External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>PDD Holdings (PDD) announced (18 Nov) 3Q25 results: revenue was up 9.0% YoY (2Q25: 7.1%) to RMB108.3bn, 1% better than Bloomberg consensus estimates.</li><li>This was driven by a 7% beat in transaction services fees, but offset by the 4% miss in online marketing services and others that we attributed to the impact from RMB100bn support program to enhance platform ecosystem.</li><li>During the period, operating profit/ non-GAAP NP increased by 3.0/14.3% YoY to RMB25.0bn/31.4bn and was 10/25% better than consensus, driven by more optimized than expected operating expense and RMB8.6bn interest and investment income. </li></ul>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.

PDD Holdings (PDD) announced (18 Nov) 3Q25 results: revenue was up 9.0% YoY (2Q25: 7.1%) to RMB108.3bn, 1% better than Bloomberg consensus estimates.This was driven by a 7% beat in transaction services fees, but offset by the 4% miss in online marketing services and others that we attributed to the impact from RMB100bn support program to enhance platform ecosystem.During the period, operating profit/ non-GAAP NP increased by 3.0/14.3% YoY to RMB25.0bn/31.4bn and was 10/25% better than consensus, driven by more optimized than expected operating expense and RMB8.6bn interest and investment income. 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.

PDD Holdings (PDD US) - 3Q25 Results Beat; Earnings Swung to Positive Growth

<ul><li>PDD Holdings (PDD) announced (25 Aug) 2Q25 results: revenue was up 7% YoY (1Q25: 10%) to RMB104.0bn, inline with Bloomberg consensus estimates, which was driven by a 1% beat in online marketing services and others, but offset by the 1% miss in transaction services fees that we attributed to the impact from change in “de minimis exemption” policy in the U.S. market.</li><li>Non-GAAP NP decreased by 5% YoY to RMB32.7bn but was 46% better than consensus, driven by the 20% beat in OP and the RMB10.4bn interest and investment income.</li><li>Although PDD is still in an investment stage to enhance platform ecosystem, as well as to improve quality and diversity of supply, the beat in operating profit likely speaks to a better-than-feared impact from incremental sales and marketing spend amid the backdrop of national subsidies. </li></ul>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.

PDD Holdings (PDD) announced (25 Aug) 2Q25 results: revenue was up 7% YoY (1Q25: 10%) to RMB104.0bn, inline with Bloomberg consensus estimates, which was driven by a 1% beat in online marketing services and others, but offset by the 1% miss in transaction services fees that we attributed to the impact from change in “de minimis exemption” policy in the U.S. market.Non-GAAP NP decreased by 5% YoY to RMB32.7bn but was 46% better than consensus, driven by the 20% beat in OP and the RMB10.4bn interest and investment income.Although PDD is still in an investment stage to enhance platform ecosystem, as well as to improve quality and diversity of supply, the beat in operating profit likely speaks to a better-than-feared impact from incremental sales and marketing spend amid the backdrop of national subsidies. 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.

PDD Holdings (PDD US) - Results Beat on Better-Than-Expected Savings from Sales and Marketing Spend

<ul><li>PDD Holdings (PDD) announced (27 May) 1Q25 results: revenue was up 10.2% YoY (4Q24: 24.4%) to RMB95.7bn, 6% shy of Bloomberg consensus estimates.</li><li>This shortfall was mainly due to a 12% miss on transaction services fees, despite partly offset by the 2% beat in online marketing services and others revenue, which we attribute to the further step-up in merchant support, and is likely to sustain, in our view.</li><li>Non-GAAP NP decreased by 45% YoY to RMB16.9bn, significantly missing consensus by 39%. </li></ul>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.

