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.

Thematic (Sector/Industry)

<ul><li>Feb cosmetics sales data shows that domestic brands were focusing on Douyin, with a particularly strong growth in skincare segment.</li><li>In the first two months, Giant Biogene (GB) and Mao GePing (MGP) had notable growth, while Marubi and Shanghai Jahwa (Jahwa) improved significantly, with growth surpassing that of each quarter in 2024 (Figure 1).</li><li>During the Women’s Day promotion week, MGP shined, topping the Douyin makeup chart. Proya and Kans retained the top spots on Tmall and Douyin cosmetics rankings (skincare + makeup). </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.

Feb cosmetics sales data shows that domestic brands were focusing on Douyin, with a particularly strong growth in skincare segment.In the first two months, Giant Biogene (GB) and Mao GePing (MGP) had notable growth, while Marubi and Shanghai Jahwa (Jahwa) improved significantly, with growth surpassing that of each quarter in 2024 (Figure 1).During the Women’s Day promotion week, MGP shined, topping the Douyin makeup chart. Proya and Kans retained the top spots on Tmall and Douyin cosmetics rankings (skincare + makeup). 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.

Consumer Staples - Mao Geping & Giant Bio Surged, Marubi & Jahwa Had a Strong Start

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Industry viewpoints:<ul>
<li>The intensive procurement of high-value orthopedic consumables officially kicked off.</li>
<li>Recently, the National Health Commission issued related document about the long-term prescription management.</li>
<li>In the past three years, the domestic patch-type medical skin repair dressing market has grown rapidly, with a CAGR exceeding 40%.</li>
</ul>Company news:News about the updated progress of new drugs and sites inspections from <a href="https://www.smartkarma.com/entities/antengene-corp-ltd" target="_blank" data-smartkarma-citation="entities:29705:1" rel="noopener">Antengene (6996 HK)</a>, <a href="https://www.smartkarma.com/entities/wuxi-apptec" target="_blank" data-smartkarma-citation="entities:23679:1" rel="noopener">Wuxi Biologics (2269 HK)</a>, <a href="https://www.smartkarma.com/entities/beigene-ltd" target="_blank" data-smartkarma-citation="entities:27352:1" rel="noopener">BeiGene Ltd (6160 HK)</a> and <a href="https://www.smartkarma.com/entities/everest-medicines-ltd" target="_blank" data-smartkarma-citation="entities:29224:1" rel="noopener">Everest Medicines (1952 HK).</a>Market review:Last week, stock price for healthcare sector in A share decreased 0.89%, while CSI 300 decreased 2.45% over the same period of time.Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:
The intensive procurement of high-value orthopedic consumables officially kicked off.
Recently, the National Health Commission issued related document about the long-term prescription management.
In the past three years, the domestic patch-type medical skin repair dressing market has grown rapidly, with a CAGR exceeding 40%.
Company news:News about the updated progress of new drugs and sites inspections from Antengene (6996 HK), Wuxi Biologics (2269 HK), BeiGene Ltd (6160 HK) and Everest Medicines (1952 HK).Market review:Last week, stock price for healthcare sector in A share decreased 0.89%, while CSI 300 decreased 2.45% over the same period of time.Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Equity Capital Markets

<ul>
<li>Since listing, PROYA's revenue has maintained double-digit growth rate. But in 2025, PROYA lost its momentum. While core brand PROYA was struggling, the multi-brand matrix failed to turn the tide.</li>
<li>The competition for traffic among major brands is becoming increasingly fierce, and the cost of acquiring customers is rising, which has led to the high and growing expenses of PROYA.</li>
<li>Considering PROYA’s current situation of slowing growth, a certain valuation discount may occur. The reasonable P/E ratio range could be 20-25x, lower than peers such as <a href="https://www.smartkarma.com/entities/mao-geping-cosmetics-co-ltd-41b64ec7-42e1-4d89-9424-b63b5ba53ea4" target="_blank" data-smartkarma-citation="entities:1521:1" rel="noopener">Mao Geping</a>, <a href="https://www.smartkarma.com/entities/shanghai-chicmax-cosmetic-co-ltd" target="_blank" data-smartkarma-citation="entities:35503:1" rel="noopener">Chicmax.</a>
</li>
</ul>


Since listing, PROYA's revenue has maintained double-digit growth rate. But in 2025, PROYA lost its momentum. While core brand PROYA was struggling, the multi-brand matrix failed to turn the tide.
The competition for traffic among major brands is becoming increasingly fierce, and the cost of acquiring customers is rising, which has led to the high and growing expenses of PROYA.
Considering PROYA’s current situation of slowing growth, a certain valuation discount may occur. The reasonable P/E ratio range could be 20-25x, lower than peers such as Mao Geping, Chicmax.



Pre-IPO Proya Cosmetics (A/H Listing)- The Downward Trend in Performance May Be Difficult to Reverse

Global Healthcare Analyst

Tina Banerjee

Forest Cabin Cosmetics / Equity Capital Markets

<ul>
<li>Shanghai Forest Cabin launched its Hongkong IPO aiming to raise up to HK$1086.2M. The company plans to sell 13.97M shares at HK$77.77 per share.</li>
<li>Shanghai Forest Cabin (SFC) are a premium domestic skincare brand in China with a focus on the anti-wrinkle and firming skincare market, under their flagship brand Forest Cabin.</li>
<li>The company’s business model is robust. We think Shanghai Forest Cabin issue is attractively priced and investors can surely look to invest in this growth story.</li>
</ul>


Shanghai Forest Cabin launched its Hongkong IPO aiming to raise up to HK$1086.2M. The company plans to sell 13.97M shares at HK$77.77 per share.
Shanghai Forest Cabin (SFC) are a premium domestic skincare brand in China with a focus on the anti-wrinkle and firming skincare market, under their flagship brand Forest Cabin.
The company’s business model is robust. We think Shanghai Forest Cabin issue is attractively priced and investors can surely look to invest in this growth story.


