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 4Q22 financial results on 2 Mar.</li><li>Total revenue increased by 6% YoY to RMB6.1bn in 4Q22, in line with our and consensus estimate.</li><li>Fullyear revenue grew by 13% YoY to RMB21.9bn in 2022.</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>

BiliBili announced 4Q22 financial results on 2 Mar.Total revenue increased by 6% YoY to RMB6.1bn in 4Q22, in line with our and consensus estimate.Fullyear revenue grew by 13% YoY to RMB21.9bn in 2022.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) – Evolving to a self-sustained business model

<ul><li>We expect Bili will deliver narrowing adjusted net loss while revenue growth could decelerate in 4Q22, but all these are within expectations.</li><li>Market is looking for signs of monetization enhancement, self-propelling user and ecosystem growth.</li><li>We continue to expect that Bili will be on track to achieve a breakeven on non-GAAP by end-2024E, driven by growing user base that improves monetization.</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>

We expect Bili will deliver narrowing adjusted net loss while revenue growth could decelerate in 4Q22, but all these are within expectations.Market is looking for signs of monetization enhancement, self-propelling user and ecosystem growth.We continue to expect that Bili will be on track to achieve a breakeven on non-GAAP by end-2024E, driven by growing user base that improves monetization.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) – Eyes on Monetization Potential and Margin Improvement Trajectory

<ul><li>BiliBili total revenue was up by 11% YoY and 18% QoQ to RMB5.8bn in 3Q22, in line with consensus/our estimate of RMB5.7/5.8bn.</li><li>Adjusted net loss widened by 9% YoY but narrowed by 10% QoQ to RMB1.76bn in 3Q22, better than consensus/our estimate of RMB1.83/1.97bn, due to solid GPM expansion (+3.2pct QoQ) and effective control in marketing expenses (-25% YoY).</li><li>For 4Q22E, the company guided total revenue to increase by 4-7% YoY to RMB6.0-6.2bn, with YoY growth slowing due to relatively soft advertising and mobile game businesses.</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>

BiliBili total revenue was up by 11% YoY and 18% QoQ to RMB5.8bn in 3Q22, in line with consensus/our estimate of RMB5.7/5.8bn.Adjusted net loss widened by 9% YoY but narrowed by 10% QoQ to RMB1.76bn in 3Q22, better than consensus/our estimate of RMB1.83/1.97bn, due to solid GPM expansion (+3.2pct QoQ) and effective control in marketing expenses (-25% YoY).For 4Q22E, the company guided total revenue to increase by 4-7% YoY to RMB6.0-6.2bn, with YoY growth slowing due to relatively soft advertising and mobile game businesses.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) – Focus on more sustainable growth

Thematic (Sector/Industry)

<ul><li>For 3Q22E, social entertainment platforms still face intensifying competition and macro challenges that can weigh on their revenue growth and margin expansion.</li><li>Social entertainment platforms need to innovate their monetization methods and enhance operating efficiency in order to fend off competition and macro headwind, in our view.</li><li>Platforms with concentrated revenue exposure to ad business like Weibo and loss-making platforms like BiliBili (Bili) might be more sensitive to the competition and macro environment.</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>

For 3Q22E, social entertainment platforms still face intensifying competition and macro challenges that can weigh on their revenue growth and margin expansion.Social entertainment platforms need to innovate their monetization methods and enhance operating efficiency in order to fend off competition and macro headwind, in our view.Platforms with concentrated revenue exposure to ad business like Weibo and loss-making platforms like BiliBili (Bili) might be more sensitive to the competition and macro environment.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.

China Internet– Social Entertainment 3Q22 Preview: Remains Under Pressure

<div><div><div><div><ul><li>Consumption sentiment and offline activities’ recovery pace continued to weigh on internet sector’s 3Q financials performance.</li><li>Looking into 4Q and 2023, business model robustness, operating leverage improvement, and ability to expand into new revenue streams will be the key stock alpha drivers, while the heavily under-owned China Internet sector will remain sensitive to policies and other sentiment related beta drivers.</li><li>We expect leading technology companies will play vital role in building digital infrastructure and empowering enterprise digital transformation. </li></ul></div></div></div></div><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>

Consumption sentiment and offline activities’ recovery pace continued to weigh on internet sector’s 3Q financials performance.Looking into 4Q and 2023, business model robustness, operating leverage improvement, and ability to expand into new revenue streams will be the key stock alpha drivers, while the heavily under-owned China Internet sector will remain sensitive to policies and other sentiment related beta drivers.We expect leading technology companies will play vital role in building digital infrastructure and empowering enterprise digital transformation. 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.

China Internet Sector – 3Q22 preview: near term bumpy recovery

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) – Evolving to a self-sustained business model

BiliBili announced 4Q22 financial results on 2 Mar. Total revenue increased by 6% YoY to RMB6.1bn in 4Q22, in line with our and consensus estimate.

CMB International

Bilibili (BILI US) – Eyes on Monetization Potential and Margin Improvement Trajectory

We expect Bili will deliver narrowing adjusted net loss while revenue growth could decelerate in 4Q22, but all these are within expectations.

CMB International

Bilibili (BILI US) – Focus on more sustainable growth

BiliBili total revenue was up by 11% YoY and 18% QoQ to RMB5.8bn in 3Q22, in line with consensus/our estimate of RMB5.7/5.8bn.

CMB International

China Internet– Social Entertainment 3Q22 Preview: Remains Under Pressure

For 3Q22E, social entertainment platforms still face intensifying competition and macro challenges that can weigh on their revenue growth and...

CMB International

China Internet Sector – 3Q22 preview: near term bumpy recovery

We expect leading technology companies will play vital role in building digital infrastructure and empowering enterprise digital transformation.

CMB International