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>1Q25 results beat on earnings and net assets. China Life’s net profit jumped 39.5% YoY to RMB28.8bn, underpinned by more-than-doubled insurance service results (+124%) to RMB 25.9bn, thanks to improved insurance service expenses (ISE) down 33% YoY (vs FY/4Q24: +20%/+18%).</li><li>The ISE cutback was due to 1) better-off claims experience for medical and health insurance products, and 2) reduced ISE for VFA contracts, as the discount rate of VFA liability reserves was set on spot rate, which benefitted from a rising yield in 1Q25 (i.e. China 10YR govt. bond yield up by 14.4bps from prior year-end).</li><li>Net assets recovered from a QoQ decline in 4Q24 (-10%) to rise 4.5% vs. year-start, thanks to improved asset-liability matching, for which the A/L effective duration gap was further narrowed to 1.5yrs in 1Q25 (vs FY24: &gt;2yrs) through proactive inforce portfolio mgmt. </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>

1Q25 results beat on earnings and net assets. China Life’s net profit jumped 39.5% YoY to RMB28.8bn, underpinned by more-than-doubled insurance service results (+124%) to RMB 25.9bn, thanks to improved insurance service expenses (ISE) down 33% YoY (vs FY/4Q24: +20%/+18%).The ISE cutback was due to 1) better-off claims experience for medical and health insurance products, and 2) reduced ISE for VFA contracts, as the discount rate of VFA liability reserves was set on spot rate, which benefitted from a rising yield in 1Q25 (i.e. China 10YR govt. bond yield up by 14.4bps from prior year-end).Net assets recovered from a QoQ decline in 4Q24 (-10%) to rise 4.5% vs. year-start, thanks to improved asset-liability matching, for which the A/L effective duration gap was further narrowed to 1.5yrs in 1Q25 (vs FY24: &gt;2yrs) through proactive inforce portfolio mgmt. 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 Insurance Company

China Life (2628 HK) - Profit Beat