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

Jiangsu Hengli Highpressure Oil Cylinder / Equity Bottom-Up

Jiangsu Hengli Highpressure Oil Cylinder (601100 CH)

<div><div><div><div><ul><li>Hengli’s reported net profit in 3Q22 grew 20% YoY, driven by FX gain due to the strong dollar.</li><li>We estimate the core profit (excluding the finance income arising from FX gain) dropped ~9% YoY in 3Q22.</li><li>While the 4% YoY revenue growth (vs -25% YoY in 1H22) is an early sign of recovery, it’s still slightly below our expectation. </li></ul></div></div></div></div><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>

Hengli’s reported net profit in 3Q22 grew 20% YoY, driven by FX gain due to the strong dollar.We estimate the core profit (excluding the finance income arising from FX gain) dropped ~9% YoY in 3Q22.While the 4% YoY revenue growth (vs -25% YoY in 1H22) is an early sign of recovery, it’s still slightly below our expectation. 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.

Jiangsu Hengli (601100 CH) – Revenue Rebounded in 3Q22