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 Resources Beer Holdings / Equity Bottom-Up

<ul><li>CR Beer unveiled its 1H24 results. During the period, revenue and NP missed the market consensus by 7% and 3%, respectively, mainly due to the shrinking sales volume of mainstream beer driven by unfavorable macroeconomic and weather conditions, as well as a high base.</li><li>Management expects a low-singledigit decline in total beer sales volume but positive net profit growth for 2024, supported by gross margin expansion and operational expense control.</li><li>Beer premiumization continues despite overall consumption downgrading trend. </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>

CR Beer unveiled its 1H24 results. During the period, revenue and NP missed the market consensus by 7% and 3%, respectively, mainly due to the shrinking sales volume of mainstream beer driven by unfavorable macroeconomic and weather conditions, as well as a high base.Management expects a low-singledigit decline in total beer sales volume but positive net profit growth for 2024, supported by gross margin expansion and operational expense control.Beer premiumization continues despite overall consumption downgrading trend. 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.

CR Beer (291 HK) - 1H24 Rev/NP -0.5%/+1.2%; Earnings Missed with Beer Premiumization Continues