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>Positioning across key consumer stocks stabilized in the two weeks ended 8 Sep.</li><li>Average short interest inched up 0.1pp to 8.8% of free float, near 6-month highs.</li><li>Days to cover (DTC) eased to 8.3 days from 8.5 as turnover normalised post the interim earnings season (Figure 2). </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.

Positioning across key consumer stocks stabilized in the two weeks ended 8 Sep.Average short interest inched up 0.1pp to 8.8% of free float, near 6-month highs.Days to cover (DTC) eased to 8.3 days from 8.5 as turnover normalised post the interim earnings season (Figure 2). 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.

Consumer Discretionary - Bi-Weekly Flow Monitor: Shorts Rotating to Franchise Chains;

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Bottom-Up

<ul>
<li>The low-cost “ANTA Membrane” reached the standards of the European Union.</li>
<li>The “lighthouse store program” lowered operating expenses by combining stores in small towns.</li>
<li>Operating cash flows increased to CNY25 billion in 2025 from CNY20 billion in 2024.</li>
</ul>


The low-cost “ANTA Membrane” reached the standards of the European Union.
The “lighthouse store program” lowered operating expenses by combining stores in small towns.
Operating cash flows increased to CNY25 billion in 2025 from CNY20 billion in 2024.


Anta (2020 HK): Positive Signs in 2025 Results – New Tech, Lower Costs, and Higher Cash Flows

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Anta’s €1.5bn stake in Puma is a low-risk, event-driven transaction, paying a control-adjacent premium into a re-rated stock to secure governance influence and long-dated China optionality rather than near-term earnings.</li>
<li>Puma’s valuation already embeds significant event-driven optimism, following a sharp pre-announcement rally, meaning Anta is underwriting execution and China penetration, not a cyclical recovery or financial engineering.</li>
<li>Despite owning high-performing assets like Amer Sports, Anta trades at a holding-company discount, reflecting investor preference for focused growth over portfolio optionality until execution translates into visible cash-flow outcomes.</li>
</ul>


Anta’s €1.5bn stake in Puma is a low-risk, event-driven transaction, paying a control-adjacent premium into a re-rated stock to secure governance influence and long-dated China optionality rather than near-term earnings.
Puma’s valuation already embeds significant event-driven optimism, following a sharp pre-announcement rally, meaning Anta is underwriting execution and China penetration, not a cyclical recovery or financial engineering.
Despite owning high-performing assets like Amer Sports, Anta trades at a holding-company discount, reflecting investor preference for focused growth over portfolio optionality until execution translates into visible cash-flow outcomes.


Anta–Puma: Buying China Optionality at the Asset Level, Not the Multiple

<ul><li>3Q25 retail sales growth was all inline, in our view, but that was partially due to CMBI and investors’ low expectation (as industry and macro conditions got worse lately).</li><li>While management highlighted that Oct 2025 sales trend is under pressure with guidance cut for Anta brand, we are also concerned about retail discounts for FILA brand, as its inventories continue to climb, esp. under such a weak macro backdrop.</li><li>We still maintain BUY with a long-run positive view, but we are more cautious in the short run (inline with our decision to downgrade sportswear sector’s rating to MARKET-PERFORM in early Oct 2025).</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.

3Q25 retail sales growth was all inline, in our view, but that was partially due to CMBI and investors’ low expectation (as industry and macro conditions got worse lately).While management highlighted that Oct 2025 sales trend is under pressure with guidance cut for Anta brand, we are also concerned about retail discounts for FILA brand, as its inventories continue to climb, esp. under such a weak macro backdrop.We still maintain BUY with a long-run positive view, but we are more cautious in the short run (inline with our decision to downgrade sportswear sector’s rating to MARKET-PERFORM in early Oct 2025).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.

