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

<ul><li>Jinxin Fertility (Jinxin) reported 1H24 revenue of RMB1,444mn, up 8.2% YoY, and non-IFRS adjusted net profit of RMB260mn, up 1.8% YoY.</li><li>Revenue/ non-IFRS adjusted net income represented 45.4%/ 47.7% of our previous full-year forecasts, both of which are in line with its pre-pandemic levels.</li><li>The number of IVF treatment cycles performed by Jinxin increased by 2.2% YoY to 15,051 in 1H24, which was negatively impacted by the delayed demand for assisted reproductive services (ARS) due to the pending launch of National Medical Insurance (NMI) coverage.</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 1H24 revenue of RMB1,444mn, up 8.2% YoY, and non-IFRS adjusted net profit of RMB260mn, up 1.8% YoY.Revenue/ non-IFRS adjusted net income represented 45.4%/ 47.7% of our previous full-year forecasts, both of which are in line with its pre-pandemic levels.The number of IVF treatment cycles performed by Jinxin increased by 2.2% YoY to 15,051 in 1H24, which was negatively impacted by the delayed demand for assisted reproductive services (ARS) due to the pending launch of National Medical Insurance (NMI) coverage.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) - Eyes on the Progress of Medical Insurance Coverage

<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

<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

<ul><li>2022 earnings impacted by COVID outbreaks. Jinxin reported 2022 revenue of RMB2,364mn, up 29% YoY, and non-IFRS adjusted net profit of RMB274mn, down 40% YoY.</li><li>Revenue was in line with our forecasts while non-IFRS adjusted net profit missed our forecast by 21%, mainly due to the negative impact from COVID-19 outbreaks in cities where Jinxin operates, mainly Shenzhen and Chengdu.</li><li>By segment, revenue from Chengdu accounted for 59% of total revenue in 2022, increased by 57% YoY, thanks to business consolidation of Jinxin Women and Children Hospital (WCH).</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.

2022 earnings impacted by COVID outbreaks. Jinxin reported 2022 revenue of RMB2,364mn, up 29% YoY, and non-IFRS adjusted net profit of RMB274mn, down 40% YoY.Revenue was in line with our forecasts while non-IFRS adjusted net profit missed our forecast by 21%, mainly due to the negative impact from COVID-19 outbreaks in cities where Jinxin operates, mainly Shenzhen and Chengdu.By segment, revenue from Chengdu accounted for 59% of total revenue in 2022, increased by 57% YoY, thanks to business consolidation of Jinxin Women and Children Hospital (WCH).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) – Expect post-pandemic business recovery

<ul><li>The multi-region operations (including Chengdu, Shenzhen, Wuhan, HK and US) of Jinxin in 2022 were adversely impacted by the strict pandemic control measures in China as well as the forced halt of cross-border IVF services at Jinxin’s US branch.</li><li>Given the harsh macro environment throughout the year of 2022, we expect Jinxin’s financial performance to be sluggish, especially at the net profit side.</li><li>However, as Chinese government changed its pandemic control policies in end-2022, we see an overall business recovery in 2023 for Jinxin. </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.

The multi-region operations (including Chengdu, Shenzhen, Wuhan, HK and US) of Jinxin in 2022 were adversely impacted by the strict pandemic control measures in China as well as the forced halt of cross-border IVF services at Jinxin’s US branch.Given the harsh macro environment throughout the year of 2022, we expect Jinxin’s financial performance to be sluggish, especially at the net profit side.However, as Chinese government changed its pandemic control policies in end-2022, we see an overall business recovery in 2023 for Jinxin. 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) – Eyes on the post-pandemic business recovery

China

Jinxin Fertility Group is a leading international provider of assisted reproductive services (ARS) and assisted reproductive technology (ART). Its core offerings include In Vitro Fertilization (IVF), Intrauterine Insemination (IUI), egg retrieval, embryo transfer, and genetic screening, alongside a range of women's health services. The company is headquartered in Chengdu, China, and was founded in 1951.

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Jinxin Fertility (1951 HK)