Good morning and good evening, everyone. Thank you for joining our earnings call.

We are very happy to share that XDC has achieved another outstanding first half of 2026. I will start going over some highlights, and then followed by business and operations update, and then Michael will share the financial results, and then I'll come back to do a quick sharing of the outlook and summary.

Next slide. As usual, we start with sharing some of the key highlights on the projects as well as the financial part.

On the project side, as you have seen, we've signed another record number of ICMC projects for the first half, as well as two new PPQ projects. Total number of ICMC continued to increase rapidly, indicating the gain of market share, but also, more importantly, the continued expansion of the XDC space.

Our number of PPQ projects continued to increase, and now also with the acquisition of Bio-D Link, we also added the second commercial projects. Now on the financial side, we're happy to report that we achieved another very solid growth on the first half.

Topline, in terms of RMB reporting, we increased the revenue to 3.7 billion, so that's a 37% on the AER. On the constant exchange rate basis, that growth is 41.5%.

As you can see also, the profit margins slightly expanded compared to 2025. Also very, very importantly, the backlog continued to increase at a very strong growth rate.

Service backlog increased to slightly below 2 billion, indicating over 50% increase. We also added the milestone backlog for the first time.

If you add that number, that total goes to around the 2.2 billion. Solid growth in terms of the backlog.

Next slide. For other key achievements on the innovation and execution side, we continue to increase the global client number, as well as submitting the INDs for first-in-human.

Our innovation monetization continued to make good progress. We mentioned that we signed a first licensing deal with Arendelle Labs earlier this year, and also we're happy to share that we have secured the second licensing deal with a European biotech, which will be announced very soon.

On another important milestone is that Singapore site officially has now transitioned from construction to operation, with the GMP release of the mAb and BCM3 at August 17, and then the next couple days will be also releasing the DP4 facility. Our global talent continued to increase, with close to 1,000 new employee added.

Total headcount now is around 3,600, including about 500 from BDK. Those are the quick highlights on the interim results.

Next, I will go over a little bit more on the business and operations. Starting with the funnel, this, obviously, you might be already familiar with, and also best represent XDC's CRDMO business model.

We continue to help clients to develop the best-in-class and first-in-class ADCs and XDCs. Total number of assets moving from discovery to development now accumulated to 77.

As mentioned, we signed record number of ICMCs in the first half, 51 total. We continue to help clients submit many INDs, so that number was 27 in the first half, accumulating to over 160 for the last 5 to 6 years.

We continue to expand on the PPQ and also now added the second commercial. The strong growth of this basically indicates the continued expansion of the market, the ADC and XDC market, but also our solid service and platform that continue to attract more and more clients.

Next slide shows XDC standalone, because this is the first time we consolidated BDK results, we wanted to also share XDC standalone, which obviously is the most of the numbers coming from XDC side. Next slide, if we look at the details of the 51 ICMCs signed in the first half, we can see that about three-quarters of the newly signed ICMCs represent newer type of modality, including new targets, novel payloads, bispecific ADCs, dual-payload ADCs, and also some of the newer, what we call, XDC modalities, including, for example, antibody-oligonucleotide conjugates, antibody-peptide conjugates, and other type of novel conjugates.

Again, this shows that the field continue to evolve quickly from the more traditional ADCs to broader type of XDCs, and the innovation continued to show strong momentum. Next slide shows the more details on the PPQ projects, and you can see that around half of the PPQ projects are coming from overseas clients, and among them, nine are from MNCs.

Also, those represented 14 differentiated targets or MOAs. We also added, I mentioned earlier, added two PPQs in the first half.

In terms of execution, we now have completed total of 27 PPQ components in over the past few years. Again, that represents more and more opportunities flowing down potentially into the BLAs and commercial manufacturing.

We also look into the indications of those PPQ projects, and excited to see that about a quarter, about a third actually, a third of those projects involve first-line therapy clinical trials. Obviously that, if those are successful, it will provide a broader market access and therefore, more commercial success potentially for those assets.

