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

China Yongda Automobile Services Hldg / Equity Bottom-Up

China Yongda Automobile Services Hldg (3669 HK)

<ul><li>Maintain BUY. We believe that Yongda’s impairment in 1H25 could reduce its future financial burden.</li><li>Although dealers’ profit recovery may take some time, Yongda’s brand portfolio could be more resilient than most peers’ and thus the company should survive longer, especially with its improving cash flow and shareholder return.</li><li>One-off impairment could reduce future D&amp;A burden. Yongda’s 1H25 net profit excluding impairment losses fell 43% YoY to RMB63mn, largely in line with its profit alert.</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>

Maintain BUY. We believe that Yongda’s impairment in 1H25 could reduce its future financial burden.Although dealers’ profit recovery may take some time, Yongda’s brand portfolio could be more resilient than most peers’ and thus the company should survive longer, especially with its improving cash flow and shareholder return.One-off impairment could reduce future D&amp;A burden. Yongda’s 1H25 net profit excluding impairment losses fell 43% YoY to RMB63mn, largely in line with its profit alert.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.

Yongda Automobiles (3669 HK) - Brand Portfolio, Cash Flow as Keys to Survival