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 2Q25 results: total revenue was RMB4.7bn, up 10% YoY, and was 1% better than both our forecast and Bloomberg consensus estimates; adjusted NP was RMB775mn, up 18% YoY, and was 5/3% better than our forecast/consensus, driven by better-than-expected operating leverage of core OTA business.</li><li>OPM of the core OTA business expanded to 26.7% in 2Q25 (2Q24: 24.3%), 1.2ppts ahead of our forecast.</li><li>Our 2025-2027E revenue forecasts remain largely unchanged, while we lift non-GAAP net profit forecasts by 1-2% to factor in better-than-expected unleashing of operating leverage. </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 2Q25 results: total revenue was RMB4.7bn, up 10% YoY, and was 1% better than both our forecast and Bloomberg consensus estimates; adjusted NP was RMB775mn, up 18% YoY, and was 5/3% better than our forecast/consensus, driven by better-than-expected operating leverage of core OTA business.OPM of the core OTA business expanded to 26.7% in 2Q25 (2Q24: 24.3%), 1.2ppts ahead of our forecast.Our 2025-2027E revenue forecasts remain largely unchanged, while we lift non-GAAP net profit forecasts by 1-2% to factor in better-than-expected unleashing of operating leverage. 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) - Solid 2Q Results; Core OTA Earnings Growth on Track