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>CR MixC's FY25 revenue increased by 5.1% YoY to RMB 18.0bn, below Bloomberg consensus by 2% and inline with CMBI estimate.</li><li>The residential segment is flat YoY, dragged by VAS biz, and the commercial segment grew 10% YoY, slowing from 21% in FY24 due to a high base in shopping mall biz.</li><li>Net profit (NP) rose 10.3% YoY to RMB 4.0bn, underpinned by stable GP margin in basic PM, improved GP margin of shopping malls, and lower SG&amp;A ratio driven by digitalization, exit of low-quality projects, and cross-business synergy. </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 MixC's FY25 revenue increased by 5.1% YoY to RMB 18.0bn, below Bloomberg consensus by 2% and inline with CMBI estimate.The residential segment is flat YoY, dragged by VAS biz, and the commercial segment grew 10% YoY, slowing from 21% in FY24 due to a high base in shopping mall biz.Net profit (NP) rose 10.3% YoY to RMB 4.0bn, underpinned by stable GP margin in basic PM, improved GP margin of shopping malls, and lower SG&amp;A ratio driven by digitalization, exit of low-quality projects, and cross-business synergy. 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) - Commercial Biz to Ride the Trend, Residential Biz to Upgrade Quality