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 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

<ul><li>WuXi Bio recently announced better-than-expected number of projects signed in 2023 despite the challenging macro environment in the global pharmaceutical industry.</li><li>The company added 132 integrated projects to its pipeline in 2023, largely in line with the record highs during the COVID pandemic.</li><li>Notably, it signed 71 new projects in 4Q23, which mgt. attributed to clients’ sentiment improvement during Nov-Dec 2023. </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 recently announced better-than-expected number of projects signed in 2023 despite the challenging macro environment in the global pharmaceutical industry.The company added 132 integrated projects to its pipeline in 2023, largely in line with the record highs during the COVID pandemic.Notably, it signed 71 new projects in 4Q23, which mgt. attributed to clients’ sentiment improvement during Nov-Dec 2023. 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) - On the Road to Recovery

<ul><li>WuXi Bio held a conference call on 4 Dec 2023 to update its latest business developments.</li><li>Management expected its 2023 revenue to increase by ~10% YoY and 2023 adj. net profit to decline by a single-digit percentage, compared with its previous guidance of 30% YoY growth in revenue and a 25-26% YoY increase in adj. net profit.</li><li>The latest guidance indicated non-COVID revenue growth of 36%+ YoY in 2023, or c.19% YoY in 2H23, still very impressive given the current market conditions. </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 held a conference call on 4 Dec 2023 to update its latest business developments.Management expected its 2023 revenue to increase by ~10% YoY and 2023 adj. net profit to decline by a single-digit percentage, compared with its previous guidance of 30% YoY growth in revenue and a 25-26% YoY increase in adj. net profit.The latest guidance indicated non-COVID revenue growth of 36%+ YoY in 2023, or c.19% YoY in 2H23, still very impressive given the current market conditions. 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) – A Transition Year in 2023

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)