2268.HK
C-MER swings to the red

WuXi XDC Cayman Inc. (2268.HK), a provider of contract services for drug companies, said on Wednesday its revenue and profit rose sharply last year on strong demand for services related to its core focus area in antibody-drug conjugates (ADCs).

The company said its revenue in 2024 rose 85% or more year-on-year, while its net profit and adjusted net profit rose at least 260% and 170%, respectively. The company previously reported 2023 revenue of 2.12 billion yuan ($289 million), more than double the 990 million yuan it reported in 2022. Its profit for 2023 rose 82% to 284 million yuan, while its adjusted net profit rose 112% to 412 million yuan.

The company credited last year’s strong gains to “continuous downstream demand from the fast growth of ADC and the broader bioconjugate industry,” resulting in higher utilization rates of its capacity. WuXi XDC’s shares were up 3.1% in Wednesday afternoon trade in Hong Kong.

By Doug Young

To subscribe to Bamboo Works weekly free newsletter, click here

Recent Articles

an Illustration of McKinsey weighing China exit

McKinsey Weighs China Exit, and Shenzhen Rescues Vanke

Some partners at U.S. consulting giant McKinsey are questioning the wisdom of staying in China. What's driving their doubt, and what would a withdrawal signify? And Shenzhen rescues struggling developer Vanke. What is the city demanding in return for its assistance?
Huawei stages improbable comeback

Huawei rings up improbable comeback as revenue soars

The Shenzhen-based telecoms giant said its revenue rose 22% in 2024, showing that years of U.S. sanction have failed to contain its rise Key Takeaways: Huawei reported its second-highest annual…
Sands China’s revenue growth losing momentum in the fourth quarter amid gaming revenue weakness in Macao

Lady luck looks away from Sands China

The casino operator’s revenue declined in last year’s fourth quarter as the Macao gaming sector’s post-pandemic rebound lost steam Key Takeaways: Sands China reported its revenue fell 5% year-on-year in…