# WuXi Biologics (2269.HK)

Canonical: https://gigainvestors.com/s/2269.HK

Analysis as of: 2026-10-16T07:34:27.599Z. Financial observations: FY2014–FY2025.

Listing currency: HKD. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: HKD 48.64 per share; close as of 2026-10-15.

Estimated value: low HKD 21.38 per share, central HKD 28.94 per share, high HKD 33.34 per share. Buy at or below the central value HKD 28.94 per share. Valuation as of 2026-10-16T07:34:27.599Z; scenarios are not confidence intervals.

Expected annual return: 7.0% at the stated quote. About 7.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; HK 10-year bond 4.0% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.19×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.20×

- FY2017: 0.22×

- FY2018: 0.35×

- FY2019: 0.28×

- FY2020: 0.27×

- FY2021: 0.39×

- FY2022: 0.28×

- FY2023: 0.26×

- FY2024: 0.27×

- FY2025: 0.30×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 12.5%

- ROIC, second-lowest year: 8.5%

- Typical minus recent gross margin: 0.3 pp

- Typical gross margin (annual median): 41.3%

- Recent gross margin (lower of latest and 3-year median): 41.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 42.9%

- ROIC including acquisitions, ten-year median: 8.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 13.1%

- FY2017: 8.2%

- FY2018: 19.2%

- FY2019: 12.4%

- FY2020: 8.5%

- FY2021: 14.8%

- FY2022: 12.6%

- FY2023: 11.9%

- FY2024: 11.8%

- FY2025: 15.8%

### economics: fail

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.90×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 18B

- Net income, five-year total: CNY 19B

- Return on incremental invested capital: 13.1%

- Working capital / revenue, annual change: 1.7 pp

- Working capital / revenue, change between three-year averages: 13.9 pp

- Working capital / revenue, final three-year average: 39.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.91×

- FY2022: 0.93×

- FY2023: 0.86×

- FY2024: 0.86×

- FY2025: 0.93×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 13.1% vs 11.9%

- Per-share earnings: 0.05 to 0.79 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.1%

- Ordinary dilution, 5-year annual growth: 0.4%

- Market cap gain: CNY 64B

- Cumulative retained earnings: CNY 20B

- Diluted shares, 10-year annual growth: 2.1%

- Diluted shares, 5-year annual growth: 0.4%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 41.7%

- Per-share value change: CNY 0.75

- Per-share value, starting three-year median: CNY 0.05

- Per-share value, ending three-year median: CNY 0.79

- Buybacks concentrated in cheaper years (correlation): 0.90

- Average buyback yield: 1.4%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 2.5B

- Cumulative net income, 10 years: CNY 23B

- ROIC, first three-year median: 13.1%

- ROIC, last three-year median: 11.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.05

- FY2017: CNY 0.07

- FY2018: CNY 0.16

- FY2019: CNY 0.26

- FY2020: CNY 0.41

- FY2021: CNY 0.76

- FY2022: CNY 1.01

- FY2023: CNY 0.78

- FY2024: CNY 0.79

- FY2025: CNY 1.18

### accounting: pass

- Sloan accruals: -2.3%

- Receivables to sales index (DSRI): 1.32×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 14.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.30×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.04×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 3.0%

- FY2017: -2.2%

- FY2018: -1.4%

- FY2019: -1.1%

- FY2020: -0.7%

- FY2021: -0.1%

- FY2022: -2.3%

- FY2023: -2.2%

- FY2024: -3.3%

- FY2025: -2.3%

## Holders

## Price story

Down 59% since Oct 2021 · sales +16.7%

Story as of 2026-10-16T10:00:00.692Z; price observation 2026-10-15.

