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.

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CSPC Pharmaceutical Group / Equity Bottom-Up

<ul><li>CSPC reported 1H23 revenue of RMB16.08bn (+3.0% YoY) and attributable net profit of RMB2.97bn (flattish YoY).</li><li>The adjusted attributable net profit (excl. impact from fair value change of financial assets and share-based compensation) in 1H23 increased 3.0% YoY to RMB3.16bn.</li><li>The 1H23 sales of finished drugs increased 5.2% YoY to RMB12.93bn, with the nervous system disease products recording +17.5% YoY sales growth to RMB4.55bn, mainly driven by the strong sales growth of NBP. </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.

CSPC reported 1H23 revenue of RMB16.08bn (+3.0% YoY) and attributable net profit of RMB2.97bn (flattish YoY).The adjusted attributable net profit (excl. impact from fair value change of financial assets and share-based compensation) in 1H23 increased 3.0% YoY to RMB3.16bn.The 1H23 sales of finished drugs increased 5.2% YoY to RMB12.93bn, with the nervous system disease products recording +17.5% YoY sales growth to RMB4.55bn, mainly driven by the strong sales growth of NBP. 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.

CSPC Pharmaceutical (1093 HK) – Steady Finished Drug Sales

<ul><li>CSPC reported 1Q23 revenue of RMB8.05bn (+2.3% YoY) and attributable net profit of RMB1.43bn (+1.7% YoY).</li><li>The 1Q23 sales of finished drugs increased 1.9% YoY to RMB6.42bn, with the nervous system disease products recording +9.8% YoY sales growth, driven by the sales of NBP.</li><li>Affected by COVID-19 and the lowered price of Keaili due to centralised procurement renewal, sales of oncology product weakened in 1Q23 (-33.1% 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.

CSPC reported 1Q23 revenue of RMB8.05bn (+2.3% YoY) and attributable net profit of RMB1.43bn (+1.7% YoY).The 1Q23 sales of finished drugs increased 1.9% YoY to RMB6.42bn, with the nervous system disease products recording +9.8% YoY sales growth, driven by the sales of NBP.Affected by COVID-19 and the lowered price of Keaili due to centralised procurement renewal, sales of oncology product weakened in 1Q23 (-33.1% 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.

CSPC Pharmaceutical (1093 HK) – To further expand mRNA and ADC pipelines

<ul><li>CSPC reported FY22 revenue of RMB30.94bn (+11.0% YoY) and attributable net profit of RMB6.09bn (+8.7% YoY), in line with our estimates of RMB31.35bn revenue and RMB5.99bn net profit, respectively.</li><li>The FY22 sales of finished drugs increased +8.1% YoY to RMB22.68bn, mainly driven by the steady sales performance of nervous system disease drugs and strong growth of anti-infective drugs.</li><li>Bulk product sales delivered +23.8% YoY growth to RMB6.42bn in FY22, thanks to the increase of functional food &amp; other business (+43.9% YoY) driven by the growth of caffeine products in both sales volume and average selling price.</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.

CSPC reported FY22 revenue of RMB30.94bn (+11.0% YoY) and attributable net profit of RMB6.09bn (+8.7% YoY), in line with our estimates of RMB31.35bn revenue and RMB5.99bn net profit, respectively.The FY22 sales of finished drugs increased +8.1% YoY to RMB22.68bn, mainly driven by the steady sales performance of nervous system disease drugs and strong growth of anti-infective drugs.Bulk product sales delivered +23.8% YoY growth to RMB6.42bn in FY22, thanks to the increase of functional food &amp; other business (+43.9% YoY) driven by the growth of caffeine products in both sales volume and average selling price.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.

CSPC Pharmaceutical (1093 HK) – mRNA platform verified with product approval

<ul><li>CSPC reported 9M22 revenue of RMB23.5bn, up by 13.8% YoY (+15.6% YoY for 3Q22), and attributable net profit of RMB4.5bn, up by 3.1% YoY (+18.0% YoY for 3Q22), accounting for 76% and 74% of our full year estimates, respectively.</li><li>9M22 sales of the finished drugs increased by 10.8% YoY to RMB18.6bn, mainly driven by the steady performance of nervous system drugs (+9.2% YoY), as well as the strong growth of anti-infective drugs (+25.1% YoY) and other new products.</li><li>In addition, bulk product sales delivered a YoY growth of 20.1% in 9M22, thanks to the increased sales volume of vitamin C, while functional food and other business booked a strong YoY growth of 47.6%, propelled by both volume and pricing rises of caffeine products.</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.

CSPC reported 9M22 revenue of RMB23.5bn, up by 13.8% YoY (+15.6% YoY for 3Q22), and attributable net profit of RMB4.5bn, up by 3.1% YoY (+18.0% YoY for 3Q22), accounting for 76% and 74% of our full year estimates, respectively.9M22 sales of the finished drugs increased by 10.8% YoY to RMB18.6bn, mainly driven by the steady performance of nervous system drugs (+9.2% YoY), as well as the strong growth of anti-infective drugs (+25.1% YoY) and other new products.In addition, bulk product sales delivered a YoY growth of 20.1% in 9M22, thanks to the increased sales volume of vitamin C, while functional food and other business booked a strong YoY growth of 47.6%, propelled by both volume and pricing rises of caffeine products.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.

CSPC Pharmaceutical (1093 HK) – Promising clinical progress of mRNA COVID-19 vaccine candidate

China

CSPC Pharmaceutical Group Limited, through its subsidiaries, manufactures and sells pharmaceutical products.  The Company's products include vitamin C, antibiotics and common generic drugs. The Company is also engages in the development of innovative drugs and antibiotics.

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CSPC Pharmaceutical Group (1093 HK)

CSPC Pharmaceutical (1093 HK) – Steady Finished Drug Sales

The adjusted attributable net profit (excl. impact from fair value change of financial assets and share-based compensation) in 1H23 increased 3.0%...

CMB International

CSPC Pharmaceutical (1093 HK) – To further expand mRNA and ADC pipelines

The 1Q23 sales of finished drugs increased 1.9% YoY to RMB6.42bn, with the nervous system disease products recording +9.8% YoY sales growth, driven...

CMB International

CSPC Pharmaceutical (1093 HK) – mRNA platform verified with product approval

CSPC reported FY22 revenue of RMB30.94bn (+11.0% YoY) and attributable net profit of RMB6.09bn (+8.7% YoY), in line with our estimates of...

CMB International

CSPC Pharmaceutical (1093 HK) – Promising clinical progress of mRNA COVID-19 vaccine candidate

CSPC reported 9M22 revenue of RMB23.5bn, up by 13.8% YoY (+15.6% YoY for 3Q22), and attributable net profit of RMB4.5bn, up by 3.1% YoY

CMB International

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