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

<ul><li>The Anta Superstore we visited is fairly competitive and should be a decent growth driver onwards, supported by its superior price to quality and great variety of choices.</li><li>Moreover, it can also acquire more family-type customers, and it has reasonable room for store expansion and decent financials (both sales per store and sales per sq.m are better than Anta regular stores, based on our estimates).</li><li>We were slightly doubtful about Anta’s execution of its segmentation strategy back on its Investor Day in Oct 2023, but the success of many of its new store formats such as “Anta Superstore”, “Anta Champion”, “ANTA SNEAKERVERSE”, as well as the “Anta Arena” and “Anta Palace” have given us a lot more confidence in its future growth.</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>

The Anta Superstore we visited is fairly competitive and should be a decent growth driver onwards, supported by its superior price to quality and great variety of choices.Moreover, it can also acquire more family-type customers, and it has reasonable room for store expansion and decent financials (both sales per store and sales per sq.m are better than Anta regular stores, based on our estimates).We were slightly doubtful about Anta’s execution of its segmentation strategy back on its Investor Day in Oct 2023, but the success of many of its new store formats such as “Anta Superstore”, “Anta Champion”, “ANTA SNEAKERVERSE”, as well as the “Anta Arena” and “Anta Palace” have given us a lot more confidence in its future growth.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.

Anta Sports (2020 HK) - Takeaways from the Anta Superstore Visit

Anta Sports Products

Anta Sports (2020 HK) - Takeaways from the Anta Superstore Visit