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

Dingdang Health Technology Gro / Equity Bottom-Up

<ul><li>Dingdang Health (Dingdang) reported healthy post-pandemic earnings growth for 2023.</li><li>Revenue reached RMB4,857mn, up 12.2% YoY, while the adjusted non-IFRS net loss was further narrowed by 17.2% YoY to RMB107mn, indicating continuous economies of scale.</li><li>Looking forward, we expect Dingdang to deliver steady revenue growth of 11.1%/ 12.2%/ 13.2% YoY in 2024E/ 25E/ 26E, considering its enhanced network scale and service capabilities as well as the growing penetration of online medicine purchasing supported by the promotion of online medical insurance payment by government. </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.

Dingdang Health (Dingdang) reported healthy post-pandemic earnings growth for 2023.Revenue reached RMB4,857mn, up 12.2% YoY, while the adjusted non-IFRS net loss was further narrowed by 17.2% YoY to RMB107mn, indicating continuous economies of scale.Looking forward, we expect Dingdang to deliver steady revenue growth of 11.1%/ 12.2%/ 13.2% YoY in 2024E/ 25E/ 26E, considering its enhanced network scale and service capabilities as well as the growing penetration of online medicine purchasing supported by the promotion of online medical insurance payment by government. 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.

Dingdang Health (9886 HK) - Expect Steady Growth with Policy Tailwinds

<ul><li>Better-than-expected margin improvement in 2022.</li><li>Dingdang reported 2022 revenue of RMB4,329mn, up 17.7% YoY, despite the negative impacts from COVID on new store openings and sales restrictions of “four-type medicines”.</li><li>Adjusted non-IFRS net loss was RMB129mn, substantially narrowed by 60.9% YoY, indicating continuously enhanced economies of scale. </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.

Better-than-expected margin improvement in 2022.Dingdang reported 2022 revenue of RMB4,329mn, up 17.7% YoY, despite the negative impacts from COVID on new store openings and sales restrictions of “four-type medicines”.Adjusted non-IFRS net loss was RMB129mn, substantially narrowed by 60.9% YoY, indicating continuously enhanced economies of scale. 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.

Dingdang Health (9886 HK) – Long-term growth outlook remains intact

<ul><li>We expect Dingdang to experience robust revenue growth of +24% YoY in 2022E, despite the negative impacts from COVID on new store openings and sales of “four-type medicines”.</li><li>Going forward, we see Dingdang’s business growth to accelerate to +29%/ +27% YoY in 2023E/ 24E with continuous cost saving from fulfilment and admin expenses, considering the post-pandemic business resumption and the growing penetration rate of online medicine purchasing in China retail pharmacy.</li><li>Accordingly, we forecast Dingdang to book adjusted net losses of RMB192mn/ RMB94mn in 2022E/ 23E and adjusted net profits of RMB29mn in 2024E</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.

We expect Dingdang to experience robust revenue growth of +24% YoY in 2022E, despite the negative impacts from COVID on new store openings and sales of “four-type medicines”.Going forward, we see Dingdang’s business growth to accelerate to +29%/ +27% YoY in 2023E/ 24E with continuous cost saving from fulfilment and admin expenses, considering the post-pandemic business resumption and the growing penetration rate of online medicine purchasing in China retail pharmacy.Accordingly, we forecast Dingdang to book adjusted net losses of RMB192mn/ RMB94mn in 2022E/ 23E and adjusted net profits of RMB29mn in 2024EContent 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.

Dingdang Health (9886 HK) – 2022 preview: Continuing to enhance long-term growth logic

<ul><li>Initiate at BUY. Dingdang Health is a pioneer in providing on-demand pharmaceutical retail services in China. </li><li>According to Frost &amp; Sullivan, the Company was the largest product and service provider in China’s on-demand digital pharmacy industry by revenue with a market share of 6.8%, as well as a top-three service provider in digital retail pharmacy by revenue with a market share of 1.0% in 2021.</li><li>Expanding network to enhance on-demand O2O service capabilities.</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.

Initiate at BUY. Dingdang Health is a pioneer in providing on-demand pharmaceutical retail services in China. According to Frost &amp; Sullivan, the Company was the largest product and service provider in China’s on-demand digital pharmacy industry by revenue with a market share of 6.8%, as well as a top-three service provider in digital retail pharmacy by revenue with a market share of 1.0% in 2021.Expanding network to enhance on-demand O2O service capabilities.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.

Dingdang Health (9886 HK) – Pioneer in China’s on-demand retail pharmacy industry

China

Dingdang Health Technology Group Ltd. offers health care services. The Company provides drug express, online medical consultation, chronic Disease and healthcare management, and other services. Dingdang Health Technology Group provides its services throughout China.

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Dingdang Health Technology Gro (9886 HK)

Dingdang Health (9886 HK) - Expect Steady Growth with Policy Tailwinds

Revenue reached RMB4,857mn, up 12.2% YoY, while the adjusted non-IFRS net loss was further narrowed by 17.2% YoY to RMB107mn, indicating continuous...

CMB International

Dingdang Health (9886 HK) – Long-term growth outlook remains intact

Dingdang reported 2022 revenue of RMB4,329mn, up 17.7% YoY, despite the negative impacts from COVID on new store openings and sales restrictions of...

CMB International

Dingdang Health (9886 HK) – 2022 preview: Continuing to enhance long-term growth logic

We expect Dingdang to experience robust revenue growth of +24% YoY in 2022E, despite the negative impacts from COVID on new store openings and...

CMB International

Dingdang Health (9886 HK) – Pioneer in China’s on-demand retail pharmacy industry

According to Frost & Sullivan, the Company was the largest product and service provider in China’s on-demand digital pharmacy industry by revenue...

CMB International

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