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

Thermo Fisher Scientific Inc / Equity Bottom-Up

<ul><li>Thermo Fisher (TMO) delivered a strong 4Q25 performance, with revenue up by 7.2% YoY (the fastest quarterly growth within 2025) and adj. EPS up by 7.7%, beating Bloomberg consensus by 2.2%/ 1.9%, respectively.</li><li>The upbeat growth in the quarter was firmly supported by the solid performance of bioproduction, research and safety channel, analytical instruments, and CDMO services.</li><li>Mgmt. initiated the 2026 full-year guidance, expecting revenue to grow by 3.9% to 5.9% YoY and adj. </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>

Thermo Fisher (TMO) delivered a strong 4Q25 performance, with revenue up by 7.2% YoY (the fastest quarterly growth within 2025) and adj. EPS up by 7.7%, beating Bloomberg consensus by 2.2%/ 1.9%, respectively.The upbeat growth in the quarter was firmly supported by the solid performance of bioproduction, research and safety channel, analytical instruments, and CDMO services.Mgmt. initiated the 2026 full-year guidance, expecting revenue to grow by 3.9% to 5.9% YoY and adj. 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.

Thermo Fisher (TMO US) - 4Q25 Results: Capitalizing on the Growing Pharmaceutical Demand