External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

Joinn Laboratories China  Lt / Equity Bottom-Up

<ul><li>Joinn reported 1Q23 revenue of RMB369mn, up 36% YoY, and attributable net income of RMB188mn, up 50% YoY.</li><li>Revenue accounted for 12% of our fullyear estimate, in line with its historical average, while attributable net income represented 18% of our full-year forecast, higher than its historical average.</li><li>First quarter is usually the low season for Joinn. Net income from laboratory services, the core business of Joinn, increased by 34% YoY to RMB70mn in 1Q23. </li></ul>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 reported 1Q23 revenue of RMB369mn, up 36% YoY, and attributable net income of RMB188mn, up 50% YoY.Revenue accounted for 12% of our fullyear estimate, in line with its historical average, while attributable net income represented 18% of our full-year forecast, higher than its historical average.First quarter is usually the low season for Joinn. Net income from laboratory services, the core business of Joinn, increased by 34% YoY to RMB70mn in 1Q23. 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) – Maintaining strong growth momentum

<ul><li>Joinn reported revenue of RMB2,268mn and attributable net income of RMB1,074mn in 2022, up 50% and 93% YoY respectively.</li><li>Revenue was largely in line with our forecast while attributable net income beat our forecast by 19%.</li><li>Excluding fair value gains from biological asset, interest income, foreign exchange gain/loss and other non-recurring items, adjusted attributable net income would increase by 64% YoY to RMB577mn in 2022, representing an improved net margin of 25.4% (vs 23.2% in 2021).</li></ul>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 reported revenue of RMB2,268mn and attributable net income of RMB1,074mn in 2022, up 50% and 93% YoY respectively.Revenue was largely in line with our forecast while attributable net income beat our forecast by 19%.Excluding fair value gains from biological asset, interest income, foreign exchange gain/loss and other non-recurring items, adjusted attributable net income would increase by 64% YoY to RMB577mn in 2022, representing an improved net margin of 25.4% (vs 23.2% in 2021).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) – Taping global markets for sustainable long-term growth

China

Maccura Biotechnology Co., Ltd. specializes in the research, development, manufacturing, sales, and service of in-vitro diagnostic products. The Company provides biochemistry, immunity, rapid detection, blood, molecular diagnosis, pathology, raw materials, and more. Maccura Biotechnology conducts business in China.

Guangzhou Boji Medical & Biotechnological Co., Ltd. is an outsourcing drug research and development company. The Company provides pharmaceutical companies the ability to conduct its researches and developments at lower cost levels and offers support to bring drugs and devices to the Chinese market quicker.

Guangzhou Improve Medical Instruments Co., Ltd. researches, develops, and manufactures medical instruments. The Company's products include evacuated blood collection system, microbe specimen collection and transport, clinical testing reagent, equipment for clinical specimen testing & processing, etc.

Viva Biotech Holdings operates as a drug discovery platform. The Company provides target protein expression, structure researching, hit screening, drug candidate determination, and other services. Viva Biotech Holdings serves customers worldwide.

Austar Lifesciences Limited provides integrated engineering solutions with services and products for pharmaceutical manufacturers and research institutes in China and other emerging countries. The Company also manufactures, sells and distributes pharmaceutical equipment and life science consumables.

Sihuan Pharmaceutical Holdings Group Ltd. researches and develops cardiocerebral vascular drugs in China. The Company drugs address needs in the areas of anti-infective, metabolism, cardiovascular system, oncology and nervous system.

Consun Pharmaceutical Group Limited is a pharmaceutical company engaged in the research, manufacturing and sale of modern Chinese medicines and medical contrast medium in the People's Republic of China.

Hunan Er-kang Pharmaceutical Company Limited develops, produces and sells pharmaceutical products. The Company's main product include pharmaceutical excipients and antibiotic products.

Guizhou Bailing Group Pharmaceutical Co, Ltd. is a pharmaceutical company.  The Company's products include tablets, capsules, syrup, soft capsules, granules, pills, and powder.

