External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Equity Bottom-Up

Yunnan Botanee Bio-Technology / Equity Bottom-Up

Yunnan Botanee Bio-Technology (300957 CH)

<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><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>

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.Our channel check suggested Winona 2M23 sales grew 20%+ on Tmall/ Taobao and 300%+ on Tiktok.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.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.

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