Next slide. In terms of our client base, we continue to grow our client base, and also continue to make a very solid engagement with the MNCs.

So 15 out of top 20 are our clients. In terms of revenue, contribute just about 1/3 of the total XDC revenue.

The bottom few numbers also show that XDC continue to enable our clients to be successful in terms of licensing, in terms of financing. Large proportion of those deals are from the XDC clients.

Also particularly interesting is that for the first half of 2026, every single M&A deals involve clients of XDC. I think the number is around 5 to 6 of those M&As occurred in the first half, and all of those are actually acquired by major pharmas.

Again, continue to show how XDC support and enable clients to be very successful. Next slide.

Those obviously are based on the very solid and continue evolving technologies that we provide to the clients. The XDC's technology mainly focus on conjugation, and also on the linker-payload innovations.

Our conjugation platform is the WuXiDARx platform that initially supported and continue to support many assets to use the DAR4 technology and moving into the clinics. So 10+ CMC programs, including a couple that are already in the pivotal trial and PPQ stage.

Over the past couple years, our DARx continue to evolve to serve the newer modalities, especially the DAR1 and DAR2 conjugation technologies, to enable development of AOCs and APCs, or also importantly, the dual-payload ADCs. With our DARx conjugation, there's no need to engineer the protein, and we basically tap into the wild-type cysteine conjugation site, but achieving the results of site-specific conjugation, which provides a great convenience and also CMC friendliness for clients down the road.

Our linker-payload technology center around hydrophilic linkers, basically that enable the WuXi T1000, which we signed quite a few molecular licensing deals. Also we now continue to expand that linker-payload technology to include MMAEs, ATRIs, and also eribulin.

Those help to tap into the newer type of payloads, for example, the DDR, immune agonist. Those payloads are actually coming handy when we develop dual-payload platforms and systems to support clients' needs for developing best-in-class dual-payload ADCs.

The next slide shows how we continue to stay at the forefront of the industry, and basically helping clients to explore all sort of different conjugate modalities. The total number of bioconjugate molecules made by the team increased to over 22,000 through first half of the year.

As you can see that, at the discovery, earlier development stage, over 30% of those are what we call the XDC projects, and only ICMCs, 42 out of the 328 are also the novel newer modalities. The next slide is one of the favorite slides to demonstrate how we see the industry moving forward.

These are always early indicators in terms of what might be coming in the next 6 to 8, 6 to 12 months, or even further down the road. Basically, the picture continue to show that about 50% are the traditional ADCs, but a higher proportion are what we call the X-domain new bioconjugates.

Those includes the AOCs, APCs, degrader conjugates, and others. Even on the ADC part, more and more are on the dual-payload and bispecific ADCs.

Again, we stay at the forefront of helping clients to advance those novel modalities, and also allow us to see great visibility in terms of what might be coming further down the road. To support the continued strong growth of the industry, next slide, we continue to invest on our capacity.

With now in China, we have the Wuxi city site, largest Center of Excellence for ADC manufacturing. Shanghai site, we also continue to expand on the earlier discovery service and also development.

Suzhou is the site we acquire the Bio-D Link site, that offers also pretty much all-in-one service within that one campus as well. We acquire Hefei site late last year for peptide capability, which now also added oligo capability.

Then the Jiangyin site is our very large-scale commercial manufacturing for payload, payload-linker, as well as newer modalities that includes peptides and oligos. As noted, we now officially also transition for Singapore site from construction to operation.

I'll also update some of our major sites a little bit more in the next few slides. The first is the Wuxi site.

Next slide. The Wuxi site basically remain as the largest manufacturing site for XDC, which we have established operational excellence across all four of the ADC components.

