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>Highlights: National Day holiday spending remained modest, broadly in line with Dragon Boat Festival trends. 1) Services: Taking 3 days of leave allowed a 13-day break, encouraging long-distance travel.</li><li>County-level destinations saw strong visitor growth and longer stays.</li><li>Dining may have held up better than overall spending, while cinema and duty-free spending were weaker. </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.

Highlights: National Day holiday spending remained modest, broadly in line with Dragon Boat Festival trends. 1) Services: Taking 3 days of leave allowed a 13-day break, encouraging long-distance travel.County-level destinations saw strong visitor growth and longer stays.Dining may have held up better than overall spending, while cinema and duty-free spending were weaker. 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 - Holiday spending: modest momentum, resilient services

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>Both of Nongfu’s gross margin and growth rate rank No. 2 among beverage big eight.</li>
<li>The company won the price war in both drinkable water and beverage.</li>
<li>We believe revenue will grow by 15% YoY and the operating margin will be stable in 1H26.</li>
</ul>


Both of Nongfu’s gross margin and growth rate rank No. 2 among beverage big eight.
The company won the price war in both drinkable water and beverage.
We believe revenue will grow by 15% YoY and the operating margin will be stable in 1H26.


Nongfu Spring (9633 HK): Buy Potential Coca-Cola After Chip Boom

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.</li>
<li>GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.</li>
<li>In this note, we will talk about the company’s past performance and future prospects.</li>
</ul>


Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.
GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.
In this note, we will talk about the company’s past performance and future prospects.


2024 High Conviction - Giant Biogene - Growth Rate Keeps Moving Higher

<ul>
<li>Total revenue grew by 16% YoY and tea revenue grow by 30% in 1H26.</li>
<li>The gross margin is about 61%, only next to Coca-Cola.</li>
<li>We believe the stock has an upside of 28% for the year end 2027.</li>
</ul>


Total revenue grew by 16% YoY and tea revenue grow by 30% in 1H26.
The gross margin is about 61%, only next to Coca-Cola.
We believe the stock has an upside of 28% for the year end 2027.


Nongfu Spring (9633 HK): Tea Up by 30% in 1H26

<ul><li>Nongfu Spring’s FY25 revenue was up 22.5% YoY to RMB 52.6bn, 4% above Bloomberg consensus, and net profit was up 30.9% YoY to RMB 15.9bn, beat Bloomberg consensus by 6%, supported by recovery in water biz, stronger-thanexpected tea and juice results especially in 2H25, and significant SG&amp;A decline post the Olympic year.</li><li>The company retained its FY26 double-digit revenue growth target but offered no gross margin or net profit guidance amid uncertain conditions.</li><li>We forecast its 3-year forward (2026-28E) revenue and earnings CAGR at around 11%. </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.

Nongfu Spring’s FY25 revenue was up 22.5% YoY to RMB 52.6bn, 4% above Bloomberg consensus, and net profit was up 30.9% YoY to RMB 15.9bn, beat Bloomberg consensus by 6%, supported by recovery in water biz, stronger-thanexpected tea and juice results especially in 2H25, and significant SG&amp;A decline post the Olympic year.The company retained its FY26 double-digit revenue growth target but offered no gross margin or net profit guidance amid uncertain conditions.We forecast its 3-year forward (2026-28E) revenue and earnings CAGR at around 11%. 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.

Nongfu Spring (9633 HK) - FY25: Strong Tea & Juice Biz; Facing Challenges to Maintain High Growth

China

Nongfu Spring is a leading Chinese company primarily engaged in the production and sale of packaged drinking water and a diverse range of beverages. Its product portfolio includes natural packaged drinking water, ready-to-drink teas, functional beverages, and fruit juices. The company was founded in 1996 and is headquartered in Hangzhou, China.

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Nongfu Spring (9633 HK)

Consumer - Holiday spending: modest momentum, resilient services

County-level destinations saw strong visitor growth and longer stays. Dining may have held up better than overall spending, while cinema and duty...

CMB International