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 1Q24 revenue of RMB325mn, down 12.1% YoY, and booked attributable net loss of RMB272mn, a significant downturn from an attributable net profit of RMB188mn in 1Q23.</li><li>The 1Q24 revenue accounted for 13.4% of our full-year estimate, in line with its historical average.</li><li>First quarter is typically a low season for Joinn. The revenue decline was due to persistently soft R&amp;D activities in China’s pharmaceutical industry, which has led to increased competition and price erosion. </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 1Q24 revenue of RMB325mn, down 12.1% YoY, and booked attributable net loss of RMB272mn, a significant downturn from an attributable net profit of RMB188mn in 1Q23.The 1Q24 revenue accounted for 13.4% of our full-year estimate, in line with its historical average.First quarter is typically a low season for Joinn. The revenue decline was due to persistently soft R&amp;D activities in China’s pharmaceutical industry, which has led to increased competition and price erosion. 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) - Waiting longer for recovery to materialize