Anta Sports (2020 HK) - Staying Cautious Even After Guidance Cut

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>For 1H25, the companies under our coverage will report a 16.8% earnings growth. Breaking down by quarter, 2Q25 growth will accelerate to 30.8%, from 14.1% in 1Q25. </li>
<li>The best growth rates are at <a href="https://www.smartkarma.com/entities/china-national-building-ma-h" target="_blank" data-smartkarma-citation="entities:184:1" rel="noopener">China National Building Material (3323 HK)</a>, <a href="https://www.smartkarma.com/entities/china-international-capital-corporation-ltd" target="_blank" data-smartkarma-citation="entities:1071:1" rel="noopener">CICC (3908 HK)</a>, <a href="https://www.smartkarma.com/entities/beijing-capital-international-airport-bcia" target="_blank" data-smartkarma-citation="entities:10626:1" rel="noopener">Beijing Capital Intl Airport (694 HK)</a>, <a href="https://www.smartkarma.com/entities/tongcheng-travel-holdings-ltd" target="_blank" data-smartkarma-citation="entities:27363:1" rel="noopener">Tongcheng Travel (780 HK)</a>, and <a href="https://www.smartkarma.com/entities/sitc-international-holdings" target="_blank" data-smartkarma-citation="entities:15301:1" rel="noopener">SITC Intl (1308 HK)</a>. </li>
<li>The worst ones are <a href="https://www.smartkarma.com/entities/china-travel-international-investment-hong-kong" target="_blank" data-smartkarma-citation="entities:3879:1" rel="noopener">China Travel Intl (308 HK)</a>, <a href="https://www.smartkarma.com/entities/cosco-shipping-energy-tran-h" target="_blank" data-smartkarma-citation="entities:646:1" rel="noopener">Cosco Shipping Energy Transp (1138 HK)</a>, <a href="https://www.smartkarma.com/entities/china-southern-airlines-co-ltd" target="_blank" data-smartkarma-citation="entities:1078:1" rel="noopener">China Southern Airlines (1055 HK)</a>, <a href="https://www.smartkarma.com/entities/china-tourism-group-duty-free" target="_blank" data-smartkarma-citation="entities:36229:1" rel="noopener">CTG Duty Free (1880 HK)</a>, and <a href="https://www.smartkarma.com/entities/pacific-basin-shipping-ltd" target="_blank" data-smartkarma-citation="entities:929:1" rel="noopener">Pacific Basin (2343 HK)</a>. </li>
</ul>


For 1H25, the companies under our coverage will report a 16.8% earnings growth. Breaking down by quarter, 2Q25 growth will accelerate to 30.8%, from 14.1% in 1Q25. 
The best growth rates are at China National Building Material (3323 HK), CICC (3908 HK), Beijing Capital Intl Airport (694 HK), Tongcheng Travel (780 HK), and SITC Intl (1308 HK). 
The worst ones are China Travel Intl (308 HK), Cosco Shipping Energy Transp (1138 HK), China Southern Airlines (1055 HK), CTG Duty Free (1880 HK), and Pacific Basin (2343 HK). 


China & HK Strategy: 1H25 Preview - Where Are the Upside and Downside Surprises?

China

ANTA Sports designs, develops, manufactures, and markets professional sports products, including footwear, apparel, and accessories. The company operates a multi-brand portfolio that includes ANTA, FILA (in China), DESCENTE, KOLON SPORT, and JACK WOLFSKIN, and is the largest shareholder of Amer Sports. It was founded in 1991 and is headquartered in Jinjiang, Fujian, China.

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ANTA Sports (2020 HK)

Consumer Discretionary - Bi-Weekly Flow Monitor: Shorts Rotating to Franchise Chains;

Positioning across key consumer stocks stabilized in the two weeks ended 8 Sep. Average short interest inched up 0.1pp to 8.8% of free float, near...

CMB International

Anta (2020 HK): Positive Signs in 2025 Results – New Tech, Lower Costs, and Higher Cash Flows

The low-cost “ANTA Membrane” reached the standards of the European Union. The “lighthouse store program” lowered expenses by combining stores....

Ming Lu

Anta–Puma: Buying China Optionality at the Asset Level, Not the Multiple

Anta’s €1.5bn stake in Puma is a clean, event-driven deal securing governance influence and China optionality. Puma gets an anchor shareholder;...

Jesus Rodriguez Aguilar