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 1H24 revenue of RMB849mn, down 16.1% YoY, and recorded attributable recurring net loss of RMB198mn.</li><li>The 1H24 revenue accounted for 36.5% of our full-year estimate, largely in line with its historical level.</li><li>The bottom line was significantly affected by the RMB235mn fair value losses from biological assets, a non-operational, non-cash charge. </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 1H24 revenue of RMB849mn, down 16.1% YoY, and recorded attributable recurring net loss of RMB198mn.The 1H24 revenue accounted for 36.5% of our full-year estimate, largely in line with its historical level.The bottom line was significantly affected by the RMB235mn fair value losses from biological assets, a non-operational, non-cash charge. 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) - Signals of Demand Recovery in 2Q24