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

<ul><li>Dmall reported FY24 financial results: total revenue increased by 17% YoY to RMB1.86bn, in line with our estimate; adjusted net profit was RMB29.8mn, up from adjusted net loss of RMB277mn in FY23, and ahead of our estimate (adj. net loss of RMB105mn), mainly thanks to the robust growth of retail core service cloud and the enhanced operating efficiency.</li><li>Looking ahead, Dmall will focus on the AI retail field to capture new growth opportunities.</li><li>The company has launched several AI agent products, revenue of which shall gradually ramp up in the long term, in our view. </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>

Dmall reported FY24 financial results: total revenue increased by 17% YoY to RMB1.86bn, in line with our estimate; adjusted net profit was RMB29.8mn, up from adjusted net loss of RMB277mn in FY23, and ahead of our estimate (adj. net loss of RMB105mn), mainly thanks to the robust growth of retail core service cloud and the enhanced operating efficiency.Looking ahead, Dmall will focus on the AI retail field to capture new growth opportunities.The company has launched several AI agent products, revenue of which shall gradually ramp up in the long term, in our view. 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.

Dmall Inc (2586 HK) - Full-Year Breakeven in FY24