The lower right show that on Wuxi site, we are adding more capacity, for example, the payload-linker manufacturing line 2, but also two very large-scale drug product facility, DP5 and DP6, which are scheduled to be released in early 2027 and also 2028, respectively. Next is the Singapore site.

We mentioned earlier that Singapore has now achieved a major milestone from construction to operation, and also, we continue to engage global clients to visit Singapore to actively start to also schedule audits. Especially for pharmas, they have to conduct the audits before they actually can sign and secure any deals for manufacturing in Singapore.

We continue to see a lot of interest, and we are very happy that Singapore is now ready for operation, which provides flexibility as well as supply chain resilience for clients, especially at the later and commercial stage. The Jiangyin site, as mentioned, is our very large-scale linker-payload commercial site with total construction area planned at over 80,000 square meters.

It's not just for highly potent linker-payloads, but we'll also manufacture peptides, as well as oligo components for APCs and AOCs. This is part of the effort to support the accelerating growth of the payload-linker part of the business, and which is supported by our own innovation to bring new, novel linker-payload to clients, to the market, but also more and more projects also follow through the funnel to advance to PPQs.

We also added a slide to basically update in terms of how we see the linker-payload business momentum. Basically starting in 2026, basically we're seeing that linker-payload business growth outpacing the overall XDC consolidated business.

This is supported by more and more programs also getting into late stage. We have signed over 10 PPQs for the linker-payload component, and also the innovation to newer type of payloads, novel payloads, including, for example, linker-oligo conjugates, RNPs, PROTACs, GalNAc, etc.

Our innovation, our continued capability in terms of the peptides, oligos, as well as our aggressive expansion on the commercial capacity will ensure that the payload-linker business becomes a faster growth engine for XDC Group in the next few years. We also happy to update that since the completion of the acquisition of Bio-D Link by end of March, we actually made great progress in terms of the integration of Bio-D Link.

We continue to see a lot of strategic alignment and also partnerships, continuation of the strong collaboration with the Bio-D Link customers, and also the improvements on the operation, on utilization, as well as on quality alignments between XDC and Bio-D Link continue to benefit our global clients. As noted also, XDC signed a CCT-related partnership with Bio-D Link, and also WuXi Biologics has signed a CT agreement with Bio-D Link as well.

Those will provide also a solid growth foundation for Bio-D Link itself in the next few years. That's basically a quick review of the business, operations, and also Singapore progress, as well as Bio-D Link integration progress.

Next, I will hand it over to Michael to go over the financial results of the first half.

Sure. Thanks, Jimmy.

Next slide. I'll just recap our financial performance for the first half 2026.

As you can see that, our revenue reached 3.7 billion RMB. On actual exchange rate basis, our year-over-year period-over-period growth is 37%, but on a constant exchange rate basis, it's almost 42%.

I think that I will emphasize that the investors should look at the constant exchange rate to take out the fluctuation in the exchange rate. From gross profit perspective, actually our gross profit reached around 1.4 billion RMB, and our gross profit margin on a consolidated basis reached 37%, which compared with the same period last year's only 36.1%.

I think that bearing in mind we consolidated Bio-D Link and which is loss-making at this moment, actually we are very happy that we're still able to achieve a better margin, gross profit margin compared with last year, mainly because that we have a higher percentage of high value-added services in our overall revenue contribution. Also we continue to maintain a very high utilization ratio for our capacities and be able to further exploit the operational leverage.

From adjusted net profit perspective, as you can see that this is the first time for the six months, our adjusted net profit actually went beyond 1 billion RMB. Also our adjusted net profit margin also remained very stable, around 27.8%.

Next slide. I also, because we consolidated Bio-D Link starting from Q2 this year, I want to explain to every investor on a standalone basis what does WuXi XDC financial profile look like.

If you can look, our revenue on a standalone basis on a constant exchange rate basis, we achieved a year-over-year period-over-period growth of around 46%, and our XDC standalone revenue reached around 3.6 billion RMB. If you look from gross profit and adjusted net profit perspective, our gross profit margin increased from 36% to 37.6%, and gross profit itself reached around 1.4 billion RMB, and adjusted net profit reached more than 1 billion as well.

