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>Meituan reported (1 Jun) its 1Q26 results: revenue of RMB91.0bn (+5.6% YoY) was in line with both our and Bloomberg consensus estimates, while the adjusted net loss of RMB5.0bn came in well ahead of our/consensus forecasts of RMB6.9bn/6.8bn.</li><li>The beat was driven by a smaller-than-feared loss in the Core Local Commerce (CLC) business and a narrower-than-expected loss in new initiatives.</li><li>CLC operating loss narrowed 80% QoQ in 1Q26, and we expect the segment to swing to an operating profit of RMB3.0bn in 2Q26, aided by more disciplined user subsidies in food delivery (FD) as industry competition turns more rational. </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>

Meituan reported (1 Jun) its 1Q26 results: revenue of RMB91.0bn (+5.6% YoY) was in line with both our and Bloomberg consensus estimates, while the adjusted net loss of RMB5.0bn came in well ahead of our/consensus forecasts of RMB6.9bn/6.8bn.The beat was driven by a smaller-than-feared loss in the Core Local Commerce (CLC) business and a narrower-than-expected loss in new initiatives.CLC operating loss narrowed 80% QoQ in 1Q26, and we expect the segment to swing to an operating profit of RMB3.0bn in 2Q26, aided by more disciplined user subsidies in food delivery (FD) as industry competition turns more rational. 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.

Meituan (3690 HK) - 1Q Results Beat; Expecting Food Delivery Business to Return to Breakeven in 2Q26