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 INT Medical Instruments / Equity Bottom-Up

Shanghai INT Medical Instruments (1501 HK)

<ul><li>INT Medical’s 2024 revenue grew by 13.2% YoY to RMB852mn, 13% below our estimate, mainly due to the pressure on its CDMO business from VBP and intensified competition.</li><li>The expanding provincial VBP coverage in interventional medical devices drove manufacturers to integrate upstream operations to manage costs.</li><li>Thanks to the improved gross margin, the Company’s attributable net profit in 2024 increased by 22.7% YoY to RMB192mn, with attributable net profit margin rising by 1.7 ppts.</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>

INT Medical’s 2024 revenue grew by 13.2% YoY to RMB852mn, 13% below our estimate, mainly due to the pressure on its CDMO business from VBP and intensified competition.The expanding provincial VBP coverage in interventional medical devices drove manufacturers to integrate upstream operations to manage costs.Thanks to the improved gross margin, the Company’s attributable net profit in 2024 increased by 22.7% YoY to RMB192mn, with attributable net profit margin rising by 1.7 ppts.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.

INT Medical (1501 HK) - Solid Growth with Margin Improvement