External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

Biocytogen Pharmaceuticals (Beijing) / Equity Bottom-Up

Biocytogen Pharmaceuticals (Beijing) (2315 HK)

<ul><li>Biocytogen reported inline earnings with 1H23 revenue grew 43% YoY to RMB327mn, accounting for 45% of our previous full-year estimate.</li><li>The Company recorded net loss of RMB190mn in 1H23 (vs RMB272mn net loss in 1H22), representing 67% of our fullyear forecast.</li><li>In 1H23, the pre-clinical CRO service business realized 42% YoY revenue growth to RMB238mn, driven by the strong growth of animal model selling (+58% YoY) and pre-clinical pharmacology &amp; efficacy evaluation business (+37% YoY). </li></ul><p><em>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.</em></p>

Biocytogen reported inline earnings with 1H23 revenue grew 43% YoY to RMB327mn, accounting for 45% of our previous full-year estimate.The Company recorded net loss of RMB190mn in 1H23 (vs RMB272mn net loss in 1H22), representing 67% of our fullyear forecast.In 1H23, the pre-clinical CRO service business realized 42% YoY revenue growth to RMB238mn, driven by the strong growth of animal model selling (+58% YoY) and pre-clinical pharmacology &amp; efficacy evaluation business (+37% 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.

Biocytogen (2315 HK) – Reducing Burn Rate with Strong Income Growth