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

Shanghai United Imaging Health / Equity Bottom-Up

Shanghai United Imaging Health (688271 CH)

<ul><li>In 2024, United Imaging’s revenue declined 9.7% YoY to RMB10.3bn, with attributable net profit decreasing 36.1% YoY to RMB1.3bn mainly due to the challenging domestic market environment.</li><li>Due to delays in equipment renewal policies and prolonged industry rectification, the domestic medical equipment market contracted by 12.4% YoY in 2024, according to IQVIA.</li><li>Despite the challenging environment, United Imaging’s GPM improved by 1.5 ppts YoY, supported by higher proportion of revenue from mid-to-high-end products (+0.9 ppts equipment GPM) and services (+1.7 ppts GPM from scale/cost optimization). </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>

In 2024, United Imaging’s revenue declined 9.7% YoY to RMB10.3bn, with attributable net profit decreasing 36.1% YoY to RMB1.3bn mainly due to the challenging domestic market environment.Due to delays in equipment renewal policies and prolonged industry rectification, the domestic medical equipment market contracted by 12.4% YoY in 2024, according to IQVIA.Despite the challenging environment, United Imaging’s GPM improved by 1.5 ppts YoY, supported by higher proportion of revenue from mid-to-high-end products (+0.9 ppts equipment GPM) and services (+1.7 ppts GPM from scale/cost optimization). 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.

United Imaging (688271 CH) - 1Q25 Earnings Turnaround...