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

Jinxin Fertility Group  / Equity Bottom-Up

<ul><li>Jinxin Fertility (Jinxin) reported 2023 revenue of RMB2,789mn, up 18.0% YoY.</li><li>Non-IFRS adjusted net profit grew substantially by 72.0% YoY to RMB472mn.</li><li>Revenue was in line with our forecast while non-IFRS adjusted net income slightly missed our forecast by 5.7%, which was mainly attributed by one-off expenses of RMB31mn related to several lawsuits in the US. </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.

Jinxin Fertility (Jinxin) reported 2023 revenue of RMB2,789mn, up 18.0% YoY.Non-IFRS adjusted net profit grew substantially by 72.0% YoY to RMB472mn.Revenue was in line with our forecast while non-IFRS adjusted net income slightly missed our forecast by 5.7%, which was mainly attributed by one-off expenses of RMB31mn related to several lawsuits in the US. 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.

Jinxin Fertility (1951 HK) - Impressive Business Rebound in 2023

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

IVF Hospital Management Group Limited / Equity Capital Markets

<ul>
<li>IVF Hospital’s profitability and growth momentum look good at this stage, but the Company is still in early stage of development, with obvious gap with leading players in the industry.</li>
<li>IVF penetration rate in China is not high and the rate of improvement is slow. With public hospitals accounting for over 90% market share, IVF Hospital’s growth space is limited.</li>
<li>Licensing is a big barrier for development, slowing down the pace of nationwide expansion. The “good story” should be based on internationalization, which is actually the weakness of IVF Hospital.</li>
</ul>


IVF Hospital’s profitability and growth momentum look good at this stage, but the Company is still in early stage of development, with obvious gap with leading players in the industry.
IVF penetration rate in China is not high and the rate of improvement is slow. With public hospitals accounting for over 90% market share, IVF Hospital’s growth space is limited.
Licensing is a big barrier for development, slowing down the pace of nationwide expansion. The “good story” should be based on internationalization, which is actually the weakness of IVF Hospital.


Pre-IPO IVF Hospital Management Group - The Industry, the Business and the Risks Behind

Thematic (Sector/Industry)

<ul>
<li>Starting from November 1st 2023, Guangxi Zhuang Autonomous Region will include some therapeutic assisted reproductive medical services in the payment scope of basic medical insurance and work-related injury insurance funds.</li>
<li>Livzon’s 23Q3 performance was below expectations, which is related to China’s anti-corruption campaign started from 23H2. Considering the Chairman's proposal to repurchase shares, we should be more patient with Livzon.</li>
<li>BGI is still digesting the impact of COVID revenue, and would experience a performance low point in 2023.However, BGI belongs to the direction of national key science and technology projects.</li>
</ul>


Starting from November 1st 2023, Guangxi Zhuang Autonomous Region will include some therapeutic assisted reproductive medical services in the payment scope of basic medical insurance and work-related injury insurance funds.
Livzon’s 23Q3 performance was below expectations, which is related to China’s anti-corruption campaign started from 23H2. Considering the Chairman's proposal to repurchase shares, we should be more patient with Livzon.
BGI is still digesting the impact of COVID revenue, and would experience a performance low point in 2023.However, BGI belongs to the direction of national key science and technology projects.


China Population Policies Impact on Healthcare Companies Series - Part 3

Livzon Pharmaceutical Group In / Equity Bottom-Up

<ul>
<li>Several provinces have successively introduced policies to encourage childbirth. Increasing medical insurance reimbursement and special additional deduction standards for personal income tax would be the common direction. </li>
<li>This year is mainly a period of intensive introduction of relevant fertility support policies, so the impact on company’s performance is limited.The focus would be on next year's financial results.</li>
<li>We analyzed the performance of <a href="https://www.smartkarma.com/entities/livzon-pharmaceutical-group-in" target="_blank" data-smartkarma-citation="entities:24770:1" rel="noopener">Livzon Pharmaceutical Group In (000513 CH),</a><a href="https://www.smartkarma.com/entities/bgi-genomics-co-ltd" target="_blank" data-smartkarma-citation="entities:25890:1" rel="noopener">BGI Genomics (300676 CH)</a><a href="https://www.smartkarma.com/entities/livzon-pharmaceutical-group-in" target="_blank" data-smartkarma-citation="entities:24770:1" rel="noopener"> and </a><a href="https://www.smartkarma.com/entities/jinxin-fertility-group-ltd" target="_blank" data-smartkarma-citation="entities:28003:1" rel="noopener">Jinxin Fertility Group (1951 HK) </a>based on their 23H1 reports, and adjusted our forecast accordingly.</li>
</ul>


