Credit Brief — WuXi AppTec Co., Ltd. (药明康德)
603259.SH · Shanghai Main Board · Data window: 2022–2026 H1 · Sources: official periodic reports filed via cninfo (巨潮资讯网)
All figures are extracted mechanically from official filings and are traceable to source page (see §9). Narrative sections are analyst commentary; mechanical sections are produced without any LLM. Not investment advice. Not a credit rating.
1. Identity & legitimacy
- Legal representative: Ge Li（李革）
- Registered address: 江苏省无锡市滨湖区马山五号桥
- Office address: 中国上海浦东新区外高桥保税区富特中路288号
- Controlling shareholder: None (stated in the filed report)
- Actual controller: Ge Li（李革）博士、张朝晖先生及刘晓钟
- Employees: 33,834
Source: identity fields above are mechanically extracted from the issuer's own filed annual reports. - Registration data via corporate registry is not included in this build
2. Compliance & legal
Compliance screens (dishonest debtor / enforcement / penalties / business exceptions) require a registry data source not included in this build
3. Business profile
Top customer/supplier tables not generated for this issuer.
4. Financial dashboard (CNY mn)
Assets
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Cash and bank balances | 13,764.1 | 18,322.0 | 35,131.3 | 0.0 | 0.0 |
| Trading financial assets | 11.0 | 1,234.0 | 5,806.2 | 0.0 | 0.0 |
| Accounts receivable | 7,901.4 | 7,951.7 | 7,262.7 | 0.0 | 0.0 |
| Other receivables | 168.2 | 123.9 | 724.6 | 0.0 | 0.0 |
| Inventories | 4,736.2 | 5,399.7 | 8,993.2 | 0.0 | 0.0 |
| Long-term equity investments | 2,215.6 | 2,325.5 | 2,144.9 | 0.0 | 0.0 |
| Fixed assets | 17,189.9 | 18,784.2 | 19,999.9 | 0.0 | 0.0 |
| Construction in progress | 6,982.4 | 5,965.8 | 5,875.5 | 0.0 | 0.0 |
| Intangible assets | 1,863.8 | 1,574.8 | 1,280.5 | 0.0 | 0.0 |
| Total assets | 64,690.3 | 73,669.3 | 80,325.8 | 103,121.0 | 116,262.6 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 3,667.1 | 1,242.7 | 5,986.1 | 0.0 | 0.0 |
| Notes payable | 0.0 | 14.4 | 0.0 | 0.0 | 0.0 |
| Accounts payable | 1,645.3 | 1,750.1 | 2,449.5 | 0.0 | 0.0 |
| Contract liabilities | 1,955.4 | 2,251.0 | 2,709.2 | 0.0 | 0.0 |
| Other payables | 3,192.3 | 2,789.3 | 2,841.7 | 0.0 | 0.0 |
| Current portion of non-current liabilities | 295.0 | 260.1 | 159.6 | 0.0 | 0.0 |
| Long-term borrowings | 687.0 | 2,959.5 | 1,819.1 | 0.0 | 0.0 |
| Bonds payable | 0.0 | 0.0 | — | — | — |
| Total liabilities | 17,763.7 | 18,151.9 | 21,240.2 | 22,873.3 | 32,378.6 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 2,968.8 | 2,888.0 | 2,983.8 | 0.0 | 0.0 |
| Capital reserve | 28,401.0 | 24,337.8 | 33,077.3 | 0.0 | 0.0 |
| Retained earnings | 25,773.5 | 32,007.6 | 46,148.6 | 0.0 | 0.0 |
| Equity attributable to owners of the parent | 46,590.0 | 55,122.5 | 58,632.7 | 79,712.3 | 83,333.7 |
| Minority interests | 336.7 | 395.0 | 452.9 | 535.4 | 550.3 |
| Total equity | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 39,354.8 | 40,340.8 | 39,241.4 | 45,456.2 | 28,897.5 |
| Cost of sales | 23,728.8 | 22,964.5 | 23,801.4 | 0.0 | 0.0 |
| Selling expenses | 701.0 | 745.4 | 806.9 | 0.0 | 0.0 |
| Administrative expenses | 2,878.8 | 2,879.3 | 2,660.7 | 0.0 | 0.0 |
| Finance costs | -338.1 | -786.7 | 398.2 | 0.0 | 0.0 |
| Investment income | 233.8 | 604.2 | 8,588.0 | 0.0 | 0.0 |
| Operating profit | 10,652.2 | 11,872.3 | 11,580.2 | 23,930.1 | 13,530.3 |
| Profit before tax | 10,618.5 | 11,832.0 | 11,539.8 | 23,906.2 | 13,517.6 |
| Net profit | 8,902.6 | 9,700.3 | 9,567.7 | 19,333.1 | 11,126.3 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.66x | 2.06x | 2.38x | 3.21x | 2.54x |
| Quick ratio | 1.33x | 1.70x | 1.83x | 3.21x | 2.54x |
| Debt-to-asset ratio | 27.5% | 24.6% | 26.4% | 22.2% | 27.8% |
| Total debt / EBITDA | 0.37x | 0.34x | 0.50x | 0.00x | 0.00x |
| EBITDA interest coverage | 115.71x | 94.34x | 73.23x | 73.04x | 125.06x |
| Gross margin | 39.7% | 43.1% | 39.3% | 100.0% | 100.0% |
| Net margin | 22.6% | 24.0% | 24.4% | 42.5% | 38.5% |
| Return on equity (ROE) | — | — | — | — | — |
