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

Hangzhou Tigermed Consulting (A) / Equity Bottom-Up

Hangzhou Tigermed Consulting (A) (300347 CH)

<ul><li>Tigermed reported 3Q23 revenue of RMB1,940mn, up 7.1% YoY (vs +3.3% YoY in 1H23), and attributable recurring net income of RMB405mn, down 3.8% YoY (vs +2.9% YoY in 1H23).</li><li>3Q23 revenue accounted for 24.9% of our 2023 full-year estimate, in line with its historical average, while attributable recurring net income represented 22.7% of our forecast, which fell short of its historical average of ~27%.</li><li>If excluding COVID vaccine revenue, 3Q23 revenue would grow by ~18% YoY (vs ~27% YoY in 1H23). </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>

Tigermed reported 3Q23 revenue of RMB1,940mn, up 7.1% YoY (vs +3.3% YoY in 1H23), and attributable recurring net income of RMB405mn, down 3.8% YoY (vs +2.9% YoY in 1H23).3Q23 revenue accounted for 24.9% of our 2023 full-year estimate, in line with its historical average, while attributable recurring net income represented 22.7% of our forecast, which fell short of its historical average of ~27%.If excluding COVID vaccine revenue, 3Q23 revenue would grow by ~18% YoY (vs ~27% YoY in 1H23). 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.

Tigermed (300347 CH) – Business Stabilizing from Late September