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

Horizon Construction Development / Equity Bottom-Up

Horizon Construction Development (9930 HK)

<ul><li>Horizon’s reported net profit in 1H23 came in at RMB237mn, up 49% YoY.</li><li>Excluding the listing expense as well as the interest expense and FX change from the redemption liabilities on pre-IPO investment, core net profit moderately grew 10% YoY to RMB318mn which is in line with our expectation.</li><li>We like Horizon’s disciplined cost management, improved free cash flow through the execution of asset-light model and reduced gearing ratio. </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>

Horizon’s reported net profit in 1H23 came in at RMB237mn, up 49% YoY.Excluding the listing expense as well as the interest expense and FX change from the redemption liabilities on pre-IPO investment, core net profit moderately grew 10% YoY to RMB318mn which is in line with our expectation.We like Horizon’s disciplined cost management, improved free cash flow through the execution of asset-light model and reduced gearing ratio. 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.

Horizon CD (9930 HK) – 1H23 Core Profit +10% YoY