External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>WuXi Bio reported impressive 2024 results, highlighted by a 9.6% YoY increase in revenue and a 9.0% YoY rise in adj. net profit (before deducting minority interests).</li><li>Both revenue and profit growth approached the upper limit of the previously provided guidance of 5-10% growth. Non-COVID revenue experienced solid growth of 13.1% YoY, reflecting sustained underlying demand.</li><li>Mgmt projects revenue growth of 12-15% YoY for 2025, with revenue from continuing operations (excl. Ireland vaccine business) expected to increase by 17-20% YoY.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

WuXi Bio reported impressive 2024 results, highlighted by a 9.6% YoY increase in revenue and a 9.0% YoY rise in adj. net profit (before deducting minority interests).Both revenue and profit growth approached the upper limit of the previously provided guidance of 5-10% growth. Non-COVID revenue experienced solid growth of 13.1% YoY, reflecting sustained underlying demand.Mgmt projects revenue growth of 12-15% YoY for 2025, with revenue from continuing operations (excl. Ireland vaccine business) expected to increase by 17-20% YoY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

WuXi Biologics (2269 HK) - Strong Demand to Drive Growth Acceleration in 2025

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The performance of WuXi Bio in 2024 was mainly driven by WuXi XDC. If excluding the contribution from WuXi XDC, the growth of WuXi Bio in 2024 would be  negative.</li>
<li>WuXi Bio 's growth is slowing down and may not return to its previous high growth in the future.Investors may need to get used to around 20% annual growth ahead.</li>
<li>High valuation is unjustified. P/E of about 30 is not cheap. We would recommend investors to take profits, and P/E of below 20 is a more comfortable place to buy. </li>
</ul>


The performance of WuXi Bio in 2024 was mainly driven by WuXi XDC. If excluding the contribution from WuXi XDC, the growth of WuXi Bio in 2024 would be  negative.
WuXi Bio 's growth is slowing down and may not return to its previous high growth in the future.Investors may need to get used to around 20% annual growth ahead.
High valuation is unjustified. P/E of about 30 is not cheap. We would recommend investors to take profits, and P/E of below 20 is a more comfortable place to buy. 


Wuxi Biologics (2269 HK) - The Concerns Behind 2024 Results and the Outlook in 2025

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-apptec" target="_blank" data-smartkarma-citation="entities:23679:1" rel="noopener">Wuxi Biologics (2269 HK)</a> has reported 2024 result, with revenue growing 10% YoY to RMB19B and net profit increasing 11% YoY to RMB4B. Revenue from non-COVID business increased 13% YoY.</li>
<li>Total backlog reached $18.5B as of December 31, 2024, including $10.5B service backlog and $8.0B upcoming potential milestone fees, while the total backlog within three years stood at $3.7B.</li>
<li>Wuxi Biologics guided for 12–15% YoY revenue growth for 2025. Revenue from continuing operation (excluding revenue from Ireland Vaccines) is expected to grow 17–20% YoY in 2025.</li>
</ul>



Wuxi Biologics (2269 HK) has reported 2024 result, with revenue growing 10% YoY to RMB19B and net profit increasing 11% YoY to RMB4B. Revenue from non-COVID business increased 13% YoY.
Total backlog reached $18.5B as of December 31, 2024, including $10.5B service backlog and $8.0B upcoming potential milestone fees, while the total backlog within three years stood at $3.7B.
Wuxi Biologics guided for 12–15% YoY revenue growth for 2025. Revenue from continuing operation (excluding revenue from Ireland Vaccines) is expected to grow 17–20% YoY in 2025.


Wuxi Biologics (2269 HK): 2024 Revenue Meets Guidance; Poised for Accelerated Growth in 2025

<ul><li>WuXi Bio added 151 new projects in 2024, the highest number in its history.</li><li>The Company is eligible to receive US$140mn near-term payments by enabling discovery services of 7 global projects in 2024.</li><li>Overseas operation is progressing steadily with the Ireland site targeting breakeven in 2025. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

WuXi Bio added 151 new projects in 2024, the highest number in its history.The Company is eligible to receive US$140mn near-term payments by enabling discovery services of 7 global projects in 2024.Overseas operation is progressing steadily with the Ireland site targeting breakeven in 2025. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

WuXi Biologics (2269 HK) - Promising Demand Boding Well for 2025

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Apr 18th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), Tencent (700 HK), Wuxi Biologics (2269 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), China Hongqiao (1378 HK), Kuaishou (1024 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Apr 18th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), Tencent (700 HK), Wuxi Biologics (2269 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), China Hongqiao (1378 HK), Kuaishou (1024 HK).


Hong Kong Buybacks Weekly (Apr 17th): AIA, Tencent, Wuxi Biologics

China

WuXi Biologics (Cayman) Inc. is a leading open-access R&D capability and technology platform company serving the pharmaceutical, biotechnology, and medical device industries, with operations in China, U.S., and Iceland.  We provide a broad and integrated portfolio of laboratory and manufacturing services throughout the drug and medical device R&D process.  Our services are designed to help our global partners in shortening the cycle and lowering the cost of drug and medical device R&D through cost-effective and efficient solutions. 

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Wuxi Biologics (2269 HK)