administration “Frost & Sullivan” Frost & Sullivan (Beijing) Inc., Shanghai Branch Co. “Global Offering” the Hong Kong Public Offering and the International Offering (both as defined in the Prospectus) “GMP” Good manufacturing practice “Group” the Company and its subsidiaries “HK$” or “HKD” Hong Kong dollar(s), the lawful currency of Hong Kong “HKEx” Hong Kong Exchange and Clearing Limited “Hong Kong” the Hong Kong Special Administrative Region of the PRC “IFRS” International Financial Reporting Standards “IND” investigational new drug, an application submitted to the FDA or the NMPA to seek permission or no objection to ship unapproved, experimental drug or biologic agents across jurisdictions (usually to clinical investigators) for use in clinical studies before a marketing application for the drug has been approved “IPO” initial public offering
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– 69 – “integrated projects” post-discovery projects (i.e., in preclinical and subsequent stages) that involve clinical or commercial manufacturing “linker” a chemical group that covalently attaches the payload to the biomolecule in a bioconjugate, servicing as a flexible tether between the two components “Listing Rules” the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, as amended or supplemented from time to time “Main Board” Main Board of the Stock Exchange “Model Code” the Model Code for Securities Transactions by Directors of Listed Issuers contained in Appendix C3 to the Listing Rules “monoclonal antibody” or “mAb” antibodies capable of binding to specific antigens and inducing immunological responses against the target antigens. Monoclonal antibodies when used as a cancer treatment have the ability to bind only to cancer cell-specific antigens and interrupt the growth of cancer cells to achieve efficient treatment with low dosages and less toxic side effects than traditional chemotherapy “NMPA” National Medical Products Administration (ᖹ ္ຖ၍ଣ҅ ) and its predecessor, the China Food and Drug Administration (္ຖ၍ଣᐼ ҅) from 2013 to 2018 and the State Food and Drug Administration (္ຖ၍ଣ҅ ) from 2003 to 2013 “payload” the component that elicits the desired therapeutic response, which is attached to the antibody by a linker and is released at the desired target “payload-linker” payload, linker and/or payload-linker, which combines both the payload and the linker, as the context requires. Conjugation, which typically refers to the combination of the antibody intermediate and payload-linker and is one of the most important steps in generating bioconjugates, is a separate step from combining the payload and linker molecules
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– 70 – “Payload & Linker Business” the payload & linker business, which includes the customer resources, personnel and assets relating to such business, acquired by the Group from STA Pharmaceutical “PCC” preclinical candidate “Pre-IPO Share Option Schemes” collectively, the 2021 Pre-IPO Share Option Scheme and the 2023 Pre-IPO Share Option Scheme “Prospectus” the prospectus issued by the Company dated November 7, 2023 “Remaining WXB Group” WuXi Biologics and its subsidiaries, excluding the Group “Remuneration Committee” the remuneration committee of the Board “Reporting Period” the six-month period from January 1, 2026 to June 30, 2026 “RMB” Renminbi, the lawful currency of the PRC “R&D” research and development “Share(s)” ordinary shares in the share capital of the Company with a par value of US$0.00005 each “Shareholder(s)” holder(s) of Share(s) “STA Pharmaceutical” STA Pharmaceutical Hong Kong Investment Limited* (ʮ̡ ), a limited liability company incorporated in Hong Kong “Stock Exchange” The Stock Exchange of Hong Kong Limited “synthesis” the production of chemical compounds by reaction from simper materials “U.S.” The United States of America “U.S. dollar(s)” or “US$” or “USD” United States dollar(s), the lawful currency of the United States of America
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– 71 – “WuXi Biologics” WuXi Biologics (Cayman) Inc. (ʮ ̡)*, an exempted company incorporated with limited liability in the Cayman Islands, with its shares being listed on the Main Board (stock code: 2269) “WuXi XDC standalone” Financial results of the Group’s continuing businesses, excluding the financial contribution attributable to BioDlink, whose results were not part of the Group for the entirety of the comparative periods, in order to facilitate a like-for-like comparison of the operating performance of the Group’s continuing businesses “XDC(s)” bioconjugates extending beyond ADC first through conjugation of various payloads other than chemical drugs with antibodies, and then further through conjugation of various carriers (other than antibodies) with various payloads “%” per cent In this announcement, the terms “associate”, “connected person”, “substantial shareholder”, “controlling shareholder” and “subsidiary” shall have the meanings given to such terms in the Listing Rules, unless the context otherwise requires. By order of the Board WuXi XDC Cayman Inc. Dr. Jincai LI Executive Director and Chief Executive Officer Hong Kong, August 24, 2026 As at the date of this announcement, the board of directors of the Company comprises (i) Dr. Jincai LI, Mr. Jerry Jingwei ZHANG and Mr. Xiaojie XI as executive directors; (ii) Dr. Zhisheng CHEN, Dr. Jijie GU and Ms. Ming SHI as non-executive directors; and (iii) Dr. Ulf GRAWUNDER, Mr. Kenneth Walton HITCHNER III and Mr. Hao ZHOU as independent non-executive directors. * For identification purpose only