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>Boss Zhipin announced 2Q26 results: total revenue increased by 14% YoY to RMB2.40bn, and non-GAAP net income grew by 9% YoY to RMB941mn, both in line with Visible Alpha (VA) consensus.</li><li>For 3Q26E, management guided total revenue to grow by 11-16% YoY to RMB2.41-2.50bn, also largely in line with VA consensus (RMB2.47bn).</li><li>Looking ahead, the company will increase monetization effort in first-tier cities and some second-tier cities, given its currently low pricing. </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.

Boss Zhipin announced 2Q26 results: total revenue increased by 14% YoY to RMB2.40bn, and non-GAAP net income grew by 9% YoY to RMB941mn, both in line with Visible Alpha (VA) consensus.For 3Q26E, management guided total revenue to grow by 11-16% YoY to RMB2.41-2.50bn, also largely in line with VA consensus (RMB2.47bn).Looking ahead, the company will increase monetization effort in first-tier cities and some second-tier cities, given its currently low 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.

Kanzhun Limited (BZ US) - 2Q26 Results: Revenue Acceleration on Solid ARPPU and User Growth

<ul><li>Boss Zhipin reported 1Q26 results: total revenue was up by 8% YoY to RMB2.07bn, and non-GAAP net income increased by 12% YoY to RMB856mn, both in line with Bloomberg consensus estimates.</li><li>Looking into 2Q26E, management guided total revenue to increase by 13-15% YoY to RMB2.38- 2.42bn, with revenue growth accelerating thanks to the solid recruitment demand post the Chinese New Year (CNY).</li><li>In the long term, management is constructive on AI as a key driver to improve its recruitment service efficiency and accelerate business growth, and thus will continue to invest in AI. </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.

Boss Zhipin reported 1Q26 results: total revenue was up by 8% YoY to RMB2.07bn, and non-GAAP net income increased by 12% YoY to RMB856mn, both in line with Bloomberg consensus estimates.Looking into 2Q26E, management guided total revenue to increase by 13-15% YoY to RMB2.38- 2.42bn, with revenue growth accelerating thanks to the solid recruitment demand post the Chinese New Year (CNY).In the long term, management is constructive on AI as a key driver to improve its recruitment service efficiency and accelerate business growth, and thus will continue to invest in AI. 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.

Kanzhun Limited (BZ US) - Inline 1Q26 Results

<ul><li>Boss Zhipin reported 3Q25 results: total revenue increased by 13% YoY to RMB2.16bn, in line with consensus/our estimate; non-GAAP net income grew by 34% YoY to RMB992mn, 9%/15% ahead of consensus/our estimate, primarily thanks to effective control in S&amp;M/R&amp;D expenses (-25%/-12% YoY).</li><li>For 4Q25E, the company guided total revenue to increase by 12.4-13.5% YoY to RMB2.05-2.07bn, in line with consensus estimate (RMB2.06bn).</li><li>Management cited several positive signals in 3Q25, such as enhanced recruiterto-job seeker ratio, renewal rate and net dollar retention rate, all of which show improving recruitment demand and will support revenue growth in the coming quarters. Looking ahead to FY26E, management will continue to drive quality revenue growth, targeting over 35mn newly verified users (vs. 40mn in 10M25) and further margin expansion. </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.

Boss Zhipin reported 3Q25 results: total revenue increased by 13% YoY to RMB2.16bn, in line with consensus/our estimate; non-GAAP net income grew by 34% YoY to RMB992mn, 9%/15% ahead of consensus/our estimate, primarily thanks to effective control in S&amp;M/R&amp;D expenses (-25%/-12% YoY).For 4Q25E, the company guided total revenue to increase by 12.4-13.5% YoY to RMB2.05-2.07bn, in line with consensus estimate (RMB2.06bn).Management cited several positive signals in 3Q25, such as enhanced recruiterto-job seeker ratio, renewal rate and net dollar retention rate, all of which show improving recruitment demand and will support revenue growth in the coming quarters. Looking ahead to FY26E, management will continue to drive quality revenue growth, targeting over 35mn newly verified users (vs. 40mn in 10M25) and further margin expansion. 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.

