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 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

<ul><li>Joinn reported 1Q23 revenue of RMB369mn, up 36% YoY, and attributable net income of RMB188mn, up 50% YoY.</li><li>Revenue accounted for 12% of our fullyear estimate, in line with its historical average, while attributable net income represented 18% of our full-year forecast, higher than its historical average.</li><li>First quarter is usually the low season for Joinn. Net income from laboratory services, the core business of Joinn, increased by 34% YoY to RMB70mn in 1Q23. </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 1Q23 revenue of RMB369mn, up 36% YoY, and attributable net income of RMB188mn, up 50% YoY.Revenue accounted for 12% of our fullyear estimate, in line with its historical average, while attributable net income represented 18% of our full-year forecast, higher than its historical average.First quarter is usually the low season for Joinn. Net income from laboratory services, the core business of Joinn, increased by 34% YoY to RMB70mn in 1Q23. 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) – Maintaining strong growth momentum

<ul><li>Joinn reported revenue of RMB2,268mn and attributable net income of RMB1,074mn in 2022, up 50% and 93% YoY respectively.</li><li>Revenue was largely in line with our forecast while attributable net income beat our forecast by 19%.</li><li>Excluding fair value gains from biological asset, interest income, foreign exchange gain/loss and other non-recurring items, adjusted attributable net income would increase by 64% YoY to RMB577mn in 2022, representing an improved net margin of 25.4% (vs 23.2% in 2021).</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 revenue of RMB2,268mn and attributable net income of RMB1,074mn in 2022, up 50% and 93% YoY respectively.Revenue was largely in line with our forecast while attributable net income beat our forecast by 19%.Excluding fair value gains from biological asset, interest income, foreign exchange gain/loss and other non-recurring items, adjusted attributable net income would increase by 64% YoY to RMB577mn in 2022, representing an improved net margin of 25.4% (vs 23.2% in 2021).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) – Taping global markets for sustainable long-term growth

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.

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Joinn Laboratories China Lt (6127 HK)

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

Joinn Laboratories (6127 HK) – Maintaining strong growth momentum

First quarter is usually the low season for Joinn. Net income from laboratory services, the core business of Joinn, increased by 34% YoY to RMB70mn...

CMB International

Joinn Laboratories (6127 HK) – Taping global markets for sustainable long-term growth

Joinn reported revenue of RMB2,268mn and attributable net income of RMB1,074mn in 2022, up 50% and 93% YoY respectively.

CMB International

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