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)

China Catering Sector: Long Xiabuxiabu / Short Jiumaojiu

China Catering Sector: Positioning for Interim Results

Equity Bottom-Up

<ul><li>FY22 results inline but margin improved meaningfully in 2H22.</li><li>Sales declined by 23% YoY to RMB 4.7bn and registered net losses of about RMB350mn, implying a -7.5% NP margin, both are inline with profit warning.</li><li>GP margin was at 61.9% (missed CMBI est. of 62.6%) but it was offset by better-than-expected other income and D&amp;A expenses.</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>

FY22 results inline but margin improved meaningfully in 2H22.Sales declined by 23% YoY to RMB 4.7bn and registered net losses of about RMB350mn, implying a -7.5% NP margin, both are inline with profit warning.GP margin was at 61.9% (missed CMBI est. of 62.6%) but it was offset by better-than-expected other income and D&amp;A expenses.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.

Xiabu Xiabu (520 HK) – Both sales and margin recovery are on track

Xiabuxiabu Catering

Xiabu Xiabu (520 HK) – Both sales and margin recovery are on track