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

Yunnan Botanee Bio-Technology / Equity Bottom-Up

Yunnan Botanee Bio-Technology (300957 CH)

<ul><li>3Q net profit was in line with both consensus and our estimates, although revenue was c.10%/5% below.</li><li>Excluding non-core items, recurring net profits grew 20% YoY to RMB96mn, in line with a 21% top line growth.</li><li>Double 11 update. Botanee achieved RMB1bn sales on Tmall on the first day of the Double 11 presale.</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>

3Q net profit was in line with both consensus and our estimates, although revenue was c.10%/5% below.Excluding non-core items, recurring net profits grew 20% YoY to RMB96mn, in line with a 21% top line growth.Double 11 update. Botanee achieved RMB1bn sales on Tmall on the first day of the Double 11 presale.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.

Botanee Biotech (300957 CH) – A soft 3Q prompted for an earnings cut