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

<ul><li>WuXi AppTec reported impressive financial results for 2025, with revenue growing by 15.8% YoY (including 21.4% YoY growth for continuing operations) and adj. non-IFRS attributable net profit expanding at a remarkable 41.3% YoY.</li><li>The Company's 2025 revenue and adj. net profit beat our estimates by 2.7% and 18.2%, respectively.</li><li>Looking ahead, mgmt. projects 2026 revenue to reach RMB 51.3-53.0bn, along with 18-22% YoY revenue growth for continuing operations, while the adj. non-IFRS net profit margin is expected to remain stable.</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>

WuXi AppTec reported impressive financial results for 2025, with revenue growing by 15.8% YoY (including 21.4% YoY growth for continuing operations) and adj. non-IFRS attributable net profit expanding at a remarkable 41.3% YoY.The Company's 2025 revenue and adj. net profit beat our estimates by 2.7% and 18.2%, respectively.Looking ahead, mgmt. projects 2026 revenue to reach RMB 51.3-53.0bn, along with 18-22% YoY revenue growth for continuing operations, while the adj. non-IFRS net profit margin is expected to remain stable.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 AppTec (603259 CH) - Strong CDMO Demand to Fuel 2026 Growth