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 a strong set of 3Q earnings, with 3Q25 net profit almost doubled on top of a high base in 3Q24 to RMB 126.9bn, marking a rise of 92% YoY and lifting the 9M25 result up by 61% YoY to RMB 167.8bn, close to the mid-point of profit alert.</li><li>The surge outpaced listed peers and was propelled by both insurance service results (benefiting from a rising yield, i.e. CNGB10YR up 22.7bps in 3Q25) and investment results (thanks to the strong rally in A/H shares, i.e. CSI 300/HSI +18%/+16%).</li><li>We mentioned in our last note that the dip in 2Q caused by increasing losses on onerous contracts which adversely impacted insurance service expense (ISE) is likely to be short-term, and in 3Q, as we see spot interest rate rebound, the insurer’s ISE largely dropped by 79% YoY to RMB 7.5bn (vs. 3Q24: RMB 36.2bn), accelerating the growth of insurance service results by 2.1x YoY to RMB 47bn, a quarterly high. </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 a strong set of 3Q earnings, with 3Q25 net profit almost doubled on top of a high base in 3Q24 to RMB 126.9bn, marking a rise of 92% YoY and lifting the 9M25 result up by 61% YoY to RMB 167.8bn, close to the mid-point of profit alert.The surge outpaced listed peers and was propelled by both insurance service results (benefiting from a rising yield, i.e. CNGB10YR up 22.7bps in 3Q25) and investment results (thanks to the strong rally in A/H shares, i.e. CSI 300/HSI +18%/+16%).We mentioned in our last note that the dip in 2Q caused by increasing losses on onerous contracts which adversely impacted insurance service expense (ISE) is likely to be short-term, and in 3Q, as we see spot interest rate rebound, the insurer’s ISE largely dropped by 79% YoY to RMB 7.5bn (vs. 3Q24: RMB 36.2bn), accelerating the growth of insurance service results by 2.1x YoY to RMB 47bn, a quarterly high. 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) - 3Q Net Earnings Almost Doubled on a High Base