Next slide. If you look the revenue breakdown based on the project status, our pre-IND and post-IND revenue breakdown remained pretty much the same compared with 2025 and 2024.

I think this is particularly worth of highlighting because if you look, our scale continues to grow, and a lot of programs in our portfolio actually move forward smoothly and reach a later stage. It's very important, right, we were able to continue to secure early-stage projects, which will help us to maintain the same growth momentum.

This breakdown actually tells you that our size grows much bigger, and the pre-IND programs stay the same in terms of revenue contribution, which provide a very strong, a solid foundation for continuous fast growth on going forward. If you look the breakdown by regions, still United States remains the main growth engine, and in first half this year, it's account for 46%.

If you compare with 2025 or 2024, you may say that it's dropped a little bit, but I think that's mainly because of the depreciation of US dollars. On a constant exchange basis, it doesn't change that much.

One more thing about Europe, I think that the percentage contribution from Europe actually increased a little bit. I think that we can't draw the conclusion that the Europe catching up very quickly.

It's just because that the size is smaller, the volatility is higher compared with other regions. Then indeed, in the first half, we signed up a couple of larger contracts from European companies.

That's why the contribution from Europe increased a bit. Next slide.

Yeah. This slide once again highlights the margin trends.

As I mentioned before, if you look from both first half and the full-year basis, our gross profit margin increased by 1% if you compare with 2025 full year, and our adjusted net profit margin increased by 1.6%. Thanks for our high utilization ratio and also high proportion from high value-added services, and also very stringent control on the SG&A.

On a standalone basis, maintain the same trend, and you can see that our gross profit margin and adjusted net profit margin also increased quite a bit despite our size grows bigger. Here I want to emphasize that on a full-year basis, we expect that we will be able to maintain the guidance we gave previously.

From the revenue perspective, on a standalone basis, we think that WuXi XDC should be able to achieve 35% at least 35% growth on a constant exchange rate basis, and on a consolidated basis, that we will be able to achieve around 40% on a constant exchange rate basis. In terms of margin profile, I think that in the second half, because we have the Singapore facilities ramping up, and also we have the negative impact from the Bio-D Link, I think that this will have a certain negative impact on our gross margin profile.

We hope that we can manage to maintain the same gross profit margin compared with last year. It's still August right now, I guess that we will have better picture by the end of the year.

Nevertheless, I think that the margin should even it may have certain fluctuation, it shouldn't go beyond like 1% more or less, okay. Next slide.

Next slide, yes. I also want to talk about our backlog.

As you can see that, besides we achieved a very good financial performance, our backlog actually grows very significantly as well. If you look compared with the same period last year, our backlog without considering the potential milestone income, our backlog actually reached more than $2 billion, which represent 50.4% period-over-period growth compared with end of June last year.

Then we also have around $150 million royalty incomes or milestone incomes. If we add that, we will be able to achieve 62% backlog growth period-over-period.

Amongst those, I think particularly I want to highlight is that this is the first time we were able to have around $120 million in the contribution from commercial backlog. Like what we said, year-over-year, we believe that we will gradually transition into a company with M-stage revenues.

This is the beginning. As you can see that this year we started to record backlog from commercial stage, and I think that with more programs are moving to a later stage, we should be able to see a larger and larger numbers from commercial-stage backlog.

Next slide. This slide just capture the status of manufacturing facilities.

As you can see that from the left-hand side, you can see that almost every year, we will have a new facility up and running. In particular this year, of course, is the Singapore.

As you can see from number 8, number 9, number 10. Number 8, number 9, we just, by the end of this month, we will have BCM3 and DP4 operational ready and released, and also before the end of this year, we will have BCM4 up and running.

