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>BiliBili announced 1Q25 financial results: total revenue was up by 24% YoY to RMB7.0bn, in line with Bloomberg consensus estimate; adjusted net income reached RMB362mn, up from net loss of RMB456mn in 1Q24 and ahead of consensus estimate of RMB248mn, thanks to the GPM expansion (+8ppt YoY) and prudent control in R&amp;D expenses (-13% YoY).</li><li>For 2Q25E, we expect Bili to maintain 20% YoY total revenue growth with margin expansion, driven by the solid momentum of advertising and mobile games businesses.</li><li>We raise our FY25-27E non-GAAP earnings forecasts to RMB2.2/3.2/4.1bn (previous: RMB1.8/2.7/3.7bn), in view of the solid margin expansion trend. </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.

BiliBili announced 1Q25 financial results: total revenue was up by 24% YoY to RMB7.0bn, in line with Bloomberg consensus estimate; adjusted net income reached RMB362mn, up from net loss of RMB456mn in 1Q24 and ahead of consensus estimate of RMB248mn, thanks to the GPM expansion (+8ppt YoY) and prudent control in R&amp;D expenses (-13% YoY).For 2Q25E, we expect Bili to maintain 20% YoY total revenue growth with margin expansion, driven by the solid momentum of advertising and mobile games businesses.We raise our FY25-27E non-GAAP earnings forecasts to RMB2.2/3.2/4.1bn (previous: RMB1.8/2.7/3.7bn), in view of the solid margin expansion trend. 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.

Bilibili (BILI US) - 1Q25 Earnings Beat; Expect Strong Earnings Momentum to Continue in 2Q25

<ul><li>BiliBili reported 4Q24 results: total revenue grew by 22% YoY to RMB7.73bn, in line with our/Bloomberg consensus estimate; adjusted net income was RMB453mn (vs. adjusted net loss of RMB556mn in 4Q23) and 15% ahead of consensus estimate, mainly due to strong revenue growth of higher-margin businesses (mobile games &amp; ads).</li><li>FY24 total revenue grew by 19% YoY to RMB26.8bn, and adjusted net loss narrowed by 99% YoY to RMB22.1mn. We expect advertising and mobile games businesses to maintain solid revenue growth in FY25E, which shall further drive GPM and OPM expansion.</li><li>Management reiterated its long-term OPM target of 15-20% (vs. 6% in 4Q24), which should also boost investor confidence, in our view. </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.

BiliBili reported 4Q24 results: total revenue grew by 22% YoY to RMB7.73bn, in line with our/Bloomberg consensus estimate; adjusted net income was RMB453mn (vs. adjusted net loss of RMB556mn in 4Q23) and 15% ahead of consensus estimate, mainly due to strong revenue growth of higher-margin businesses (mobile games &amp; ads).FY24 total revenue grew by 19% YoY to RMB26.8bn, and adjusted net loss narrowed by 99% YoY to RMB22.1mn. We expect advertising and mobile games businesses to maintain solid revenue growth in FY25E, which shall further drive GPM and OPM expansion.Management reiterated its long-term OPM target of 15-20% (vs. 6% in 4Q24), which should also boost investor confidence, in our view. 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.

Bilibili (BILI US) - 4Q24 Earnings Beat on Strong Mobile Games and Ad Businesses

<ul><li>BiliBili reported 3Q24 results: total revenue was up by 26% YoY to RMB7.31bn, 3/2% ahead of our/Bloomberg consensus estimate; the company achieved quarterly breakeven and recorded an adjusted net income of RMB236mn (vs. adjusted net loss of RMB878mn in 3Q23), ahead of our/consensus estimate of RMB195/217mn.</li><li>The solid 3Q24 print is mainly due to the strong performance of new game title SanMou and the effective cost optimization initiatives. Looking ahead to 4Q24E, we forecast total revenue to grow by 21% YoY, with adjusted net margin further expanding to 5.3% (3Q24: 3.2%).</li><li>We lift FY24-26E total revenue forecast by 1-5% in view of the robust game performance. </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.

BiliBili reported 3Q24 results: total revenue was up by 26% YoY to RMB7.31bn, 3/2% ahead of our/Bloomberg consensus estimate; the company achieved quarterly breakeven and recorded an adjusted net income of RMB236mn (vs. adjusted net loss of RMB878mn in 3Q23), ahead of our/consensus estimate of RMB195/217mn.The solid 3Q24 print is mainly due to the strong performance of new game title SanMou and the effective cost optimization initiatives. Looking ahead to 4Q24E, we forecast total revenue to grow by 21% YoY, with adjusted net margin further expanding to 5.3% (3Q24: 3.2%).We lift FY24-26E total revenue forecast by 1-5% in view of the robust game performance. 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.

