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

Jinxin Fertility Group  / Equity Bottom-Up

<ul><li>2022 earnings impacted by COVID outbreaks. Jinxin reported 2022 revenue of RMB2,364mn, up 29% YoY, and non-IFRS adjusted net profit of RMB274mn, down 40% YoY.</li><li>Revenue was in line with our forecasts while non-IFRS adjusted net profit missed our forecast by 21%, mainly due to the negative impact from COVID-19 outbreaks in cities where Jinxin operates, mainly Shenzhen and Chengdu.</li><li>By segment, revenue from Chengdu accounted for 59% of total revenue in 2022, increased by 57% YoY, thanks to business consolidation of Jinxin Women and Children Hospital (WCH).</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>

2022 earnings impacted by COVID outbreaks. Jinxin reported 2022 revenue of RMB2,364mn, up 29% YoY, and non-IFRS adjusted net profit of RMB274mn, down 40% YoY.Revenue was in line with our forecasts while non-IFRS adjusted net profit missed our forecast by 21%, mainly due to the negative impact from COVID-19 outbreaks in cities where Jinxin operates, mainly Shenzhen and Chengdu.By segment, revenue from Chengdu accounted for 59% of total revenue in 2022, increased by 57% YoY, thanks to business consolidation of Jinxin Women and Children Hospital (WCH).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.

Jinxin Fertility (1951 HK) – Expect post-pandemic business recovery