The story we told you guys, we are actually executing all those stories gradually in a solid pace. I think that we are very confident that the outlook and what we will achieve on way ahead.

Next slide. Those are the financials and the CapEx, and then I will transfer back to Jimmy to talk about the outlook.

Thank you, Michael. I will close by sharing two more slides, one in terms of the update on the overall commercial outlook, which obviously is an important part of our growth engine in the next few years.

This is a similar slide that we share earlier this year at the 2025 year-end earnings. We continue to see modality advance from ADCs to newer modalities, including XDCs, to come to commercial in the next few years.

To support that growth, we continue to expand on the capacity, including acquisition of the Bio-D Link, and also including the release of the Singapore site in August this year. We also continue to invest both in China as well as outside of China.

We have mentioned and will continue to evaluate investment decision for the US, and also continue to look for potential opportunities in Europe. In terms of the PPQs and BLAs, we mentioned earlier that we now have completed 27 PPQ component execution, and in 2026, we will actually anticipate to see 4 to 6 BLA submissions.

That will continue in the next few years. By 2028, we're looking at over 60 PPQ component execution and around 12 to 15 BLA submissions.

The continued advancement of the newer modalities, as well as also start of the commercial manufacturing and more and more programs getting to commercial stage, give us the confidence that by 2030, we will be able to achieve 20% revenue each from the newer XDC modality as well as from the commercial manufacturing. That's on the commercial side, in terms of the outlook.

The next slide basically summarizes the message that we share earlier this year. We continue to see our compounded growth rate staying between 30% to 35% in the next few years, basically outpacing the industry growth.

To enable and to achieve that, we need to have a full synergistic growth for the R, the D, as well as the M, commercial manufacturing. On the R, we continue to innovate, continue to help clients to develop the best-in-class ADCs and XDCs.

On the D, obviously, help clients to move the assets into first-in-human at the fastest possible speed and in high quality. For M, we continue to capture opportunities down the funnel.

We need to be right first time for every single molecule that goes into BLA and inspection. We'll continue to expand our capacity to support the ADCs as well as the XDC modalities moving into commercial stage.

With that, like to end the presentation, in the next slide, basically show some of the key take-home messages to share with the investors. Next slide.

Basically, we see the industry maintaining very strong momentum. We are glad that the Bio-D Link acquisition has complete and integration has gone quite smoothly since the acquisition.

We see more and more innovation and advancement of the newer type of bioconjugates, including bispecific, dual-payload, but also AOCs, APCs. As mentioned, we see the linker-payload business growth outpacing the overall XDC growth starting in 2026.

As also noted, backlog continued to be strong, and we will also make a priority to increase backlog for Singapore facilities. Also the CMO commercial business ramp-up continue to maintain a very strong momentum, and we start to also see commercial orders coming to our backlog starting in 2026.

Those are the key takeaways for the earnings call. That completes the management presentation, and we're open and more than happy to take questions if you have.

Thank you, Jimmy and Michael. Let's move to the Q&A session.

If you have any questions, please just raise your hand, and we will unmute. The next question is coming from Morgan Stanley, Laurence.

Laurence, please go ahead. Operator, please unmute him.

Thank you.

Laurence, are you unmuted already?

Laurence, can you hear us? Please go ahead.

Okay. Alright.

Great. Thank you.

First, congrats to management for these great results. I just have two quick questions.

You signed your first ever licensing deal with Arendelle Labs, which is an AI-empowered protein therapeutics company, right? Can you talk briefly about the potential for AI to help design biologics, in particular for bioconjugates, and whether AI can broaden the project funnel for WuXi XDC?

That's my first question, the potential for AI. My second question is for the first time you added a milestone backlog to your total backlog, right?

As Jimmy mentioned, there's one more deal coming with a European biotech company, right? Can we touch a bit on the timeframe for these milestone payments and when can we expect the gross margin to improve from these IP incomes?

Thank you. Yeah.

