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.

Thematic (Sector/Industry)

<div><div><div><div><ul><li>A non-eventful 3Q. While earnings cuts and de-ratings have taken place and reset market expectation across 1H results, in our view, earnings volatility for 3Q is unlikely to be drastic.</li><li>For items that we monitored, our channel checks suggested that sales momentum was largely on track to us - low-teen growth for CRB, double-digit growth for Nongfu, and particularly sequential double- digit recovery for Mengniu and Feihe.</li><li>Separately, the lockdown of Hainan since August could mean downside revision potential for CTGDF despite a well-maintained GPM.</li></ul></div></div></div></div><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>

A non-eventful 3Q. While earnings cuts and de-ratings have taken place and reset market expectation across 1H results, in our view, earnings volatility for 3Q is unlikely to be drastic.For items that we monitored, our channel checks suggested that sales momentum was largely on track to us - low-teen growth for CRB, double-digit growth for Nongfu, and particularly sequential double- digit recovery for Mengniu and Feihe.Separately, the lockdown of Hainan since August could mean downside revision potential for CTGDF despite a well-maintained GPM.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 Consumer – Addressing Recent Investors’ Concerns

China

China Tourism Group Duty Free Corporation Limited engages in sales of duty free goods and tax goods. The Company sells tobacco, wine and spirits, perfume, cosmetics, fashion and accessories, watches, jewelry, food, luggage products,and other products. China Tourism Group Duty Free also engages in investment and development of tourism destination commercial complexes.

China Tourism Group Duty Free Corp Ltd (601888 CH)

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China Consumer – Addressing Recent Investors’ Concerns

A non-eventful 3Q. While earnings cuts and de-ratings have taken place and reset market expectation across 1H results, in our view, earnings...

CMB International