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

Joinn Laboratories China  Lt / Equity Bottom-Up

<ul><li>1H23 bottom-line miss. Joinn reported 1H23 revenue of RMB1,012mn, up 30% YoY, and attributable net income of RMB91mn, down 76% YoY.</li><li>In 1H23, revenue accounted for 34% of our full-year estimate, in-line with the historical average, while attributable net income represented 22% of our full-year estimate, lower than the historical average which was primarily due to the RMB199mn fair values loss from biological assets.</li><li>However, the Company’s laboratory services (core business) recorded a net profit of RMB195mn in 1H23, up 31% YoY, indicating a healthy business momentum amid the challenging macro environment in both domestic and international markets. </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>

1H23 bottom-line miss. Joinn reported 1H23 revenue of RMB1,012mn, up 30% YoY, and attributable net income of RMB91mn, down 76% YoY.In 1H23, revenue accounted for 34% of our full-year estimate, in-line with the historical average, while attributable net income represented 22% of our full-year estimate, lower than the historical average which was primarily due to the RMB199mn fair values loss from biological assets.However, the Company’s laboratory services (core business) recorded a net profit of RMB195mn in 1H23, up 31% YoY, indicating a healthy business momentum amid the challenging macro environment in both domestic and international markets. 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.

Joinn Laboratories (6127 HK) – New Orders Slightly Recovered in 2Q23