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>ZhongAn reported FY25 results with net profit surging 83% YoY to RMB1.1bn, below our estimate of RMB1.2bn (link), given retreated 2H net earnings of RMB434mn (-21% YoY).</li><li>The adjusted net profit amounted to RMB1.8bn, up 198% YoY, helped by approx. RMB0.7bn one-off impairment loss on the Group’s joint venture ZhongAn International.</li><li>CoR improved 1.1pct YoY to 95.8%, a beat to our estimate of 96.6% (Table), thanks to a strong print in Health and Auto segments, of which CoR was 92.1%/93.1%, -3.6pct/- 1.1pct YoY. </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 reported FY25 results with net profit surging 83% YoY to RMB1.1bn, below our estimate of RMB1.2bn (link), given retreated 2H net earnings of RMB434mn (-21% YoY).The adjusted net profit amounted to RMB1.8bn, up 198% YoY, helped by approx. RMB0.7bn one-off impairment loss on the Group’s joint venture ZhongAn International.CoR improved 1.1pct YoY to 95.8%, a beat to our estimate of 96.6% (Table), thanks to a strong print in Health and Auto segments, of which CoR was 92.1%/93.1%, -3.6pct/- 1.1pct YoY. 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) - Net Earnings Weakened in 2H; ZA Bank Hit First Full-Year Profit

ZhongAn Online

ZhongAn (6060 HK) - Net Earnings Weakened in 2H; ZA Bank Hit First Full-Year Profit