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 Three Gorges Renewables / Equity Bottom-Up

China Three Gorges Renewables (600905 CH)

<ul><li>CTGR Group announced its 1H23 results, with in-line business operation but operating cost missing expectations.</li><li>CTGR achieved revenue of RMB13.70bn, up by 12.98% YoY. Attributable NP was RMB4.52bn, dropped by 10.10% YoY.</li><li>Although CTGR reported solid operation in electricity generation and slightly beat on-grid tariff, the increase in costs and operating expenses (under updated accounting standards) led to a drop in earnings. </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>

CTGR Group announced its 1H23 results, with in-line business operation but operating cost missing expectations.CTGR achieved revenue of RMB13.70bn, up by 12.98% YoY. Attributable NP was RMB4.52bn, dropped by 10.10% YoY.Although CTGR reported solid operation in electricity generation and slightly beat on-grid tariff, the increase in costs and operating expenses (under updated accounting standards) led to a drop in earnings. 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.

CTGR Group (600905 CH) – Sound Business Operation; Rising Depreciation Drags on Earnings