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.

Thematic (Sector/Industry)

<ul type="square"><li>The U.S. launched new support to its biotech production, aiming to boost biomanufacturing in pharmaceuticals but also in other industries such as agriculture, plastics, and energy.</li><li>The executive order would contain a plan for mass investments in related industries.</li><li>Shares of Wuxi Biologics (2269 HK, NR) and other CRO companies fell significantly yesterday (13 Sept) due to the fears of Chinese companies being targeted.</li></ul>

The U.S. launched new support to its biotech production, aiming to boost biomanufacturing in pharmaceuticals but also in other industries such as agriculture, plastics, and energy.The executive order would contain a plan for mass investments in related industries.Shares of Wuxi Biologics (2269 HK, NR) and other CRO companies fell significantly yesterday (13 Sept) due to the fears of Chinese companies being targeted.

The U.S. Executive Order on Its Biotech Industry May Not Materiality Affect Chinese CRO Industry

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 better-than-expected 1H25 results, with revenue increasing by 20.6% YoY (including 24.2% YoY growth for continuing operations) and adj. non-IFRS net profit surging by 44.4% YoY.</li><li>Revenue from continuing operations and adj. non-IFRS net profit accounted for 47.5% and 54.4%, respectively, of our full-year forecasts, both higher than the historical ranges.</li><li>WuXi AppTec delivered strong operational execution, despite ongoing macro uncertainties. </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 better-than-expected 1H25 results, with revenue increasing by 20.6% YoY (including 24.2% YoY growth for continuing operations) and adj. non-IFRS net profit surging by 44.4% YoY.Revenue from continuing operations and adj. non-IFRS net profit accounted for 47.5% and 54.4%, respectively, of our full-year forecasts, both higher than the historical ranges.WuXi AppTec delivered strong operational execution, despite ongoing macro uncertainties. 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 Growth Amid Uncertain Environment

<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

<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

<ul><li>WuXi AppTec reported 3Q24 revenue of RMB10.46bn, slightly down 2.0% YoY, and attributable adjusted non-IFRS net profit of RMB2.97bn, down 3.2% YoY.</li><li>Total non-COVID revenue and non-COVID Chemistry revenue growth rebounded to 14.6% YoY and 26.4% YoY, respectively, in 3Q24.</li><li>Despite the challenging geopolitical environment, mgmt. reiterated its revenue guidance of RMB38.3- 40.5bn for 2024, indicating 2.7%~8.6% YoY non-COVID revenue growth. </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 3Q24 revenue of RMB10.46bn, slightly down 2.0% YoY, and attributable adjusted non-IFRS net profit of RMB2.97bn, down 3.2% YoY.Total non-COVID revenue and non-COVID Chemistry revenue growth rebounded to 14.6% YoY and 26.4% YoY, respectively, in 3Q24.Despite the challenging geopolitical environment, mgmt. reiterated its revenue guidance of RMB38.3- 40.5bn for 2024, indicating 2.7%~8.6% YoY non-COVID revenue growth. 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) - Earnings Recovery Underway

China

WuXi AppTec is a global contract research, development, and manufacturing organization (CRDMO) for the pharmaceutical and life sciences industries. It provides integrated, end-to-end services including chemistry drug CRDMO, biology discovery, preclinical testing, and clinical research services for various therapeutic modalities. The company was founded in 2000 and is headquartered in Shanghai, China.

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WuXi AppTec (2359 HK)

The U.S. Executive Order on Its Biotech Industry May Not Materiality Affect Chinese CRO Industry

The U.S. launched new support to its biotech production, aiming to boost biomanufacturing in pharmaceuticals but also in other industries such as...

Quam Securities

WuXi AppTec (603259 CH) - Impressive Growth Amid Uncertain Environment

Revenue from continuing operations and adj. non-IFRS net profit accounted for 47.5% and 54.4%, respectively, of our full-year forecasts, both...

CMB International

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

WuXi AppTec (603259 CH) - Strengthened earnings certainty drives valuation recovery

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.

CMB International

WuXi AppTec (603259 CH) - Earnings Recovery Underway

WuXi AppTec reported 3Q24 revenue of RMB10.46bn, slightly down 2.0% YoY, and attributable adjusted non-IFRS net profit of RMB2.97bn, down 3.2% YoY.

CMB International

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