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)

[ZTO Express (ZTO US) Earnings Review]: Striding Towards Ecosystem Development

[ZTO Express (ZTO US, BUY, TP US$38) TP Change]: Margin Improves While Capex Intensity Nears Peak

Equity Bottom-Up

<ul><li>ZTO managed to deliver net profit growth of 25% YoY in 4Q22 amid the tough macro environment, which showed strong resilience.</li><li>This took the full year net profit to RMB6.8bn (+43% YoY). Meanwhile, ZTO achieved positive free cash flow in 2022, the first time since 2018.</li><li>Looking ahead, ZTO is confident of achieving 18-22% parcel volume growth, which will translate into 1.5ppt YoY increase in market share. </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 managed to deliver net profit growth of 25% YoY in 4Q22 amid the tough macro environment, which showed strong resilience.This took the full year net profit to RMB6.8bn (+43% YoY). Meanwhile, ZTO achieved positive free cash flow in 2022, the first time since 2018.Looking ahead, ZTO is confident of achieving 18-22% parcel volume growth, which will translate into 1.5ppt YoY increase in market share. 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) – Clear Guidance on Volume and Market Share Target

ZTO Express Cayman

ZTO Express (ZTO US) – Clear Guidance on Volume and Market Share Target