Price needs cash profits to grow 13.8% a year for ten years

### Sales · FY2024–2025

sales +16.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 989M 

- FY2017: CNY 1.6B 

- FY2018: CNY 2.5B 

- FY2019: CNY 4.0B 

- FY2020: CNY 5.6B 

- FY2021: CNY 10B 

- FY2022: CNY 15B 

- FY2023: CNY 17B 

- FY2024: CNY 19B 

- FY2025: CNY 22B 

### Gross margin · FY2025

gross margin 46%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 39.3% 

- FY2017: 40.8% 

- FY2018: 40.2% 

- FY2019: 41.6% 

- FY2020: 45.1% 

- FY2021: 46.9% 

- FY2022: 44.0% 

- FY2023: 40.1% 

- FY2024: 41.0% 

- FY2025: 46.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in biotechnology; annual sales are CNY 21.8 billion.

- Source: https://eodhd.com/api/fundamentals/2269.HK.json#2025-12-31 (filed 2026-10-16T07:34:27.599Z); FY2025: revenue 21790018000; grossProfit 10018512000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2269.HK: WuXi Biologics (Cayman) Inc., an investment holding company, provides end-to-end solutions and services for biologics discovery, development, and manufacturing for biologics industry in the People's Republic of China, North America, Europe, Singapore, Japan, South Korea, Australia, and Brazil. It operates through two segments: Biologics and XDC. The company provides a suite of solutions for biologic discovery, from concept to IND, that seamlessly transits to CMC and downstream process development through its contract research, development, and manufacturing organization platforms, including WuXiBody, SDArBodY, T cell engager, Tumor Associated Antigens ("TAA") mAb Technology, Single B Cell Cloning Technology, WuXia, WuXiUP, WuXiUI, and WuXiHigh. It engages in the provision of consultation services in relation to the biopharmaceutical technology, international sales contracting services, testing and development of testing technologies, sales and marketing services, production and sales of medicals, and biologics clinical and manufacturing services; research and development in relation to biologics; international sales contracting service; vaccine contract development and manufacturing organization (CDMO) and related business; development, production, and distribution of biotechnological products; and engages in investment and material supplier activities. WuXi Biologics (Cayman) Inc. was incorporated in 2014 and is headquartered in Wuxi, China.

### Why customers stay

Margins ranged from 40.1% to 46% during 2023–25; it earns 12.5% on its capital.

- Source: https://eodhd.com/api/fundamentals/2269.HK.json#2023-12-31 (filed 2026-10-16T07:34:27.599Z); FY2023: grossProfit / revenue = 40.1%.

- Source: https://eodhd.com/api/fundamentals/2269.HK.json#2024-12-31 (filed 2026-10-16T07:34:27.599Z); FY2024: grossProfit / revenue = 41%.

- Source: https://eodhd.com/api/fundamentals/2269.HK.json#2025-12-31 (filed 2026-10-16T07:34:27.599Z); FY2025: grossProfit / revenue = 46%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:27.599Z); 10-year return on capital observations [[2016,0.13138657666182496],[2017,0.08238264284262917],[2018,0.19159395344201371],[2019,0.12356510774492768],[2020,0.0852607849778725],[2021,0.14813501007561505],[2022,0.12616772904525933],[2023,0.11852807025350301],[2024,0.11759029140832766],[2025,0.15847912905463066]]; median 0.1248664183950935. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 52.1% of cash earnings; earns 13.1% on new investment.

- Source: https://eodhd.com/api/fundamentals/2269.HK.json#2016-12-31 (filed 2026-10-16T07:34:27.599Z); FY2016: growth capex 335698000; upkeep 93185000; owner earnings 141096000. Growth capex / owner earnings = 2.3792169870159325.

- Source: https://eodhd.com/api/fundamentals/2269.HK.json#2017-12-31 (filed 2026-10-16T07:34:27.599Z); FY2017: growth capex 564981000; upkeep 122748000; owner earnings 252628000. Growth capex / owner earnings = 2.236414807543107.

- Source: https://eodhd.com/api/fundamentals/2269.HK.json#2018-12-31 (filed 2026-10-16T07:34:27.599Z); FY2018: growth capex 1095916735.2775114; upkeep 734566264.7224886; owner earnings 39795735.27751136. Growth capex / owner earnings = 27.538547224602127.

- Source: https://eodhd.com/api/fundamentals/2269.HK.json#2021-12-31 (filed 2026-10-16T07:34:27.599Z); FY2021: growth capex 6041331000; upkeep 481783000; owner earnings 3081902200. Growth capex / owner earnings = 1.9602604521324525.

