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

<ul><li>Strong earnings growth in 2022. WuXi AppTec reported 2022 revenue of RMB39.4bn, up 72% YoY, attributable recurring net income of RMB8.3bn, up 103% YoY, and attributable adjusted non-IFRS net income of RMB9.4bn, up 83% YoY.</li><li>The Company delivered resilient growth despite COVID-19 impacts through 2022, with revenue increasing by 71%/ 66%/ 78%/ 72% YoY for 1Q/ 2Q/ 3Q/ 4Q, respectively.</li><li>Considering the high revenue base of 2022, management guided positive revenue growth of 5-7% YoY for 2023E, and reiterated its revenue CAGR target of over 34% in 2021-24E. </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>

Strong earnings growth in 2022. WuXi AppTec reported 2022 revenue of RMB39.4bn, up 72% YoY, attributable recurring net income of RMB8.3bn, up 103% YoY, and attributable adjusted non-IFRS net income of RMB9.4bn, up 83% YoY.The Company delivered resilient growth despite COVID-19 impacts through 2022, with revenue increasing by 71%/ 66%/ 78%/ 72% YoY for 1Q/ 2Q/ 3Q/ 4Q, respectively.Considering the high revenue base of 2022, management guided positive revenue growth of 5-7% YoY for 2023E, and reiterated its revenue CAGR target of over 34% in 2021-24E. 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.

WuXi AppTec (603259 CH) – Non-COVID business to maintain solid growth