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

Angelalign Technology  / Equity Bottom-Up

<ul><li>Angelalign reported strong 1H25 results, with revenue increasing 33% YoY to US$161mn, primarily driven by the rapid expansion of its overseas business.</li><li>Total clear aligner case volume reached 225,800, up 48% YoY and accounting for 51.7% of our previous full-year estimate, exceeding the historical average of ~41%.</li><li>Attributable net profit margin improved significantly to 9.1% (+6.5ppts YoY), supported by effective cost control measures and delays in staff recruitment and the delayed operation of overseas manufacturing facilities. </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>

Angelalign reported strong 1H25 results, with revenue increasing 33% YoY to US$161mn, primarily driven by the rapid expansion of its overseas business.Total clear aligner case volume reached 225,800, up 48% YoY and accounting for 51.7% of our previous full-year estimate, exceeding the historical average of ~41%.Attributable net profit margin improved significantly to 9.1% (+6.5ppts YoY), supported by effective cost control measures and delays in staff recruitment and the delayed operation of overseas manufacturing facilities. 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.

Angelalign (6699 HK) - Overseas Business Drives Revenue Growth