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 (25 Nov) 3Q25 results: total revenue was RMB5.5bn, up 10.4% YoY, and was 1% better than both our forecast and Bloomberg consensus estimates; adjusted NP was RMB1.06bn, up 16.5% YoY, and was 4/2% better than our forecast/consensus, driven by better-thanexpected operating leverage of core OTA business.</li><li>OPM of the core OTA business expanded to 31.2% in 3Q25 (3Q24: 31.1%), 0.1ppts ahead of our forecast.</li><li>We have lifted 2025E-2027E revenue forecast by 1-3% to factor in incremental revenue contribution from the consolidation of Wanda Hotel Management (WHM) since Oct 2025, and adjusted down non-GAAP NP by 1- 2% to factor in TC’s incremental marketing investment on user acquisition. </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 (25 Nov) 3Q25 results: total revenue was RMB5.5bn, up 10.4% YoY, and was 1% better than both our forecast and Bloomberg consensus estimates; adjusted NP was RMB1.06bn, up 16.5% YoY, and was 4/2% better than our forecast/consensus, driven by better-thanexpected operating leverage of core OTA business.OPM of the core OTA business expanded to 31.2% in 3Q25 (3Q24: 31.1%), 0.1ppts ahead of our forecast.We have lifted 2025E-2027E revenue forecast by 1-3% to factor in incremental revenue contribution from the consolidation of Wanda Hotel Management (WHM) since Oct 2025, and adjusted down non-GAAP NP by 1- 2% to factor in TC’s incremental marketing investment on user acquisition. 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 3Q25 Results with Healthy Earnings Growth