Hong Kong · HKEX · 02269
WuXi Biologics (02269) stock analysis: valuation and financials
药品及生物科技
HK$51.25 -2.7% Price as of Oct 13, 2026
High-quality integrated biologics CRDMO: 16.7% FY2025 growth, 46.0% gross margin, CNY 12.35B net cash; but at 36.1x PE the base case implies -22.4% downside — valuation, not business, is the constraint.
- Market cap
- HK$211.0B
- P/E
- 36.1x
- EV/Sales
- 7.1x
- FCF yield
- 2.3%
- 52-week range
- HK$29.70 – HK$57.90
Research as of Oct 14, 2026
Business quality scorecard
- Growth71
- Profitability67
- Cash flow82
- Balance sheet100
- Capital allocation78
- Innovation33
- Valuation45
0–100, computed from reported financials; higher is better, and a higher valuation score means cheaper.
How it makes money
Global pharmaceutical and biotech clients pay WuXi Biologics for end-to-end biologics discovery, development and cGMP manufacturing under a 'follow-the-molecule' model, and that integrated CRDMO service book is the profit engine, earning FY2025 operating margin of 34.0% on revenue of CNY 21.79B.
Financials by year
| FY2021Jan–Dec 2021 | FY2022Jan–Dec 2022 | FY2023Jan–Dec 2023 | FY2024Jan–Dec 2024 | FY2025Jan–Dec 2025 | |
|---|---|---|---|---|---|
| Revenue | ¥10.3B | ¥15.3B | ¥17.0B | ¥18.7B | ¥21.8B |
| Revenue growth | +83.3% | +48.4% | +11.6% | +9.6% | +16.7% |
| Gross margin | 46.9% | 44.0% | 40.1% | 41.0% | 46.0% |
| Operating margin | 39.2% | 35.5% | 25.4% | 26.7% | 34.0% |
| Net income | ¥3.4B | ¥4.4B | ¥3.4B | ¥3.4B | ¥4.9B |
| Free cash flow | -¥3.1B | -¥326.7M | ¥437.2M | ¥1.3B | ¥2.6B |
| FCF margin | -30.0% | -2.1% | 2.6% | 6.9% | 12.0% |
Amounts in CNY · What is free cash flow?
Margins Gross margin 41.0% FY2024 → 46.0% FY2025; operating margin 26.7% → 34.0% (+7.2pp). TTM gross 47.5%, operating 31.5%. Revenue +16.7% vs cost of revenue +6.7% points to utilisation and opex leverage; the mix/pricing split is not disclosed.
- Cash flow HealthyOCF exceeded net income in every year shown: FY2025 OCF CNY 6.34B vs net income 4.91B (cash conversion 1.39x); TTM OCF 8.82B vs net income 5.01B.
- Debt LowNet cash of CNY 12.35B (leverage level net cash); net debt/EBITDA -1.40x. Total debt only 1.04B at FY2025 and 0.68B TTM, with debt/equity 1.4%.
Balance sheet Leverage · Net cash
- Cash & short-term investments
- ¥13.0B
- Total debt
- ¥675.8M
- Net cash
- ¥12.4B
- Interest coverage
- 71.6x
- Current ratio
- 3.3x
As of Jun 30, 2026 · Amounts in CNY · How to read a balance sheet
Management and track record
- Management StrongExecution: revenue compounded 31.2% over five years to CNY 21.8B in FY2025; ROIC reached 18.0%, up from 12.1% in FY2024.
Valuation range
Implied value per share · Price when researched: HK$51.25
Each scenario assumes five years of revenue growth, an FCF margin and an exit multiple, discounted to today. The assumptions and sensitivities are in the full report.
The full report also covers
- Revenue, growth and outlook of each segment
- Moat and main competitors
- Key risks
- Capital allocation: where the free cash flow went
- What management promised, and what they delivered
- Scenario assumptions and sensitivities
- A source for every claim
- Ask AI about this company
The full report is for members.