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>Impressive top-line growth in 1H23. WuXi Bio reported 1H23 revenue of RMB8,492mn, up 17.8% YoY, attributable net income of RMB2,268mn, down 10.6% YoY, and attributable adjusted net income of RMB2,838mn, up 0.1% YoY.</li><li>1H23 revenue impressively beat its previous guidance of low-teens growth, mainly attributable to the strong 59.7% YoY growth of non-COVID revenue.</li><li>Despite the sizable capacity additions in 2022 (i.e., MFG7 in Ireland and MFG8 in Shijiazhuang, each with a capacity of 48k L) and the challenging macro environment, WuXi Bio maintained an industry-leading gross profit margin (GPM) of 41.9% in 1H23 vs 47.4% in 1H22 (adjusted GPM of 47.0% in 1H23 vs 53.4% in 1H22). </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>

Impressive top-line growth in 1H23. WuXi Bio reported 1H23 revenue of RMB8,492mn, up 17.8% YoY, attributable net income of RMB2,268mn, down 10.6% YoY, and attributable adjusted net income of RMB2,838mn, up 0.1% YoY.1H23 revenue impressively beat its previous guidance of low-teens growth, mainly attributable to the strong 59.7% YoY growth of non-COVID revenue.Despite the sizable capacity additions in 2022 (i.e., MFG7 in Ireland and MFG8 in Shijiazhuang, each with a capacity of 48k L) and the challenging macro environment, WuXi Bio maintained an industry-leading gross profit margin (GPM) of 41.9% in 1H23 vs 47.4% in 1H22 (adjusted GPM of 47.0% in 1H23 vs 53.4% in 1H22). 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 Biologics (2269 HK) – Impressive post-pandemic performance

Wuxi Biologics

WuXi Biologics (2269 HK) – Impressive post-pandemic performance