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.

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<ul><li>WuXi Biologics (WuXi Bio) reported 1H25 revenue of RMB9.95bn, up by 16.1% YoY.</li><li>During the period, adj. attributable net profit came in at RMB2.39bn with YoY growth of 6.2%.</li><li>Revenue in 1H25 accounted for 46.6% of our full-year forecast, exceeding the historical average of ~43%. </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 Biologics (WuXi Bio) reported 1H25 revenue of RMB9.95bn, up by 16.1% YoY.During the period, adj. attributable net profit came in at RMB2.39bn with YoY growth of 6.2%.Revenue in 1H25 accounted for 46.6% of our full-year forecast, exceeding the historical average of ~43%. 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 Biologics (2269 HK) - Pre-IND and Late-Stage Demand Rebounded

<ul><li>WuXi Bio reported impressive 2024 results, highlighted by a 9.6% YoY increase in revenue and a 9.0% YoY rise in adj. net profit (before deducting minority interests).</li><li>Both revenue and profit growth approached the upper limit of the previously provided guidance of 5-10% growth. Non-COVID revenue experienced solid growth of 13.1% YoY, reflecting sustained underlying demand.</li><li>Mgmt projects revenue growth of 12-15% YoY for 2025, with revenue from continuing operations (excl. Ireland vaccine business) expected to increase by 17-20% 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 Bio reported impressive 2024 results, highlighted by a 9.6% YoY increase in revenue and a 9.0% YoY rise in adj. net profit (before deducting minority interests).Both revenue and profit growth approached the upper limit of the previously provided guidance of 5-10% growth. Non-COVID revenue experienced solid growth of 13.1% YoY, reflecting sustained underlying demand.Mgmt projects revenue growth of 12-15% YoY for 2025, with revenue from continuing operations (excl. Ireland vaccine business) expected to increase by 17-20% 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 Biologics (2269 HK) - Strong Demand to Drive Growth Acceleration in 2025

<ul><li>WuXi Bio added 151 new projects in 2024, the highest number in its history.</li><li>The Company is eligible to receive US$140mn near-term payments by enabling discovery services of 7 global projects in 2024.</li><li>Overseas operation is progressing steadily with the Ireland site targeting breakeven 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.

WuXi Bio added 151 new projects in 2024, the highest number in its history.The Company is eligible to receive US$140mn near-term payments by enabling discovery services of 7 global projects in 2024.Overseas operation is progressing steadily with the Ireland site targeting breakeven 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.

WuXi Biologics (2269 HK) - Promising Demand Boding Well for 2025

<ul><li>Wuxi Bio reported 1H24 revenue of RMB8.57bn, up 1.0% YoY, and adjusted attributable net income of RMB2.25bn, down 20.7% YoY.</li><li>1H24 revenue and adjusted attributable net income accounted for 47.9% and 44.5% of our full-year forecasts, moderately higher than the historical levels.</li><li>If excluding COVID revenue, total revenue in 1H24 would increase by 7.7% YoY, while revenue from late-stage and CMO projects would grow by 11.7% 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 Bio reported 1H24 revenue of RMB8.57bn, up 1.0% YoY, and adjusted attributable net income of RMB2.25bn, down 20.7% YoY.1H24 revenue and adjusted attributable net income accounted for 47.9% and 44.5% of our full-year forecasts, moderately higher than the historical levels.If excluding COVID revenue, total revenue in 1H24 would increase by 7.7% YoY, while revenue from late-stage and CMO projects would grow by 11.7% 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 Biologics (2269 HK) - Robust Performance in a Challenging Environment

<ul><li>WuXi Biologics (Wuxi Bio) reported 2023 revenue of RMB17.03bn, up 11.6% YoY, attributable net income of RMB3.40bn, down 23.1% YoY, and adjusted attributable net income of RMB4.70bn, down 4.6% YoY.</li><li>Both revenue and adjusted attributable net income were in-line with our forecasts.</li><li>If excluding COVID revenue, total revenue would increase by 37.7% YoY, and revenue from late-stage and CMO projects would surge by 101.7% 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 Biologics (Wuxi Bio) reported 2023 revenue of RMB17.03bn, up 11.6% YoY, attributable net income of RMB3.40bn, down 23.1% YoY, and adjusted attributable net income of RMB4.70bn, down 4.6% YoY.Both revenue and adjusted attributable net income were in-line with our forecasts.If excluding COVID revenue, total revenue would increase by 37.7% YoY, and revenue from late-stage and CMO projects would surge by 101.7% 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 Biologics (2269 HK) - Expand Overseas Capacity to Mitigate Risks

China

WuXi Biologics (Cayman) Inc. is a leading open-access R&D capability and technology platform company serving the pharmaceutical, biotechnology, and medical device industries, with operations in China, U.S., and Iceland.  We provide a broad and integrated portfolio of laboratory and manufacturing services throughout the drug and medical device R&D process.  Our services are designed to help our global partners in shortening the cycle and lowering the cost of drug and medical device R&D through cost-effective and efficient solutions. 

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Wuxi Biologics (2269 HK)