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’s 2Q earnings strengthened. Group/Life OPAT was up 7.1%/5% like-for-like (LFL) to RMB 19.9bn/15bn, suggesting a sequential uptick in 2Q25 vs. 5% YoY increase of Group OPAT in 1Q25.</li><li>Net profit rebounded 11% YoY in 1H to RMB 27.9bn on a high base, translating into 36% YoY growth in 2Q25.</li><li>Net asset value fell 3.3% in 1H from year-start, with 2Q NAV up by 7% QoQ, thanks to less volatile interest rate movements.</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’s 2Q earnings strengthened. Group/Life OPAT was up 7.1%/5% like-for-like (LFL) to RMB 19.9bn/15bn, suggesting a sequential uptick in 2Q25 vs. 5% YoY increase of Group OPAT in 1Q25.Net profit rebounded 11% YoY in 1H to RMB 27.9bn on a high base, translating into 36% YoY growth in 2Q25.Net asset value fell 3.3% in 1H from year-start, with 2Q NAV up by 7% QoQ, thanks to less volatile interest rate movements.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) - Life OPAT Outperformed; 2Q Earnings and NAV Returned to a Healthy Trend