Thank you, Laurence, for the questions. On the milestone timing and the impact on margin, as you might be aware, the timing of the milestone payments are highly sort of unpredictable, if you will, because it's always project-specific and client-specific in terms of when and how they are moving the programs forward.

We are not adding any of those into our current management guidance. If any of those happens, it will be basically a bonus, the upside, to any guidance we provide.

Then on the AI enabling innovation, we do see that the industry is actively embracing AI to help improve the efficiency, but also to help speed up innovation for many of the different modalities, but also for bioconjugates as well. In addition to some of the biotechs actively deploying AI, we also see some tech companies basically getting into the biotherapeutics field, and actively basically introducing new potential assets, molecules, into the bioconjugate space.

To that end, we have actually engaged and also started some of the services with such companies that are actively exploring the use of AI for innovation.

Thank you very much.

Thank you, Laurence. Then the next question is coming from Goldman, Chris Pan.

Chris, please go ahead.

Thank you management for taking my questions. My question is on the market share.

I think we have a record high on ICMC projects at 51 at first half. What do we estimate the market share for in terms of these new projects?

Also for the full year, do we have a sense roughly how many new project we will get for this year and also for next year? Thank you.

Yeah. Thank you, Chris.

I think in terms of the ICMCs, we made a big jump in 2025, right? Remember 2023, 2024, our ICMCs signed was right around 50 for the two years.

Then 2026 2025, sorry, 2025, we jump to 70. This year, first half alone, we signed 51.

We see the momentum actually continue to be quite strong. For the full year, I think we will sign, anticipating at least 80, another step up from 2025.

It's not easy to predict exactly how many more, but it will be more than 2027 for sure. Sorry, what was the first question here?

Oh, how about the market share, do we estimate?

Oh, oh. We we're not calculating market share in terms of the, exact percentage, but in terms of the ICMCs, I think we we continue to see probably 40% plus-minus percentage.

There are a few different metrics to look at. For example, we mentioned that we have helped clients submitted 160 INDs cumulatively, right?

Globally, I think there are around 300 to 400 assets in in the clinics, right? That gives you some indication in terms of, total market share in terms of active clinical-stage progress.

Also the number of, first-in-human trials, we also continue some helping clients submitting more and more each year. Like last year, it was, 30 close to close to 40.

This year, first half alone, we helped submitted 27. That's another, indicator that we will closely monitor, each year and each half year.

Not not the point in terms of exact number on market share, but I think we continue to we believe that we continue to expand on market share, and then probably will be to will be able to provide a more, quantitative update at the year-end year-end

time. Oh, thank you, Jimmy.

That's quite helpful.

Okay. Thank you, Chris.

Then the next question, invite, please, Tony from Macquarie. Tony, please unmute, operator.

Thank you.

Hi, can you guys hear me?

Yes, go ahead.

Yeah. Perfect.

Congratulations on a very strong first half print. Just a couple from me.

You guys have a site at the Hefei, right, which you mentioned a couple times, for peptide and oligo synthesis. Just want to ask you what is the consideration of building this in-house versus subcontracting to your sister company, WuXi AppTec?

They are obviously quite strong in this space, right? That's my first question.

The second one is on slide number 15. Jimmy has been talking about this slide for the last few presentations.

I noticed the AOC and APC grew very quickly compared to 6 months ago, but DAC declined quite a bit from 32% to 24%. Just want to get some color about what's behind the drop in DAC.

Thank you.

DAC dropping, Tony, you mean the out of the 3,100 bioconjugate the team made in the first half, is that right?

Correct. That percentage, yeah, dropped quite a bit.

Okay.

Right. DAC is actually interesting.

It stays quite active, right, 24% still quite a bit. It stayed quite active at the early discovery stage, but we have not seen as many DACs moving into the clinics in the past few years.

Basically, the development challenges for DAC remains somewhat higher than other novel type of modalities. I would say it's still very active at the early discovery stage, but in terms of moving to the CMC, we have not seen as many compared to, for example, AOCs and APCs.

