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 Resources Beverage / Equity Bottom-Up

<ul><li>CR Beverage’s FY25 revenue fell 18.6% YoY to RMB 11.0bn, 3%/4% below Bloomberg consensus/CMBI estimate.</li><li>Net profit dropped 39.8% YoY to RMB 990mn, missing Bloomberg consensus/CMBI estimate by 7%, mainly due to lackluster packaged water sales and heavy marketing spending.</li><li>We expect earnings to bottom out in FY26E given: 1) Ongoing deep headquarters restructuring and R&amp;D overhaul underpinning our confidence in reform delivery, alongside sales recovery; 2) Sales growth emerged in 2M26 with a lighter comparable base ahead. </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>

CR Beverage’s FY25 revenue fell 18.6% YoY to RMB 11.0bn, 3%/4% below Bloomberg consensus/CMBI estimate.Net profit dropped 39.8% YoY to RMB 990mn, missing Bloomberg consensus/CMBI estimate by 7%, mainly due to lackluster packaged water sales and heavy marketing spending.We expect earnings to bottom out in FY26E given: 1) Ongoing deep headquarters restructuring and R&amp;D overhaul underpinning our confidence in reform delivery, alongside sales recovery; 2) Sales growth emerged in 2M26 with a lighter comparable base ahead. 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.

CR Beverage (2460 HK) - Expect Earnings to Bottom Out in FY26E