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>We expect Tongda to deliver earnings recovery in 1H25E with revenue/net profit of HK$2,802mn/59mn (-6%/+359% YoY), following business disposal and impairment provisions in 2024.</li><li>Excluding disposed business, we estimate Tongda revenue will grow 13% YoY in 1H25E backed by consumer electronics /household &amp; sports goods (+10%/25% YoY) and GPM will improve to 15.7% in 1H25E (vs 15% in 1H24).</li><li>We remain positive on Tongda’s turnaround efforts to focus on investments in new business opportunities with enhanced balance sheet. </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>

We expect Tongda to deliver earnings recovery in 1H25E with revenue/net profit of HK$2,802mn/59mn (-6%/+359% YoY), following business disposal and impairment provisions in 2024.Excluding disposed business, we estimate Tongda revenue will grow 13% YoY in 1H25E backed by consumer electronics /household &amp; sports goods (+10%/25% YoY) and GPM will improve to 15.7% in 1H25E (vs 15% in 1H24).We remain positive on Tongda’s turnaround efforts to focus on investments in new business opportunities with enhanced balance sheet. 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.

Tongda (698 HK) - 1H25 Preview: Expect Earnings Turnaround on Track

Tongda Group Holdings

Tongda (698 HK) - 1H25 Preview: Expect Earnings Turnaround on Track