That's a space that I think companies continue to invest, continue to show a lot of interest and passion. Then the other question is Sorry, Tony, can you...

Hefei. It's about Hefei.

Oh right, okay. We continue to work a lot with TIDES business of WuXi AppTec, right?

Many of our clients continue to tap into the TIDES capacity and capability for developing the APCs and AOCs. At the same time, we do see benefits of having some in-house capabilities and capacity.

Obviously, some clients wanted to see that fully integrated solution offering. Some also wanted to start at the earlier stage, for example, at the discovery service stage, where the integrated capability can really help to speed up and made it easier for discovery-stage efforts.

I would say that we continue to leverage the TIDES, but at the same time, having some internal in-house capability and capacity does provide some solutions to clients who desire to have so.

Very clear. Thank you very much.

Thank you, Tony. Then the next question is coming from Nomura, Jialing.

Jialing, please go ahead.

Thank you, Grace. Thank you, Chris.

Good evening, management. I have three questions.

The first one is on the backlog growth. I did a calculation that the new backlog you signed in the first half of this year grow by over 40% year-on-year.

Could you give us some colors on what part of your business, the pre-IND or post-IND, drive this new order growth in the first half? The second one is that we just noticed your parent company, WuXi Bio, also release results and also lift their full-year guidance a bit.

Do we expect you to lift your full-year revenue guidance as well, because we know you are kind of the growing engines for the parent company during the past years? The last question is regarding the key ADC products the market has closely monitored.

Can you give us some color on the progresses on that molecule? That's my three questions.

Thank you.

Michael, if you can take on this, and then I can add.

Okay. For the backlog, the newly signed contract, I think that around 50% or a little bit less than 50% actually coming from pre-IND, and then a lot of them still coming from post-IND.

In particular, I think that without taking commercial and also potential milestone income into the consideration. If you take in commercial back into consideration, then obviously that the post-IND will have much more weight compared with pre-IND.

Like what I said, if you look at the revenue breakdown and also the newly signed contract numbers, you see that we maintain very strong momentum in terms of securing the early-stage projects. That's one thing highlights our core competitive strength, but also it's simply just a representation of the also momentum of this industry.

That's the answer to the first question. Second, in terms of guidance, I think that we already have a very high growth rate, 35%.

I think that we are not planning to increase our guidance, bearing in mind, I think that all of our capacities are actually running a high utilization ratio. That's why it's actually not that easy for us to further increase the growth guidance.

Hopefully, with the release of the new production facilities by the end of this year and then around second quarter next year, we will be able to pick up the growth momentum again, okay. That's the answer to the second question.

In short, we're not going to increase the guidance. We will maintain 35% top-line growth on a standalone basis and 40% growth on a consolidated basis.

The third question, sorry, what's your third question again? I forgot.

The key ADC products the market has closely monitored.

Oh, you are talking about the Merck's project, right? I think that we already told the market at this moment, we are the sole supplier for their clinical supply, but then for the commercial, I think that they actually choose another vendor.

It's just because that we haven't build our track record in M-stage yet. Like what I keep on telling everyone, don't focus on just one project.

We don't count on a single project to thrive. What you should focus on is that the fact that we already signed 21 PPQ projects, 1/3 of those are actually for first-line indications, and also around I think it's around nine projects are actually international projects, and also we already have two commercial projects on hand.

I think along the time, we will be able to build our commercial-stage track record. It's just matter of time.

Also, in addition to that, I want you guys to take away is that we believe there will be a structural issue in terms of supply-demand, and there's a gap in terms of the supply capacity. When more and more ADC drugs come online, reach the commercialization stage, the situation in terms of supply shortage will be more severe.

Like what I said, it's just matter of time for us to get in terms of M-stage project, whether it's the first one, second one, three the third one, doesn't really matter. We'll have a fair market share,

okay. Thank you, Michael, and congrats for the results again.

