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 1H24 revenue of RMB17.24bn, down 8.6% YoY, attributable recurring net profit of RMB4.41bn, down 8.3% YoY, and attributable adjusted non-IFRS net profit of RMB4.37bn, down 14.2% YoY.</li><li>1H24 revenue / attributable adjusted non-IFRS net income accounted for 45.3%/ 46.0% of our 2024 full-year estimates and 43.8%/ 44.7% of Bloomberg consensus, both of which were largely in line with its historical range.</li><li>The non-COVID D&amp;M revenue (within the Chemistry segment) experienced a slight decline of 2.7% YoY in 1H24, following a relatively high base in 1H23. </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 1H24 revenue of RMB17.24bn, down 8.6% YoY, attributable recurring net profit of RMB4.41bn, down 8.3% YoY, and attributable adjusted non-IFRS net profit of RMB4.37bn, down 14.2% YoY.1H24 revenue / attributable adjusted non-IFRS net income accounted for 45.3%/ 46.0% of our 2024 full-year estimates and 43.8%/ 44.7% of Bloomberg consensus, both of which were largely in line with its historical range.The non-COVID D&amp;M revenue (within the Chemistry segment) experienced a slight decline of 2.7% YoY in 1H24, following a relatively high base in 1H23. 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 Order Growth Despite Geopolitical Uncertainties

<ul><li>WuXi AppTec reported 1Q24 revenue of RMB7,982mn, down 11.0% YoY, attributable recurring net profit of RMB2,034mn, up 7.3% YoY, and attributable adjusted non-IFRS net profit of RMB1,913mn, down 18.3% YoY.</li><li>1Q24 revenue / adjusted Non-IFRS net income accounted for 20.4%/ 16.8% of our 2024 fullyear estimates, both moderately lower than historical ranges.</li><li>Non-IFRS gross profit margin deteriorated by 2.3ppt to 38.7% while non-IFRS net profit margin decreased by 2.1ppt to 24.0% in 1Q24, due to the decline in CDMO revenue from COVID commercial projects, pricing erosion, ramp-ups of new facilities in its Testing and Biology segments, and escalating costs in its ATU segment. </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 1Q24 revenue of RMB7,982mn, down 11.0% YoY, attributable recurring net profit of RMB2,034mn, up 7.3% YoY, and attributable adjusted non-IFRS net profit of RMB1,913mn, down 18.3% YoY.1Q24 revenue / adjusted Non-IFRS net income accounted for 20.4%/ 16.8% of our 2024 fullyear estimates, both moderately lower than historical ranges.Non-IFRS gross profit margin deteriorated by 2.3ppt to 38.7% while non-IFRS net profit margin decreased by 2.1ppt to 24.0% in 1Q24, due to the decline in CDMO revenue from COVID commercial projects, pricing erosion, ramp-ups of new facilities in its Testing and Biology segments, and escalating costs in its ATU segment. 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) - Steady 1Q Performance Amid Challenging Environment

<ul><li>WuXi AppTec reported revenue of RMB40.3bn in 2023, up 2.5% YoY, attributable recurring net income of RMB9.7bn, up 16.8% YoY, and attributable adjusted non-IFRS net income of RMB10.9bn, up 15.5% YoY.</li><li>Revenue was inline with Bloomberg consensus while attributable adjusted non-IFRS net income beat the consensus by 6.3%.</li><li>Excluding revenue from the COVID-19 commercial project, the Company delivered impressive revenue growth of 25.6% YoY in 2023, despite the challenging environment in global CXO industry. </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 revenue of RMB40.3bn in 2023, up 2.5% YoY, attributable recurring net income of RMB9.7bn, up 16.8% YoY, and attributable adjusted non-IFRS net income of RMB10.9bn, up 15.5% YoY.Revenue was inline with Bloomberg consensus while attributable adjusted non-IFRS net income beat the consensus by 6.3%.Excluding revenue from the COVID-19 commercial project, the Company delivered impressive revenue growth of 25.6% YoY in 2023, despite the challenging environment in global CXO industry. 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) - Best Effort to Ensure Business Continuity

<ul><li>WuXi AppTec reported 3Q23 revenue of RMB10,670mn, up 0.3% YoY, and attributable recurring net income of RMB2,948mn, up 23.8% YoY, with attributable adjusted non-IFRS net income of RMB3,072mn, up 24.3% YoY.</li><li>3Q23 revenue accounted for 25.6% of our 2023 full-year estimate, in line with its historical average, while attributable adjusted non-IFRS net income represented 29.1% of our forecast, higher than its historical average of c.26%.</li><li>In 9M23, non-IFRS gross profit margin (GPM) improved by 3.6ppt to 42.3% while non-IFRS net profit margin increased by 3.7ppt to 27.6%, driven by favourable currency exchange rates and continuously improved operating efficiency. </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 3Q23 revenue of RMB10,670mn, up 0.3% YoY, and attributable recurring net income of RMB2,948mn, up 23.8% YoY, with attributable adjusted non-IFRS net income of RMB3,072mn, up 24.3% YoY.3Q23 revenue accounted for 25.6% of our 2023 full-year estimate, in line with its historical average, while attributable adjusted non-IFRS net income represented 29.1% of our forecast, higher than its historical average of c.26%.In 9M23, non-IFRS gross profit margin (GPM) improved by 3.6ppt to 42.3% while non-IFRS net profit margin increased by 3.7ppt to 27.6%, driven by favourable currency exchange rates and continuously improved operating efficiency. 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) – Peptide Business Becoming a New Growth Driver

<ul><li>WuXi AppTec reported 1H23 revenue of RMB18,871mn, up 6.3% YoY, and attributable recurring net income of RMB4,761mn, up 23.7% YoY, with attributable adjusted non-IFRS net income of RMB5,095mn, up 18.5% YoY.</li><li>1H23 revenue / adjusted Non-IFRS net income accounted for 45-52% of both our full-year estimates and consensus estimates, which also fell in its average historical range.</li><li>Non-IFRS gross profit margin (GPM) improved by 3.4ppt to 41.6% while non-IFRS net profit margin increased by 2.8ppt to 27.0% in 1H23, driven by favourable currency exchange rates and continuously improved operating efficiency. </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 1H23 revenue of RMB18,871mn, up 6.3% YoY, and attributable recurring net income of RMB4,761mn, up 23.7% YoY, with attributable adjusted non-IFRS net income of RMB5,095mn, up 18.5% YoY.1H23 revenue / adjusted Non-IFRS net income accounted for 45-52% of both our full-year estimates and consensus estimates, which also fell in its average historical range.Non-IFRS gross profit margin (GPM) improved by 3.4ppt to 41.6% while non-IFRS net profit margin increased by 2.8ppt to 27.0% in 1H23, driven by favourable currency exchange rates and continuously improved operating efficiency. 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 Margin Improvement in 1H23

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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