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>We believe ZTO’s lower parcel volume growth guidance for the full year (14- 18%, vs. 20-24% previously) is a response to the government’s anti-involution campaign.</li><li>While weak 2Q25 profit (-26% YoY) and lower guidance look unattractive, we see chances of an ASP surprise over the coming 6-12 months which will likely serve as a major share price catalyst.</li><li>We only slightly fine-tune our 2025E-27E earnings forecast by 1-2%. </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>

We believe ZTO’s lower parcel volume growth guidance for the full year (14- 18%, vs. 20-24% previously) is a response to the government’s anti-involution campaign.While weak 2Q25 profit (-26% YoY) and lower guidance look unattractive, we see chances of an ASP surprise over the coming 6-12 months which will likely serve as a major share price catalyst.We only slightly fine-tune our 2025E-27E earnings forecast by 1-2%. 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) - Lower Volume Guidance but Likely ASP Surprise

ZTO Express Cayman

ZTO Express (ZTO US/2057 HK) - Lower Volume Guidance but Likely ASP Surprise