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>What is new? Green Tea released a positive profit alert and foresees its net profit to grow by 32%-36% YoY in 1H25E, better than expected.</li><li>Management is now foreseeing the net profit to be around RMB 230mn237mn in 1H25E, representing 32%-36% YoY growth.</li><li>Moreover, they are also expecting its adjusted net profit to be around RMB 247mn-254mn, implying 38%-42% YoY growth (after adjusting for listing fees of around RMB 15mn-20mn). </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>

What is new? Green Tea released a positive profit alert and foresees its net profit to grow by 32%-36% YoY in 1H25E, better than expected.Management is now foreseeing the net profit to be around RMB 230mn237mn in 1H25E, representing 32%-36% YoY growth.Moreover, they are also expecting its adjusted net profit to be around RMB 247mn-254mn, implying 38%-42% YoY growth (after adjusting for listing fees of around RMB 15mn-20mn). 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.

Green Tea Group (6831 HK) - 1H25E Profit Comes as Surprise with Positive 2H25E Outlook