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.

Equity Bottom-Up

China Resources Mixc Lifestyle Services / Equity Bottom-Up

China Resources Mixc Lifestyle Services (1209 HK)

<ul><li>The Company’s 1H26 core net profit rose 10.8% YoY to RMB2.23bn, meeting double-digit guidance.</li><li>Revenue grew 8.1% to RMB9.22bn, slightly below target, pressured by weak basic PM growth with managed-GFA only up +2% and the collection rate falling with the industry.</li><li>Overall gross margin expanded 0.9ppt YoY to 38.0% as gross profit contribution of commercial biz with higher margin climbed to 70.6% (1H25: 68.2%). </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.

The Company’s 1H26 core net profit rose 10.8% YoY to RMB2.23bn, meeting double-digit guidance.Revenue grew 8.1% to RMB9.22bn, slightly below target, pressured by weak basic PM growth with managed-GFA only up +2% and the collection rate falling with the industry.Overall gross margin expanded 0.9ppt YoY to 38.0% as gross profit contribution of commercial biz with higher margin climbed to 70.6% (1H25: 68.2%). 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.

CR MixC Lifestyle (1209 HK) - Broadening Drivers to Ease Residential PM Reliance; Maintain BUY

<ul><li>CR MixC's FY25 revenue increased by 5.1% YoY to RMB 18.0bn, below Bloomberg consensus by 2% and inline with CMBI estimate.</li><li>The residential segment is flat YoY, dragged by VAS biz, and the commercial segment grew 10% YoY, slowing from 21% in FY24 due to a high base in shopping mall biz.</li><li>Net profit (NP) rose 10.3% YoY to RMB 4.0bn, underpinned by stable GP margin in basic PM, improved GP margin of shopping malls, and lower SG&amp;A ratio driven by digitalization, exit of low-quality projects, and cross-business synergy. </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.

CR MixC's FY25 revenue increased by 5.1% YoY to RMB 18.0bn, below Bloomberg consensus by 2% and inline with CMBI estimate.The residential segment is flat YoY, dragged by VAS biz, and the commercial segment grew 10% YoY, slowing from 21% in FY24 due to a high base in shopping mall biz.Net profit (NP) rose 10.3% YoY to RMB 4.0bn, underpinned by stable GP margin in basic PM, improved GP margin of shopping malls, and lower SG&amp;A ratio driven by digitalization, exit of low-quality projects, and cross-business synergy. 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.

CR MixC Lifestyle (1209 HK) - Commercial Biz to Ride the Trend, Residential Biz to Upgrade Quality

Thematic (Sector/Industry)

<ul><li>On Aug 28, regulators issued the Notice on Improving Commercial Housing Sales System, proposing to lift the pre-sale threshold to structural topping-out and impose full supervision on pre-sale funds for new land parcels.</li><li>Full rollout of the policy would tighten developer liquidity, accelerate exit of undercapitalized players, lengthen collection cycles and drive market share concentration toward SOEs; while on the demand side, it would reduce delivery risks and boost buyer confidence, in our view.</li><li>We view this as a landmark step to break the sector’s vicious cycle, with regulators directly addressing the root cause. </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.

On Aug 28, regulators issued the Notice on Improving Commercial Housing Sales System, proposing to lift the pre-sale threshold to structural topping-out and impose full supervision on pre-sale funds for new land parcels.Full rollout of the policy would tighten developer liquidity, accelerate exit of undercapitalized players, lengthen collection cycles and drive market share concentration toward SOEs; while on the demand side, it would reduce delivery risks and boost buyer confidence, in our view.We view this as a landmark step to break the sector’s vicious cycle, with regulators directly addressing the root cause. 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.

Property - Pre-Sale Threshold Lifted: Short-Term Pain for Long-Term Health

<ul><li>We forecast CR MixC's FY25E revenue to increase by 6.5% YoY to RMB 18.2bn, where the residential segment is flat YoY, dragged by VAS biz.</li><li>During the period, we expect the commercial segment to grow 13.8% YoY, mainly because revenue growth of shopping mall slowed to 18% on a high base (30% in FY24 driven by one-off factors).</li><li>We expect core NP to rise 10.8% YoY to RMB 3.9bn in FY25E, underpinned by stable GP margin in basic PM, continued improvement in GP margin of shopping mall, and lower SG&amp;A ratio. </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.

We forecast CR MixC's FY25E revenue to increase by 6.5% YoY to RMB 18.2bn, where the residential segment is flat YoY, dragged by VAS biz.During the period, we expect the commercial segment to grow 13.8% YoY, mainly because revenue growth of shopping mall slowed to 18% on a high base (30% in FY24 driven by one-off factors).We expect core NP to rise 10.8% YoY to RMB 3.9bn in FY25E, underpinned by stable GP margin in basic PM, continued improvement in GP margin of shopping mall, and lower SG&amp;A ratio. 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.

CR MixC Lifestyle (1209 HK) - FY25 Preview: Core NP Growth Trimmed to Low Teens

<ul><li>We reiterate our view of overweighting high quality names among Property &amp; PM sector given that 1) Shenzhen/Suzhou further relaxed home purchase policies which further proved regulators’ determination in upholding the market confidence in our view</li><li>2) we think there is ample room for fine-tuning in tier-1 cities (Figure 1)</li><li>3) property transaction data are robust </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.

We reiterate our view of overweighting high quality names among Property &amp; PM sector given that 1) Shenzhen/Suzhou further relaxed home purchase policies which further proved regulators’ determination in upholding the market confidence in our view2) we think there is ample room for fine-tuning in tier-1 cities (Figure 1)3) property transaction data are robust 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.

Property - City-Level Relaxation Came Earlier...

China

China Resources Mixc Lifestyle Services provides property management and commercial operational services across the People's Republic of China. The company manages a diversified portfolio including residential communities, shopping malls, and office buildings, offering services such as pre-opening management, security, cleaning, and community lifestyle services. It is headquartered in Shenzhen, China, and was founded in 1994.

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China Resources Mixc Lifestyle Services (1209 HK)

CR MixC Lifestyle (1209 HK) - Broadening Drivers to Ease Residential PM Reliance; Maintain BUY

Revenue grew 8.1% to RMB9.22bn, slightly below target, pressured by weak basic PM growth with managed-GFA only up +2% and the collection rate...

CMB International

CR MixC Lifestyle (1209 HK) - Commercial Biz to Ride the Trend, Residential Biz to Upgrade Quality

The residential segment is flat YoY, dragged by VAS biz, and the commercial segment grew 10% YoY, slowing from 21% in FY24 due to a high base in...

CMB International

Property - Pre-Sale Threshold Lifted: Short-Term Pain for Long-Term Health

Full rollout of the policy would tighten developer liquidity, accelerate exit of undercapitalized players, lengthen collection cycles and drive...

CMB International

CR MixC Lifestyle (1209 HK) - FY25 Preview: Core NP Growth Trimmed to Low Teens

We forecast CR MixC's FY25E revenue to increase by 6.5% YoY to RMB 18.2bn, where the residential segment is flat YoY, dragged by VAS biz.

CMB International

Property - City-Level Relaxation Came Earlier...

Shenzhen made another move on policy relaxation including 1) lowering CPF down payment ratio from 30% to 20% for 2nd home buyers

CMB International

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