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>ZTO Express (ZTO)’s 1Q25 core net profit grew 5% YoY to RMB1.96bn, based on our calculation.</li><li>In particular, such increase was only supported by RMB407mn (+2.4x YoY) government subsidies and tax rebates, which are likely to be one-off in nature.</li><li>With ASP dropping 8% YoY in 1Q25, ZTO’s parcel volume growth (19.1%) was still lagging behind the industry average (21.6%) and all the major players. </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>

ZTO Express (ZTO)’s 1Q25 core net profit grew 5% YoY to RMB1.96bn, based on our calculation.In particular, such increase was only supported by RMB407mn (+2.4x YoY) government subsidies and tax rebates, which are likely to be one-off in nature.With ASP dropping 8% YoY in 1Q25, ZTO’s parcel volume growth (19.1%) was still lagging behind the industry average (21.6%) and all the major players. 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.

ZTO Express (ZTO US/2057 HK) - 1Q25 Earnings Below Expectation...

ZTO Express Cayman

ZTO Express (ZTO US/2057 HK) - 1Q25 Earnings Below Expectation...