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>BaTeLab reported 1H25 revenue of RMB292mn (record sales), largely flat at 0.4% YoY against a high base in 1H24 (RMB291mn, 42% YoY).</li><li>The Company demonstrated strong profitability, with GPM holding firm at 51.8% (+0.5ppt YoY), while NP rose 14.9% YoY to RMB77mn (NPM up +3.3ppt YoY to 26.4%).</li><li>1H25 performance remained solid despite headwinds from tariffs and strategic distributor diversification, with the number of SKUs expanding to 850. </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>

BaTeLab reported 1H25 revenue of RMB292mn (record sales), largely flat at 0.4% YoY against a high base in 1H24 (RMB291mn, 42% YoY).The Company demonstrated strong profitability, with GPM holding firm at 51.8% (+0.5ppt YoY), while NP rose 14.9% YoY to RMB77mn (NPM up +3.3ppt YoY to 26.4%).1H25 performance remained solid despite headwinds from tariffs and strategic distributor diversification, with the number of SKUs expanding to 850. 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.

BaTeLab (2149 HK) - Maintaining High Profitability Amid Strategic Shifts; Expect Stronger 2H25