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

China Life Insurance Company / Equity Bottom-Up

<ul><li>China Life reported in-line full-year results, with net profit up 132% YoY to RMB 106.9 bn under IFRS (or up 107% YoY to RMB 108.9bn under ASBE), at the midpoint per profit alert which expected to rise 122-144% (IFRS) and 100%-120% (ABSE), yet underperformed our forecast of RMB109bn under IFRS.</li><li>4Q net profit came in at RMB2.4bn, at low-end of our preview, down 70% YoY.</li><li>Net asset value dropped 10% QoQ in 4Q24 to RMB509.7bn, reflecting the rapid interest rate decline in last quarter with 10yr CN govt. bond yield down by 49bps. </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>

China Life reported in-line full-year results, with net profit up 132% YoY to RMB 106.9 bn under IFRS (or up 107% YoY to RMB 108.9bn under ASBE), at the midpoint per profit alert which expected to rise 122-144% (IFRS) and 100%-120% (ABSE), yet underperformed our forecast of RMB109bn under IFRS.4Q net profit came in at RMB2.4bn, at low-end of our preview, down 70% YoY.Net asset value dropped 10% QoQ in 4Q24 to RMB509.7bn, reflecting the rapid interest rate decline in last quarter with 10yr CN govt. bond yield down by 49bps. 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 Life (2628 HK) - 4Q Slowdown as Expected; DPS Exceeded >50%