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WuXi AppTec(2359): reported strong performance in the first quarter of 2026, achieving revenue of RMB 12.436 billion, a year-on-year increase of 28.8%. Net profit attributable to shareholders of the listed company was RMB 4.652 billion, a year-on-year increase of 26.7%; net profit excluding non-recurring gains and losses increased even more significantly by 83.6% to RMB 4.276 billion. Net cash flow from operating activities reached RMB 3.596 billion, a year-on-year increase of 12.5%. The improved profitability was mainly due to the focus on the CRDMO business model, optimized production processes, and increased capacity efficiency brought about by late-stage clinical projects. Looking ahead, the company has strong growth momentum. As of the end of March 2026, the order backlog for continuing operations reached RMB 59.77 billion, a year-on-year increase of 23.6%. To meet demand, the company plans to start construction of its new Changzhou base ahead of schedule and expects TIDES business revenue to achieve approximately 40% growth for the full year.

China's industrial profit increased by 15.5%

In the first quarter of 2026, the profits of China's large-scale industrial enterprises increased by 15.5% year-on-year, indicating that the economic recovery momentum is steadily accelerating and showing a positive trend of "increase in quality and efficiency." Among them, the profits of high-tech manufacturing increased significantly by 47.4% year-on-year, playing a significant supporting and driving role, reflecting that new quality productivity has become the core engine of profit growth. In particular, the explosive growth of AI applications and commercial aerospace sectors has injected strong momentum into the industrial system. With the forward-looking layout of the "15th Five-Year Plan" and the implementation of equipment renewal policies, the profit structure of the equipment manufacturing industry continues to optimize.

On Monday, the net outflow of Hong Kong stocks through the Stock Connect program was HK$4.092 billion. SMIC (00981) saw the largest inflow at HK$977 million, followed by China Mobile (00941). The Tracker Fund of Hong Kong (02800) recorded the largest net outflow at HK$3.21 billion, followed by Southern Hang Seng Technology (03033).