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 (27 Aug) its 2Q25 results: revenue was RMB91.8bn, up 11.7% YoY, 2% shy of Bloomberg consensus, while adj. NP reached RMB1.5bn, down 89% YoY, and was 85% lower than Bloomberg consensus estimates due to strategic investment to maintain market share in the food delivery (FD) business.</li><li>The RMB3.7bn OP for the core local commerce (CLC) segment was 69% lower than consensus, while RMB1.9bn operating loss of new initiatives was better than consensus at RMB2.4bn loss.</li><li>Meituan is seeking efficient ways to respond to intense competition in the FD business, such as leveraging Shenqiangshou and Pinhaofan model to address consumer’s value for money demand, and it targets to maintain market share in core categories which has a decent average order value (AOV) such as main meal to retain customers and orders that could maintain sufficient demand even after subsidies are reduced in the future. </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 (27 Aug) its 2Q25 results: revenue was RMB91.8bn, up 11.7% YoY, 2% shy of Bloomberg consensus, while adj. NP reached RMB1.5bn, down 89% YoY, and was 85% lower than Bloomberg consensus estimates due to strategic investment to maintain market share in the food delivery (FD) business.The RMB3.7bn OP for the core local commerce (CLC) segment was 69% lower than consensus, while RMB1.9bn operating loss of new initiatives was better than consensus at RMB2.4bn loss.Meituan is seeking efficient ways to respond to intense competition in the FD business, such as leveraging Shenqiangshou and Pinhaofan model to address consumer’s value for money demand, and it targets to maintain market share in core categories which has a decent average order value (AOV) such as main meal to retain customers and orders that could maintain sufficient demand even after subsidies are reduced in the future. 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) - Seeking Efficient Ways to Respond to Intense Competition