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

Joinn Laboratories China  Lt / Equity Bottom-Up

<ul><li>Joinn reported 2023 revenue of RMB2,376mn, up 4.8% YoY, and attributable net income of RMB338mn, down 66.9% YoY.</li><li>The decelerated revenue growth was due to subdued R&amp;D activities in Chinese pharmaceutical industry, leading to heightened competition and lower pricing.</li><li>The decline of attributable net income was primarily due to the RMB267mn fair value losses from biological assets, a non-operational, non-cash charge. Joinn’s laboratory services (its core business) recorded a net profit of RMB473mn in 2023, down 17.9% YoY, which can better reflect the profitability of its core business. </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.

Joinn reported 2023 revenue of RMB2,376mn, up 4.8% YoY, and attributable net income of RMB338mn, down 66.9% YoY.The decelerated revenue growth was due to subdued R&amp;D activities in Chinese pharmaceutical industry, leading to heightened competition and lower pricing.The decline of attributable net income was primarily due to the RMB267mn fair value losses from biological assets, a non-operational, non-cash charge. Joinn’s laboratory services (its core business) recorded a net profit of RMB473mn in 2023, down 17.9% YoY, which can better reflect the profitability of its core business. 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.

Joinn Laboratories (6127 HK) - Recovery Could Be Not Earlier than 1H24

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The "Monkey Price Index" could be a direct indicator of the fervor of biopharmaceutical development, and the accounting treatment of biological assets would have a big impact on Joinn’s performance.</li>
<li>The current business layout, strategy, revenue structure, CXO industry trend as well as the domestic negative policy impact would cast doubts on Joinn’s future development.</li>
<li>Based on our analysis, Joinn still lacks the strong logic to support its long-term growth and high valuation. Therefore, we are conservative about Joinn’s outlook at the current stage.</li>
</ul>


The "Monkey Price Index" could be a direct indicator of the fervor of biopharmaceutical development, and the accounting treatment of biological assets would have a big impact on Joinn’s performance.
The current business layout, strategy, revenue structure, CXO industry trend as well as the domestic negative policy impact would cast doubts on Joinn’s future development.
Based on our analysis, Joinn still lacks the strong logic to support its long-term growth and high valuation. Therefore, we are conservative about Joinn’s outlook at the current stage.


Joinn Laboratories (6127.HK) - Concerns Begin to Arise when the Monkeys Become More Expensive

<ul>
<li>Joinn reported 3Q23 revenue of RMB575mn, up 15.1% YoY, and attributable net income of RMB237mn, down 9.2% YoY.</li>
<li>3Q23 revenue accounted for 20.7% of our full-year estimate, in-line with its historical average, while attributable net income represented 57.5% of our full-year estimate, substantially higher than the historical average which was primarily due to RMB82mn fair value gain from biological assets in 3Q23 compared with RMB183mn fair value loss in 1H23.</li>
<li>Specifically, Joinn’s laboratory services (core business) recorded a net profit of RMB114mn in 3Q23, slightly down 2.9% YoY, while the net profit of lab services in 9M23 maintained YoY growth of 16.0%.</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.


Joinn reported 3Q23 revenue of RMB575mn, up 15.1% YoY, and attributable net income of RMB237mn, down 9.2% YoY.
3Q23 revenue accounted for 20.7% of our full-year estimate, in-line with its historical average, while attributable net income represented 57.5% of our full-year estimate, substantially higher than the historical average which was primarily due to RMB82mn fair value gain from biological assets in 3Q23 compared with RMB183mn fair value loss in 1H23.
Specifically, Joinn’s laboratory services (core business) recorded a net profit of RMB114mn in 3Q23, slightly down 2.9% YoY, while the net profit of lab services in 9M23 maintained YoY growth of 16.0%.

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.

