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)

Thematic (Sector/Industry)

China Consumer staples / Thematic (Sector/Industry)

<ul><li>Tracked cosmetics e-commerce GMV (Taobao/Tmall, Douyin, JD) growth slowed to -0.6% YoY in Sep from +1.8% YoY in Aug with brand performance continuing to diverge.</li><li>Maogeping’s (1318 HK, NR) growth accelerated to +42.9% on skincare rebound, Forest Cabin (2657 HK, NR) maintained steady growth at +32.2%, and Proya returned to a broadly flat level on a low base.</li><li>Double 11 will be a test window for demand resilience and the sustainability of brand growth. </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>

Tracked cosmetics e-commerce GMV (Taobao/Tmall, Douyin, JD) growth slowed to -0.6% YoY in Sep from +1.8% YoY in Aug with brand performance continuing to diverge.Maogeping’s (1318 HK, NR) growth accelerated to +42.9% on skincare rebound, Forest Cabin (2657 HK, NR) maintained steady growth at +32.2%, and Proya returned to a broadly flat level on a low base.Double 11 will be a test window for demand resilience and the sustainability of brand growth. 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.

Consumer Staples - Cosmetics E-Commerce Tracker: Softer Sep Growth...