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

Shanghai United Imaging Health / Equity Bottom-Up

<ul><li>United Imaging (UIH) reported strong 9M25 results, with revenue of RMB8.9bn (+27% YoY), reaching 69% of our prior full-year estimate and exceeding the historical average of ~65%.</li><li>The sharp 75% YoY revenue growth in 3Q25 was driven by a significant recovery in domestic equipment procurement, sustained overseas growth momentum, and a low base in 3Q24.</li><li>Domestic demand remained solid, with the value of medical imaging tenders up by 55% YoY in 3Q25, according to Joinchain. </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.

United Imaging (UIH) reported strong 9M25 results, with revenue of RMB8.9bn (+27% YoY), reaching 69% of our prior full-year estimate and exceeding the historical average of ~65%.The sharp 75% YoY revenue growth in 3Q25 was driven by a significant recovery in domestic equipment procurement, sustained overseas growth momentum, and a low base in 3Q24.Domestic demand remained solid, with the value of medical imaging tenders up by 55% YoY in 3Q25, according to Joinchain. 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.

United Imaging (688271 CH) - Strong Recovery in Q3

<ul><li>In 2024, United Imaging’s revenue declined 9.7% YoY to RMB10.3bn, with attributable net profit decreasing 36.1% YoY to RMB1.3bn mainly due to the challenging domestic market environment.</li><li>Due to delays in equipment renewal policies and prolonged industry rectification, the domestic medical equipment market contracted by 12.4% YoY in 2024, according to IQVIA.</li><li>Despite the challenging environment, United Imaging’s GPM improved by 1.5 ppts YoY, supported by higher proportion of revenue from mid-to-high-end products (+0.9 ppts equipment GPM) and services (+1.7 ppts GPM from scale/cost optimization). </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.

In 2024, United Imaging’s revenue declined 9.7% YoY to RMB10.3bn, with attributable net profit decreasing 36.1% YoY to RMB1.3bn mainly due to the challenging domestic market environment.Due to delays in equipment renewal policies and prolonged industry rectification, the domestic medical equipment market contracted by 12.4% YoY in 2024, according to IQVIA.Despite the challenging environment, United Imaging’s GPM improved by 1.5 ppts YoY, supported by higher proportion of revenue from mid-to-high-end products (+0.9 ppts equipment GPM) and services (+1.7 ppts GPM from scale/cost optimization). 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.

United Imaging (688271 CH) - 1Q25 Earnings Turnaround...

<ul><li>United Imaging Intelligence (联影智能, UII), a subsidiary of United Imaging Group ( 联影集团 , 24.1% of shareholding), delivers various medical AI solutions to empowers diagnosis, research and equipment.</li><li>United Imaging (联影医疗) and UII have established in-depth collaboration in intelligent equipment, with AI applications fully adopted across United Imaging’s entire product lines.</li><li>We believe that leveraging intra-group synergies, United Imaging is transitioning from a traditional equipment manufacturer to an intelligent imaging solution provider through AI technology. </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.

United Imaging Intelligence (联影智能, UII), a subsidiary of United Imaging Group ( 联影集团 , 24.1% of shareholding), delivers various medical AI solutions to empowers diagnosis, research and equipment.United Imaging (联影医疗) and UII have established in-depth collaboration in intelligent equipment, with AI applications fully adopted across United Imaging’s entire product lines.We believe that leveraging intra-group synergies, United Imaging is transitioning from a traditional equipment manufacturer to an intelligent imaging solution provider through AI technology. 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.

United Imaging (688271 CH) - Embrace AI: Deep Collaboration with United Imaging Intelligence

<ul><li>United Imaging’s 9M24 revenue declined by 6.4% YoY to RMB6,954mn, with 3Q24 revenue down by 25.0% YoY to RMB1.6bn.</li><li>This downturn was primarily due to a challenging domestic market environment, marked by stringent industry regulations and delays in equipment renewal projects.</li><li>Attributable net profit in 9M24 decreased by 36.9% YoY to RMB671mn, with net profit margin falling by 4.7 ppts. </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.

United Imaging’s 9M24 revenue declined by 6.4% YoY to RMB6,954mn, with 3Q24 revenue down by 25.0% YoY to RMB1.6bn.This downturn was primarily due to a challenging domestic market environment, marked by stringent industry regulations and delays in equipment renewal projects.Attributable net profit in 9M24 decreased by 36.9% YoY to RMB671mn, with net profit margin falling by 4.7 ppts. 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.

United Imaging (688271 CH) - Anticipating a Rapid Rebound in Domestic Business

<ul><li>United Imaging reported 1H24 revenue of RMB5,333mn, up by 1.2% YoY. Attributable net profit increased by 1.3% YoY to RMB950mn.</li><li>Despite facing a challenging domestic market environment characterized by stringent industry regulations and delays in equipment renewal projects, United Imaging delivered resilient performance thanks to the rapid growth of overseas business and maintenance services.</li><li>The rising revenue contribution from mid-to-high-end products and services drove the company's gross margin up by 1.7ppts YoY to 50.4% in 1H24. </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.

United Imaging reported 1H24 revenue of RMB5,333mn, up by 1.2% YoY. Attributable net profit increased by 1.3% YoY to RMB950mn.Despite facing a challenging domestic market environment characterized by stringent industry regulations and delays in equipment renewal projects, United Imaging delivered resilient performance thanks to the rapid growth of overseas business and maintenance services.The rising revenue contribution from mid-to-high-end products and services drove the company's gross margin up by 1.7ppts YoY to 50.4% in 1H24. 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.

United Imaging (688271 CH) - Resilient 1H24 Performance Amid Market Headwinds

China

Shanghai United Imaging Healthcare Co., Ltd. develops, manufactures, and distributes medical imaging systems and equipment. The Company produces computed tomography scanners, mobile medical devices, molecular imaging instruments, magnetic resonance equipment, and others. Shanghai United Imaging Healthcare also offers equipment leasing services.

Shanghai United Imaging Health (688271 CH)

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Shanghai United Imaging Health (688271 CH)

United Imaging (688271 CH) - Strong Recovery in Q3

United Imaging (UIH) reported strong 9M25 results, with revenue of RMB8.9bn (+27% YoY), reaching 69% of our prior full-year estimate and exceeding...

CMB International

United Imaging (688271 CH) - 1Q25 Earnings Turnaround...

In 2024, United Imaging’s revenue declined 9.7% YoY to RMB10.3bn, with attributable net profit decreasing 36.1% YoY to RMB1.3bn mainly due to the...

CMB International

United Imaging (688271 CH) - Embrace AI: Deep Collaboration with United Imaging Intelligence

United Imaging (联影医疗) and UII have established in-depth collaboration in intelligent equipment, with AI applications fully adopted across United...

CMB International

United Imaging (688271 CH) - Anticipating a Rapid Rebound in Domestic Business

United Imaging’s 9M24 revenue declined by 6.4% YoY to RMB6,954mn, with 3Q24 revenue down by 25.0% YoY to RMB1.6bn. This downturn was primarily due...

CMB International

United Imaging (688271 CH) - Resilient 1H24 Performance Amid Market Headwinds

United Imaging reported 1H24 revenue of RMB5,333mn, up by 1.2% YoY. Attributable net profit increased by 1.3% YoY to RMB950mn.

CMB International

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