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)

Despite Many Years and Efforts, Insurance Covered Online Pharmacies Still Only 0.8-3.6% of Total

Equity Bottom-Up

<ul><li>Meituan reported (6 Jun) its 1Q24 results: revenue was RMB73.3bn, up 25% YoY, 4/6% higher than our estimate/Bloomberg consensus estimate.</li><li>Adjusted net profit during 1Q24 reached RMB7.5bn, better than our estimate/consensus at RMB5.5bn/5.8bn, due to both better-than-expected operating profit (OP) generated from core local commerce (CLC) business, aided by better-thanexpected order volume growth of on-demand delivery business, and narrowerthan-expected loss generated from new business, in particular the narrowerthan-expected loss generated from Meituan Select.</li><li>We are more positive on Meituan’s 2024E net profit growth prospects, given its likely better unit economics (UE) outlook for on-demand delivery business with the optimization of subsidies and increase in monetization from advertising business, as well as potentially greater loss reduction from Meituan Select. </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>

Meituan reported (6 Jun) its 1Q24 results: revenue was RMB73.3bn, up 25% YoY, 4/6% higher than our estimate/Bloomberg consensus estimate.Adjusted net profit during 1Q24 reached RMB7.5bn, better than our estimate/consensus at RMB5.5bn/5.8bn, due to both better-than-expected operating profit (OP) generated from core local commerce (CLC) business, aided by better-thanexpected order volume growth of on-demand delivery business, and narrowerthan-expected loss generated from new business, in particular the narrowerthan-expected loss generated from Meituan Select.We are more positive on Meituan’s 2024E net profit growth prospects, given its likely better unit economics (UE) outlook for on-demand delivery business with the optimization of subsidies and increase in monetization from advertising business, as well as potentially greater loss reduction from Meituan Select. 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.

Meituan (3690 HK) - 1Q Results Pointed to a Better Full-Year Earnings Growth Outlook