PDD Holdings (PDD) announced (27 May) 1Q25 results: revenue was up 10.2% YoY (4Q24: 24.4%) to RMB95.7bn, 6% shy of Bloomberg consensus estimates.This shortfall was mainly due to a 12% miss on transaction services fees, despite partly offset by the 2% beat in online marketing services and others revenue, which we attribute to the further step-up in merchant support, and is likely to sustain, in our view.Non-GAAP NP decreased by 45% YoY to RMB16.9bn, significantly missing consensus by 39%. 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.

PDD Holdings (PDD US) - Investment to Enhance Platform Ecosystem...

<ul><li>PDD Holdings (PDD) announced (20 Mar) 4Q24 results: revenue was up 24% YoY (3Q24: 44%) to RMB110.6bn, 5% shy of Bloomberg consensus estimates, mainly owing to the 10% miss on transaction services fees which we attribute to ongoing impact from enhancement of merchant support.</li><li>Non-GAAP net profit increased by 17% YoY to RMB29.9bn, 4% ahead of consensus, which we attribute to non-operating items such as foreign exchange gains and other income.</li><li>We lower our 2025-2026E revenue forecast by 3-5% and non-GAAP net profit by 3-9% to factor in the greater-than-expected impact of PDD’s move to enhance merchant support and platform ecosystem, as well as incremental investment on consumer side to enhance consumer mindshare. </li></ul>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.

PDD Holdings (PDD) announced (20 Mar) 4Q24 results: revenue was up 24% YoY (3Q24: 44%) to RMB110.6bn, 5% shy of Bloomberg consensus estimates, mainly owing to the 10% miss on transaction services fees which we attribute to ongoing impact from enhancement of merchant support.Non-GAAP net profit increased by 17% YoY to RMB29.9bn, 4% ahead of consensus, which we attribute to non-operating items such as foreign exchange gains and other income.We lower our 2025-2026E revenue forecast by 3-5% and non-GAAP net profit by 3-9% to factor in the greater-than-expected impact of PDD’s move to enhance merchant support and platform ecosystem, as well as incremental investment on consumer side to enhance consumer mindshare. 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.

<ul><li>PDD Holdings (PDD) announced (21 Nov) 3Q24 results: revenue was up 44.3% YoY (3Q23: 93.9%; 2Q24: 85.7%) to RMB99.4bn, 3% shy of Bloomberg consensus estimates, mainly owing to the 6% miss on transaction services fees which we attribute to the impact from enhancement of merchant support.</li><li>NonGAAP net profit increased by 61.3% YoY to RMB27.5bn, 6% short of consensus, due to the miss in revenue generation.</li><li>We lower our 2024-2026E revenue forecast by 4-9% and non-GAAP net profit by 9-16% to factor in the greater-than-expected impact of PDD’s move to enhance merchant support, as well as PDD’s effort to provide home appliances products at prices similar to its peers’ level against the backdrop of nationwide home appliance trade-in program. </li></ul>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.

PDD Holdings (PDD) announced (21 Nov) 3Q24 results: revenue was up 44.3% YoY (3Q23: 93.9%; 2Q24: 85.7%) to RMB99.4bn, 3% shy of Bloomberg consensus estimates, mainly owing to the 6% miss on transaction services fees which we attribute to the impact from enhancement of merchant support.NonGAAP net profit increased by 61.3% YoY to RMB27.5bn, 6% short of consensus, due to the miss in revenue generation.We lower our 2024-2026E revenue forecast by 4-9% and non-GAAP net profit by 9-16% to factor in the greater-than-expected impact of PDD’s move to enhance merchant support, as well as PDD’s effort to provide home appliances products at prices similar to its peers’ level against the backdrop of nationwide home appliance trade-in program. 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.

PDD Holdings (PDD US) - Impact from Enhancement of Merchant Support Stared to Emerge

China

PDD Holdings Inc. is a multinational commerce group that owns and operates a portfolio of businesses. The Company focuses on digital economy so that local communities and small businesses can benefit from the increased productivity and new opportunities. PDD Holdings has built a network of sourcing, logistics, and fulfillment capabilities for its underlying businesses.

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PDD Holdings (PDD US)