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>Trip.com Group (TCOM) released (28 Aug) 2Q25 results: total revenue was RMB14.9bn, up 16% YoY, 1% better than both our forecast and Bloomberg consensus estimates; non-GAAP operating income (OP) was RMB4.7bn, 7/9% better than both our estimates and consensus, thanks to better-than-expected operating leverage.</li><li>Overall travel demand remained resilient, in our view, and TCOM sustained better-than-industry booking volume growth for both domestic business and outbound business, aided by its strong supply chain capabilities, as well as superior customer services capabilities.</li><li>TCOM’s overseas expansion is also on the right track, with balanced investment and revenue growth trajectory, and this should bring long-term value to TCOM, in our view. </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>

Trip.com Group (TCOM) released (28 Aug) 2Q25 results: total revenue was RMB14.9bn, up 16% YoY, 1% better than both our forecast and Bloomberg consensus estimates; non-GAAP operating income (OP) was RMB4.7bn, 7/9% better than both our estimates and consensus, thanks to better-than-expected operating leverage.Overall travel demand remained resilient, in our view, and TCOM sustained better-than-industry booking volume growth for both domestic business and outbound business, aided by its strong supply chain capabilities, as well as superior customer services capabilities.TCOM’s overseas expansion is also on the right track, with balanced investment and revenue growth trajectory, and this should bring long-term value to TCOM, in our view. 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.

Trip.com (TCOM US) - 2Q Results Beat; Resilient Revenue and Earnings Growth to Sustain