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>Resilient global demand for WuXi Bio’s high-quality service. In 2025, the Company added 209 new projects, representing a solid 38.4% YoY increase.</li><li>Among these, 186 were pre-clinical projects, up 42% YoY, which clearly reflects the strong appetite for early-stage R&amp;D services from global clients.</li><li>More importantly, the Company's bi- &amp; multi-specific antibody and XDC businesses continued to serve as critical growth engines. </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.

Resilient global demand for WuXi Bio’s high-quality service. In 2025, the Company added 209 new projects, representing a solid 38.4% YoY increase.Among these, 186 were pre-clinical projects, up 42% YoY, which clearly reflects the strong appetite for early-stage R&amp;D services from global clients.More importantly, the Company's bi- &amp; multi-specific antibody and XDC businesses continued to serve as critical growth engines. 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) - Resilient demand amid macro uncertainties

Thematic (Sector/Industry)

<ul><li>In our last report dated 17 October, we highlighted a list of 21 long ideas.</li><li>The basket (equal weighted) of these 21 stocks underperformed MSCI China index by 5.4ppt, delivering 0.2% return (vs MSCI China 5.6%).</li><li>China Meidong Auto and Innovent Biologics delivered over 20% of return, and 4 of our 21 long ideas outperformed the benchmark.</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 our last report dated 17 October, we highlighted a list of 21 long ideas.The basket (equal weighted) of these 21 stocks underperformed MSCI China index by 5.4ppt, delivering 0.2% return (vs MSCI China 5.6%).China Meidong Auto and Innovent Biologics delivered over 20% of return, and 4 of our 21 long ideas outperformed the benchmark.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.

CMBI Research Focus List (November Edition) – Our best high conviction stock ideas

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.

<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

<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

China

Wuxi Biologics is a global Contract Research, Development, and Manufacturing Organization (CRDMO) offering end-to-end solutions for biologics discovery, development, and manufacturing, including complex modalities like monoclonal antibodies and antibody-drug conjugates. The company provides comprehensive services from concept to commercialization, including vaccine CRDMO services. It was founded in 2010 and is headquartered in Wuxi, China.

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Wuxi Biologics (2269 HK)