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 Jingsheng Mechanical & Electr / Equity Bottom-Up

Zhejiang Jingsheng Mechanical & Electr (300316 CH)

<ul><li>Zhejiang Jingsheng (JSG)’s net profit in 1H22 doubled YoY to RMB1.2bn, close to the high-end of the range stated in the pre-announced profit in Jul. </li><li>Net profit in 2Q22 surged 1.4x YoY to RMB765mn, implying an acceleration from 57% growth in 1Q22. </li><li>Besides, operating cash flow sharply improved from -RMB744mn in 1Q22 to +RMB691mn in 2Q22.</li></ul>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 Jingsheng (JSG)’s net profit in 1H22 doubled YoY to RMB1.2bn, close to the high-end of the range stated in the pre-announced profit in Jul. Net profit in 2Q22 surged 1.4x YoY to RMB765mn, implying an acceleration from 57% growth in 1Q22. Besides, operating cash flow sharply improved from -RMB744mn in 1Q22 to +RMB691mn in 2Q22.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 Jingsheng (300316 CH) – 2Q22 Profit +1.4x YoY with Strong Cash Flow