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

Topsports International Holdings / Equity Bottom-Up

Topsports International Holdings (6110 HK)

<ul><li>1H26 (ending Aug 2025) results were slightly better than expected, thanks to resilient GP margin.</li><li>Even though we are cautious about sales growth ahead in 2H26E, margin expansion is still likely given the strong support from principal brands and closure of many under-performing stores.</li><li>Thanks to various positive signs out of Nike, we start to have more confidence on its turnaround (even it may take quite some time). Due to the 8% FY27E yield, we maintain BUY.</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>

1H26 (ending Aug 2025) results were slightly better than expected, thanks to resilient GP margin.Even though we are cautious about sales growth ahead in 2H26E, margin expansion is still likely given the strong support from principal brands and closure of many under-performing stores.Thanks to various positive signs out of Nike, we start to have more confidence on its turnaround (even it may take quite some time). Due to the 8% FY27E yield, we maintain BUY.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.

Topsports (6110 HK) - Guidance Kept; Prioritizing Profit over Sales