External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Thematic (Sector/Industry)

<ul><li>While AI-related demand from hyperscalers and governments has surged, demand for commodity (IT-use) memory remains uncertain.</li><li>This has led to limited capacity expansions, with a large share of new investments focused on HBM.</li><li>The resultant supply/demand imbalance is pushing up commodity chip prices. </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.

While AI-related demand from hyperscalers and governments has surged, demand for commodity (IT-use) memory remains uncertain.This has led to limited capacity expansions, with a large share of new investments focused on HBM.The resultant supply/demand imbalance is pushing up commodity chip prices. 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.

Mirae Asset Minutes [2025: Volume 18]Biweekly Strategy Meeting Recap

<ul><li>In the US, demand for solar equipment and polysilicon has been pulled forward due to the passage of the OBBB.</li><li>Demand is likely to remain strong through 2027.</li><li>Amid new regulations aimed at excluding China from key supply chains, the preference for non-China products is likely to strengthen. </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.

In the US, demand for solar equipment and polysilicon has been pulled forward due to the passage of the OBBB.Demand is likely to remain strong through 2027.Amid new regulations aimed at excluding China from key supply chains, the preference for non-China products is likely to strengthen. 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.

Mirae Asset Minutes [2025: Volume 16]Biweekly Strategy Meeting Recap

External broker reports(aggregated public sources), CMB International

CMB International

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.

<ul><li>We have analyzed the 2024 and 4Q24 financial results of key overseas CXOs and upstream companies, covering clinical CROs, preclinical CROs, C(D)MOs, and life science tools suppliers.</li><li>While the companies in our coverage universe continued to face pressure on revenue and profit growth in 2024, half demonstrated improved performance in 2H24 versus 1H24.</li><li>Specifically, C(D)MOs and life science tools suppliers showed positive trends in financial performance, demand outlook, and guidance for 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.

We have analyzed the 2024 and 4Q24 financial results of key overseas CXOs and upstream companies, covering clinical CROs, preclinical CROs, C(D)MOs, and life science tools suppliers.While the companies in our coverage universe continued to face pressure on revenue and profit growth in 2024, half demonstrated improved performance in 2H24 versus 1H24.Specifically, C(D)MOs and life science tools suppliers showed positive trends in financial performance, demand outlook, and guidance for 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.

Healthcare - Results Review of Overseas CXO and Life Science Tools Sectors in 2024 & 4Q24

<ul><li>We have summarized 2Q24 earnings of major overseas CXO and life science upstream (LSU) companies, which engage in clinical CROs, preclinical CROs, C(D)MOs, and LSU fields.</li><li>We find that those companies’ 2023 earnings growth varied across sub-sectors, with later-stage CXOs performing better than earlystage ones and non-manufacturing CXOs outperforming manufacturing ones.</li><li>However, the performance differences among sub-sectors decreased in 1Q24, and continued to narrow in 2Q24, with earnings of LSU and C(D)MO companies performing better than expected. </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.

We have summarized 2Q24 earnings of major overseas CXO and life science upstream (LSU) companies, which engage in clinical CROs, preclinical CROs, C(D)MOs, and LSU fields.We find that those companies’ 2023 earnings growth varied across sub-sectors, with later-stage CXOs performing better than earlystage ones and non-manufacturing CXOs outperforming manufacturing ones.However, the performance differences among sub-sectors decreased in 1Q24, and continued to narrow in 2Q24, with earnings of LSU and C(D)MO companies performing better than expected. 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.

China Healthcare - Overseas CXO/ Life Science Upstream 2Q24 Review

External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

Founded in 1962, Daishin Securities is a leading financial services provider in Korea. Daishin securities does its best to provide high quality financial service and to satisfy the various needs of investors. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>1Q24 reports consolidated revenue of W946.9bn(+31% yoy), OP of W221.3bn (+15% yoy)</li><li>Beat consensus owing to an increase in plant 4 operation rate and new bs product sales</li><li>Successful contract wins for plant 5, preparation for bs product launch on track</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.

1Q24 reports consolidated revenue of W946.9bn(+31% yoy), OP of W221.3bn (+15% yoy)Beat consensus owing to an increase in plant 4 operation rate and new bs product salesSuccessful contract wins for plant 5, preparation for bs product launch on trackContent 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.

Samsung Biologics - Decent Earnings, Successful Contract Wins in Q1

South Korea

Samsung Biologics Co.,Ltd. manufactures bio-healthcare products. The Company develops, refines, and distributes biopharmaceutical products.

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Samsung Biologics (207940 KS)

Mirae Asset Minutes [2025: Volume 18]Biweekly Strategy Meeting Recap

While AI-related demand from hyperscalers and governments has surged, demand for commodity (IT-use) memory remains uncertain.

Mirae Asset Securities

Mirae Asset Minutes [2025: Volume 16]Biweekly Strategy Meeting Recap

In the US, demand for solar equipment and polysilicon has been pulled forward due to the passage of the OBBB. Demand is likely to remain strong...

Mirae Asset Securities

Healthcare - Results Review of Overseas CXO and Life Science Tools Sectors in 2024 & 4Q24

We have analyzed the 2024 and 4Q24 financial results of key overseas CXOs and upstream companies, covering clinical CROs, preclinical CROs,...

CMB International

China Healthcare - Overseas CXO/ Life Science Upstream 2Q24 Review

We have summarized 2Q24 earnings of major overseas CXO and life science upstream (LSU) companies, which engage in clinical CROs, preclinical CROs,...

CMB International

Samsung Biologics - Decent Earnings, Successful Contract Wins in Q1

1Q24 reports consolidated revenue of W946.9bn(+31% yoy), OP of W221.3bn (+15% yoy). Beat consensus owing to an increase in plant 4 operation rate...

Daishin Securities

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