CMB International

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>2023 outlook. Despite a miss in 4Q, we think Botanee is set to recover along with China’s reopening, thanks to its OMO distribution network and an unchallenged R&amp;D franchise that differentiates from peers.</li><li>Our channel check suggested Winona 2M23 sales grew 20%+ on Tmall/ Taobao and 300%+ on Tiktok.</li><li>For its offline business, we still see huge potential to expand from currently 19% to 26% of total revenue by 2024E, when Botanee only penetrates less than 5% of the national drug stores at present.</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.

<ul><li>3Q net profit was in line with both consensus and our estimates, although revenue was c.10%/5% below.</li><li>Excluding non-core items, recurring net profits grew 20% YoY to RMB96mn, in line with a 21% top line growth.</li><li>Double 11 update. Botanee achieved RMB1bn sales on Tmall on the first day of the Double 11 presale.</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.

Sumeet Singh

Head of Research, IPOs & Placements

Aequitas Research

IPOs and Placements coverage across Asia Pacific

Event-Driven

<ul>
<li>Giant Biogene raised around US$70m in its Hong Kong IPO, after having downsized the deal and priced it at the low-end. Its six-month lockup will expire soon.</li>
<li>GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>

Thematic (Sector/Industry)

<ul><li>We untangle the “household excess saving” enigma.</li><li>Instead of a silver bullet, we consider it a status-quo in which consumers are confident enough to spend (or invest) beyond their pre-pandemic budgets by tapping into their savings accumulated during the pandemic, after they first normalize their spending to prepandemic level.</li><li>In other words, we believe the use of “excess saving” would predominantly kick-in upon a full-fledged consumption recovery. </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.

<ul><li>We expect encouraging 5.1 travel data. According to various sources and news we monitor, air passenger during the holiday is likely to surpass 9mn persons, tracking approximately 110% of the level we saw in 2019.</li><li>Splitting between domestic and overseas travellers, the former will likely grow by approximately 25%, while, for the latter, the recovery could track up to 30-40% of that in 2019.</li><li>By destination, air ticket booking to Hainan grew by 1.5x, and Hainan represented 93% of the travel destination of domestic trips.</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.

China

Yunnan Botanee Bio-Technology Group Co. LTD manufactures and sells cosmetics. The Company produces masks, toners, hand creams, and other cosmetics. Yunnan Botanee Bio-Technology Group also develops new biology technologies.

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Yunnan Botanee Bio-Technology (300957 CH)

Botanee Biotech (300957 CH) – ESOP Targets Stabilize Earnings Expectation

Despite a miss in 4Q, we think Botanee is set to recover along with China’s reopening, thanks to its OMO distribution network and an unchallenged...

CMB International

Botanee Biotech (300957 CH) – A soft 3Q prompted for an earnings cut

3Q net profit was in line with both consensus and our estimates, although revenue was c.10%/5% below. Excluding non-core items, recurring net...

CMB International

Giant Biogene IPO Lock-Up - US$1.7bn Lockup Release Will Increase Free Float by 14x

Giant Biogene raised around US$70m in its Hong Kong IPO, after having downsized the deal and priced it at the low-end. Its six-month lockup will...

Sumeet Singh

China Consumer – From Reopening to Recovery

In other words, we believe the use of “excess saving” would predominantly kick-in upon a full-fledged consumption recovery.

CMB International

China Consumer – Expecting Encouraging Data from the 5.1 Holiday This Year

According to various sources and news we monitor, air passenger during the holiday is likely to surpass 9mn persons, tracking approximately 110% of...

CMB International

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