WuXi AppTec Co., Ltd.

Good morning, everyone. Welcome to the second half earnings call for Wuxi Apptech, the leading CDMO in China. My name is Lawrence Tam, China Healthcare Analyst at Morgan Stanley. First, I want to congratulate management for another strong quarter. This represents two consecutive quarters of beating consensus estimates. The company also reported a substantial rise in backlog, driven by its chemistry and, in particular, its ties business. Investors may have noticed from the company's PPT that Aptek raised its full-year revenue growth guidance by 2 to 3 percentage points to a range of 13 to 17% full-year revenue growth. With that, let me introduce Aptek's management team who will be presenting today. First, we have Mr. Mingzhang Chen, co-CEO, and Mr. Steve Yang, co-CEO, Ms. Florence Shi, CFO, Mr. Howard Wu, General Counsel, Ms. Min Han, the Board Secretary, and Ms. Reija Tang, IR Director. Now, let me turn it over to Reija. Please, Reija.

Okay. Thank you, Lawrence. And thank you to all the investors and analysts for joining today's earnings call. We're sharing our 2025 interim results presentation, which you can also find on our website. During today's call, we will make forward-looking statements. Although we believe that our predictions are reasonable, future events are uncertain and our forward-looking statements may turn out to be incorrect. Accordingly, we are strongly cautioned that reliance on any forward-looking statements involves known and unknown risks and uncertainties. In addition, to supplement the company's consolidated financial statements presented in accordance with IFRS, We provide adjusted non-FRS financial data. We believe the adjusted financial measures are useful for understanding and assessing our core business performance, and we believe that investors may benefit from referring to these adjusted financial measures by eliminating the impact of certain unusual or non-recurring items that are not indicative of the performance of our core business. However, these adjusted measures are not intended to be considered in isolation. or as a substitute for the financial information under IFRS. All IP rights and other rights pertaining to the information and materials presented are owned by WSHAPTAC. Audio recording, video recording, and disclosure of such materials by any means without the prior consent of WSHAPTAC is prohibited. This call does not intend to provide a complete statement of relevant matters. For relevant information, please refer to the company's disclosure documents and information on the Shanghai Stock Exchange, Stock Exchange of Hong Kong, and company's website. In today's call, there will be Q&A session after our presentation. Please kindly share with us your name and institution before asking questions. With that, please allow me to introduce our co-CEO, Dr. Mingzhang Chen, to present our 2025 interim results. Mingzhang, please.

Thanks, Richard. Good morning and good evening, everyone. Thank you for joining our first half 2025 Bernie's call. We will begin on slide number five. In the second quarter and the first half of 2025, our revenue and the profit achieved strong growth. For the first half, the company's total revenue achieved 20.8 billion RMB. of which the revenue from continuing operations grew 24.2% year-over-year to 20.4 billion RMB. The adjusted non-IFRS net profit grew 44.4% year-over-year to 6.31 billion RMB, with non-IFRS net profit margin further improved to 30.4%. Our first half revenue and net profit both reached record highs for the same period. Next slide, please. The company remains focused on enhancing our core capabilities, expanding capacity to better meet customer needs with the continuous capacity expansion by the end of June we achieved a record backlog for continuing operations of 56.69 billion RMB, growing 37.2% year-over-year. Next slide. Slide seven shows our revenue streams of continuing operations from customers worldwide. Revenue by region is based on the country or region where our customer's current company is based. of which revenue generated from the U.S. companies grew 38.4% year-over-year. Revenue from European companies grew 9.2% year-over-year, and the revenue from Japan, Korea, and other regions grew 7.6% year-over-year. And China experienced some decline. This diversified revenue streams demonstrate our capabilities to enable global healthcare innovations, which will also ensure the stability and the resilience of our financial performance. Next slide. As an enabler of innovation and trusted partner and a contributor to the global pharmaceutical and the life science industry, The company actively advanced sustainability and has been extensively recognized by global rating agencies. The company has achieved the highest AAA rating from MSCI for the first time, which is the first A-share listed company in the life science industry to reach this milestone. The company's near-term emissions reduction targets have been validated by SETI, which marks an important milestone in the company's journey toward sustainability. Our accomplishments have also been acknowledged by major global rating agencies, including Ecolatis, CDT, UNGCN, SustainPolitics, and Futsi Rasa. As we continue to advance our sustainability strategy, we embrace our commitment to the social responsibility, the social responsibilities. Okay, now let's move on to the segment performance and place it into page 10. Wuxi Chemistry's CRBMO business model drives continuous growth. In the first half, UC chemistry revenue grew 33.5% year-over-year to 16.3 billion RMB. With continued optimization of production process and improvement in capacity efficiency driven by the growth of late-stage clinical and commercial projects, our first half adjusted non-IFRS gross profit margin improved 5.2 percentage points year-over-year to 49%. Our small molecule drug discovery R business continues to generate downstream opportunities. In the past 12 months, we have successfully synthesized and delivered over 440,000 new compounds to customers. Meanwhile, 158 molecules were converted from R to B in the first half. As we continue to strengthen the capabilities of our integrated CRDMO platform, We constantly enhance the internal conversion of molecules at the different stages. Our small molecule DNM business remains strong, and the small molecule CDM pipeline continues to expand. In the first half, small molecule DNM business revenue grew 17.5% year-over-year to 8.68 billion RMB. Meanwhile, the company continued to build small molecule capacity In March, both our Changzhou and Taipei API manufacturing sites successfully passed FDA on-site inspections with no single observation. The total reactor volume of small molecule manufacturing capacity will exceed 4 million liters by end of this year, which ties our new medallion business to stay in rapid growth. with a ramping up of new capacity released sequentially each quarter last year, which has achieved 5.03 billion RMB revenue in the first half, representing a strong growth of 141.6% year-over-year. By the end of June, Thai's backlog grew 48.8% year-over-year. The number of TICE DNN customers increased 12% year-over-year, while the numbers of TICE DNN molecules increased 16% year-over-year. We continue to build peptide capacity in Tai Chi. The total volume of solid-phase peptide synthesizers will exceed 100,000 liters by end of this year. Next page, please. Prevent by follow the molecule and win the molecule strategies. We see chemists with small molecules here at Yammer Pipeline efficiently converts and captures high-quality molecules, delivering sustained business growth. This is also a testimony to our customers' full confidence in our technical capabilities, service efficiency, and a quality system. In our stage, over the past 12 months, we have delivered more than 440,000 new compounds, very significant in its scale. At the same time, the complexity of these compounds continue to increase, demonstrating the ongoing demand from early-stage R&D customers for high-quality services. We continue to enhance the synergy between R&D. strengthening the conversion of molecules from R to D phase, and the new compounds synthesized in the R stage continue to generate opportunities for our small molecule DNM services. In DNM stage, we added 412 molecules to our pipeline in the first half, including 158 molecules converted from R to D. Currently, our small molecule DNM pipeline has exceeded 3,400 molecules, including 76 commercial projects, 84 in phase three, 368 in phase two, and 2,081 in phase one and the preclinical. In the commercial and phase three stages, we added eight projects in the first half. As this late stage pipelines grow, the complexity and the quality of the molecules we support continue to improve. and our collaboration with customers is deepening. Together, these factors will drive sustained business growth in the future. Now, I will hand over to Co-CEO Dr. Steven Yang to talk about WISH testing and WISH biology. Steve, please.