External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

Angelalign Technology  / Equity Bottom-Up

<ul><li>Angelalign reported strong 1H25 results, with revenue increasing 33% YoY to US$161mn, primarily driven by the rapid expansion of its overseas business.</li><li>Total clear aligner case volume reached 225,800, up 48% YoY and accounting for 51.7% of our previous full-year estimate, exceeding the historical average of ~41%.</li><li>Attributable net profit margin improved significantly to 9.1% (+6.5ppts YoY), supported by effective cost control measures and delays in staff recruitment and the delayed operation of overseas manufacturing facilities. </li></ul>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.

Angelalign reported strong 1H25 results, with revenue increasing 33% YoY to US$161mn, primarily driven by the rapid expansion of its overseas business.Total clear aligner case volume reached 225,800, up 48% YoY and accounting for 51.7% of our previous full-year estimate, exceeding the historical average of ~41%.Attributable net profit margin improved significantly to 9.1% (+6.5ppts YoY), supported by effective cost control measures and delays in staff recruitment and the delayed operation of overseas manufacturing facilities. 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.

Angelalign (6699 HK) - Overseas Business Drives Revenue Growth

<ul><li>Founded in 2003, Angelalign is a leading provider of clear aligner treatment solutions in China.</li><li>For four consecutive years since 2021, Angelalign has maintained its No.1 market share in China's clear aligner market.</li><li>Angelalign achieved a robust revenue CAGR of 23.8% (in USD terms based on historical exchange rates) from 2019 to 2024. </li></ul>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.

Founded in 2003, Angelalign is a leading provider of clear aligner treatment solutions in China.For four consecutive years since 2021, Angelalign has maintained its No.1 market share in China's clear aligner market.Angelalign achieved a robust revenue CAGR of 23.8% (in USD terms based on historical exchange rates) from 2019 to 2024. 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.

Angelalign (6699 HK) - Domestic clear aligner leader accelerating global expansion

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 28th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Alibaba, Kuaishou, CMB, Tencent, SMIC, Xiaomi.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 28th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Kuaishou, CMB, Tencent, SMIC, Xiaomi.


HK Connect Flows Weekly (Nov 28th): Alibaba, Kuaishou, CMB, Tencent, SMIC, Xiaomi

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 26th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Alibaba, Shandong Hi-Speed, Meituan, Tencent, China Mobile, CSPC Pharma, China Telecom, HKEx, Hua Hong Semiconductor.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 26th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Shandong Hi-Speed, Meituan, Tencent, China Mobile, CSPC Pharma, China Telecom, HKEx, Hua Hong Semiconductor.


HK Connect Flows Weekly (Sep 26th): Alibaba, Shandong Hi-Speed, Meituan, Tencent, China Mobile

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 19th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Alibaba, Beigene, China Pacific Insurance, Duality Biotherapeutics, Xiaomi, Tencent, ICBC, Great Wall Motor.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 19th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Beigene, China Pacific Insurance, Duality Biotherapeutics, Xiaomi, Tencent, ICBC, Great Wall Motor.


HK Connect Flows Weekly (Sep 19th): Alibaba, Beigene, China Pacific Insurance

China

Angelalign Technology Inc. produces and sells medical devices. The Company manufactures and sells Invisible orthodontic without brackets aligner and other products. Angelalign Technology markets its products throughout China.

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Angelalign Technology (6699 HK)

Angelalign (6699 HK) - Overseas Business Drives Revenue Growth

Angelalign reported strong 1H25 results, with revenue increasing 33% YoY to US$161mn, primarily driven by the rapid expansion of its overseas...

CMB International

Angelalign (6699 HK) - Domestic clear aligner leader accelerating global expansion

We expect Angelalign to benefit from an improving domestic competitive landscape and rapid overseas expansion, sustaining strong revenue growth...

CMB International

HK Connect Flows Weekly (Nov 28th): Alibaba, Kuaishou, CMB, Tencent, SMIC, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Kuaishou, CMB, Tencent, SMIC, Xiaomi.

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Sep 26th): Alibaba, Shandong Hi-Speed, Meituan, Tencent, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba (9988 HK), Shandong Hi-Speed (412 HK), Meituan...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Sep 19th): Alibaba, Beigene, China Pacific Insurance

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Beigene, China Pacific Insurance, Duality...

Ke Yan, CFA, FRM

Price Gauge

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