Bilibili (BILI US) - Strong Mobile Games and Ad Businesses Support Solid 3Q24 Results

<ul><li>BiliBili announced 2Q24 financial results: total revenue grew by 16% YoY to RMB6.13bn, in line with our/consensus estimate; adjusted net loss narrowed by 72% YoY to RMB271mn, better than our/consensus estimate of RMB329/317mn, primarily due to the better-than-expected GPM expansion (+6.8ppt YoY).</li><li>For 3Q24E, we expect total revenue will increase by 22% YoY, and Bili will achieve breakeven and register non-GAAP operating income of RMB184mn, mainly supported by the robust performance of high-margin mobile games and advertising businesses.</li><li>We cut our FY24 adjusted net loss estimate to RMB255mn (previous: RMB710mn) mainly to factor in the better-thanexpected earnings contribution from games and ads business.</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.

BiliBili announced 2Q24 financial results: total revenue grew by 16% YoY to RMB6.13bn, in line with our/consensus estimate; adjusted net loss narrowed by 72% YoY to RMB271mn, better than our/consensus estimate of RMB329/317mn, primarily due to the better-than-expected GPM expansion (+6.8ppt YoY).For 3Q24E, we expect total revenue will increase by 22% YoY, and Bili will achieve breakeven and register non-GAAP operating income of RMB184mn, mainly supported by the robust performance of high-margin mobile games and advertising businesses.We cut our FY24 adjusted net loss estimate to RMB255mn (previous: RMB710mn) mainly to factor in the better-thanexpected earnings contribution from games and ads business.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.

Bilibili (BILI US) - Strong games and ads businesses to pave way for breakeven in 3Q24E

Thematic (Sector/Industry)

<ul><li>We update our sector investment views for the next six months post earnings as follows: 1) Companies with solid fundamentals and high revenue and profit growth visibility; 2) sustained profitability and willingness to lift shareholder returns; and 3) a sizeable TAM for new initiatives and business explorations likely to generate a decent ROIC.</li><li>We believe the market will continue to allocate to such names and value them fairly.</li><li>Taking into account 2Q results and recent stock performances, we find our previous view has been testified: better-than-expected earnings are not enough to drive a share rally, but better-than-expected 3Q/full-year outlook and enhanced shareholder return measures could provide key support. </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.

We update our sector investment views for the next six months post earnings as follows: 1) Companies with solid fundamentals and high revenue and profit growth visibility; 2) sustained profitability and willingness to lift shareholder returns; and 3) a sizeable TAM for new initiatives and business explorations likely to generate a decent ROIC.We believe the market will continue to allocate to such names and value them fairly.Taking into account 2Q results and recent stock performances, we find our previous view has been testified: better-than-expected earnings are not enough to drive a share rally, but better-than-expected 3Q/full-year outlook and enhanced shareholder return measures could provide key support. 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.

Internet - 2Q24 Recap & Stock-Picking Ideas: Seeking Certainty

China

Bilibili Inc. provides online entertainment services. The Company offers a platform that covers a wide array of genres and media formats, including videos, live broadcasting, mobile games, animation, and comics. Bilibili serves customers in China.

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Bilibili (BILI US)

Bilibili (BILI US) - 1Q25 Earnings Beat; Expect Strong Earnings Momentum to Continue in 2Q25

We fine-tune our SOTP-derived target price to US$26.5 (previous: US$26.4) which translates to 25x FY26E non-GAAP PE, reflecting the mixed impact of...

CMB International

Bilibili (BILI US) - 4Q24 Earnings Beat on Strong Mobile Games and Ad Businesses

We raise our FY25- 26E earnings forecast by 7-13% on a better margin outlook. We lift our SOTPderived target price to US$26.4 (previous: US$22.0)....

CMB International

Bilibili (BILI US) - Strong Mobile Games and Ad Businesses Support Solid 3Q24 Results

We roll over our valuation period to FY25E and fine-tune our SOTP-derived target price to US$22.0 (previous: US$20.50). Maintain BUY

CMB International

Bilibili (BILI US) - Strong games and ads businesses to pave way for breakeven in 3Q24E

BiliBili announced 2Q24 financial results: total revenue grew by 16% YoY to RMB6.13bn, in line with our/consensus estimate; adjusted net loss...

CMB International

Internet - 2Q24 Recap & Stock-Picking Ideas: Seeking Certainty

We update our sector investment views for the next six months post earnings as follows: 1) Companies with solid fundamentals and high revenue and...

CMB International

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