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>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><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>

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