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 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

<ul><li>Boss Zhipin announced 2Q25 results: total revenue grew by 10% YoY to RMB2.1bn, in line with Bloomberg consensus estimate; non-GAAP net income was up by 31% YoY to RMB941mn, 15% ahead of the consensus estimate, mainly thanks to the operating leverage and effective control in S&amp;M expenses (-23% YoY).</li><li>Looking ahead, management guided total revenue to grow by 11.4- 13.0% YoY to RMB2.13-2.16bn in 3Q25E, reaccelerating thanks to the improved supply-demand dynamics.</li><li>We raise our FY25-27 earnings forecast by 5-9% to reflect the better-than-expected operating leverage and opex control. </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 2Q25 results: total revenue grew by 10% YoY to RMB2.1bn, in line with Bloomberg consensus estimate; non-GAAP net income was up by 31% YoY to RMB941mn, 15% ahead of the consensus estimate, mainly thanks to the operating leverage and effective control in S&amp;M expenses (-23% YoY).Looking ahead, management guided total revenue to grow by 11.4- 13.0% YoY to RMB2.13-2.16bn in 3Q25E, reaccelerating thanks to the improved supply-demand dynamics.We raise our FY25-27 earnings forecast by 5-9% to reflect the better-than-expected operating leverage and opex control. 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) - 2Q25 Earnings Beat; Improving Recruitment Demand

<ul><li>Boss Zhipin reported 1Q25 results: total revenue increased by 13% YoY to RMB1.92bn, in line with consensus estimate; non-GAAP net income grew by 44% YoY to RMB764mn, 11% ahead of the consensus estimate, thanks to the strong operating leverage and effective opex control despite macro uncertainty.</li><li>For 2Q25E, management guided total revenue to increase by 6.9%-8.5% YoY to RMB2.05-2.08bn, which is in line with consensus estimate (RMB2.07bn).</li><li>Despite macro uncertainty and tariff war, management noted that the hiring demand continued to recover YoY in April, and remained upbeat on achieving its full-year non-GAAP operating profit target of RMB3bn. </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 1Q25 results: total revenue increased by 13% YoY to RMB1.92bn, in line with consensus estimate; non-GAAP net income grew by 44% YoY to RMB764mn, 11% ahead of the consensus estimate, thanks to the strong operating leverage and effective opex control despite macro uncertainty.For 2Q25E, management guided total revenue to increase by 6.9%-8.5% YoY to RMB2.05-2.08bn, which is in line with consensus estimate (RMB2.07bn).Despite macro uncertainty and tariff war, management noted that the hiring demand continued to recover YoY in April, and remained upbeat on achieving its full-year non-GAAP operating profit target of RMB3bn. 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) - Hiring Demand Remains Resilient; Full-Year Earnings Target Unchanged

<ul><li>Kanzhun is the largest online recruitment platform in China in terms of both revenue and MAUs in 2024, according to CIC and our estimates.</li><li>The company has developed a strong competitive moat through its innovative direct recruitment model, supported by extensive enterprise and MAU bases, as well as recruitment facilitation technology.</li><li>We forecast total revenue CAGR of 10% over FY25-27E, driven by increasing online penetration of recruitment services, solid growth of blue-collar recruitment and recovery of white-collar segment. </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.

Kanzhun is the largest online recruitment platform in China in terms of both revenue and MAUs in 2024, according to CIC and our estimates.The company has developed a strong competitive moat through its innovative direct recruitment model, supported by extensive enterprise and MAU bases, as well as recruitment facilitation technology.We forecast total revenue CAGR of 10% over FY25-27E, driven by increasing online penetration of recruitment services, solid growth of blue-collar recruitment and recovery of white-collar segment. 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) - Prominent Online Recruitment Platform with Strong Earnings Growth Outlook

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

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) - 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

Kanzhun Limited (BZ US) - 2Q25 Earnings Beat; Improving Recruitment Demand

We lift our target price to US$25.5 based on 24x FY25E non-GAAP PE (previous: US$21.0 based on 21x FY25E PE), in view of the enhanced earnings...

CMB International

Kanzhun Limited (BZ US) - Hiring Demand Remains Resilient; Full-Year Earnings Target Unchanged

We fine-tune our target price to US$21.0 based on 21x FY25E non-GAAP PE (previous: US$19.5 based on 20x FY25E PE), which is on par with the sector...

CMB International

Kanzhun Limited (BZ US) - Prominent Online Recruitment Platform with Strong Earnings Growth Outlook

Kanzhun is the largest online recruitment platform in China in terms of both revenue and MAUs in 2024, according to CIC and our estimates.

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

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