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

Beijing Airdoc Technology / Equity Bottom-Up

<div><div><div><div><ul><li>Airdoc’s 1H22 revenue declined 24.4% YoY to RMB37.4mn primarily due to decreasing number of users of the SaMDs and high risk assessment solutions amid COVID lockdowns which has led to the shrinking revenue of AI-based software solutions (-26.0% YoY).</li><li>Given the declined revenue size, gross profit was down 30.4% YoY to RMB22.1mn and gross profit margin decreased from 64.1% in 1H21 to 59.0% in 1H22.</li><li>Number of detection cases was negatively impacted by COVID restrictions but has rebounded since June.</li></ul></div></div></div></div><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>

Airdoc’s 1H22 revenue declined 24.4% YoY to RMB37.4mn primarily due to decreasing number of users of the SaMDs and high risk assessment solutions amid COVID lockdowns which has led to the shrinking revenue of AI-based software solutions (-26.0% YoY).Given the declined revenue size, gross profit was down 30.4% YoY to RMB22.1mn and gross profit margin decreased from 64.1% in 1H21 to 59.0% in 1H22.Number of detection cases was negatively impacted by COVID restrictions but has rebounded since June.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.

Airdoc Technology (2251 HK) – Expect Recovery from 2H22