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 Pacific Insurance / Equity Bottom-Up

<ul><li>CPIC reported solid 1H26 results. Group net profit rose 10.4% YoY to RMB30.8bn, translating into 13.6% YoY increase in 2Q26 (vs 1Q: +4.3%). Group OPAT rose 6.2% YoY to RMB21.1bn, with 2Q OPAT up 8.9% YoY (vs 1Q: +3.6%).</li><li>Net asset value grew 5.6% HoH to RMB319.2bn, broadly stable QoQ. CPIC Life’s NBV grew 12.7% YoY to RMB10.8bn, reflecting 2Q NBV growth of 17.6% YoY (vs. 1Q: +9.6%) mainly led by margin expansion to 17.5% (+2.5pct YoY) but partially offset by FYP decrease (-2.7% YoY).</li><li>Agency NBV delivered strong performance with a rise of 23.4% YoY to RMB7.07bn (66% mix), supported by agency FYP/FYRP growth of 28.4%/23.2% YoY in 1H26. </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>

CPIC reported solid 1H26 results. Group net profit rose 10.4% YoY to RMB30.8bn, translating into 13.6% YoY increase in 2Q26 (vs 1Q: +4.3%). Group OPAT rose 6.2% YoY to RMB21.1bn, with 2Q OPAT up 8.9% YoY (vs 1Q: +3.6%).Net asset value grew 5.6% HoH to RMB319.2bn, broadly stable QoQ. CPIC Life’s NBV grew 12.7% YoY to RMB10.8bn, reflecting 2Q NBV growth of 17.6% YoY (vs. 1Q: +9.6%) mainly led by margin expansion to 17.5% (+2.5pct YoY) but partially offset by FYP decrease (-2.7% YoY).Agency NBV delivered strong performance with a rise of 23.4% YoY to RMB7.07bn (66% mix), supported by agency FYP/FYRP growth of 28.4%/23.2% YoY in 1H26. 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.

CPIC (2601 HK) - Key Metrics Stayed Robust...