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>Giant Biogene reported 1H25 revenue of RMB3,113mn, up 22.5% YoY and representing 46% of our prior full-year estimate, broadly in line with historical seasonality.</li><li>Gross margin declined slightly to 81.7% (-0.7ppts YoY) mainly due to a more diversified product mix.</li><li>We expect gradual recovery in online sales and influencer live-streaming through 2H25E. </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>

Giant Biogene reported 1H25 revenue of RMB3,113mn, up 22.5% YoY and representing 46% of our prior full-year estimate, broadly in line with historical seasonality.Gross margin declined slightly to 81.7% (-0.7ppts YoY) mainly due to a more diversified product mix.We expect gradual recovery in online sales and influencer live-streaming through 2H25E. 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.

Giant Biogene (2367 HK) - Resilient Revenue Growth Driven by Multiple Channels and Dual Brands