Then take the last question of tonight's call is from HSBC, Linda's team, Andrew. Andrew, please go ahead.

Thank you management team for taking my question. It's Andrew from HSBC.

Just two questions from me. Firstly regarding the commercial outlook of Singapore site, can give us some color on the order inflows and also the order in negotiation, as well as the impact to the commercial margin in the coming few quarters or years?

The second question is regarding the competitive landscape. We're seeing companies like Lonza and Samsung Biologics are building ADC capacities, which is set to be released in the coming few years.

What do you think is the commercial outlook for the ADC CDMO area in the coming few years? Thank you.

Yeah. The competitive landscape has not changed much over the past couple of years, right?

Lonza continued to be one of the industry leaders. They have been in the space quite a bit longer than XDC.

As we have shown in the past few years, our market share actually continue to expand, right? Based on 2025 year-end result, we anticipate that we're already there with Lonza head-to-head in terms of the overall revenue market share.

That hasn't changed much, and I think we continue to believe that we have the best business model in terms of supporting innovation, but also helping clients to move the innovation to first-in-human, and also continue to build capacity to support the commercialization. Singapore order, we also explained in several occasions that the Singapore ramp-up will be slower than typical capacities in China, especially in Wuxi site, because it is a brand-new site in a brand-new region, and also it's intended mainly for late stage and commercial.

As such, clients need to get familiar with the site. Clients wanted to see that we have execution track records for Singapore, even though it's designed to be a mirror copy of the Wuxi site.

Clients tend to want to see some evidence of execution success. That's why we have been actively engaging clients to visit Singapore to see how it's designed and how the past 2 years we have executed from construction to commissioning, and now to full release.

Also we start to see MNC clients actually scheduling internal audits, quality audits. For MNC, that's typically a prerequisite before they actually start official orders.

Basically, I think the take-home message is that Singapore ramp-up will take more time, and what's important, I think it's the strategic value, strategic sort of importance of the Singapore site coming into operation, because it gives clients a lot of flexibility, but also, more importantly, it gives clients a lot of comfort to not having to go outside to find a second supplier or to find alternative supplier, because they know that our Singapore site is already coming into operation. The Singapore site is designed as a mirror copy, so that if there's ever a need to expand to Singapore or to move the asset to Singapore, that we are well positioned to help realize that at a very fast speed.

That strategic value actually, I think it's also quite important. We don't have much pressure to try to ramp up as quickly as we typically do in Wuxi site.

We wanted to start to build execution record, and then continue to engage clients, and then hopefully more significant backlogs will start to build up by early next year.

Alright, thanks Jimmy and team. That's all from me.

Thank you.

Thank you. I think I still see many of the questions from online, but unfortunately, due to the time constraints, we cannot cover all of them for today's call.

Hopefully, we can get more touch base on the next few days' non-deal roadshow as well. Maybe I just turn the mic to Jimmy and then to share the closing remark as well.

Thank you.

Thank you again, everyone, for participating in the call. I wanted to again leave a key messages, as shown on the summary slide, that we see the industry maintaining a very strong momentum, especially with more and more innovations coming into the XDC space.

We are very happy with the progress of the Bio-D Link integration, very happy that Singapore has now come to operation, which again provides great flexibility and supply chain resilience to our global clients. We are seeing acceleration of our linker-payload business, which will help to drive and maintain strong growth for XDC consolidated group.

We start to basically have commercial backlogs coming in, which, again, it's something that we wanted to see, and we're happy to see, and we will demonstrate more and more commercial success starting in 2027 and further down the road. That's why we maintain our guidance and confidence that by 2030, we will achieve 20% of the XDC modality as well as 20% on commercial business.

Again, thank you for participating, and we look forward to talking with many of you in the next few days.

Thank you all of you, and that concludes for today's earnings call. Thank you.