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>FY25 results were inline, but the relatively sluggish core brand sales growth and high inventory level are valid concerns.</li><li>Even though the decent retail sales growth in Jul-Aug 2025 was rather encouraging, the Company’s FY26E guidance (esp. NP margin) is very conservative.</li><li>Therefore, while we maintain our BUY rating due to the attractive yield (8% in FY26E), short-term share price catalysts could be limited. </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>

FY25 results were inline, but the relatively sluggish core brand sales growth and high inventory level are valid concerns.Even though the decent retail sales growth in Jul-Aug 2025 was rather encouraging, the Company’s FY26E guidance (esp. NP margin) is very conservative.Therefore, while we maintain our BUY rating due to the attractive yield (8% in FY26E), short-term share price catalysts could be limited. 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.

JNBY Design (3306 HK) - Sales Trend Improved but Guidance Is Prudent

JNBY Design Ltd

JNBY Design (3306 HK) - Sales Trend Improved but Guidance Is Prudent