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>Tracked cosmetics e-commerce GMV (Taobao/Tmall, Douyin, JD) growth slowed to -0.6% YoY in Sep from +1.8% YoY in Aug with brand performance continuing to diverge.</li><li>Maogeping’s (1318 HK, NR) growth accelerated to +42.9% on skincare rebound, Forest Cabin (2657 HK, NR) maintained steady growth at +32.2%, and Proya returned to a broadly flat level on a low base.</li><li>Double 11 will be a test window for demand resilience and the sustainability of brand growth. </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.

Tracked cosmetics e-commerce GMV (Taobao/Tmall, Douyin, JD) growth slowed to -0.6% YoY in Sep from +1.8% YoY in Aug with brand performance continuing to diverge.Maogeping’s (1318 HK, NR) growth accelerated to +42.9% on skincare rebound, Forest Cabin (2657 HK, NR) maintained steady growth at +32.2%, and Proya returned to a broadly flat level on a low base.Double 11 will be a test window for demand resilience and the sustainability of brand growth. 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 Staples - Cosmetics E-Commerce Tracker: Softer Sep Growth...

Equity Bottom-Up

<ul><li>Proya's 1H26 revenue was broadly flat at RMB5,375mn (+0.2% YoY), while attributable NP rose 46% YoY to RMB1,168mn.</li><li>The increase was due to a oneoff investment gain of RMB445mn on the step-up of consolidation of FlowerKnows (花知晓).</li><li>Excluding the one-off gain, recurring NP fell 14% YoY to RMB664mn, with underlying net margin down to 13.9% from 15.4% in 1H25. </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.

Proya's 1H26 revenue was broadly flat at RMB5,375mn (+0.2% YoY), while attributable NP rose 46% YoY to RMB1,168mn.The increase was due to a oneoff investment gain of RMB445mn on the step-up of consolidation of FlowerKnows (花知晓).Excluding the one-off gain, recurring NP fell 14% YoY to RMB664mn, with underlying net margin down to 13.9% from 15.4% in 1H25. 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.

Proya Cosmetics (603605 CH) - 1H26 Earnings Boosted by One-Off Gain

<ul><li>Feb cosmetics sales data shows that domestic brands were focusing on Douyin, with a particularly strong growth in skincare segment.</li><li>In the first two months, Giant Biogene (GB) and Mao GePing (MGP) had notable growth, while Marubi and Shanghai Jahwa (Jahwa) improved significantly, with growth surpassing that of each quarter in 2024 (Figure 1).</li><li>During the Women’s Day promotion week, MGP shined, topping the Douyin makeup chart. Proya and Kans retained the top spots on Tmall and Douyin cosmetics rankings (skincare + makeup). </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.

Feb cosmetics sales data shows that domestic brands were focusing on Douyin, with a particularly strong growth in skincare segment.In the first two months, Giant Biogene (GB) and Mao GePing (MGP) had notable growth, while Marubi and Shanghai Jahwa (Jahwa) improved significantly, with growth surpassing that of each quarter in 2024 (Figure 1).During the Women’s Day promotion week, MGP shined, topping the Douyin makeup chart. Proya and Kans retained the top spots on Tmall and Douyin cosmetics rankings (skincare + makeup). 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 Staples - Mao Geping & Giant Bio Surged, Marubi & Jahwa Had a Strong Start

<ul><li>Our channel checks and various news sources we monitored suggests cosmetic GMV for 6.18 campaign this year stood at a small decline and reached approximately RMB40bn.</li><li>We argue the broad momentum tracked well to expectation, given only a flattish pre-sale (between 25 May and 31 May). By channel, we observed that livestreaming channels continued to draw traffic flow from marketplace platforms, and this looks to be consistent to the trends observed by our internet team.</li><li>For instance, cosmetic GMV on Douyin increased 70% YoY to RMB15bn.</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.

Our channel checks and various news sources we monitored suggests cosmetic GMV for 6.18 campaign this year stood at a small decline and reached approximately RMB40bn.We argue the broad momentum tracked well to expectation, given only a flattish pre-sale (between 25 May and 31 May). By channel, we observed that livestreaming channels continued to draw traffic flow from marketplace platforms, and this looks to be consistent to the trends observed by our internet team.For instance, cosmetic GMV on Douyin increased 70% YoY to RMB15bn.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.

China Cosmetics – Key takeaway from 6.18 cosmetic sales

<ul><li>We untangle the “household excess saving” enigma.</li><li>Instead of a silver bullet, we consider it a status-quo in which consumers are confident enough to spend (or invest) beyond their pre-pandemic budgets by tapping into their savings accumulated during the pandemic, after they first normalize their spending to prepandemic level.</li><li>In other words, we believe the use of “excess saving” would predominantly kick-in upon a full-fledged consumption recovery. </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 untangle the “household excess saving” enigma.Instead of a silver bullet, we consider it a status-quo in which consumers are confident enough to spend (or invest) beyond their pre-pandemic budgets by tapping into their savings accumulated during the pandemic, after they first normalize their spending to prepandemic level.In other words, we believe the use of “excess saving” would predominantly kick-in upon a full-fledged consumption recovery. 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.

China Consumer – From Reopening to Recovery

China

Proya Cosmetics Co., Ltd. operates as a cosmetics products manufacturing company. The Company researches and markets skin care products, make up, body wash, and other related products. Proya Cosmetics markets its products throughout China.

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Proya Cosmetics (603605 CH)

Consumer Staples - Cosmetics E-Commerce Tracker: Softer Sep Growth...

Tracked cosmetics e-commerce GMV (Taobao/Tmall, Douyin, JD) growth slowed to -0.6% YoY in Sep from +1.8% YoY in Aug with brand performance...

CMB International