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’s FY22 revenue grew 51% YoY to RMB534mn, in line with our estimate.</li><li>The pre-clinical CRO service business realized a 54% YoY revenue growth to RMB406mn in FY22, driven by the strong growth of pre-clinical pharmacology &amp; efficacy evaluation and animal model selling business units (revenue +67% and +57% YoY, respectively).</li><li>The antibody development business was able to maintain a strong YoY revenue growth of 43%, even though there were COVID-19 interruptions and increasing cost of capital in the biotech/biopharma sector in 2022.</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’s FY22 revenue grew 51% YoY to RMB534mn, in line with our estimate.The pre-clinical CRO service business realized a 54% YoY revenue growth to RMB406mn in FY22, driven by the strong growth of pre-clinical pharmacology &amp; efficacy evaluation and animal model selling business units (revenue +67% and +57% YoY, respectively).The antibody development business was able to maintain a strong YoY revenue growth of 43%, even though there were COVID-19 interruptions and increasing cost of capital in the biotech/biopharma sector in 2022.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) – Strong revenue growth in FY22