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

Glodon Company Limited A / Equity Bottom-Up

<ul><li>Glodon announced 2Q23 results: total revenue increased by 7.2% YoY to RMB1.76bn in 2Q23, below consensus estimate of RMB2.00bn.</li><li>Net profit was RMB129.2mn in 2Q23, down 55% YoY, mainly due to the soft housing construction market and Glodon’s adjustment to its organizational structure.</li><li>Total revenue/net profit was +10.7/-37.5% YoY in 1H23. In view of the long-lasting property sector headwind, the company revised down the full-year revenue/net profit growth guidance, and now expects total revenue/net profit to deliver teens percentage/positive YoY growth in FY23 (previous: +30/30% YoY). </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>

Glodon announced 2Q23 results: total revenue increased by 7.2% YoY to RMB1.76bn in 2Q23, below consensus estimate of RMB2.00bn.Net profit was RMB129.2mn in 2Q23, down 55% YoY, mainly due to the soft housing construction market and Glodon’s adjustment to its organizational structure.Total revenue/net profit was +10.7/-37.5% YoY in 1H23. In view of the long-lasting property sector headwind, the company revised down the full-year revenue/net profit growth guidance, and now expects total revenue/net profit to deliver teens percentage/positive YoY growth in FY23 (previous: +30/30% YoY). 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.

Glodon (002410 CH) – 1H23 Miss Amid Property Sector Headwind