- Source: https://eodhd.com/api/fundamentals/2269.HK.json#2022-12-31 (filed 2026-10-16T07:34:27.599Z); FY2022: growth capex 5067716000; upkeep 800674000; cash acquisitions 281040000; owner earnings 4092552400. Growth capex plus acquisitions / owner earnings = 1.3069486905042438.

- Source: https://eodhd.com/api/fundamentals/2269.HK.json#2023-12-31 (filed 2026-10-16T07:34:27.599Z); FY2023: growth capex 3061138000; upkeep 1169376000; cash acquisitions 9000000; owner earnings 2916932000. Growth capex plus acquisitions / owner earnings = 1.0525229933368347.

- Source: https://eodhd.com/api/fundamentals/2269.HK.json#2024-12-31 (filed 2026-10-16T07:34:27.599Z); FY2024: growth capex 2492567000; upkeep 1437054000; cash acquisitions 0; owner earnings 2895351200. Growth capex plus acquisitions / owner earnings = 0.8608858918393043.

- Source: https://eodhd.com/api/fundamentals/2269.HK.json#2025-12-31 (filed 2026-10-16T07:34:27.599Z); FY2025: growth capex 2311660000; upkeep 1278080000; cash acquisitions 60000000; owner earnings 4555420657.15106. Growth capex plus acquisitions / owner earnings = 0.5206237093114526.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:27.599Z); Incremental return on capital 0.13147813945256753, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:27.599Z); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/2269.HK.json#2025-12-31 (filed 2026-10-16T07:34:27.599Z); FY2025: cash repurchases 1536275000 CNY.

### Are managers owners

Insiders own 10.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2269.HK SharesStats.PercentInsiders = 10.113999999999999 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 13.8% yearly over ten years; actual growth was 55.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:27.599Z); Ten-year compound average after fade. Initial solved rate 0.18672647834237577. Price 48.64; FX 1.1727222788982186; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.01308182434386167 → FY2025 1.090916365088629. Closing-price date 2026-10-15.

