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)

Thematic (Sector/Industry)

<ul><li>Based on NBS data, 8M23 online retail sales GMV/ online physical goods GMV reached RMB9.5/8.0tn, up 12.1/9.5% YoY.</li><li>The YoY growth of online physical goods GMV in Aug 2023 came in at 6.1% (July 2023: 5.0%), which was largely in line with our estimate at 5.5%, demonstrated a marginal sequential improvement trend but indicated that consumption recovery still takes time.</li><li>Although overall top-line growth of e-commerce platforms is likely to face shortterm fluctuation due to macro uncertainties, e-commerce platforms are driving revenue growth and scale expansion in an efficient way and targeting for operating efficiency improvement, which likely leads to benign-than-expected industry competition, and better-than-expected earnings growth in 3Q23. </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>

Based on NBS data, 8M23 online retail sales GMV/ online physical goods GMV reached RMB9.5/8.0tn, up 12.1/9.5% YoY.The YoY growth of online physical goods GMV in Aug 2023 came in at 6.1% (July 2023: 5.0%), which was largely in line with our estimate at 5.5%, demonstrated a marginal sequential improvement trend but indicated that consumption recovery still takes time.Although overall top-line growth of e-commerce platforms is likely to face shortterm fluctuation due to macro uncertainties, e-commerce platforms are driving revenue growth and scale expansion in an efficient way and targeting for operating efficiency improvement, which likely leads to benign-than-expected industry competition, and better-than-expected earnings growth in 3Q23. 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 Internet – August online retail sales recap