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 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

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec (2359 HK)</a> has reported 2024 result, with revenue reaching RMB39.2M, in-line with guidance of RMB38.3–40.5B. Excluding Covid-19 commercial project, 2024 revenue represents 5% YoY growth.</li>
<li>The company has announced a cash dividend of RMB9.8 and a special dividend of RMB3.5 for every 10 shares. Wuxi AppTech has also proposed RMB 1B buyback plan (for A-shares).</li>
<li>Based on the current backlog, Wuxi AppTech expects continuing operations revenue to resume double-digit growth of 10–15% YoY in 2025, targeting to deliver a total revenue of RMB41.5–43.0B.</li>
</ul>



WuXi AppTec (2359 HK) has reported 2024 result, with revenue reaching RMB39.2M, in-line with guidance of RMB38.3–40.5B. Excluding Covid-19 commercial project, 2024 revenue represents 5% YoY growth.
The company has announced a cash dividend of RMB9.8 and a special dividend of RMB3.5 for every 10 shares. Wuxi AppTech has also proposed RMB 1B buyback plan (for A-shares).
Based on the current backlog, Wuxi AppTech expects continuing operations revenue to resume double-digit growth of 10–15% YoY in 2025, targeting to deliver a total revenue of RMB41.5–43.0B.


WuXi AppTec (2359 HK): In-Line 2024 Performance; Announces Dividend and A Share Buyback Plan

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>Licensing-Out partnerships are expected to contribute approximately US$6–7 billion in annual upfront payments, US$12–14 billion in milestone payments, and US$25–30 billion in sales-sharing revenues to China’s innovative drug industry.</li>
<li>SASAC’s new policy promotes SOE M&amp;A to strengthen industrial chains, especially in weaker sectors like biomedicine. The strategic deployment of state-owned capital is set to gain momentum.</li>
<li>WuXi AppTec is divesting its stake in WuXi XDC, viewing the shares as overvalued and aiming to lock in profits ahead of a potential price correction.</li>
</ul>


Licensing-Out partnerships are expected to contribute approximately US$6–7 billion in annual upfront payments, US$12–14 billion in milestone payments, and US$25–30 billion in sales-sharing revenues to China’s innovative drug industry.
SASAC’s new policy promotes SOE M&amp;A to strengthen industrial chains, especially in weaker sectors like biomedicine. The strategic deployment of state-owned capital is set to gain momentum.
WuXi AppTec is divesting its stake in WuXi XDC, viewing the shares as overvalued and aiming to lock in profits ahead of a potential price correction.


China Healthcare Weekly (Apr.6) - SASAC to Encourage SOE M&A, WuXi AppTec Disposed XDC Shares Again

<ul>
<li>WuXi AppTec’s 2024 results are in line with guidance. TIDES business was the key driver of WuXi Chemistry. However, the downturn of “R” business cast a shadow on performance recovery.</li>
<li>2025 is a crucial year for WuXi AppTec and the entire CXO industry, as it needs to verify whether about RMB40 billion revenue and 6,000 customers represent the ceiling/growth bottleneck?</li>
<li>The disposal of WuXi XDC shares help boost WuXi AppTec’s share price. However, due to the geopolitical conflicts/recession risks, the long-term growth prospects of WuXi AppTec are still uncertain.</li>
</ul>


WuXi AppTec’s 2024 results are in line with guidance. TIDES business was the key driver of WuXi Chemistry. However, the downturn of “R” business cast a shadow on performance recovery.
2025 is a crucial year for WuXi AppTec and the entire CXO industry, as it needs to verify whether about RMB40 billion revenue and 6,000 customers represent the ceiling/growth bottleneck?
The disposal of WuXi XDC shares help boost WuXi AppTec’s share price. However, due to the geopolitical conflicts/recession risks, the long-term growth prospects of WuXi AppTec are still uncertain.


WuXi AppTec (2359.HK/603259.CH) - The Concerns Behind the 2024 Performance Rebound and 2025 Outlook

<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

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 (2359 HK)

WuXi AppTec (603259 CH) - To Navigate Macro Uncertainties with a Good Start in 1Q25

WuXi AppTec reported impressive 1Q25 financial results. Revenue increased by 21.0% YoY to RMB9.65bn, with revenue from continuing operations rising...

CMB International

China Healthcare Weekly (Apr.6) - SASAC to Encourage SOE M&A, WuXi AppTec Disposed XDC Shares Again

China innovative drug industry will see big financial gains through licensing cooperation. The SASAC released new policy to encourage SOE M&A.WuXi...

Xinyao (Criss) Wang