Kanzhun Limited (BZ US) - Driving Quality Revenue Growth on Enhanced Recruitment Demand

Thematic (Sector/Industry)

<ul><li>Most internet companies’ 1Q25 earnings met or exceeded market expectations, while concerns are mainly around over reduced earnings visibility due to intensifying competition among marketplace platforms.</li><li>Expanding quality supply, reducing merchant costs, and increasing core user transaction frequency are the priorities.</li><li>Looking ahead, we believe subsectors and companies having strong business model moats and less vulnerable to subsidy-driven competition may outperform, while firms with established ecosystems/network effects, higher margins, and substantial absolute profits will likely have stronger competitive positioning. </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.

Most internet companies’ 1Q25 earnings met or exceeded market expectations, while concerns are mainly around over reduced earnings visibility due to intensifying competition among marketplace platforms.Expanding quality supply, reducing merchant costs, and increasing core user transaction frequency are the priorities.Looking ahead, we believe subsectors and companies having strong business model moats and less vulnerable to subsidy-driven competition may outperform, while firms with established ecosystems/network effects, higher margins, and substantial absolute profits will likely have stronger competitive positioning. 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 - Business Model/Competitive Barrier Back in Focus

<ul><li>Based on NBS data, 2M24 online retail sales GMV/online physical goods GMV reached RMB2.2tn/1.8tn, up 15.3/14.4% YoY, which implied a two-year CAGR of 10.7/9.8%.</li><li>The growth of total online retail sales GMV continued to outpace that of online physical goods GMV, which was likely due to the robust growth in online travel bookings during the CNY holiday.</li><li>Leading e-commerce platforms are prioritizing GMV and revenue growth over margin improvement in 2024, and guided to reinvest incremental operating profit generated to drive further business growth, which likely indicates more intensified industry competition. </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.

Based on NBS data, 2M24 online retail sales GMV/online physical goods GMV reached RMB2.2tn/1.8tn, up 15.3/14.4% YoY, which implied a two-year CAGR of 10.7/9.8%.The growth of total online retail sales GMV continued to outpace that of online physical goods GMV, which was likely due to the robust growth in online travel bookings during the CNY holiday.Leading e-commerce platforms are prioritizing GMV and revenue growth over margin improvement in 2024, and guided to reinvest incremental operating profit generated to drive further business growth, which likely indicates more intensified industry competition. 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 - 2M24 online retail sales recap

China

Kanzhun Limited provides online recruitment services. The Company connects job seekers and enterprise users through its mobile application. Kanzhun offers a mobile-native product that promotes instant direct chats between enterprise users and job seekers.

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Kanzhun (BZ US)

Kanzhun Limited (BZ US) - 2Q26 Results: Revenue Acceleration on Solid ARPPU and User Growth

Boss Zhipin announced 2Q26 results: total revenue increased by 14% YoY to RMB2.40bn, and non-GAAP net income grew by 9% YoY to RMB941mn, both in...

CMB International

Kanzhun Limited (BZ US) - Inline 1Q26 Results

Boss Zhipin reported 1Q26 results: total revenue was up by 8% YoY to RMB2.07bn, and non-GAAP net income increased by 12% YoY to RMB856mn, both in...

CMB International

Kanzhun Limited (BZ US) - Driving Quality Revenue Growth on Enhanced Recruitment Demand

Boss Zhipin reported 3Q25 results: total revenue increased by 13% YoY to RMB2.16bn, in line with consensus/our estimate; non-GAAP net income grew...

CMB International

Internet - Business Model/Competitive Barrier Back in Focus

Most internet companies’ 1Q25 earnings met or exceeded market expectations, while concerns are mainly around over reduced earnings visibility due...

CMB International

Internet - 2M24 online retail sales recap

Based on NBS data, 2M24 online retail sales GMV/online physical goods GMV reached RMB2.2tn/1.8tn, up 15.3/14.4% YoY, which implied a two-year CAGR...

CMB International

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