External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

China Suntien Green Energy / Equity Bottom-Up

<ul><li>China Suntien ‘s 1H23 attributable net profit dropped 10.97% YoY to RMB1,439mn and operating cash flows declined by 12.5% YoY.</li><li>The miss was attributable to: 1) reduced gas transmission volume growth; 2) lower wholesales gas transmission fee; 3) feeble economic recovery; and 4) on-grid tariff fall thanks to rising electricity trading.</li><li>Mgmt. stays positive in 2H23E with lower gas cost as gas sources diversity and sturdily proceeding with project constructions. </li></ul>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.

China Suntien ‘s 1H23 attributable net profit dropped 10.97% YoY to RMB1,439mn and operating cash flows declined by 12.5% YoY.The miss was attributable to: 1) reduced gas transmission volume growth; 2) lower wholesales gas transmission fee; 3) feeble economic recovery; and 4) on-grid tariff fall thanks to rising electricity trading.Mgmt. stays positive in 2H23E with lower gas cost as gas sources diversity and sturdily proceeding with project constructions. 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.

China Suntien (956 HK) – Marginally Drop in Gas Transmission Volume

<ul><li>Suntien announced its operational data in 1Q23 and Apr 2023, showing 3.57% YoY growth and 4.07%YoY rise in wind power generation.</li><li>During the same period, solar power generation rebounded at 10%YoY and 7.13%YoY.</li><li>Despite the gas segment recover slowly, we remain optimistic for 2023 as 1) wholesale gas sales recover owing to steady decline of gas costs; 2) Phase I of Tangshan LNG terminals is expected to put into operation in 2023, which may support the gas supply and improve dollar margin; 3) lower upstream wind turbine cost may boost installation willingness; and 4) more Suntien’s projects will enter the compliance fulfilled renewable project subsidy list.</li></ul>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.

Suntien announced its operational data in 1Q23 and Apr 2023, showing 3.57% YoY growth and 4.07%YoY rise in wind power generation.During the same period, solar power generation rebounded at 10%YoY and 7.13%YoY.Despite the gas segment recover slowly, we remain optimistic for 2023 as 1) wholesale gas sales recover owing to steady decline of gas costs; 2) Phase I of Tangshan LNG terminals is expected to put into operation in 2023, which may support the gas supply and improve dollar margin; 3) lower upstream wind turbine cost may boost installation willingness; and 4) more Suntien’s projects will enter the compliance fulfilled renewable project subsidy list.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.

China Suntien (956 HK) – Gas and New Energy Go Hand in Hand

China

China Suntien Green Energy Corp Ltd operates a wind farm and a natural gas business. The Company intends to build wind power projects and develop natural gas projects throughout China.

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