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

Binjiang Service Group / Equity Bottom-Up

<ul><li>The company’s FY24 revenue grew 28% YoY to RMB 3.6bn, 3% above CMBI estimate, driven by managed GFA expansion and strong renovation business.</li><li>Net profit rose 11% YoY to RMB 550mn, 2% below CMBI expectation, due to: 1) gross margin decline; 2) an extra RMB 50.5mn withholding tax from fund transfer, excluding which core net profit grew 21% YoY to RMB 600mn, 7% above CMBI estimate.</li><li>GFA from third parties expanded 21% YoY, far exceeding peers. With 91%/62% of third-party GFA in Zhejiang/Hangzhou, the company plans to focus on expansion in other high-tier cities outside Zhejiang in the future. </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 company’s FY24 revenue grew 28% YoY to RMB 3.6bn, 3% above CMBI estimate, driven by managed GFA expansion and strong renovation business.Net profit rose 11% YoY to RMB 550mn, 2% below CMBI expectation, due to: 1) gross margin decline; 2) an extra RMB 50.5mn withholding tax from fund transfer, excluding which core net profit grew 21% YoY to RMB 600mn, 7% above CMBI estimate.GFA from third parties expanded 21% YoY, far exceeding peers. With 91%/62% of third-party GFA in Zhejiang/Hangzhou, the company plans to focus on expansion in other high-tier cities outside Zhejiang in the future. 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.

Binjiang Service (3316 HK) - Expansion Outside Zhejiang to Support GFA Growth