Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Equity Bottom-Up

<ul><li>Wuxi Biologics' revenue increased by 18.4% y/y in 1H26</li><li>The company’s total backlog increased to US$25.1bn as of June 30, 2026, including US$12.6bn service backlog and US$12.4bn upcoming potential milestone fees, while the total backlog within three years increased to US$5.5bn as of June 30, 2026, showing strong growth potential in the future.</li><li>We expect Wuxi Biologics to benefit from the fast-growing market as the leading company in the CRO/CDMO industry.</li></ul>

Wuxi Biologics' revenue increased by 18.4% y/y in 1H26The company’s total backlog increased to US$25.1bn as of June 30, 2026, including US$12.6bn service backlog and US$12.4bn upcoming potential milestone fees, while the total backlog within three years increased to US$5.5bn as of June 30, 2026, showing strong growth potential in the future.We expect Wuxi Biologics to benefit from the fast-growing market as the leading company in the CRO/CDMO industry.

Quam Morning Note (26 Aug) - Wuxi Biologics

China

Asymchem Laboratories (Tianjin) Co., Ltd. operates as a pharmaceutical company. The Company researches, produces, and sells organic and inorganic chemicals, medicines, and other related products. Asymchem Laboratories serves customers worldwide.

Asymchem Laboratories Tianjin (002821 CH)

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Quam Morning Note (26 Aug) - Wuxi Biologics

Wuxi Biologics' revenue increased by 18.4% y/y in 1H26 The company’s total backlog increased to US$25.1bn as of June 30, 2026, including US$12.6bn...

Quam Securities