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

AK Medical Holdings Limited / Equity Bottom-Up

<ul><li>AK Medical reported a positive profit alert for FY22E, expecting revenue to increase by over 35% YoY and net profit attributable to shareholders to increase by over 100% YoY, both of which are largely in line with the consensus estimates.</li><li>Strong demand of AK Medical’s products after the implementation of joint VBP.</li><li>The revenue growth in FY22E was primarily driven by the strong demand of artificial joints. As a big winner in the national joint VBP, AK Medical has been allocated approximately 81,000 pieces, which ranked first among all brands.</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>

AK Medical reported a positive profit alert for FY22E, expecting revenue to increase by over 35% YoY and net profit attributable to shareholders to increase by over 100% YoY, both of which are largely in line with the consensus estimates.Strong demand of AK Medical’s products after the implementation of joint VBP.The revenue growth in FY22E was primarily driven by the strong demand of artificial joints. As a big winner in the national joint VBP, AK Medical has been allocated approximately 81,000 pieces, which ranked first among all brands.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.

AK Medical (1789 HK) – Accelerating import substitution; positive outlook of 2023E