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 (25 May) its 1Q23 results: revenue was RMB58.6bn, up 26.7% YoY, 3/2% higher than our forecast/consensus estimate.</li><li>Adjusted net profit during 1Q23 reached RMB5.5bn, better than our/consensus forecast of RMB2.0/1.9bn, due to better-than-expected operating profit generated from core local commerce business aided by better operating leverage improvement, and more stringent than expected cost control from new initiatives.</li><li>Meituan remains determined to invest in driving for better consumer mindshare and merchants ROI in local consumer services industry, in order to fend off escalating competition from Douyin. </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 (25 May) its 1Q23 results: revenue was RMB58.6bn, up 26.7% YoY, 3/2% higher than our forecast/consensus estimate.Adjusted net profit during 1Q23 reached RMB5.5bn, better than our/consensus forecast of RMB2.0/1.9bn, due to better-than-expected operating profit generated from core local commerce business aided by better operating leverage improvement, and more stringent than expected cost control from new initiatives.Meituan remains determined to invest in driving for better consumer mindshare and merchants ROI in local consumer services industry, in order to fend off escalating competition from Douyin. 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) – Determined to maintain local consumer services industry consumer mind share