External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

AK Medical Holdings Limited / Equity Bottom-Up

<div><div><div><div><ul><li>1H22 earnings beat. AK Medical reported 1H22 revenue of RMB531.2mn, up 18.7% YoY, primarily driven by the revenue growth in revision replacement implants and ICOS customised products as well as significant sales volume growth of artificial joints post the implementation of national joint VBP.</li><li>Gross profit was RMB338.5mn, up 9.8% YoY. Gross profit margin was 63.7%, higher than the previous guidance of 55-60%, thanks to the delayed implementation of VBP and the decline in raw material costs.</li><li>Attributable net profit was RMB126.0mn, up 13.1%YoY, accounting for 77.8% of our previous full-year forecast mainly driven by higher-than-expected revenue growth and better-than- expected operating margins.</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>

1H22 earnings beat. AK Medical reported 1H22 revenue of RMB531.2mn, up 18.7% YoY, primarily driven by the revenue growth in revision replacement implants and ICOS customised products as well as significant sales volume growth of artificial joints post the implementation of national joint VBP.Gross profit was RMB338.5mn, up 9.8% YoY. Gross profit margin was 63.7%, higher than the previous guidance of 55-60%, thanks to the delayed implementation of VBP and the decline in raw material costs.Attributable net profit was RMB126.0mn, up 13.1%YoY, accounting for 77.8% of our previous full-year forecast mainly driven by higher-than-expected revenue growth and better-than- expected operating margins.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.

AK Medical (1789 HK) – Net Profit Beat Due to Significant Volume Growth Post VBP