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>Tongda’s 1H25 net profit growth of 394% YoY is in-line with prior positive profit alert, mainly driven by lower finance costs and less R&amp;D/depreciation expenses following business disposal in 1H24.</li><li>We spoke to mgmt. post 1H25 results, and we expect earnings recovery will continue into 2H25E/2026, backed by 1) glass fiber casing upgrade and ASP hike, 2) Smart Tech’s strong growth with client wins and Malaysia capacity ramp-up, and 3) networking biz’s Vietnam plant expansion.</li><li>We slightly adjusted our earnings forecasts to reflect 1H25 results and better operating leverage. </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>

Tongda’s 1H25 net profit growth of 394% YoY is in-line with prior positive profit alert, mainly driven by lower finance costs and less R&amp;D/depreciation expenses following business disposal in 1H24.We spoke to mgmt. post 1H25 results, and we expect earnings recovery will continue into 2H25E/2026, backed by 1) glass fiber casing upgrade and ASP hike, 2) Smart Tech’s strong growth with client wins and Malaysia capacity ramp-up, and 3) networking biz’s Vietnam plant expansion.We slightly adjusted our earnings forecasts to reflect 1H25 results and better operating leverage. 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.

トンダ（698 HK） - 2025年上半期の業績回復は予想通り

Tongda Group Holdings

トンダ（698 HK） - 2025年上半期の業績回復は予想通り