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>Ping An delivered robust FY25 results with Group OPAT back to double-digit growth of 10.3% YoY to RMB134.4bn, translating to 35.3% YoY rise in 4Q25, slightly lower than our estimate of RMB135.9bn (link).</li><li>Group NPAT reported at RMB134.8bn in FY25, up 6.5% YoY, modestly higher than our estimate of RMB133.1bn.</li><li>The gap between OPAT and NPAT involved non-operating items incl. 1) RMB9.06bn in short-term investment variance from L&amp;H business (vs. FY24: -RMB3.9bn) and 2) RMB8.6bn in one-off losses from the combined effect of consolidation of subsidiaries and sale of Autohome, and revaluation losses on higher value of H-share convertible bonds. </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>

Ping An delivered robust FY25 results with Group OPAT back to double-digit growth of 10.3% YoY to RMB134.4bn, translating to 35.3% YoY rise in 4Q25, slightly lower than our estimate of RMB135.9bn (link).Group NPAT reported at RMB134.8bn in FY25, up 6.5% YoY, modestly higher than our estimate of RMB133.1bn.The gap between OPAT and NPAT involved non-operating items incl. 1) RMB9.06bn in short-term investment variance from L&amp;H business (vs. FY24: -RMB3.9bn) and 2) RMB8.6bn in one-off losses from the combined effect of consolidation of subsidiaries and sale of Autohome, and revaluation losses on higher value of H-share convertible bonds. 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.

Ping An (2318 HK) - Group OPAT Back to Double-Digit Rise...

Ping An Insurance

Ping An (2318 HK) - Group OPAT Back to Double-Digit Rise...