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>1H22 earnings impacted by COVID restrictions. Jinxin reported 1H22 revenue of RMB1,138mn, up 33% YoY, attributable net income of RMB190mn, up 22% YoY, and adjusted Non-IFRS attributable net income of RMB261mn, up 18% YoY.</li><li>Earnings slightly missed our forecasts, mainly due to the negative impact from COVID-19 outbreaks in Shenzhen and Chengdu.</li><li>Revenue from Chengdu increased by 71% YoY thanks to business consolidation of Jinxin Women and Children Hospital (WCH). Excluding WCH, revenue from Chengdu realized single-digit growth, per management.</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>

1H22 earnings impacted by COVID restrictions. Jinxin reported 1H22 revenue of RMB1,138mn, up 33% YoY, attributable net income of RMB190mn, up 22% YoY, and adjusted Non-IFRS attributable net income of RMB261mn, up 18% YoY.Earnings slightly missed our forecasts, mainly due to the negative impact from COVID-19 outbreaks in Shenzhen and Chengdu.Revenue from Chengdu increased by 71% YoY thanks to business consolidation of Jinxin Women and Children Hospital (WCH). Excluding WCH, revenue from Chengdu realized single-digit growth, per management.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) – Resilient Business Amid COVID Pandemic