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>The company’s FY24 revenue/net profit stood flat YoY at RMB 42.9bn/RMB 16bn, 10%/3% below CMBI estimates, mainly due to public-opinion-related headwinds, fiercer competition, and weak consumer sentiment hitting its packaged water market share.</li><li>Growth in tea and juice segments partially offset the impact. The company projects a recovery for packaged water in FY25E, with tea biz set to keep &gt;20% growth, driving double-digit overall revenue growth.</li><li>Juice may emerge as the third growth driver in recent years. Overseas expansion began in Hong Kong and will continue. </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>

The company’s FY24 revenue/net profit stood flat YoY at RMB 42.9bn/RMB 16bn, 10%/3% below CMBI estimates, mainly due to public-opinion-related headwinds, fiercer competition, and weak consumer sentiment hitting its packaged water market share.Growth in tea and juice segments partially offset the impact. The company projects a recovery for packaged water in FY25E, with tea biz set to keep &gt;20% growth, driving double-digit overall revenue growth.Juice may emerge as the third growth driver in recent years. Overseas expansion began in Hong Kong and will continue. 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.

Nongfu Spring (9633 HK) - Flat FY24 Earnings, with FY25 Set for Double-Digit Growth