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>Green Tea’s 1H26 revenue/adjusted NP grew 16.8%/16.9% YoY to RMB 2,675mn/294mn, with flat adjusted NP margin YoY at 11.0%.</li><li>In 1H26, revenue/ adjusted NP reached 47.6%/45.6% of Bloomberg FY26E consensus, slightly behind that of 48.1%/49.4% in 1H25 against FY25A.</li><li>The slowdown was mainly due to SSSG of -9.7% in 1H26 (vs. -0.8% in FY25), which was hit by a high base in 2Q25 stemming from food-delivery subsidy war and softer consumption.</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>

Green Tea’s 1H26 revenue/adjusted NP grew 16.8%/16.9% YoY to RMB 2,675mn/294mn, with flat adjusted NP margin YoY at 11.0%.In 1H26, revenue/ adjusted NP reached 47.6%/45.6% of Bloomberg FY26E consensus, slightly behind that of 48.1%/49.4% in 1H25 against FY25A.The slowdown was mainly due to SSSG of -9.7% in 1H26 (vs. -0.8% in FY25), which was hit by a high base in 2Q25 stemming from food-delivery subsidy war and softer consumption.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) - Rapid store rollout in 1H26; SSSG pressure to ease in 2H26