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

Poly Property Services / Equity Bottom-Up

<ul><li>The company’s 1H25 net profit was +5.3% YoY (in-line with market expectation of mid-single-digit growth).</li><li>Total revenue grew 6.6% YoY, with resilient basic PM growth (+13.1% YoY) driven by third-party projects and commercial/office projects.</li><li>The company delivered strong third-party expansion growth (annualized contracts +17.2% YoY to RMB 1.4bn), particularly in residential (+32.2% YoY) and commercial/office (+18.7% YoY). </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 1H25 net profit was +5.3% YoY (in-line with market expectation of mid-single-digit growth).Total revenue grew 6.6% YoY, with resilient basic PM growth (+13.1% YoY) driven by third-party projects and commercial/office projects.The company delivered strong third-party expansion growth (annualized contracts +17.2% YoY to RMB 1.4bn), particularly in residential (+32.2% YoY) and commercial/office (+18.7% YoY). 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.

Poly Services (6049 HK) - 1H25 Earnings in Line; No Interim Dividend

<ul><li>Poly Services recorded 22% YoY increase in net profit in 1H23, in line with its full-year target.</li><li>NP growth was largely higher than that of revenue (+11% YoY) reflecting margin improvement backed by higher business concentration and optimized VAS business structure.</li><li>Accounts receivable remains a concern as public service (with longer cash collection period) is contributing more in revenue, while that will be an industry puzzle as the business is one the GFA growth points for the sector. </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.

Poly Services recorded 22% YoY increase in net profit in 1H23, in line with its full-year target.NP growth was largely higher than that of revenue (+11% YoY) reflecting margin improvement backed by higher business concentration and optimized VAS business structure.Accounts receivable remains a concern as public service (with longer cash collection period) is contributing more in revenue, while that will be an industry puzzle as the business is one the GFA growth points for the sector. 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.

Poly Services (6049 HK) – 1H23 Results in Line but AR Remains a Concern

China

Poly Property Services is a China-based company primarily engaged in providing property management services, community value-added services, and value-added services to non-property owners. Its property management services encompass security, cleaning, greening, gardening, and maintenance for property owners, residents, and developers. The company was established on June 26, 1996, and is headquartered in Guangzhou, China.

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Poly Property Services (6049 HK)

Poly Services (6049 HK) - 1H25 Earnings in Line; No Interim Dividend

The company delivered strong third-party expansion growth (annualized contracts +17.2% YoY to RMB 1.4bn), particularly in residential (+32.2% YoY)...

CMB International

Poly Services (6049 HK) – 1H23 Results in Line but AR Remains a Concern

NP growth was largely higher than that of revenue (+11% YoY) reflecting margin improvement backed by higher business concentration and optimized...

CMB International

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