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.

Thematic (Sector/Industry)

<ul><li>China’s destocking scheme showed encouraging progress, with Guangzhou announcing to purchase developers’ unsold inventory at cost prices, which could serve as an example for other cities. We think the scheme currently may only benefit SOEs/semi-SOEs as LGFVs may need to divest their financing function at first.</li><li>A number of regions actively implemented mortgage rate related policies after 17 May, and we think there is still room for further adjustment in Beijing, Shanghai and Shenzhen.</li><li>Noticeable recovery on property sales was shown with the daily transaction volume post-517 policy for new/second hand home increasing by 23%/21% compared to pre-517 policy. </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.

China’s destocking scheme showed encouraging progress, with Guangzhou announcing to purchase developers’ unsold inventory at cost prices, which could serve as an example for other cities. We think the scheme currently may only benefit SOEs/semi-SOEs as LGFVs may need to divest their financing function at first.A number of regions actively implemented mortgage rate related policies after 17 May, and we think there is still room for further adjustment in Beijing, Shanghai and Shenzhen.Noticeable recovery on property sales was shown with the daily transaction volume post-517 policy for new/second hand home increasing by 23%/21% compared to pre-517 policy. 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.

Property - Encouraging Signs on Both Policy Implementation and Property Sales, Reiterate Buy

Equity Bottom-Up

<ul><li>Ke Holdings’ (Beike) 1Q26 revenue declined 19.0% YoY to RMB18.9bn, inline with Bloomberg consensus and our forecast, but non-GAAP net profit reached RMB1.6bn, up 15.7% YoY, largely beating Bloomberg and our forecast of RMB1.0-1.2bn.</li><li>Non-GAAP NP margin reached 8.5%, a 7-quarter high, validating the company's efficiency-driven transformation.</li><li>Looking forward, management guided for strong 2Q26E revenue with non-GAAP OPM of ~12% and NPM of ~9-10%. </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.

Ke Holdings’ (Beike) 1Q26 revenue declined 19.0% YoY to RMB18.9bn, inline with Bloomberg consensus and our forecast, but non-GAAP net profit reached RMB1.6bn, up 15.7% YoY, largely beating Bloomberg and our forecast of RMB1.0-1.2bn.Non-GAAP NP margin reached 8.5%, a 7-quarter high, validating the company's efficiency-driven transformation.Looking forward, management guided for strong 2Q26E revenue with non-GAAP OPM of ~12% and NPM of ~9-10%. 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.

Ke Holdings (BEKE US) - Embracing the Profit Release Cycle

<ul><li>Ke Holdings’ (Beike) 4Q25 revenue declined 28.7% YoY to RMB22.2bn, inline with Bloomberg consensus and our forecast, and non-GAAP net profit reached RMB0.5bn in the quarter, down 61.5% YoY, ahead of our forecast at RMB0.4bn.</li><li>For 2025, Beike’s total revenue grew 1% YoY, while non-GAAP net profit was down 30% YoY due to industry headwinds.</li><li>For 2026E, we expect the cost optimization measures for core housing transaction business, combined with profitability improvement of new businesses to drive earnings recovery. </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.

Ke Holdings’ (Beike) 4Q25 revenue declined 28.7% YoY to RMB22.2bn, inline with Bloomberg consensus and our forecast, and non-GAAP net profit reached RMB0.5bn in the quarter, down 61.5% YoY, ahead of our forecast at RMB0.4bn.For 2025, Beike’s total revenue grew 1% YoY, while non-GAAP net profit was down 30% YoY due to industry headwinds.For 2026E, we expect the cost optimization measures for core housing transaction business, combined with profitability improvement of new businesses to drive earnings recovery. 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.

Ke Holdings (BEKE US) - Profitability Improvement on Track

<ul><li>For Ke Holdings’ (Beike) 4Q25 results, we are anticipating revenue of RMB22.2bn, down 28.5% YoY due to high base, and non-GAAP NP of RMB427mn, translating into NPM of 1.9%, after taking into account the impact from one-off cost reduction measures.</li><li>Our 4Q25E revenue and non-GAAP NP forecasts were in line with Bloomberg consensus if excluding the impact from one-off cost reduction measures.</li><li>We remain positive that Beike is well positioned to expand its market share in home transaction business, aided by its strong technological capability, superior service quality, and well-established agent cooperation network (ACN). </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.

For Ke Holdings’ (Beike) 4Q25 results, we are anticipating revenue of RMB22.2bn, down 28.5% YoY due to high base, and non-GAAP NP of RMB427mn, translating into NPM of 1.9%, after taking into account the impact from one-off cost reduction measures.Our 4Q25E revenue and non-GAAP NP forecasts were in line with Bloomberg consensus if excluding the impact from one-off cost reduction measures.We remain positive that Beike is well positioned to expand its market share in home transaction business, aided by its strong technological capability, superior service quality, and well-established agent cooperation network (ACN). 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.

Ke Holdings (BEKE US) - Cost Reduction and New Business Profitability Improvement...

<ul><li>Ke Holdings’ (Beike) 3Q25 revenue rose 2.1% YoY to RMB23.1bn, inline with Bloomberg consensus, and non-GAAP net profit reached RMB1.3bn in the quarter, down 28% YoY but 5% ahead of consensus.</li><li>Although overall industry headwinds persist, Beike has achieved market share gains and operating efficiency improvement of its core housing transaction business.</li><li>The company is also driving profitability improvement for both home renovation &amp; furnishing (HR&amp;F) and home rental services, which in our view should all help drive a recovery in non-GAAP net profit in 2026E. </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.

Ke Holdings’ (Beike) 3Q25 revenue rose 2.1% YoY to RMB23.1bn, inline with Bloomberg consensus, and non-GAAP net profit reached RMB1.3bn in the quarter, down 28% YoY but 5% ahead of consensus.Although overall industry headwinds persist, Beike has achieved market share gains and operating efficiency improvement of its core housing transaction business.The company is also driving profitability improvement for both home renovation &amp; furnishing (HR&amp;F) and home rental services, which in our view should all help drive a recovery in non-GAAP net profit in 2026E. 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.

Ke Holdings (BEKE US) - Driving Profitability Improvement of New Businesses...

China

KE Holdings Inc. operates as an integrated online and offline platform for housing transactions and services. The Company offers existing and new home sales, home rentals, home renovation, real estate financial solutions, and other services. KE Holdings conducts businesses in China.

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KE Holdings (BEKE US)

Property - Encouraging Signs on Both Policy Implementation and Property Sales, Reiterate Buy

For stocks, we prefer PM companies like CR MixC, Poly Services, Binjiang Services and Onewo, property agents BEKE, and PJM company Greentown Mgmt.

CMB International