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

GreenTown Management Holdings / Equity Bottom-Up

<ul><li>The Company reported in-line results of +31.3% YoY growth in 1H23 NP, maintaining its good track record of target completion.</li><li>GP margin lifted 1.6ppt YoY to 51.5% from 49.7% in 1H22 due to the revenue structure skewing to capital PJM with higher margin.</li><li>The stock price dropped 6% yesterday mainly because of the significant management changes which increase investors’ concern if the company is going to adopt a business model with heavier assets. </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>

The Company reported in-line results of +31.3% YoY growth in 1H23 NP, maintaining its good track record of target completion.GP margin lifted 1.6ppt YoY to 51.5% from 49.7% in 1H22 due to the revenue structure skewing to capital PJM with higher margin.The stock price dropped 6% yesterday mainly because of the significant management changes which increase investors’ concern if the company is going to adopt a business model with heavier assets. 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.

Greentown Management (9979 HK) – Earnings In-Line