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

<div><div><div><div><ul><li>3Q22 earnings in line. WuXi AppTec reported 3Q22 revenue of RMB10.64bn, up 78% YoY (71%/66% YoY for 1Q/2Q22), attributable recurring net income of RMB2.38bn, up 143% YoY (106%/65% YoY for 1Q/2Q22), and attributable adjusted Non-IFRS net income of RMB2.47bn, up 82% YoY (118%/49% YoY for 1Q/2Q22).</li><li>The Company has experienced a strong recovery from COVID-19 disruption in 2Q22. Earnings are in line with our forecasts with 3Q22 revenue / adjusted Non-IFRS net income accounting for 27%/28%, respectively, of our 2022 full-year estimates.</li><li>Revenue growth in 3Q22 accelerated by 2.3 ppts to 80% YoY and adjusted Non-IFRS GPM improved by 2.3 ppts YoY to 38.6% under constant currency exchange rates. </li></ul></div></div></div></div><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>

3Q22 earnings in line. WuXi AppTec reported 3Q22 revenue of RMB10.64bn, up 78% YoY (71%/66% YoY for 1Q/2Q22), attributable recurring net income of RMB2.38bn, up 143% YoY (106%/65% YoY for 1Q/2Q22), and attributable adjusted Non-IFRS net income of RMB2.47bn, up 82% YoY (118%/49% YoY for 1Q/2Q22).The Company has experienced a strong recovery from COVID-19 disruption in 2Q22. Earnings are in line with our forecasts with 3Q22 revenue / adjusted Non-IFRS net income accounting for 27%/28%, respectively, of our 2022 full-year estimates.Revenue growth in 3Q22 accelerated by 2.3 ppts to 80% YoY and adjusted Non-IFRS GPM improved by 2.3 ppts YoY to 38.6% under constant currency exchange rates. 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) – Strong Recovery Post COVID-19 Disruption