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>2Q preview. 1H23 operational performance came in largely in line with midsingle-digit volume growth, although that of 1Q was slightly stronger than 2Q due to Chinese New Year impact.</li><li>By segment, sub-premium+ delivered 20% growth, with Heineken achieving 30%+.</li><li>Meanwhile, SuperX and others saw teen growth. By channel, restaurant demand has fully recovered to prepandemic levels, while that from night life has been ramping up. </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>

2Q preview. 1H23 operational performance came in largely in line with midsingle-digit volume growth, although that of 1Q was slightly stronger than 2Q due to Chinese New Year impact.By segment, sub-premium+ delivered 20% growth, with Heineken achieving 30%+.Meanwhile, SuperX and others saw teen growth. By channel, restaurant demand has fully recovered to prepandemic levels, while that from night life has been ramping up. 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) – Expecting a Solid 1H23