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

Atour Lifestyle Holdings / Equity Bottom-Up

<ul><li>3Q23 results were a beat and FY23E guidance was raised (mostly about retail).</li><li>While we are conservative about the Hotel sector in 4Q23E and 1Q24E, we still think Atour could outperform, thanks to its excellent price to quality.</li><li>Moreover, in the long run, we are fairly excited by its product expansions (e.g. Atour Light 3.0 and Atour 4.0, which are able to capture more new customers outside of their previous price range) and room for growth and consolidation in China</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>

3Q23 results were a beat and FY23E guidance was raised (mostly about retail).While we are conservative about the Hotel sector in 4Q23E and 1Q24E, we still think Atour could outperform, thanks to its excellent price to quality.Moreover, in the long run, we are fairly excited by its product expansions (e.g. Atour Light 3.0 and Atour 4.0, which are able to capture more new customers outside of their previous price range) and room for growth and consolidation in ChinaContent 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.

Atour Lifestyle (ATAT US) – Guidance Raised and We Stay Positive in LT