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

Haidilao International Holding / Equity Bottom-Up

<ul><li>FY24 results were a small beat, mainly from the robust GP margin expansion.</li><li>Going into FY25E, though the SSSG may be only be stable, we are confident on a mild turnaround, driven by potential store expansion acceleration and margin expansion (better input costs, more efficient supply chain and greater adoption of multi-store management, etc.).</li><li>Maintain BUY and raise TP to HK$ 20.20, based on 18x FY25E P/E (up from 16x, due to faster expansion and sector re-rating). </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>

FY24 results were a small beat, mainly from the robust GP margin expansion.Going into FY25E, though the SSSG may be only be stable, we are confident on a mild turnaround, driven by potential store expansion acceleration and margin expansion (better input costs, more efficient supply chain and greater adoption of multi-store management, etc.).Maintain BUY and raise TP to HK$ 20.20, based on 18x FY25E P/E (up from 16x, due to faster expansion and sector re-rating). 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.

海底撈（6862 HK） - 店舗数と利益率の拡大の可能性あり