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. We are of the view that Meidong’s high inventory turnover and superb cost control capabilities which have resulted in healthy cash flow, could help it survive longer, as dealers’ profit recovery in China may take some time.</li><li>We believe Porsche dealers in China have probably bottomed out.</li><li>In-line operating loss of RMB1mn. Meidong’s new-car sales volume rose 8% YoY in 1H25, higher than our prior forecast, especially for Porsche and BMW.</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. We are of the view that Meidong’s high inventory turnover and superb cost control capabilities which have resulted in healthy cash flow, could help it survive longer, as dealers’ profit recovery in China may take some time.We believe Porsche dealers in China have probably bottomed out.In-line operating loss of RMB1mn. Meidong’s new-car sales volume rose 8% YoY in 1H25, higher than our prior forecast, especially for Porsche and BMW.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) - Resilient Profit, Cash Flow; Porsche to Bottom Out?

China MeiDong Auto

Meidong Auto (1268 HK) - Resilient Profit, Cash Flow; Porsche to Bottom Out?