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

<ul><li>ZTO Express (ZTO)’s 4Q24 core net profit grew 11% YoY to RMB2.49bn, which is in line with our expectation.</li><li>The company targets to achieve full year parcel volume of 40.8-42.2bn (20-24% YoY growth), which is expected to outpace the industry growth of 15% (ZTO’s forecast).</li><li>This suggests a shift of strategy from profitability to volume growth, which we believe was due to the continuous decline in market share (18.8% in 4Q24, in terms of parcel volume). </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>

ZTO Express (ZTO)’s 4Q24 core net profit grew 11% YoY to RMB2.49bn, which is in line with our expectation.The company targets to achieve full year parcel volume of 40.8-42.2bn (20-24% YoY growth), which is expected to outpace the industry growth of 15% (ZTO’s forecast).This suggests a shift of strategy from profitability to volume growth, which we believe was due to the continuous decline in market share (18.8% in 4Q24, in terms of parcel volume). 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.

ZTO Express (ZTO US/2057 HK) - Shifting Back to Volume Growth Strategy

ZTO Express Cayman

ZTO Express (ZTO US/2057 HK) - Shifting Back to Volume Growth Strategy