Joinn Laboratories (6127 HK) – Wait longer for recovery

<ul><li>1H23 bottom-line miss. Joinn reported 1H23 revenue of RMB1,012mn, up 30% YoY, and attributable net income of RMB91mn, down 76% YoY.</li><li>In 1H23, revenue accounted for 34% of our full-year estimate, in-line with the historical average, while attributable net income represented 22% of our full-year estimate, lower than the historical average which was primarily due to the RMB199mn fair values loss from biological assets.</li><li>However, the Company’s laboratory services (core business) recorded a net profit of RMB195mn in 1H23, up 31% YoY, indicating a healthy business momentum amid the challenging macro environment in both domestic and international markets. </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 bottom-line miss. Joinn reported 1H23 revenue of RMB1,012mn, up 30% YoY, and attributable net income of RMB91mn, down 76% YoY.In 1H23, revenue accounted for 34% of our full-year estimate, in-line with the historical average, while attributable net income represented 22% of our full-year estimate, lower than the historical average which was primarily due to the RMB199mn fair values loss from biological assets.However, the Company’s laboratory services (core business) recorded a net profit of RMB195mn in 1H23, up 31% YoY, indicating a healthy business momentum amid the challenging macro environment in both domestic and international markets. 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.

Joinn Laboratories (6127 HK) – New Orders Slightly Recovered in 2Q23

<ul><li>Joinn released estimated preliminary results for 1H23E, expecting revenue of RMB973-1,051mn, up 25.3-35.3% YoY, and attributable net income of RMB73- 110mn, down 70.4-80.4% YoY.</li><li>Specifically, the Company expected its laboratory services (core business) to contribute net profit of RMB189-204mn in 1H23E, up 26.3-36.3% YoY, while incurring net loss from the change of fair value of biological assets of RMB177-189mn, compared with net fair value gain of biological assets of RMB121mn in 1H22.</li><li>We think the core business of Joinn has maintained a healthy growth momentum, which was a solid performance amid the challenging macro environment in both domestic and international markets, including the China-US tension and the declining healthcare funding leading to the adjustment of R&amp;D activities. </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.

Joinn released estimated preliminary results for 1H23E, expecting revenue of RMB973-1,051mn, up 25.3-35.3% YoY, and attributable net income of RMB73- 110mn, down 70.4-80.4% YoY.Specifically, the Company expected its laboratory services (core business) to contribute net profit of RMB189-204mn in 1H23E, up 26.3-36.3% YoY, while incurring net loss from the change of fair value of biological assets of RMB177-189mn, compared with net fair value gain of biological assets of RMB121mn in 1H22.We think the core business of Joinn has maintained a healthy growth momentum, which was a solid performance amid the challenging macro environment in both domestic and international markets, including the China-US tension and the declining healthcare funding leading to the adjustment of R&amp;D activities. 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.

Joinn Laboratories (6127 HK) – Core Business Maintains a Healthy Growth Momentum

China

Joinn Laboratories (China) Co., Ltd. operates as a medicines development company. The Company offers drug development, pharmaceutical analysis, pharmacologic testing, and other related services. Joinn Laboratories (China) also provides pesticide and medical device safety evaluation services.

Joinn Laboratories China Lt (6127 HK)

Joinn Laboratories (6127 HK) - Recovery Could Be Not Earlier than 1H24

Joinn reported 2023 revenue of RMB2,376mn, up 4.8% YoY, and attributable net income of RMB338mn, down 66.9% YoY. The decelerated revenue growth was...

CMB International

Joinn Laboratories (6127.HK) - Concerns Begin to Arise when the Monkeys Become More Expensive

Joinn is the company with the strongest cyclical attribute in CXO sector, mainly because its performance growth is closely related with changes in...

Xinyao (Criss) Wang

Joinn Laboratories (6127 HK) – Wait longer for recovery

Joinn reported 3Q23 revenue of RMB575mn, up 15.1% YoY, and attributable net income of RMB237mn, down 9.2% YoY. 3Q23 revenue accounted for 20.7% of...

CMB International

Joinn Laboratories (6127 HK) – New Orders Slightly Recovered in 2Q23

1H23 bottom-line miss. Joinn reported 1H23 revenue of RMB1,012mn, up 30% YoY, and attributable net income of RMB91mn, down 76% YoY.

CMB International

Joinn Laboratories (6127 HK) – Core Business Maintains a Healthy Growth Momentum

Joinn released estimated preliminary results for 1H23E, expecting revenue of RMB973-1,051mn, up 25.3-35.3% YoY, and attributable net income of...

CMB International