External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>AIA reported resilient 1H25 results. VONB rose 14% (CER) YoY to US$2.84bn, in line with our estimate of US$2.85bn and translating to 2Q VONB growth at 17% (CER, vs.1Q25: 13%).</li><li>This uplift was mainly driven by margin expansion, as VONB margin grew 3.9pct YoY to 57.7% in 1H25, a record high since FY23, with a surprise from AIA China’s VONB margin, which was up 2.0pct YoY to 58.6%, the highest post pandemic.</li><li>We see continued positive trends in product mix as 89% of total VONB was from protection and fee-based insurance products with low or no guarantees (Fig.1). </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>

AIA reported resilient 1H25 results. VONB rose 14% (CER) YoY to US$2.84bn, in line with our estimate of US$2.85bn and translating to 2Q VONB growth at 17% (CER, vs.1Q25: 13%).This uplift was mainly driven by margin expansion, as VONB margin grew 3.9pct YoY to 57.7% in 1H25, a record high since FY23, with a surprise from AIA China’s VONB margin, which was up 2.0pct YoY to 58.6%, the highest post pandemic.We see continued positive trends in product mix as 89% of total VONB was from protection and fee-based insurance products with low or no guarantees (Fig.1). 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.

AIA Group Ltd. (1299 HK) - Resilient VONB Uptrend with Optimistic Outlook on China Growth Strategy