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

Venus Medtech (Hangzhou) / Equity Bottom-Up

<ul><li>Venus Medtech reported FY22 revenue of RMB406.5mn, down by 2.3% YoY due to the decreased volume of TAVR surgeries amid COVID-19 pandemic.</li><li>Gross profit margin declined from 78.0% in 2021 to 77.2% due to the slight decrease in ASP.</li><li>Given the significant losses incurred from the business termination of Keystone and the increase in R&amp;D costs and administrative expenses after the acquisition of Cardiovalve, the attributable net loss widened from RMB373.6mn in 2021 to RMB1,057.7mn in 2022, missing our forecast of RMB409.6mn net loss in 2022.</li></ul><p><em>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.</em></p>

Venus Medtech reported FY22 revenue of RMB406.5mn, down by 2.3% YoY due to the decreased volume of TAVR surgeries amid COVID-19 pandemic.Gross profit margin declined from 78.0% in 2021 to 77.2% due to the slight decrease in ASP.Given the significant losses incurred from the business termination of Keystone and the increase in R&amp;D costs and administrative expenses after the acquisition of Cardiovalve, the attributable net loss widened from RMB373.6mn in 2021 to RMB1,057.7mn in 2022, missing our forecast of RMB409.6mn net loss in 2022.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.

Venus Medtech (2500 HK) – Expect sales turnaround in 2023

<div><div><div><div><ul><li>Venus Medtech reported 1H22 revenue of RMB210.0mn, down by 12.2% YoY due to the decreasing volume of TAVR surgeries amid COVID.</li><li>Gross profit margin was 78.2%, basically flat compared with the same period of last year while gross profit decreased by 12.7% YoY to RMB188.1mn because of the decreasing revenue size.</li><li>Given a sharp increase in R&amp;D expense after the acquisition of Cardiovalve, attributable net loss was RMB199.9mn, increasing 76.8% YoY.</li></ul></div></div></div></div><p><em>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.</em></p>

Venus Medtech reported 1H22 revenue of RMB210.0mn, down by 12.2% YoY due to the decreasing volume of TAVR surgeries amid COVID.Gross profit margin was 78.2%, basically flat compared with the same period of last year while gross profit decreased by 12.7% YoY to RMB188.1mn because of the decreasing revenue size.Given a sharp increase in R&amp;D expense after the acquisition of Cardiovalve, attributable net loss was RMB199.9mn, increasing 76.8% 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.

Venus Medtech (2500 HK) – Shifted to Profit Oriented Strategy

China

Venus Medtech is a leading medical device company specializing in transcatheter structural heart valvular therapies. It develops and commercializes innovative solutions for all four heart valves (TAVR, TPVR, TMVR, TTVR) and interventional hypertension treatment. The company was founded in 2009 and is headquartered in Hangzhou, China.

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