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

Jinmao Property Services / Equity Bottom-Up

<ul><li>Jinmao Services’ revenue grew 19.6% YoY in 1H25 given the drag from nonowner VAS (rev. -17.3% YoY) offset by new business integration (boost basic PM rev. +31% YoY).</li><li>During the period, net profit growth narrowed to +3.1% YoY, in-line with market expectations, weighed by: 1) 2ppts gross margin decline to 22.5% (impacted from basic PM and non-owner VAS); 2) increase in accounts receivable impairment driving c.RMB30mn rise in other expenses.</li><li>Excluding this impact, net profit would have achieved double-digit growth. </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>

Jinmao Services’ revenue grew 19.6% YoY in 1H25 given the drag from nonowner VAS (rev. -17.3% YoY) offset by new business integration (boost basic PM rev. +31% YoY).During the period, net profit growth narrowed to +3.1% YoY, in-line with market expectations, weighed by: 1) 2ppts gross margin decline to 22.5% (impacted from basic PM and non-owner VAS); 2) increase in accounts receivable impairment driving c.RMB30mn rise in other expenses.Excluding this impact, net profit would have achieved double-digit growth. 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.

Jinmao Property Services (816 HK) - New Business Integration Drives New Growth Engines