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

China Life Insurance Company / Equity Bottom-Up

<ul><li>China Life reported mixed 1H25 results with net profit up by 7% YoY to RMB40.9bn, implying that 2Q’s bottom-line retreated 31% YoY (vs. 1Q25: +40% YoY), dragged by increased insurance service expense (ISE) due to a downward-trending interest rate in 2Q25 (-17bps vs. 1Q25/2Q24: +14bps/-10bps).</li><li>ISE rose 42% YoY to RMB 60.6bn in 2Q25, as a result of increasing losses on onerous contracts (+33% YoY).</li><li>2Q insurance service results ended at a RMB 7.8bn loss, down 175% YoY. </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>

China Life reported mixed 1H25 results with net profit up by 7% YoY to RMB40.9bn, implying that 2Q’s bottom-line retreated 31% YoY (vs. 1Q25: +40% YoY), dragged by increased insurance service expense (ISE) due to a downward-trending interest rate in 2Q25 (-17bps vs. 1Q25/2Q24: +14bps/-10bps).ISE rose 42% YoY to RMB 60.6bn in 2Q25, as a result of increasing losses on onerous contracts (+33% YoY).2Q insurance service results ended at a RMB 7.8bn loss, down 175% YoY. 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 Life (2628 HK) - 2Q Earnings Dip Could Be Short-Term; DPS Uptrend a Bright Spot