Healthcare - China (H/A): What Drives Market Interest: Three Paths, One Globalization Story

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Healthcare - China (H/A): What Drives Market Interest: Three Paths, One Globalization Story

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Healthcare - China (H/A)

What Drives Market Interest: Three Paths,

One Globalization Story

Industry Overview

Market focus remains on globalization opportunities 03 July 2026

Against a weak macro backdrop, including persistent medical insurance pricing pressure Equity

and soft consumption, investors’ focus shifts further toward companies with credible China

globalization exposure. This view was reinforced during our marketing activities in New Healthcare

York, Singapore and HK in June. Below, we summarize three key globalization themes. David Li >>

Research Analyst

Overseas revenue as the clearest globalization path Merrill+852 3508Lynch4531(Hong Kong)

Companies with significant overseas revenue exposure remain among the most direct davidbo.li@bofa.com

beneficiaries of the globalization theme. CRO/CDMO companies are the most prominent Ethan Cui >>

examples, supported by their global customer base and diversified revenue mix. Under ResearchMerrill LynchAnalyst(Hong Kong)

our coverage, WuXi Apptec, Pharmaron, Asymchem and WuXi Bio generated ethan.cui@bofa.com

87.4%/84.8%/73.8%/87.7% of revenue from overseas markets in 2025, respectively. Sandra Sun >>

Meanwhile, with the Biosecure Act and the 1260H list’s limited impact on the sector, Merrill Lynch (Hong Kong)

investor sentiment toward these companies has improved. We believe high overseas sandra.sun@bofa.com

revenue exposure, resilient global demand and ample order backlogs provide relatively

strong growth visibility. Beyond the CRO/CDMOs, BeOne is a notable example within the

CRO: Contract Research Organizationpharma/biotech space, with strong overseas revenue contribution driven by Brukinsa’s