External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<ul><li>With a low base, March online retail sales data demonstrated steady recovery trend as expected, with YoY growth in online physical goods GMV increased to 10.9% from 5.3% in 2M23, which indicates a two-year CAGR of 6.8%.</li><li>Aided by the constant recovery in online travel related services, YoY growth of overall online retail sales GMV of 12.9% in March continued to outpace that of online physical goods GMV.</li><li>Potential recovery in online virtual products sales in 2Q23 is likely to aid a further recovery for online retail, in our view. </li></ul>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.

With a low base, March online retail sales data demonstrated steady recovery trend as expected, with YoY growth in online physical goods GMV increased to 10.9% from 5.3% in 2M23, which indicates a two-year CAGR of 6.8%.Aided by the constant recovery in online travel related services, YoY growth of overall online retail sales GMV of 12.9% in March continued to outpace that of online physical goods GMV.Potential recovery in online virtual products sales in 2Q23 is likely to aid a further recovery for online retail, in our view. 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.

China Internet – March online retail sales recap

<ul><li>NBS released (17 January) Dec and full year 2022 online retail sales data.</li><li>YoY growth of online physical goods GMV reaccelerated to 4.4% YoY in Dec 2022 (1.2% YoY in Nov), which in our view could be attributed to recovery in logistics and fulfilment capability in late Dec and frontloaded sales generated from the Spring Festival shopping festival due to the early Spring Festival in 2023.</li><li>But solid recovery in YoY growth trajectory likely takes time, in our view, echoed by the 4.7% YoY online retail sales growth during the first five days of the shopping festival (30 Dec 2022-3 Jan 2023; per Ministry of Commerce). </li></ul>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.

NBS released (17 January) Dec and full year 2022 online retail sales data.YoY growth of online physical goods GMV reaccelerated to 4.4% YoY in Dec 2022 (1.2% YoY in Nov), which in our view could be attributed to recovery in logistics and fulfilment capability in late Dec and frontloaded sales generated from the Spring Festival shopping festival due to the early Spring Festival in 2023.But solid recovery in YoY growth trajectory likely takes time, in our view, echoed by the 4.7% YoY online retail sales growth during the first five days of the shopping festival (30 Dec 2022-3 Jan 2023; per Ministry of Commerce). 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.

China Internet – December online retail sales recap

<ul><li>Continue to support digital economy development </li><li>Encouraging technology breakthroughs, innovations, and overseas expansion. </li><li>Business model robustness, operating leveraging improvement, and ability to expand to new revenue streams will be the key stock alpha drivers.</li></ul>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.

Continue to support digital economy development Encouraging technology breakthroughs, innovations, and overseas expansion. Business model robustness, operating leveraging improvement, and ability to expand to new revenue streams will be the key stock alpha drivers.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.

China Internet – Quality growth and further digitization penetration provide growth support

<ul><li>NBS released (15 December) November online retail sales data.</li><li>YoY growth of online physical goods GMV slowed to 1.2% YoY amid soft consumption sentiment, but online retail sales penetration rate of physical goods reached 27.1% in 11M22 at a historical high, which we attribute to further constrained offline activities and further commerce adoption of new online format.</li><li>The high online penetration could sustain into December, in our view, as offline activities will remain constrained and continue to shift online.</li></ul>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.

NBS released (15 December) November online retail sales data.YoY growth of online physical goods GMV slowed to 1.2% YoY amid soft consumption sentiment, but online retail sales penetration rate of physical goods reached 27.1% in 11M22 at a historical high, which we attribute to further constrained offline activities and further commerce adoption of new online format.The high online penetration could sustain into December, in our view, as offline activities will remain constrained and continue to shift online.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.

China Internet – November Online Retail Sales Recap

Equity Bottom-Up

<ul><li>Meituan reported (25 November) its 3Q22 results: revenue was RMB62.6bn, up 28.2% YoY, 0.9/0.4% higher than our forecast and consensus estimate.</li><li>Adjusted net profit during 3Q22 reached RMB3.5bn (3Q21: loss of RMB5.5bn), better than our/consensus forecast of RMB1.5/0.8bn, mainly on better-thanexpected profit from core local commerce business segment, and narrowerthan-expected loss from new initiatives and others.</li><li>Recent pandemic resurgence nationwide likely brings short-term headwind to Meituan, and management aims to drive for continuous YoY profitability improvement through optimization in user subsidy and more efficient business operation for new initiatives. </li></ul>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 reported (25 November) its 3Q22 results: revenue was RMB62.6bn, up 28.2% YoY, 0.9/0.4% higher than our forecast and consensus estimate.Adjusted net profit during 3Q22 reached RMB3.5bn (3Q21: loss of RMB5.5bn), better than our/consensus forecast of RMB1.5/0.8bn, mainly on better-thanexpected profit from core local commerce business segment, and narrowerthan-expected loss from new initiatives and others.Recent pandemic resurgence nationwide likely brings short-term headwind to Meituan, and management aims to drive for continuous YoY profitability improvement through optimization in user subsidy and more efficient business operation for new initiatives. 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) – Long-term development intact despite short-term headwinds

China

Meituan operates as a web based shopping platform for locally found consumer products and retail services. The Company offers deals of the day by selling vouchers on local services and entertainment, dining, delivery, and other services. Meituan provides its services throughout China.

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Meituan (3690 HK)

China Internet – March online retail sales recap

With a low base, March online retail sales data demonstrated steady recovery trend as expected, with YoY growth in online physical goods GMV...

CMB International

China Internet – December online retail sales recap

YoY growth of online physical goods GMV reaccelerated to 4.4% YoY in Dec 2022 (1.2% YoY in Nov), which in our view could be attributed to recovery...

CMB International

China Internet – Quality growth and further digitization penetration provide growth support

Continue to support digital economy development. Encouraging technology breakthroughs, innovations, and overseas expansion.

CMB International

China Internet – November Online Retail Sales Recap

The high online penetration could sustain into December, in our view, as offline activities will remain constrained and continue to shift online.

CMB International

Meituan (3690 HK) – Long-term development intact despite short-term headwinds

Meituan reported (25 November) its 3Q22 results: revenue was RMB62.6bn, up 28.2% YoY, 0.9/0.4% higher than our forecast and consensus estimate.

CMB International

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