重申2026财年收入指引并提供中期收入增长目标

Quick Note 2o%revenueCAGRtargetedforthenextthreeyearsOn 31 May evening, the company posted business updates for 4M26 and outlook for 2026E; we summarize the key contents below. China Health Care & PharmaceuticalsJialin Zhang, CFA, CPA- NIHK around two-thirds of these projects came from the US and the EU. The number ofphase Ill projects rose to 78 while that of commercial stage stayed at 25, unchangedfrom that in end-2025. Total integrated projects came to 982 (vs 945 by end-2025) in4M26, among which bi-/multi-specifics accounted for 211. Newly added bi-/multi-specifics projects grew by 50%+ y-y as of 4M26.2. Management reaffirmed 13-17% y-y growth (16%-20% y-y growth excluding FX) in jialin.zhang@nomura.com+852 2252 6134 2026E revenue.partially driven by top three manufacturing projects with eachgenerating over USD100mn in 2026E. It also expects a 20% CAGR of revenue over2026-29E,ledbya30%CAGRinmanufacturing(M)revenuethatwouldbepartiallydriven by additional manufacturing projects, with each generating USD100mn+ peryear. Alongwithsharebuyback,thisvoluntaryupdate suggests solid operation andundervalued shareprice.MaintainBuyand'TPofHKD50.54Earlier this week, the company announced to a share buyback, no more than USD4oomn to repurchase up to 407mn shares. The high revenue growth target for 2027-2029Eprovided by management suggests a healthy trend, especially with regard to M revenue,one of its investors'keyfocusareas.In ourview,the sharebuyback andupdatearepositive signals by management that the share price is undervalued. Note that Wuxi Bioshare price has declined 17% vs the HSI's 5% retreat over the past 60 days WemaintainourBuy ratingandDCF-basedTPofHKD50.54 (assuminga WACCoftradesat21.7xFY26FfullydilutedEPSofCNY1.40 The company will hold an updatecall on 8amand8pm HKT1 June. Appendix A-1 See Disclaimers for Nomura Group entity details. Analyst Certification subject securities orissuers referred to in this Research report, (2) no part of my compensation was, is or will be directly or indirectly related tcthe specific recommendations or views expressed in this Research report and (3) no part of my compensation is tied to any specific investmentbanking transactions performed by Nomura Securities International, Inc., Nomura International plc or any other Nomura Group company. IssuerSpecific Regulatory Disclosures Securities International, Inc. (NSI") and Instinet, LLC (ILLC), U. S. registered broker dealers and members of SIPC. A1o The Nomura Group is a registered market maker in the securities /related derivatives of the issuer. ValuationMethodologyOurtargetpriceofHKD50.54isbasedonaDCFmodel,assumingWACC10.1%andterminalgrowthof 4.0%.The benchmark indexfor the stock is Hang Seng Indexgeopoliticaltensions ImportantDisclosures Onlineavailabilityof research andconflict-of-interestdisclosures Nomura Group research is available on www.nomuranow.com/research, Bloomberg, Capital IQ, Factset, LSEGImportant disclosures may be read at http://go.nomuranow.com/research/m/Disclosures or requested from Nomura Securities International, Inc.If you have any difficulties with the website, please email grpsupport@nomura.com for help. The analysts responsible for preparing this report have received compensation based upon various factors including the firm's total revenues, aportion of which is generated by Investment Banking activities. Unless otherwise noted, the non-US analysts listed at the front of this report arenot registered/qualified as research analysts under FINRA rules,may not be associated persons of NSl, and may not be subject to FINRA Rule the Commodities Futures Trading Commission and the National Futures Association (NFA)as swap dealers.NGFP, NDPl,and Nlplc are The distribution of all ratings published by Nomura Group Global Equity Research is as follows: 57% have been assigned a Buy rating which, for purposes of mandatory disclosures, are classified as a Buy rating; 34% of companies with this with this rating were supplied material services** by the Nomura Group.41%havebeen assigned aNeutral rating which,forpurposes of mandatory disclosures,is classified as a Hold rating;57%of companies with this rating are investment banking clients of the Nomura Group*. 0% of companies (which are admitted to trading on a regulated market in theEEA) with this rating were supplied material services by the Nomura Group2% have been assigned a Reduce rating which, for purposes of mandatory disclosures, are classified as a Sell rating; 0% of companies with this rating are investment banking clients of the Nomura Group* 0% of companies (which are admitted to trading on a regulated market in the EEA)with this rating were supplied material services by the Nomura GroupAs at 31March2026 *The Nomura Groupas defined in the Disclaimer section at the end of this report.** As definedbythe EUMarket AbuseRegulation Definition of Nomura Group's equity research rating system and sectors The rating system is a relati