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1. CXO Leader's Earnings Exceed Expectations, Boosting Sector Sentiment

On the evening of April 27th, WuXi AppTec (603259.SH/2359.HK), a leading CXO company, released its Q1 2026 earnings report, with multiple indicators significantly exceeding market expectations:

• Revenue Surpassed 10 Billion for the First Time: Q1 operating revenue reached 12.436 billion yuan, a year-on-year increase of 28.81%, with revenue from continuing operations growing strongly by 39.4% YoY.

• Profitability Reached a Record High: Adjusted Non-IFRS net profit attributable to shareholders was 4.60 billion yuan, a substantial increase of 71.7% YoY; Non-GAAP net profit attributable to shareholders was 4.28 billion yuan, up 83.6% YoY.

• Gross Margin Exceeded 50%: Adjusted Non-IFRS gross margin improved to 50.4%, and net profit margin attributable to shareholders reached 37.0%, both setting new historical highs.

• Backlog of Nearly 60 Billion: The backlog for continuing operations reached 59.77 billion yuan, a 23.6% increase YoY, indicating very high earnings visibility.

Driven by the strong earnings, WuXi AppTec's A-shares hit the daily limit up, while its Hong Kong shares surged over 16% intraday (closing the morning session up approximately 14.92%-15.79%). This also lifted other CXO stocks like WuXi XDC and WuXi Biologics, significantly improving sentiment in the biotech sector.