Several provinces have successively introduced policies to encourage childbirth. Increasing medical insurance reimbursement and special additional deduction standards for personal income tax would be the common direction. 
This year is mainly a period of intensive introduction of relevant fertility support policies, so the impact on company’s performance is limited.The focus would be on next year's financial results.
We analyzed the performance of Livzon Pharmaceutical Group In (000513 CH),BGI Genomics (300676 CH) and Jinxin Fertility Group (1951 HK) based on their 23H1 reports, and adjusted our forecast accordingly.


China Population Policies Impact on Healthcare Companies Series – Part 2

<ul><li>1H23 results inline. Jinxin reported 1H23 revenue of RMB1,334mn, up 17.2% YoY, and non-IFRS adjusted net profit of RMB255mn, slightly down 1.2% YoY.</li><li>In 1H23, revenue accounted for 46.2% of our full-year forecast, lower than its historical average, while non-IFRS adjusted net profit represented 50.3% of our full-year forecast, higher than its historical average.</li><li>Excluding the two hospitals in Yunnan consolidated from July 2022, the organic revenue growth of 6.4% YoY was mainly driven by the strong recovery in Shenzhen (revenue +13.8% YoY) and the US (revenue +21.0% YoY).</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.

1H23 results inline. Jinxin reported 1H23 revenue of RMB1,334mn, up 17.2% YoY, and non-IFRS adjusted net profit of RMB255mn, slightly down 1.2% YoY.In 1H23, revenue accounted for 46.2% of our full-year forecast, lower than its historical average, while non-IFRS adjusted net profit represented 50.3% of our full-year forecast, higher than its historical average.Excluding the two hospitals in Yunnan consolidated from July 2022, the organic revenue growth of 6.4% YoY was mainly driven by the strong recovery in Shenzhen (revenue +13.8% YoY) and the US (revenue +21.0% YoY).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.

Jinxin Fertility (1951 HK) – Recovery to Expedite in 2H23E

China

Jinxin Fertility Group Limited provides assisted reproductive services. The Company offers vitro fertilization services, embryo transfer services, management services, and other services. Jinxin Fertility Group also provides ancillary medical services.

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Jinxin Fertility Group (1951 HK)

Jinxin Fertility (1951 HK) - Impressive Business Rebound in 2023

Jinxin Fertility (Jinxin) reported 2023 revenue of RMB2,789mn, up 18.0% YoY. Non-IFRS adjusted net profit grew substantially by 72.0% YoY to...

CMB International

Pre-IPO IVF Hospital Management Group - The Industry, the Business and the Risks Behind

IVF Hospital's current performance growth looks healthy. However, due to licensing barriers/competitive landscape, future expansion space is...

Xinyao (Criss) Wang

China Population Policies Impact on Healthcare Companies Series - Part 3

We updated the most recent changes in relevant fertility support policies in China. Meanwhile, we also analyzed our views on the performance and...

Xinyao (Criss) Wang

China Population Policies Impact on Healthcare Companies Series – Part 2

Several regions have successively introduced policies to encourage childbirth, so we analyzed the recent policy updates. Based on Livzon/BGI...

Xinyao (Criss) Wang

Jinxin Fertility (1951 HK) – Recovery to Expedite in 2H23E

1H23 results inline. Jinxin reported 1H23 revenue of RMB1,334mn, up 17.2% YoY, and non-IFRS adjusted net profit of RMB255mn, slightly down 1.2% YoY.

CMB International

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