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>China Tower released its 1H26 results. Revenue declined 1.8% YoY to RMB48.7bn, and Tower business revenue fell 6.7% YoY on telcos’ network optimization.</li><li>During the period, DAS / Two Wings business revenue increased by 9.2% / 14.2%, ramping up to 27% of total revenue (1H25: 23%).</li><li>Net profit went up by 30.1% YoY to RMB7.5bn, with net margin up 3.8ppts YoY to 15.4%, primarily driven by a lower D&amp;A expense ratio (39.3% of revenue in 1H26 vs. 51.6% in 1H25), as acquired tower assets were fully depreciated with the adjustment to the estimated useful lives of DAS assets. </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 Tower released its 1H26 results. Revenue declined 1.8% YoY to RMB48.7bn, and Tower business revenue fell 6.7% YoY on telcos’ network optimization.During the period, DAS / Two Wings business revenue increased by 9.2% / 14.2%, ramping up to 27% of total revenue (1H25: 23%).Net profit went up by 30.1% YoY to RMB7.5bn, with net margin up 3.8ppts YoY to 15.4%, primarily driven by a lower D&amp;A expense ratio (39.3% of revenue in 1H26 vs. 51.6% in 1H25), as acquired tower assets were fully depreciated with the adjustment to the estimated useful lives of DAS assets. 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 Tower (788 HK) - 1H26 Results: D&A Roll-Off Drove Earnings Amid Revenue Decline