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>1H25 results were inline. And even the cut in Anta guidance and raise in other brands’ guidance were all largely inline with our expectations.</li><li>The main surprises to us would be the better-than-expected OP margin (esp. of the other brands).</li><li>Outlook in 2H25E may still be challenging, but we tend to think the industry turnaround is around the corner and Anta is in a decent position to benefit from that. </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>

1H25 results were inline. And even the cut in Anta guidance and raise in other brands’ guidance were all largely inline with our expectations.The main surprises to us would be the better-than-expected OP margin (esp. of the other brands).Outlook in 2H25E may still be challenging, but we tend to think the industry turnaround is around the corner and Anta is in a decent position to benefit from that. 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.

Anta Sports (2020 HK) - Softer Anta and Stronger Others, as Expected

Anta Sports Products

Anta Sports (2020 HK) - Softer Anta and Stronger Others, as Expected