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>Maintain BUY. Despite continued industry headwinds, Meidong has maintained healthy cash flow and balance sheet, which could help it survive longer.</li><li>Its 2H25 new-car GPM recovered faster than its peers and our prior expectation.</li><li>That gives us more confidence in its new-car GPM lift in FY26E, especially as foreign luxury carmakers are now more realistic about sales volume and pricing. </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>

Maintain BUY. Despite continued industry headwinds, Meidong has maintained healthy cash flow and balance sheet, which could help it survive longer.Its 2H25 new-car GPM recovered faster than its peers and our prior expectation.That gives us more confidence in its new-car GPM lift in FY26E, especially as foreign luxury carmakers are now more realistic about sales volume and pricing. 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.

美東汽車（1268 HK）－2025年下半期の新車販売粗利益の回復を受け、2026～2027年度は利益成長を見込む…

China MeiDong Auto

美東汽車（1268 HK）－2025年下半期の新車販売粗利益の回復を受け、2026～2027年度は利益成長を見込む…