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 (18 Nov) 3Q25 results: total revenue was RMB18.4bn, up 15.5% YoY, 1% better than both our forecast and Bloomberg consensus estimates; non-GAAP operating income (OP) was RMB6.1bn, 5/6% better than our estimates and consensus, thanks to better-than-expected operating leverage.</li><li>Non-GAAP NP of RMB19.2bn was significantly ahead of consensus at RMB5.6bn, driven by one-off gains from the sale of partial stake in MakeMyTrip. TCOM’s overseas expansion is on track, with balanced investment and revenue growth trajectory, and this should bring long-term value to TCOM, in our view.</li><li>To account for more robust-than-expected international business revenue growth and better-than-expected operating efficiency improvement of domestic and outbound business, we lift 25-27E revenue forecasts by 1-5%, and operating profit forecasts by 0-5%. </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 (18 Nov) 3Q25 results: total revenue was RMB18.4bn, up 15.5% YoY, 1% better than both our forecast and Bloomberg consensus estimates; non-GAAP operating income (OP) was RMB6.1bn, 5/6% better than our estimates and consensus, thanks to better-than-expected operating leverage.Non-GAAP NP of RMB19.2bn was significantly ahead of consensus at RMB5.6bn, driven by one-off gains from the sale of partial stake in MakeMyTrip. TCOM’s overseas expansion is on track, with balanced investment and revenue growth trajectory, and this should bring long-term value to TCOM, in our view.To account for more robust-than-expected international business revenue growth and better-than-expected operating efficiency improvement of domestic and outbound business, we lift 25-27E revenue forecasts by 1-5%, and operating profit forecasts by 0-5%. 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) - 3Q Results Beat; Travel Demand Remains Solid