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>Joinn reported 2023 revenue of RMB2,376mn, up 4.8% YoY, and attributable net income of RMB338mn, down 66.9% YoY.</li><li>The decelerated revenue growth was due to subdued R&amp;D activities in Chinese pharmaceutical industry, leading to heightened competition and lower pricing.</li><li>The decline of attributable net income was primarily due to the RMB267mn fair value losses from biological assets, a non-operational, non-cash charge. Joinn’s laboratory services (its core business) recorded a net profit of RMB473mn in 2023, down 17.9% YoY, which can better reflect the profitability of its core business. </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>

Joinn reported 2023 revenue of RMB2,376mn, up 4.8% YoY, and attributable net income of RMB338mn, down 66.9% YoY.The decelerated revenue growth was due to subdued R&amp;D activities in Chinese pharmaceutical industry, leading to heightened competition and lower pricing.The decline of attributable net income was primarily due to the RMB267mn fair value losses from biological assets, a non-operational, non-cash charge. Joinn’s laboratory services (its core business) recorded a net profit of RMB473mn in 2023, down 17.9% YoY, which can better reflect the profitability of its core business. 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) - Recovery Could Be Not Earlier than 1H24