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

Tongcheng Travel Holdings  / Equity Bottom-Up

<ul><li>Tongcheng Travel (TC) reported 1Q25 results: total revenue was RMB4.4bn, up 13% YoY, and was 0.7/0.9% better than our forecast/Bloomberg consensus estimates, due to the 1% revenue beat in core OTA business but this was partly offset by slower-than-expected recovery in Tourism business; adjusted NP was RMB788mn, up 41% YoY, and was 6.6/7.3% better than our forecast/ consensus, driven by better-than-expected operating leverage of core OTA business, as well as operation refinement of Tourism business.</li><li>OPM of the core OTA business expanded to 29.2% in 1Q25 (1Q24: 22.6%).</li><li>To account for the mixed impact from better-than-expected operating efficiency gains of core OTA business, and slower-than-expected recovery in relatively thin-margin Tourism business, we lower 2025-2027E revenue forecast by 2%, while maintaining nonGAAP net profit forecast largely unchanged. </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>

Tongcheng Travel (TC) reported 1Q25 results: total revenue was RMB4.4bn, up 13% YoY, and was 0.7/0.9% better than our forecast/Bloomberg consensus estimates, due to the 1% revenue beat in core OTA business but this was partly offset by slower-than-expected recovery in Tourism business; adjusted NP was RMB788mn, up 41% YoY, and was 6.6/7.3% better than our forecast/ consensus, driven by better-than-expected operating leverage of core OTA business, as well as operation refinement of Tourism business.OPM of the core OTA business expanded to 29.2% in 1Q25 (1Q24: 22.6%).To account for the mixed impact from better-than-expected operating efficiency gains of core OTA business, and slower-than-expected recovery in relatively thin-margin Tourism business, we lower 2025-2027E revenue forecast by 2%, while maintaining nonGAAP net profit forecast largely unchanged. 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.

Tongcheng Travel (780 HK) - 1Q earnings beat; on track to deliver solid full-year earnings growth