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 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><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 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