| Revenue growth | — | 2.5% | -2.7% | 15.8% | -36.4% |
| Net profit growth | — | 9.0% | -1.4% | 102.1% | -42.4% |
| Receivable days | 73 | 72 | 68 | 0 | 0 |
| Cash received / revenue | 101.5% | 97.6% | 104.5% | 108.0% | 97.6% |
| Operating CF / net profit | 1.19x | 1.38x | 1.30x | 0.89x | 0.87x |
| Free cash flow | 925.7 | 5,826.4 | 6,888.3 | 15,258.1 | -1,157.3 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.22 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- Same item across different source documents — 86 flags (high×86); first 3 shown:
- 2023 · Same item across different source documents: 18,322.0 vs 0.0 CNY mn (deviation 100.0%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 18,322.0 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Same item across different source documents: 1,234.0 vs 0.0 CNY mn (deviation 100.0%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 1,234.0 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Same item across different source documents: 92.7 vs 0.0 CNY mn (deviation 100.0%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 92.7 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review.
- 2023 · Same item across different source documents: 18,322.0 vs 0.0 CNY mn (deviation 100.0%, severity high)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 2,017.1 vs 4,558.0 CNY mn (deviation 55.74%, severity mid)
Sources: 2023年年度报告.pdf p.140 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.133 「货币资金」. CF-statement figure below the balance-sheet movement by 2,540.8 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2024 · Cash-flow statement net increase vs balance-sheet cash movement: 3,443.7 vs 16,809.3 CNY mn (deviation 79.51%, severity mid)
Sources: 2024年年度报告.pdf p.136 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.87 「货币资金」. CF-statement figure below the balance-sheet movement by 13,365.6 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2025 · Cash-flow statement net increase vs balance-sheet cash movement: 16,011.1 vs -35,131.3 CNY mn (deviation 145.58%, severity mid)
Sources: 2025年年度报告.pdf p.90 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.87 「货币资金」. CF-statement figure above the balance-sheet movement by 51,142.4 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2026Q2 · Cash-flow statement net increase vs balance-sheet cash movement: -2,502.2 vs 0.0 CNY mn (deviation 100.0%, severity mid)
Sources: 2026年半年度报告.pdf p.50 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.47 「货币资金」. CF-statement figure below the balance-sheet movement by 2,502.2 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review.
4 check(s) not run for missing inputs: 前五大应收 vs BS 应收账款; 前五大其他应收 vs BS 其他应收款; 前五大预付 vs BS 预付款项; 授信表内总合计 vs Σ机构行.
Premium tier. The analyst red-flag review and the industry-context commentary (sections 7–8 of the full brief) are not included in this free build. Join the waitlist for early access.
9. Method & provenance
All financial figures above were extracted mechanically from the company's official periodic reports (unit-normalized to CNY). Each key figure carries cell-level provenance — source file, page and original line item. Samples (latest annual period):
| Item | Period | Value (CNY mn) | Source file | Page | Raw line item | Raw value (as filed) |
|---|---|---|---|---|---|---|
| Cash and bank balances | 2025 | 0.0 | 2025年年度报告.pdf | 87 | 货币资金 | 1.0 (元) |
| Total assets | 2025 | 103,121.0 | 2025年年度报告.pdf | 87 | 资产总计 | 103120968579.11 (元) |
| Accounts receivable | 2025 | 0.0 | 2025年年度报告.pdf | 87 | 应收账款 | 5.0 (元) |
| Fixed assets | 2025 | 0.0 | 2025年年度报告.pdf | 87 | 固定资产 | 21.0 (元) |
| Short-term borrowings | 2025 | 0.0 | 2025年年度报告.pdf | 87 | 短期借款 | 32.0 (元) |
This brief is built solely on officially filed public disclosures. It is not investment advice, not a credit rating, and not an offer of any service. Figures may contain extraction or caliber effects; verify against the original filings before relying on them.