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 Mixc Lifestyle Services / Equity Bottom-Up

China Resources Mixc Lifestyle Services (1209 HK)

<ul><li>The Company’s 1H26 core net profit rose 10.8% YoY to RMB2.23bn, meeting double-digit guidance.</li><li>Revenue grew 8.1% to RMB9.22bn, slightly below target, pressured by weak basic PM growth with managed-GFA only up +2% and the collection rate falling with the industry.</li><li>Overall gross margin expanded 0.9ppt YoY to 38.0% as gross profit contribution of commercial biz with higher margin climbed to 70.6% (1H25: 68.2%). </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>

The Company’s 1H26 core net profit rose 10.8% YoY to RMB2.23bn, meeting double-digit guidance.Revenue grew 8.1% to RMB9.22bn, slightly below target, pressured by weak basic PM growth with managed-GFA only up +2% and the collection rate falling with the industry.Overall gross margin expanded 0.9ppt YoY to 38.0% as gross profit contribution of commercial biz with higher margin climbed to 70.6% (1H25: 68.2%). 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 MixC Lifestyle (1209 HK) - Broadening Drivers to Ease Residential PM Reliance; Maintain BUY