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

Smoore International Holdings / Equity Bottom-Up

<ul><li>Smoore reported 1Q rev/ net profits at RMB2.5b/300mn, tracking below our full year estimates at only 16%/10%, respectively.</li><li>By region, China revenue was down 98% YoY while that of overseas was up 58%, thanks to strong sales of disposable refillers in Europe.</li><li>Although weakness in the China market was very much expected (as fruit flavoured refillers were still legal in 1Q22), the magnitude of decline is more severe than our/ market’s expectation of a c80-90% decline.</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>

Smoore reported 1Q rev/ net profits at RMB2.5b/300mn, tracking below our full year estimates at only 16%/10%, respectively.By region, China revenue was down 98% YoY while that of overseas was up 58%, thanks to strong sales of disposable refillers in Europe.Although weakness in the China market was very much expected (as fruit flavoured refillers were still legal in 1Q22), the magnitude of decline is more severe than our/ market’s expectation of a c80-90% decline.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.

Smoore Int’l (6969 HK) – 1Q tracking below us on weak domestic sales