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 / 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

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 24th.</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 BOC, CCB, ICBC, Zto Express, Tencent, Meituan, Xiaomi, CNOOC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 24th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for BOC, CCB, ICBC, Zto Express, Tencent, Meituan, Xiaomi, CNOOC.


Hong Kong Connect Flows (May 24th): BOC, CCB, ICBC, Zto Express, Tencent, Meituan, Xiaomi, CNOOC

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 17th.</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 BOC, Sinopec, CNOOC, HSBC, Kuaishou Technology, Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 17th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for BOC, Sinopec, CNOOC, HSBC, Kuaishou Technology, Tencent.


Hong Kong Connect Flows (May 17th): BOC, Sinopec, CNOOC, HSBC, Kuaishou Technology, Tencent

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>YSB's business model is closer to that of pharmaceutical distribution enterprises, who could carry out businesses similar to YSB based on huge market share/resource advantages/financial strength. YSB’s moat isn't high.</li>
<li>The business structure of “Self-operation Business + Online Marketplace” of YSB could involve certain policy risks. Given the nature of its business, YSB’s profit margin is difficult to improve significantly.</li>
<li>
<a href="https://www.smartkarma.com/entities/ysb-inc" target="_blank" data-smartkarma-citation="entities:35982:1" rel="noopener">YSB Inc (YSB HK)</a>’s revenue scale could encounter bottlenecks after reaching a certain stage of growth. The valuation of YSB should be lower than that of traditional pharmaceutical distribution enterprises.</li>
</ul>


YSB's business model is closer to that of pharmaceutical distribution enterprises, who could carry out businesses similar to YSB based on huge market share/resource advantages/financial strength. YSB’s moat isn't high.
The business structure of “Self-operation Business + Online Marketplace” of YSB could involve certain policy risks. Given the nature of its business, YSB’s profit margin is difficult to improve significantly.

YSB Inc (YSB HK)’s revenue scale could encounter bottlenecks after reaching a certain stage of growth. The valuation of YSB should be lower than that of traditional pharmaceutical distribution enterprises.


Pre IPO YSB Inc (PHIP Updates) - Low Margins Are Inevitable; Valuation Upside Potential Is Limited

<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

China

Dingdang Health Technology provides digital healthcare services and is engaged in the pharmaceutical and healthcare business. The company offers online medical consultation, chronic disease management, health portfolio management, and directly observed therapy (DOT) medication adherence services, alongside a range of health products through online and offline channels. It was founded in 2014 and is headquartered in Beijing, China.

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Dingdang Health Technology (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

Hong Kong Connect Flows (May 24th): BOC, CCB, ICBC, Zto Express, Tencent, Meituan, Xiaomi, CNOOC

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for BOC, CCB, ICBC, Zto Express, Tencent, Meituan, Xiaomi, CNOOC.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (May 17th): BOC, Sinopec, CNOOC, HSBC, Kuaishou Technology, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for BOC, Sinopec, CNOOC, HSBC, Kuaishou Technology, Tencent.

Ke Yan, CFA, FRM

Pre IPO YSB Inc (PHIP Updates) - Low Margins Are Inevitable; Valuation Upside Potential Is Limited

YSB's business doesn't have high moat.It mainly compete for the small market not covered by SOE pharmaceutical distributors,with limited growth...

Xinyao (Criss) Wang

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

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