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

ZhongAn Online P&C Insurance C / Equity Bottom-Up

<ul><li>ZhongAn delivered strong 1H results, with net profit surging 11.04x YoY to RMB 668mn, translating to 66% of our previous full-year forecasts driven by significant profit uplifts in all three core business segments.</li><li>For P&amp;C insurance, 1H25 CoR dropped 2.3pct YoY to 95.6%, with comprehensive loss ratio down 6pct YoY to 54.7% offset by a rise of comprehensive expense ratio by 3.7pct YoY to 40.9%, which led to a more-than-doubled underwriting profit of RMB 627mn (+123%).</li><li>ZA Bank turned a net profit of HK$49mn in 1H25, ahead of the market expectation for breakeven by year-end. </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>

ZhongAn delivered strong 1H results, with net profit surging 11.04x YoY to RMB 668mn, translating to 66% of our previous full-year forecasts driven by significant profit uplifts in all three core business segments.For P&amp;C insurance, 1H25 CoR dropped 2.3pct YoY to 95.6%, with comprehensive loss ratio down 6pct YoY to 54.7% offset by a rise of comprehensive expense ratio by 3.7pct YoY to 40.9%, which led to a more-than-doubled underwriting profit of RMB 627mn (+123%).ZA Bank turned a net profit of HK$49mn in 1H25, ahead of the market expectation for breakeven by year-end. 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.

ZhongAn (6060 HK) - 1H Earnings a Clear Beat; ZA Bank Turned Profit Faster than Expected