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 AppTec reported strong 3Q25 results, with revenue increasing by 15.3% YoY (including 19.7% YoY growth for continuing operations) and adj. non-IFRS net profit surging by 42.0% YoY.</li><li>Revenue from continuing operations in 9M25 accounted for 73.8% of our full-year forecast, in line with historical average of 72%, while adj. non-IFRS net profit in 9M25 represented 85.7% of our full-year forecast, significant higher than the historical average of 72%.</li><li>WuXi AppTec delivered strong operational execution, despite ongoing macro uncertainties. </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 AppTec reported strong 3Q25 results, with revenue increasing by 15.3% YoY (including 19.7% YoY growth for continuing operations) and adj. non-IFRS net profit surging by 42.0% YoY.Revenue from continuing operations in 9M25 accounted for 73.8% of our full-year forecast, in line with historical average of 72%, while adj. non-IFRS net profit in 9M25 represented 85.7% of our full-year forecast, significant higher than the historical average of 72%.WuXi AppTec delivered strong operational execution, despite ongoing macro uncertainties. 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 AppTec (603259 CH) - Rising Demand for Small Molecule D&M Business

<ul><li>WuXi AppTec reported better-than-expected 1H25 results, with revenue increasing by 20.6% YoY (including 24.2% YoY growth for continuing operations) and adj. non-IFRS net profit surging by 44.4% YoY.</li><li>Revenue from continuing operations and adj. non-IFRS net profit accounted for 47.5% and 54.4%, respectively, of our full-year forecasts, both higher than the historical ranges.</li><li>WuXi AppTec delivered strong operational execution, despite ongoing macro uncertainties. </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 AppTec reported better-than-expected 1H25 results, with revenue increasing by 20.6% YoY (including 24.2% YoY growth for continuing operations) and adj. non-IFRS net profit surging by 44.4% YoY.Revenue from continuing operations and adj. non-IFRS net profit accounted for 47.5% and 54.4%, respectively, of our full-year forecasts, both higher than the historical ranges.WuXi AppTec delivered strong operational execution, despite ongoing macro uncertainties. 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 AppTec (603259 CH) - Impressive Growth Amid Uncertain Environment

<ul><li>WuXi AppTec reported impressive 1Q25 financial results. Revenue increased by 21.0% YoY to RMB9.65bn, with revenue from continuing operations rising by 23.1% YoY to RMB9.39bn.</li><li>Adjusted non-IFRS net profit surged by 40.0% YoY to RMB2.68bn.</li><li>Both revenue and net profit continued the quarterly improvement trend seen throughout 2024, which further accelerated significantly in 1Q25. </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 AppTec reported impressive 1Q25 financial results. Revenue increased by 21.0% YoY to RMB9.65bn, with revenue from continuing operations rising by 23.1% YoY to RMB9.39bn.Adjusted non-IFRS net profit surged by 40.0% YoY to RMB2.68bn.Both revenue and net profit continued the quarterly improvement trend seen throughout 2024, which further accelerated significantly in 1Q25. 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 AppTec (603259 CH) - To Navigate Macro Uncertainties with a Good Start in 1Q25

<ul><li>WuXi AppTec reported a YoY revenue decline of 2.73%, to RMB39.2bn, and a 2.5% decrease in adjusted non-IFRS net profit, to RMB10.6bn.</li><li>However, earnings showed encouraging improvement throughout 2024, resulting in a positive revenue and profit growth in 4Q24.</li><li>The TIDES business remained the primary growth engine, with full-year revenue up by 70.1% 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 AppTec reported a YoY revenue decline of 2.73%, to RMB39.2bn, and a 2.5% decrease in adjusted non-IFRS net profit, to RMB10.6bn.However, earnings showed encouraging improvement throughout 2024, resulting in a positive revenue and profit growth in 4Q24.The TIDES business remained the primary growth engine, with full-year revenue up by 70.1% 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 AppTec (603259 CH) - Strengthened earnings certainty drives valuation recovery

<ul><li>WuXi AppTec reported 3Q24 revenue of RMB10.46bn, slightly down 2.0% YoY, and attributable adjusted non-IFRS net profit of RMB2.97bn, down 3.2% YoY.</li><li>Total non-COVID revenue and non-COVID Chemistry revenue growth rebounded to 14.6% YoY and 26.4% YoY, respectively, in 3Q24.</li><li>Despite the challenging geopolitical environment, mgmt. reiterated its revenue guidance of RMB38.3- 40.5bn for 2024, indicating 2.7%~8.6% YoY non-COVID revenue growth. </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 AppTec reported 3Q24 revenue of RMB10.46bn, slightly down 2.0% YoY, and attributable adjusted non-IFRS net profit of RMB2.97bn, down 3.2% YoY.Total non-COVID revenue and non-COVID Chemistry revenue growth rebounded to 14.6% YoY and 26.4% YoY, respectively, in 3Q24.Despite the challenging geopolitical environment, mgmt. reiterated its revenue guidance of RMB38.3- 40.5bn for 2024, indicating 2.7%~8.6% YoY non-COVID revenue growth. 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 AppTec (603259 CH) - Earnings Recovery Underway

China

WuXi AppTec Co., Ltd. manufactures medical products. The Company produces biological agents, antibodies, biological diagnostic reagents, and other products. WuXi AppTec also provides biological analysis, technical study, and other services.

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WuXi AppTec (603259 CH)