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)

China Logistics (Part 1): ZTO Has a Unit Economics Problem

Equity Bottom-Up

<ul><li>ZTO Express (ZTO) EBIT grew 17% YoY to RMB2.8bn, which is in line with our expectation.</li><li>Reported net profit in 3Q24 grew only 1% YoY to RMB2.46bn, but this was largely due to one-off tax refunds in 3Q23.</li><li>Unit gross margin expanded 6.5% YoY to RMB0.38/parcel in 3Q24 amid industry price competition. ZTO revised down the full year parcel volume growth guidance to 11.6-12.3% (from 15-18% in Aug), which implies 7.5-10% growth in 4Q24E. </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) EBIT grew 17% YoY to RMB2.8bn, which is in line with our expectation.Reported net profit in 3Q24 grew only 1% YoY to RMB2.46bn, but this was largely due to one-off tax refunds in 3Q23.Unit gross margin expanded 6.5% YoY to RMB0.38/parcel in 3Q24 amid industry price competition. ZTO revised down the full year parcel volume growth guidance to 11.6-12.3% (from 15-18% in Aug), which implies 7.5-10% growth in 4Q24E. 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) - Still Positive on Profitable Growth Strategy Despite Lower Volume Guidance

ZTO Express Cayman

ZTO Express (ZTO US) - Still Positive on Profitable Growth Strategy Despite Lower Volume Guidance