Gz Bailing Group Pharm Co., Ltd. (002424 CH)

Zhejiang International Group Co., Ltd. mainly manufactures pharmaceutical products, including medicines, healthcare products, medical instruments, and pharmaceutical raw materials.  The Company also manufactures textile products, develops real estate, and provides technical services.

Standard BioTools Inc. offers technologies that help biomedical researchers develop medicines. The Company offers reliable and repeatable insights in health and disease using its proprietary mass cytometry and microfluidics technologies that help transform scientific discoveries into better patient outcomes.

PureTech Health plc operates as a healthcare company. The Company researches and licenses technology and videogames which are used as a treatment for neurological problems.

Ergomed plc provides clinical research, and drug development and safety services in the United Kingdom and rest of Europe, the Middle East, Africa, North America, Asia, and Australia. The company offers clinical development, trial management services, and pharmacovigilance services for pharmaceutical and generics companies, as well as small and mid-sized drug development companies. It focuses on various therapeutic areas, including oncology, neurology, and immunology, as well as the development of orphan drugs. The company?s clinical development services include study management, site management, study physician support, safety services, regulatory and quality management, clinical data management and biostatistics, and medical writing. It also provides late phase services, such as strategy and study design, medical training, regulatory consultancy, management of ISTs, full study management, publication management, site management, pharmacovigilance, tailored data capture solutions, REMS and RMPs, and medical information services; and co-development services for pharma and biotech companies. In addition, the company is involved in the studies of ultra-rare diseases, including infantile hypophsophatemia, paroxyzmal nocturnal haemoglobinuria, and primary hyperoxaluria; and the provision of the specialized site management model that allows smooth interaction of the sites and patient organizations, and advocacy groups. The company was formerly known as Ergomed Clinical Research Limited and changed its name to Ergomed plc in June 2014. Ergomed Plc was founded in 1997 and is headquartered in Guildford, the United Kingdom.

Quanterix Corporation develops ultra-sensitive detection systems for use in research and in-vitro diagnostics. The Company offers automated immunoassay technology for detection and quantification of biomarkers in in-vitro and companion diagnostics and blood screening. Quanterix provides its products in life science, oncology, and neurology research in the United States.

Pacific Biosciences of California Inc. has developed a novel approach to studying the synthesis and regulation of DNA, RNA and protein.  The Company's system enables real-time analysis of biomolecules with single molecule resolution.

Pacific Biosciences Of California (PACB US)

Shin Nippon Biomedical Laboratories Ltd is a contract research organization. The Company provides pre-clinical testing services in the pharmaceutical industry.

CMIC Holdings Co., Ltd. is a Contract Research Organization (CRO) who provides medical research related services mainly to pharmaceuticals and medical organizations. Its service ranges from strategy and regulatory consulting, clinical monitoring,and data management.

Selvita Spolka Akcyjna operates as a pharmaceutical company. The Company discovers drugs, as well as provides research and development services. Selvita serves customers worldwide.

Genfit is a biopharmaceutical company.  The Company researches treatments for cardiovascular, metabolic and inflammatory diseases, and age-linked neurodegenerative disorders.

Personalis, Inc. provides genomic sequencing and analytics solutions. The Company supports the development of personalized cancer vaccines and other next-generation cancer immunotherapies. Personalis serves customers worldwide.

Joinn Laboratories (China) Co., Ltd. operates as a medicines development company. The Company offers drug development, pharmaceutical analysis, pharmacologic testing, and other related services. Joinn Laboratories (China) also provides pesticide and medical device safety evaluation services.

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Joinn Laboratories China Lt (6127 HK)

Joinn Laboratories (6127 HK) – Maintaining strong growth momentum

First quarter is usually the low season for Joinn. Net income from laboratory services, the core business of Joinn, increased by 34% YoY to RMB70mn...

CMB International

Joinn Laboratories (6127 HK) – Taping global markets for sustainable long-term growth

Joinn reported revenue of RMB2,268mn and attributable net income of RMB1,074mn in 2022, up 50% and 93% YoY respectively.

CMB International

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