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>Reported net profit in 2Q22 grew 40% YoY to RMB1.8bn. Stripping out the net FX change (+RMB120mn in 2Q22; -RMB26mn in 2Q21), the adjusted net profit grew 28% YoY to RMB1.69bn.</li>
<li>Parcel volume +7.5% YoY to 6.2bn units along with large market share gain.</li>
<li>ASP +10.5% YoY. Parcel delivery ASP increased by 10.5% YoY (or RMB0.13/unit) to RMB1.34/unit in 1Q22.</li>
</ul>
<p><em>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.</em></p>


Reported net profit in 2Q22 grew 40% YoY to RMB1.8bn. Stripping out the net FX change (+RMB120mn in 2Q22; -RMB26mn in 2Q21), the adjusted net profit grew 28% YoY to RMB1.69bn.
Parcel volume +7.5% YoY to 6.2bn units along with large market share gain.
ASP +10.5% YoY. Parcel delivery ASP increased by 10.5% YoY (or RMB0.13/unit) to RMB1.34/unit in 1Q22.

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.

ZTO Express (ZTO US) – Record-High Market Share; Good Cost Control

China

ZTO Express provides express delivery and other value-added logistics services in the People's Republic of China, including freight forwarding, warehousing, distribution, and transportation. The company operates a technology-enabled network partner model for line-haul transportation, sorting, and last-mile delivery. It was founded in 2002 and is headquartered in Shanghai, China.

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ZTO Express (ZTO US) – Record-High Market Share; Good Cost Control

ZTO’s 2Q22 net profit grew 40% YoY to RMB1.8bn. Even if we strip out the FX gain of RMB120mn in 2Q, the profit is still in line with expectations.

CMB International