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

CSPC Pharmaceutical Group / Equity Bottom-Up

<ul><li>Sales of legacy products to remain stable. CSPC has nurtured marketleading products in nervous system, oncology, anti-infective and cardiovascular disease, etc. NBP, Duomeisu, Jinyouli, Keaili, and Xuanning contribute to most of the Company’s product sales.</li><li>NBP recorded sales growth of 10.8% YoY in 1Q23, while pressures remain on the future sales of NBP upon the launch of generics and NBP’s inclusion in centralized procurement, which we think will take time.</li><li>We expect the sales of NBP to remain stable over the next two years. </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>

Sales of legacy products to remain stable. CSPC has nurtured marketleading products in nervous system, oncology, anti-infective and cardiovascular disease, etc. NBP, Duomeisu, Jinyouli, Keaili, and Xuanning contribute to most of the Company’s product sales.NBP recorded sales growth of 10.8% YoY in 1Q23, while pressures remain on the future sales of NBP upon the launch of generics and NBP’s inclusion in centralized procurement, which we think will take time.We expect the sales of NBP to remain stable over the next two years. 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) – Innovative Platforms to Drive Future Growth