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>Maintain BUY. Although Meidong’s 1H26 earnings missed our expectation on both new-car and after-sales GPMs, we see positive signs for new-car GPM across different brands.</li><li>During our non-deal roadshow (NDR), management remained cautious, prioritizing store optimization and cost control, in a bid to safeguard positive cash flow and outlast peers.</li><li>Meidong’s net cash as of Jun 2026 was almost 1.6x its current market cap.</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>

Maintain BUY. Although Meidong’s 1H26 earnings missed our expectation on both new-car and after-sales GPMs, we see positive signs for new-car GPM across different brands.During our non-deal roadshow (NDR), management remained cautious, prioritizing store optimization and cost control, in a bid to safeguard positive cash flow and outlast peers.Meidong’s net cash as of Jun 2026 was almost 1.6x its current market cap.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.

Meidong Auto (1268 HK) - Positive Signs Amid 1H Miss; Net Cash 1.6x Market Cap

China MeiDong Auto

Meidong Auto (1268 HK) - Positive Signs Amid 1H Miss; Net Cash 1.6x Market Cap