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>United Imaging (UIH) reported strong 9M25 results, with revenue of RMB8.9bn (+27% YoY), reaching 69% of our prior full-year estimate and exceeding the historical average of ~65%.</li><li>The sharp 75% YoY revenue growth in 3Q25 was driven by a significant recovery in domestic equipment procurement, sustained overseas growth momentum, and a low base in 3Q24.</li><li>Domestic demand remained solid, with the value of medical imaging tenders up by 55% YoY in 3Q25, according to Joinchain. </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>

United Imaging (UIH) reported strong 9M25 results, with revenue of RMB8.9bn (+27% YoY), reaching 69% of our prior full-year estimate and exceeding the historical average of ~65%.The sharp 75% YoY revenue growth in 3Q25 was driven by a significant recovery in domestic equipment procurement, sustained overseas growth momentum, and a low base in 3Q24.Domestic demand remained solid, with the value of medical imaging tenders up by 55% YoY in 3Q25, according to Joinchain. 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) - Strong Recovery in Q3