WuXi AppTec A-Shares Hit Daily Limit, Market Cap Tops RMB 420 Billion; H1 Net Profit Exceeds RMB 11 Billion
WuXi AppTec's A-shares hit the daily trading limit on August 4, lifting its A-share market value above RMB 420 billion, while H-shares rose over 11%. The company reported H1 2026 revenue of RMB 28.897 billion, up 38.9% year on year, and net profit attributable to shareholders of RMB 11.08 billion, up 29.43%—the first time half-year profit surpassed RMB 10 billion. Growth was driven by sustainable operations, with revenue from chemistry, testing, and biology businesses up 48%.
On the morning of August 4, WuXi AppTec's A-shares hit the daily limit during trading, pushing its A-share market value above RMB 420 billion. Meanwhile, its H-shares rose more than 11% intraday, with the H-share market value exceeding HK$530 billion. The semi-annual report released the previous evening showed that for the first half of 2026, the company's total revenue reached RMB 28.897 billion, a year-on-year increase of 38.9%. Net profit attributable to shareholders of the listed company stood at RMB 11.08 billion, up 29.43% from a year earlier. This marked the first time the company's profit surpassed RMB 10 billion in a half-year period, with growth primarily driven by its sustainable operating businesses, including chemistry, testing, biology, and other operations, whose combined revenue surged 48% year on year.
Regarding profit changes from non-core business, the company recorded fair value gains of RMB 684 million in the first half of 2026, compared with a loss of RMB 182 million in the same period of 2025. The company explained that the shift was mainly due to increased fair value changes from equity investments and biological assets. Since 2026, a tight supply of laboratory monkeys has driven prices sharply higher, with some quotes reaching RMB 200,000 per animal. Laboratory monkeys are a key experimental species for preclinical drug research.
During an earnings call held on the morning of August 4, management stated that the company operates its own monkey breeding bases for internal use, while maintaining flexible and compliant procurement strategies based on market conditions. Management noted that current profits are primarily derived from core operations, and as business expands and operational efficiency improves, profit scale continues to grow, with fair value fluctuations having limited impact on overall profitability. Management also said that gains from fair value changes in biological assets amounted to approximately RMB 260 million, a relatively minor contribution compared with the over RMB 10 billion net profit in the first half of 2026. This is not a core business, and the related valuations follow consistent and scientific methodologies, conducted by third-party auditors.
Recently, the Center for Drug Evaluation of China's National Medical Products Administration sought public comments on a pilot program to promote new method research and application, which aims to use organoids, organ chips, AI computational models, and other new approaches to reduce or even replace traditional animal testing. Regulatory agencies in the United States and the United Kingdom have previously announced strategic plans to phase out animal testing. Management said that gradually adopting alternative methods to advance drug development is an industry trend and aligns with regulatory requirements. At the same time, industry demand for animal testing remains robust, as many new molecular entities still rely heavily on animal data in standalone safety evaluations and other preclinical studies—a trend directly reflected in the company's order book and overall business performance.