## Monthly share-price history (HKD per share)

- 2017-06: HKD 9.78 per share

- 2017-07: HKD 11.67 per share

- 2017-08: HKD 12.87 per share

- 2017-09: HKD 13.15 per share

- 2017-10: HKD 14.73 per share

- 2017-11: HKD 15.48 per share

- 2017-12: HKD 14.57 per share

- 2018-01: HKD 17.95 per share

- 2018-02: HKD 18.17 per share

- 2018-03: HKD 25.15 per share

- 2018-04: HKD 23.92 per share

- 2018-05: HKD 29.32 per share

- 2018-06: HKD 29.12 per share

- 2018-07: HKD 26.60 per share

- 2018-08: HKD 25.83 per share

- 2018-09: HKD 26.38 per share

- 2018-10: HKD 18.62 per share

- 2018-11: HKD 21.87 per share

- 2018-12: HKD 16.72 per share

- 2019-01: HKD 22.48 per share

- 2019-02: HKD 24.83 per share

- 2019-03: HKD 25.45 per share

- 2019-04: HKD 26.30 per share

- 2019-05: HKD 24.70 per share

- 2019-06: HKD 23.38 per share

- 2019-07: HKD 28.12 per share

- 2019-08: HKD 27.53 per share

- 2019-09: HKD 26.67 per share

- 2019-10: HKD 30.83 per share

- 2019-11: HKD 29.48 per share

- 2019-12: HKD 32.88 per share

- 2020-01: HKD 33.15 per share

- 2020-02: HKD 38.00 per share

- 2020-03: HKD 33.50 per share

- 2020-04: HKD 40.33 per share

- 2020-05: HKD 40.60 per share

- 2020-06: HKD 47.27 per share

- 2020-07: HKD 53.20 per share

- 2020-08: HKD 67.13 per share

- 2020-09: HKD 62.87 per share

- 2020-10: HKD 72.20 per share

- 2020-11: HKD 76.90 per share

- 2020-12: HKD 102.00 per share

- 2021-01: HKD 109.10 per share

- 2021-02: HKD 96.05 per share

- 2021-03: HKD 97.35 per share

- 2021-04: HKD 109.50 per share

- 2021-05: HKD 121.30 per share

- 2021-06: HKD 142.30 per share

- 2021-07: HKD 118.50 per share

- 2021-08: HKD 120.40 per share

- 2021-09: HKD 126.50 per share

- 2021-10: HKD 118.40 per share

- 2021-11: HKD 106.20 per share

- 2021-12: HKD 92.55 per share

- 2022-01: HKD 75.60 per share

- 2022-02: HKD 64.25 per share

- 2022-03: HKD 65.05 per share

- 2022-04: HKD 60.00 per share

- 2022-05: HKD 58.00 per share

- 2022-06: HKD 71.80 per share

- 2022-07: HKD 74.55 per share

- 2022-08: HKD 69.70 per share

- 2022-09: HKD 47.40 per share

- 2022-10: HKD 35.50 per share

- 2022-11: HKD 50.15 per share

- 2022-12: HKD 59.85 per share

- 2023-01: HKD 65.25 per share

- 2023-02: HKD 54.70 per share

- 2023-03: HKD 48.60 per share

- 2023-04: HKD 46.45 per share

- 2023-05: HKD 40.05 per share

- 2023-06: HKD 37.55 per share

- 2023-07: HKD 44.10 per share

- 2023-08: HKD 44.15 per share

- 2023-09: HKD 45.65 per share

- 2023-10: HKD 48.60 per share

- 2023-11: HKD 43.50 per share

- 2023-12: HKD 29.60 per share

- 2024-01: HKD 20.50 per share

- 2024-02: HKD 19.04 per share

- 2024-03: HKD 14.30 per share

- 2024-04: HKD 13.74 per share

- 2024-05: HKD 11.14 per share

- 2024-06: HKD 11.54 per share

- 2024-07: HKD 11.52 per share

- 2024-08: HKD 11.22 per share

- 2024-09: HKD 17.50 per share

- 2024-10: HKD 16.34 per share

- 2024-11: HKD 15.00 per share

- 2024-12: HKD 17.60 per share

- 2025-01: HKD 18.42 per share

- 2025-02: HKD 22.45 per share

- 2025-03: HKD 27.05 per share

- 2025-04: HKD 22.80 per share

- 2025-05: HKD 24.95 per share

- 2025-06: HKD 25.65 per share

- 2025-07: HKD 32.20 per share

- 2025-08: HKD 33.20 per share

- 2025-09: HKD 40.98 per share

- 2025-10: HKD 36.20 per share

- 2025-11: HKD 31.16 per share

- 2025-12: HKD 31.44 per share

- 2026-01: HKD 37.00 per share

- 2026-02: HKD 40.22 per share

- 2026-03: HKD 33.02 per share

- 2026-04: HKD 33.04 per share

- 2026-05: HKD 33.34 per share

- 2026-06: HKD 34.60 per share

- 2026-07: HKD 38.74 per share

- 2026-08: HKD 48.84 per share

- 2026-09: HKD 56.05 per share

- 2026-10: HKD 48.64 per share

## Annual estimated value (HKD per share)

- FY2018: low HKD 1.97 per share, central HKD 2.08 per share, high HKD 2.23 per share

- FY2019: low HKD 3.06 per share, central HKD 3.21 per share, high HKD 3.40 per share

- FY2020: low HKD 2.68 per share, central HKD 2.72 per share, high HKD 2.77 per share

- FY2021: low HKD 3.35 per share, central HKD 3.42 per share, high HKD 3.50 per share

- FY2022: low HKD 2.96 per share, central HKD 3.05 per share, high HKD 3.18 per share

- FY2023: low HKD 11.54 per share, central HKD 12.72 per share, high HKD 14.30 per share

- FY2024: low HKD 14.93 per share, central HKD 20.10 per share, high HKD 23.11 per share

- FY2025: low HKD 21.07 per share, central HKD 28.53 per share, high HKD 32.87 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:40:14.953Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations