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

Joinn Laboratories China  Lt / Equity Bottom-Up

<ul>
<li>Joinn reported 3Q23 revenue of RMB575mn, up 15.1% YoY, and attributable net income of RMB237mn, down 9.2% YoY.</li>
<li>3Q23 revenue accounted for 20.7% of our full-year estimate, in-line with its historical average, while attributable net income represented 57.5% of our full-year estimate, substantially higher than the historical average which was primarily due to RMB82mn fair value gain from biological assets in 3Q23 compared with RMB183mn fair value loss in 1H23.</li>
<li>Specifically, Joinn’s laboratory services (core business) recorded a net profit of RMB114mn in 3Q23, slightly down 2.9% YoY, while the net profit of lab services in 9M23 maintained YoY growth of 16.0%.</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>


Joinn reported 3Q23 revenue of RMB575mn, up 15.1% YoY, and attributable net income of RMB237mn, down 9.2% YoY.
3Q23 revenue accounted for 20.7% of our full-year estimate, in-line with its historical average, while attributable net income represented 57.5% of our full-year estimate, substantially higher than the historical average which was primarily due to RMB82mn fair value gain from biological assets in 3Q23 compared with RMB183mn fair value loss in 1H23.
Specifically, Joinn’s laboratory services (core business) recorded a net profit of RMB114mn in 3Q23, slightly down 2.9% YoY, while the net profit of lab services in 9M23 maintained YoY growth of 16.0%.

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.

Joinn Laboratories (6127 HK) – Wait longer for recovery