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>1H revenue and net profits grew faster than we expected at 23%/25% (vs CMBIe: mid-teen growth) to RMB20.5bn/5.8bn.</li><li>The strength came in along with a higher gross margins at 60.2%.</li><li>In our view, both were largely driven by 60% YoY revenue growth in tea beverages, of which ASP and gross margins are higher. </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.

1H revenue and net profits grew faster than we expected at 23%/25% (vs CMBIe: mid-teen growth) to RMB20.5bn/5.8bn.The strength came in along with a higher gross margins at 60.2%.In our view, both were largely driven by 60% YoY revenue growth in tea beverages, of which ASP and gross margins are higher. 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) – 1H rev/np +23%/25%; a neat beat on tea beverage

<ul><li>Management prudently guided for low-teen top-line growth for the year, owing mainly to 1) the current scale of what Nongfu has already achieved, and 2) intensifying competition post COVID.</li><li>Despite this, year-todate Nongfu has achieved mid-teen sales growth, thanks to strong volume recovery in Oriental Leaf and large-sized bottled water.</li><li>Nongfu expects selling expense to “normalize” in the post-COVID era when the Company plans to step up and rejuvenate its brand image among consumers.</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.

Management prudently guided for low-teen top-line growth for the year, owing mainly to 1) the current scale of what Nongfu has already achieved, and 2) intensifying competition post COVID.Despite this, year-todate Nongfu has achieved mid-teen sales growth, thanks to strong volume recovery in Oriental Leaf and large-sized bottled water.Nongfu expects selling expense to “normalize” in the post-COVID era when the Company plans to step up and rejuvenate its brand image among consumers.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) – Mid-Teen Top-Line 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)