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>Pharmaron reported 1Q26 results, with revenue growing 15.5% YoY to RMB3.58bn and adj. non-IFRS attributable net profit increasing 16.2% YoY to RMB406mn.</li><li>1Q26 revenue/ adj. net profit accounted for 21.8%/ 18.8% of our fullyear estimates, largely in line with historical ranges.</li><li>New orders in 1Q26 surged over 30% YoY, a significant acceleration from the 14% YoY growth recorded 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.

Pharmaron reported 1Q26 results, with revenue growing 15.5% YoY to RMB3.58bn and adj. non-IFRS attributable net profit increasing 16.2% YoY to RMB406mn.1Q26 revenue/ adj. net profit accounted for 21.8%/ 18.8% of our fullyear estimates, largely in line with historical ranges.New orders in 1Q26 surged over 30% YoY, a significant acceleration from the 14% YoY growth recorded 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.

Pharmaron Beijing (300759 CH) - 1Q26 Results: A Strong Start Driven by CDMO Services

<ul><li>Pharmaron reported 2025 financial results, with revenue growing by 14.8% YoY to RMB14.10bn, and non-IFRS adj. net profit increasing by 13.0% YoY to RMB1.82bn.</li><li>Both revenue and profit growth meaningfully accelerated compared to 2024.</li><li>The Company's 2025 revenue and adj. net profit came in 0.5% and 0.7% higher than our estimates, respectively, aligning with our expectations. </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.

Pharmaron reported 2025 financial results, with revenue growing by 14.8% YoY to RMB14.10bn, and non-IFRS adj. net profit increasing by 13.0% YoY to RMB1.82bn.Both revenue and profit growth meaningfully accelerated compared to 2024.The Company's 2025 revenue and adj. net profit came in 0.5% and 0.7% higher than our estimates, respectively, aligning with our expectations. 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.

Pharmaron Beijing (300759 CH) - Landmark CDMO Deal to Fuel Future Growth

<ul><li>Founded in 2004, Pharmaron Beijing (Pharmaron) has emerged as a pioneer and now stands as one of the leading China-based CXOs with globally recognized capabilities.</li><li>The Company provides comprehensive services to global clients, covering all drug R&amp;D stages.</li><li>Leveraging its one-stop service model, Pharmaron is well-positioned to capitalize on the growing global demand for outsourced pharmaceutical R&amp;D. </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.

Founded in 2004, Pharmaron Beijing (Pharmaron) has emerged as a pioneer and now stands as one of the leading China-based CXOs with globally recognized capabilities.The Company provides comprehensive services to global clients, covering all drug R&amp;D stages.Leveraging its one-stop service model, Pharmaron is well-positioned to capitalize on the growing global demand for outsourced pharmaceutical R&amp;D. 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.

Pharmaron Beijing (300759 CH) - A One-Stop CXO with Accelerated Growth Potential

Asia Pac ECM and Index Rebal, DZT Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Index Rebalance

<ul>
<li>CSI announced 19 ADDs and 19 DELETEs effective 15 Jun 2026, the largest cycle in our four-cycle reference set.</li>
<li>We reviewed rebalance stocks against four prior CSI 300 cycles and the completed pre-announcement setup.</li>
<li>The prior forecast captured the four strongest ADDs and six of the seven weakest DELETEs, with misses mainly in buffer-zone ADDs and retained-risk DELETEs.</li>
</ul>


CSI announced 19 ADDs and 19 DELETEs effective 15 Jun 2026, the largest cycle in our four-cycle reference set.
We reviewed rebalance stocks against four prior CSI 300 cycles and the completed pre-announcement setup.
The prior forecast captured the four strongest ADDs and six of the seven weakest DELETEs, with misses mainly in buffer-zone ADDs and retained-risk DELETEs.


CSI 300 June 2026 Rebalance: Post-Announcement Positioning

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>The ChiNext index represents 100 leading liquid stocks on the ChiNext market while the ChiNext 50 index is its subset, comprising the 50 stocks with the highest average daily turnover.</li>
<li>In this insight, we have presented our final expectations for ADDs/DELs for the upcoming index review. </li>
<li>The ChiNext and ChiNext 50 index rebal events could trigger US$981mn and US$315mn in one-way flows, respectively.</li>
</ul>


The ChiNext index represents 100 leading liquid stocks on the ChiNext market while the ChiNext 50 index is its subset, comprising the 50 stocks with the highest average daily turnover.
In this insight, we have presented our final expectations for ADDs/DELs for the upcoming index review. 
The ChiNext and ChiNext 50 index rebal events could trigger US$981mn and US$315mn in one-way flows, respectively.


Quiddity Leaderboard ChiNext & ChiNext 50 Jun26: Final Expectations; US$1bn+ Combined One-Way Flows

China

Pharmaron Beijing Co., Ltd. engages in discovery, development, and manufacturing spectrum for small molecule drugs, cell therapies, and gene therapies as well as providing testing services for medical devices and clinic research. The Company offers laboratory, clinical development, chemistry manufactory and control, and other services. Pharmaron Beijing conducts businesses based in China.

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Pharmaron Beijing (300759 CH)