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

Topsports International Holdings / Equity Bottom-Up

Topsports International Holdings (6110 HK)

<ul><li>Supported by our channel checks and comments by management of various brands (Adidas, Pou Sheng, 361 Degrees), we believe the sportswear sector has turned around in YTD 2025 vs 4Q24 (decent retail sales growth during CNY, retail discounts may be high but are likely to bottom out after CNY as inventory has finally normalized).</li><li>We see further upside for Topsports in FY26E, thanks to: 1) a better macro environment, 2) more new product launches, 3) better inventory level and discounts, 4) more support from principal brands, and 5) rapid outdoor brand growth. We upgrade to BUY and revise up TP to HK$ 4.51</li><li>We have turned more positive on FY26E, because of the macro environment, lowered inventory and discount risks and better momentum from the principal brands (more new product launches and margin support).</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>

Supported by our channel checks and comments by management of various brands (Adidas, Pou Sheng, 361 Degrees), we believe the sportswear sector has turned around in YTD 2025 vs 4Q24 (decent retail sales growth during CNY, retail discounts may be high but are likely to bottom out after CNY as inventory has finally normalized).We see further upside for Topsports in FY26E, thanks to: 1) a better macro environment, 2) more new product launches, 3) better inventory level and discounts, 4) more support from principal brands, and 5) rapid outdoor brand growth. We upgrade to BUY and revise up TP to HK$ 4.51We have turned more positive on FY26E, because of the macro environment, lowered inventory and discount risks and better momentum from the principal brands (more new product launches and margin support).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.

Topsports (6110 HK) - Improved in 2H25E, More Catalysts in FY26E