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>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...

<ul><li>Ke Holdings’ (Beike) 2Q25 revenue rose 11% YoY to RMB26.0bn, inline with both CMBI estimates and Bloomberg consensus, mainly driven by new home transactions (+9% YoY), home rental services (+78% YoY), and home renovation and furnishing (HR&amp;F) business (+13% YoY).</li><li>Non-GAAP net profit reached RMB1.8bn in the quarter (down 32% YoY), beating CMBI estimates/consensus by 4%/6%.</li><li>Although property sales still see challenges in delivering a solid recovery, and Beike is hard to be immune from the industry headwind, the company is on the right track of operating efficiency improvement, which should bring better earnings elasticity when the industry recovers, 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.

Ke Holdings’ (Beike) 2Q25 revenue rose 11% YoY to RMB26.0bn, inline with both CMBI estimates and Bloomberg consensus, mainly driven by new home transactions (+9% YoY), home rental services (+78% YoY), and home renovation and furnishing (HR&amp;F) business (+13% YoY).Non-GAAP net profit reached RMB1.8bn in the quarter (down 32% YoY), beating CMBI estimates/consensus by 4%/6%.Although property sales still see challenges in delivering a solid recovery, and Beike is hard to be immune from the industry headwind, the company is on the right track of operating efficiency improvement, which should bring better earnings elasticity when the industry recovers, 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.

Ke Holdings (BEKE US) - On the Right Track of Driving Operating Efficiency Improvement

<ul><li>For Ke Holdings’ (Beike) 2Q25 results which will be released on 26 Aug, we are anticipating revenue of RMB26.1bn, up 11.7% YoY, and non-GAAP net profit of RMB1.75bn, translating into non-GAAP net margin of 6.7%.</li><li>Our 2Q25E revenue/ non-GAAP NP forecasts are 0.4/2.2% ahead of Bloomberg consensus.</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) 2Q25 results which will be released on 26 Aug, we are anticipating revenue of RMB26.1bn, up 11.7% YoY, and non-GAAP net profit of RMB1.75bn, translating into non-GAAP net margin of 6.7%.Our 2Q25E revenue/ non-GAAP NP forecasts are 0.4/2.2% ahead of Bloomberg consensus.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) - 2Q25 Preview: Expecting Upbeat Results

<ul><li>BEKE's 1Q25 results beat expectations, but outlook guidance raised concerns.</li><li>1Q25 revenue rose 42% YoY to RMB 23.3bn (+4%/+3% above Bloomberg consensus/CMBI estimates), mainly driven by new home (+64% YoY) and emerging biz (+46% YoY).</li><li>Non-GAAP net profit reached RMB 1.4bn in the quarter (flat YoY), beating Bloomberg/CMBI estimates by 22%/30%. </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.

BEKE's 1Q25 results beat expectations, but outlook guidance raised concerns.1Q25 revenue rose 42% YoY to RMB 23.3bn (+4%/+3% above Bloomberg consensus/CMBI estimates), mainly driven by new home (+64% YoY) and emerging biz (+46% YoY).Non-GAAP net profit reached RMB 1.4bn in the quarter (flat YoY), beating Bloomberg/CMBI estimates by 22%/30%. 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) - 1Q25 Results Beat, but Moderate Outlook Guidance Raised Concerns

<ul><li>Property sales during Labor Day holiday (May 1-5) were solid with daily transaction volume for new homes in 30 cities/second-hand homes in 16 cities rising 28/162% YoY, respectively, demonstrating stable home-buying sentiment post the March peak without the market-feared cliff-like decline.</li><li>With a high base in 2Q25, we forecast existing home transaction/new home transaction (EHT/NHT) GTV growth of 14%/2% YoY to RMB650/240bn (vs.1Q25E: +26%/+43% YoY).</li><li>We are confident in revenue growth given the company’s active market share expansion but stay cautious on profitability due to elevated CSR-related expenses that will likely remain high in recent years, albeit creating non-negligible long-term value. </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.

Property sales during Labor Day holiday (May 1-5) were solid with daily transaction volume for new homes in 30 cities/second-hand homes in 16 cities rising 28/162% YoY, respectively, demonstrating stable home-buying sentiment post the March peak without the market-feared cliff-like decline.With a high base in 2Q25, we forecast existing home transaction/new home transaction (EHT/NHT) GTV growth of 14%/2% YoY to RMB650/240bn (vs.1Q25E: +26%/+43% YoY).We are confident in revenue growth given the company’s active market share expansion but stay cautious on profitability due to elevated CSR-related expenses that will likely remain high in recent years, albeit creating non-negligible long-term value. 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) - Holiday Sales Suggest Stable Home-Buying Sentiment

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)