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>We take the view that family and child planning is unlikely to top the consumers’ wallet (as opposite to dine-out and short-haul travel demand), and IMF is unlikely to share a high sensitivity to China’s reopening.</li><li>While we concur with market view that the number of new borns could have troughed, however, it does not necessarily infer an immediate V-shape recovery that could take place within 1H23, not to mention seeing one over the course of the year.</li><li>The scenario should leave Feihe’s new capacity in Canada and Harbin under-utilized, and further weigh on GPM that has already seen pressure from an unfavorable sales mix change. </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>

We take the view that family and child planning is unlikely to top the consumers’ wallet (as opposite to dine-out and short-haul travel demand), and IMF is unlikely to share a high sensitivity to China’s reopening.While we concur with market view that the number of new borns could have troughed, however, it does not necessarily infer an immediate V-shape recovery that could take place within 1H23, not to mention seeing one over the course of the year.The scenario should leave Feihe’s new capacity in Canada and Harbin under-utilized, and further weigh on GPM that has already seen pressure from an unfavorable sales mix change. 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 Feihe (6186 HK) – Limited Upside upon a Lacklustre Outlook