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

Zhejiang Dingli Machinery  L / Equity Bottom-Up

<ul><li>Zhejiang Dingli’s (Dingli) EBIT in 1Q25 only slightly increased 2% YoY to RMB440mn, as the 30% YoY revenue growth was offset by higher SG&amp;A expense which was likely a result of the consolidation of CMEC.</li><li>The results were slightly weaker-than-expectations. Net profit grew 42% YoY to RMB429mn, but was largely helped by a 4.3x YoY increase in net finance income (FX gain based on our estimate) as well as a 93% YoY reduction on fair value loss (due to holdings in Horizon CD [9930 HK]).</li><li>The net profit in 1Q25 accounted for 23% of our full-year net profit (15% below consensus). </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>

Zhejiang Dingli’s (Dingli) EBIT in 1Q25 only slightly increased 2% YoY to RMB440mn, as the 30% YoY revenue growth was offset by higher SG&amp;A expense which was likely a result of the consolidation of CMEC.The results were slightly weaker-than-expectations. Net profit grew 42% YoY to RMB429mn, but was largely helped by a 4.3x YoY increase in net finance income (FX gain based on our estimate) as well as a 93% YoY reduction on fair value loss (due to holdings in Horizon CD [9930 HK]).The net profit in 1Q25 accounted for 23% of our full-year net profit (15% below consensus). 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.

Zhejiang Dingli (603338 CH) - 1Q25 Profit Rose 42% YoY but Only Helped by Non-Operating Items