17Apr2023公招银国际CMR INTERNATIONALFocus ChartsFigure 1:Quarterly revenue and YoY growthFigure 2:Revenue breakdown (2022)RMB m100%4%30.00070%90%15%18%60%25.00080%50%26%70%23%26%20.00040%60%15%30%50%17%15.00015%20%40%23%30%20%10.00010%20%0%20%5.00025%24%10%19%0%020%1Q181Q191Q201Q211Q221Q232020202120221Q151Q161Q17■Others■Innovative businessYoY■SMBGRevenuePBGSource:Company data,CMBIGM estimatesSource:Company data,CMBIGM estimatesFigure 3:Quarterly inventory and YoY growthFigure 4:Margin trend(RMB mn)(%)25.000120%60%20.000100%50%80%40%15,00060%30%10.00040%20%5.00020%10%0%1Q151Q161Q171Q181Q191Q201Q211Q220%1Q151Q161017101810191Q20102110221023InventoriesYOY◆-Hikvision GPMNPMSource:Company data,CMBIGM estimatesSource:Company data,CMBIGM estimatesFigure 5:R&DFigure 6:Net profit vs.operating cash flowRMB mRMB m3.00060%18.000116.0002,50050%14.0002.00040%12,0001,50030%10.0008.0001.00020%6.00050010%4.0002.0000%1Q171Q181Q191Q201Q211Q221Q23020072009201120132015201720192021Net profitOperating cash flowSource:Company dataSource:Company dataPLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE2