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

<ul><li>ENN Energy delivered FY22 results with core profit rising by 11.3% YoY.</li><li>Despite a 0.8% YoY decline in gross profit and 24.4% YoY drop in attributable net profit due to economic downturn, exchange fluctuation, and higher gas cost, ENN’s integrated-energy business and VAS business maintain robust growth.</li><li>We believe ENN’s results will improve in 2023 considering that: 1) gas sales growth is expected to rebound to low double digit; 2) dollar margin may improve based on lower gas cost and more effective price-through measures; 3) wholesales gas net profit may further rise; 4) ENN’s IE maintains a robust growth momentum; 5) the Company accelerates product promotion of value added business which shows great growth potential.</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>

ENN Energy delivered FY22 results with core profit rising by 11.3% YoY.Despite a 0.8% YoY decline in gross profit and 24.4% YoY drop in attributable net profit due to economic downturn, exchange fluctuation, and higher gas cost, ENN’s integrated-energy business and VAS business maintain robust growth.We believe ENN’s results will improve in 2023 considering that: 1) gas sales growth is expected to rebound to low double digit; 2) dollar margin may improve based on lower gas cost and more effective price-through measures; 3) wholesales gas net profit may further rise; 4) ENN’s IE maintains a robust growth momentum; 5) the Company accelerates product promotion of value added business which shows great growth potential.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.

ENN Energy (2688 HK) – Emerging from the downturn