Shanghai Forest Cabin IPO: Delivers Essence-Tial Growth, Investors Can Put A Skin in The Game

Chando Global Holding / Equity Capital Markets

<ul>
<li>Revenue growth is just at the industry level and the growth rate is lower than the CAGR of market size of domestic brands. So, CHANDO is not a fast-growing company.</li>
<li>Profit margin is disappointing due to high selling and marketing costs. Net profit fluctuated. This reflects that CHANDO’s profit model is not yet stable, with relatively weak risk resistance capacity</li>
<li>Due to lower performance growth and profit margin, we think valuation of CHANDO would be lower than peers such as <a href="https://www.smartkarma.com/entities/giant-biogene-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:35950:1" rel="noopener">Giant Biogene</a>, <a href="https://www.smartkarma.com/entities/mao-geping-cosmetics-co-ltd-41b64ec7-42e1-4d89-9424-b63b5ba53ea4" target="_blank" data-smartkarma-citation="entities:1521:1" rel="noopener">Mao Geping</a>, <a href="https://www.smartkarma.com/entities/shanghai-chicmax-cosmetic-co-ltd" target="_blank" data-smartkarma-citation="entities:35503:1" rel="noopener">Chicmax </a>in Hong Kong market. </li>
</ul>


Revenue growth is just at the industry level and the growth rate is lower than the CAGR of market size of domestic brands. So, CHANDO is not a fast-growing company.
Profit margin is disappointing due to high selling and marketing costs. Net profit fluctuated. This reflects that CHANDO’s profit model is not yet stable, with relatively weak risk resistance capacity
Due to lower performance growth and profit margin, we think valuation of CHANDO would be lower than peers such as Giant Biogene, Mao Geping, Chicmax in Hong Kong market. 


Pre-IPO Chando Global Holding - Low Growth and Profitability Are Pain Points

China

Guangdong Marubi Biotechnology Co., Ltd. manufactures cosmetics products. The Company produces water creams, clean creams, masks, eye creams, and other products. Guangdong Marubi Biotechnology markets its products throughout China.

Guangdong Marubi Biotechnology (603983 CH)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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Dividend (Yield)	0.00

Guangdong Marubi Biotechnology (603983 CH)

Consumer Staples - Mao Geping & Giant Bio Surged, Marubi & Jahwa Had a Strong Start

Feb cosmetics sales data shows that domestic brands were focusing on Douyin, with a particularly strong growth in skincare segment.

CMB International

China Healthcare Weekly (Apr.9)

The article analyzed intensive procurement of high-value orthopedic consumables,new policy about long-term prescription management,the patch-type...

Xinyao (Criss) Wang

Pre-IPO Proya Cosmetics (A/H Listing)- The Downward Trend in Performance May Be Difficult to Reverse

PROYA's growth slowed in 2025 due to revenue slowdown of core brand, intense competition, rising customer acquisition cost, thus leading to...

Xinyao (Criss) Wang

Shanghai Forest Cabin IPO: Delivers Essence-Tial Growth, Investors Can Put A Skin in The Game

Shanghai Forest Cabin launched IPO to raise HK$1B, offering premium skincare products with a focus on anti-wrinkle and firming market....

Tina Banerjee

Pre-IPO Chando Global Holding - Low Growth and Profitability Are Pain Points

CHANDO's slow revenue growth and low profit margin suggest lower valuation compared to peers in the Hong Kong market. CHANDO’s profit model is not...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Consumer Staples - Mao Geping & Giant Bio Surged, Marubi & Jahwa Had a Strong Start

Feb cosmetics sales data shows that domestic brands were focusing on Douyin, with a particularly strong growth in skincare segment.

CMB International

China Healthcare Weekly (Apr.9)

The article analyzed intensive procurement of high-value orthopedic consumables,new policy about long-term prescription management,the patch-type...

Xinyao (Criss) Wang

Pre-IPO Proya Cosmetics (A/H Listing)- The Downward Trend in Performance May Be Difficult to Reverse

​PROYA's growth slowed in 2025 due to revenue slowdown of core brand, intense competition, rising customer acquisition cost, thus leading to...

Xinyao (Criss) Wang

Shanghai Forest Cabin IPO: Delivers Essence-Tial Growth, Investors Can Put A Skin in The Game

​Shanghai Forest Cabin launched IPO to raise HK$1B, offering premium skincare products with a focus on anti-wrinkle and firming market....

Tina Banerjee

Pre-IPO Chando Global Holding - Low Growth and Profitability Are Pain Points

​CHANDO's slow revenue growth and low profit margin suggest lower valuation compared to peers in the Hong Kong market. CHANDO’s profit model is not...

Xinyao (Criss) Wang

PROYA's growth slowed in 2025 due to revenue slowdown of core brand, intense competition, rising customer acquisition cost, thus leading to...

Shanghai Forest Cabin launched IPO to raise HK$1B, offering premium skincare products with a focus on anti-wrinkle and firming market....

CHANDO's slow revenue growth and low profit margin suggest lower valuation compared to peers in the Hong Kong market. CHANDO’s profit model is not...