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

<ul><li>Guoquan's 1H26 revenue/NP grew 21.8%/15.2% YoY to RMB 3,947/211 mn, respectively with core operating profit up 18.3% YoY, missing its guidance of NP growth outpacing revenue growth.</li><li>Our two key takeaways are: 1) management trimmed FY26 store target to 13,100 from the 14,500 laid out at the FY25 annual results in March, signalling a slower but more disciplined expansion pace.</li><li>Meanwhile, the Company reiterated its long-term goal of 20,000 stores, with membership, online channels and overseas exploration adding new revenue levers. </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.

Guoquan's 1H26 revenue/NP grew 21.8%/15.2% YoY to RMB 3,947/211 mn, respectively with core operating profit up 18.3% YoY, missing its guidance of NP growth outpacing revenue growth.Our two key takeaways are: 1) management trimmed FY26 store target to 13,100 from the 14,500 laid out at the FY25 annual results in March, signalling a slower but more disciplined expansion pace.Meanwhile, the Company reiterated its long-term goal of 20,000 stores, with membership, online channels and overseas exploration adding new revenue levers. 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.

Guoquan Food (2517 HK) - Expect Slower Store Expansion with Broader Revenue Support

<ul><li>Guoquan is the largest one-stop brand for at-home meal solutions in China.</li><li>Guoquan achieved retail sales of RMB11.1bn with 3% market share in 2022.</li><li>The company offers a diversified product portfolio that spans eight major categories (hotpot, barbecue, beverages, single-serve meals, readyto-cook meal kits, fresh food, Western cuisines, and snacks). </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.

Guoquan is the largest one-stop brand for at-home meal solutions in China.Guoquan achieved retail sales of RMB11.1bn with 3% market share in 2022.The company offers a diversified product portfolio that spans eight major categories (hotpot, barbecue, beverages, single-serve meals, readyto-cook meal kits, fresh food, Western cuisines, and snacks). 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.

Guoquan Food (2517 HK) - A National At-Home Food Expert to Innovate at All Fronts

China

Guoquan Food operates as a home meal products company in Mainland China, offering ready-to-eat, ready-to-heat, and ready-to-cook meals, including hotpot and barbecue ingredients, condiments, beverages, fresh food, western food, and snacks. The company sells its products through a franchised retail store network under the "Guoquan Shihui" brand and online channels. It is headquartered in Shanghai, China, and was founded in 2015.

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Guoquan Food (2517 HK)