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

Kingdee International Software Group / Equity Bottom-Up

Kingdee International Software Group (268 HK)

<ul><li>Kingdee reported in-line 1H26 results. Revenue rose 13.6% YoY to RMB3.63bn (1H25: +11.2% YoY), in line with both our forecast and Bloomberg consensus.</li><li>Net profit attributable to ordinary shareholders was RMB54.5mn (1H25: loss of RMB97.7mn), within the RMB40mn-60mn range indicated in the profit alert dated 7 Jul.</li><li>Management highlighted strong momentum in its AI-native products in 1H26: 1) AI-native product revenue reached RMB296mn, up 189% YoY; and 2) contract value of AI-native products reached RMB605mn, up 159% YoY. </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.

Kingdee reported in-line 1H26 results. Revenue rose 13.6% YoY to RMB3.63bn (1H25: +11.2% YoY), in line with both our forecast and Bloomberg consensus.Net profit attributable to ordinary shareholders was RMB54.5mn (1H25: loss of RMB97.7mn), within the RMB40mn-60mn range indicated in the profit alert dated 7 Jul.Management highlighted strong momentum in its AI-native products in 1H26: 1) AI-native product revenue reached RMB296mn, up 189% YoY; and 2) contract value of AI-native products reached RMB605mn, up 159% YoY. 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.

Kingdee (268 HK) - AI-native revenue ramping up

<ul><li>Kingdee reported its 2025 results: revenue was RMB7.0bn, up 12.0% YoY (2024: +10.2% YoY), in line with Bloomberg consensus; net profit attributable to ordinary shareholders was RMB92.9mn (2024: loss of RMB142.1mn), below Bloomberg consensus of RMB132mn.</li><li>In this print, Kingdee demonstrated its capability to deliver healthy revenue growth with improving operating efficiency, as well as its strong commitment to business transformation in the AI era, in our view.</li><li>Competition from LLM companies in the software industry may continue to weigh on market sentiment in the near term and could impact overall industry valuations. </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.

Kingdee reported its 2025 results: revenue was RMB7.0bn, up 12.0% YoY (2024: +10.2% YoY), in line with Bloomberg consensus; net profit attributable to ordinary shareholders was RMB92.9mn (2024: loss of RMB142.1mn), below Bloomberg consensus of RMB132mn.In this print, Kingdee demonstrated its capability to deliver healthy revenue growth with improving operating efficiency, as well as its strong commitment to business transformation in the AI era, in our view.Competition from LLM companies in the software industry may continue to weigh on market sentiment in the near term and could impact overall industry valuations. 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.

Kingdee (268 HK) - Committed to AI Transformation

Thematic (Sector/Industry)

<ul><li>Media reported that Huawei may launch self-developed ERP (MetaERP) in Apr.</li><li>This is negative to the China ERP market as competition heats up but the impacts to Yonyou and Inspur will be larger than Kingdee as the formers are more largeenterprises/ SOEs focused.</li><li>Also, Huawei has to consider the potential implications to its Cloud business as Kingdee/ Yonyou/ Inspur may scale down their cloud resources usage with Huawei Cloud given direct competition in ERP.</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.

Media reported that Huawei may launch self-developed ERP (MetaERP) in Apr.This is negative to the China ERP market as competition heats up but the impacts to Yonyou and Inspur will be larger than Kingdee as the formers are more largeenterprises/ SOEs focused.Also, Huawei has to consider the potential implications to its Cloud business as Kingdee/ Yonyou/ Inspur may scale down their cloud resources usage with Huawei Cloud given direct competition in ERP.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 Software & IT Services – Implications of Huawei MetaERP

<ul><li>We recently talked to some software and IT services companies regarding FY23E business outlook.</li><li>While most companies are encouraged by China reopening and lifting of COVID restrictions, the pace of business recovery is likely to be slow.</li><li>We suggest investors to focus on the localization theme. Horizontal SaaS and IT services companies with government/ telecom/ financial customer exposure are likely to benefit.</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.

We recently talked to some software and IT services companies regarding FY23E business outlook.While most companies are encouraged by China reopening and lifting of COVID restrictions, the pace of business recovery is likely to be slow.We suggest investors to focus on the localization theme. Horizontal SaaS and IT services companies with government/ telecom/ financial customer exposure are likely to benefit.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 Software & IT Services – Year of rabbit: still about localization

<ul><li>China IaaS + PaaS market grew 30.7% YoY in 1H22, according to IDC data.</li><li>However, this may have slowed to 10-20% YoY in 3Q22, reflected by China Telecom/ China Mobile sluggish cloud revenue growth. </li><li>China cloud spending in 2023E could remain conservative with structural changes</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 IaaS + PaaS market grew 30.7% YoY in 1H22, according to IDC data.However, this may have slowed to 10-20% YoY in 3Q22, reflected by China Telecom/ China Mobile sluggish cloud revenue growth. China cloud spending in 2023E could remain conservative with structural changesContent 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 Software & IT Services – China IaaS + PaaS growth slowed further in 3Q22

China

Kingdee International Software Group is a leading provider of cloud-based enterprise management SaaS solutions and enterprise resource planning (ERP) software. The company offers solutions for financial management, human resources, supply chain, and manufacturing, often powered by AI. It was established in 1993 and is headquartered in Shenzhen, China.

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Kingdee International Software Group (268 HK)

Kingdee (268 HK) - AI-native revenue ramping up

Kingdee reported in-line 1H26 results. Revenue rose 13.6% YoY to RMB3.63bn (1H25: +11.2% YoY), in line with both our forecast and Bloomberg consensus.

CMB International

Kingdee (268 HK) - Committed to AI Transformation

Kingdee reported its 2025 results: revenue was RMB7.0bn, up 12.0% YoY (2024: +10.2% YoY), in line with Bloomberg consensus; net profit attributable...

CMB International

China Software & IT Services – Implications of Huawei MetaERP

This is negative to the China ERP market as competition heats up but the impacts to Yonyou and Inspur will be larger than Kingdee as the formers...

CMB International

China Software & IT Services – Year of rabbit: still about localization

While most companies are encouraged by China reopening and lifting of COVID restrictions, the pace of business recovery is likely to be slow.

CMB International

China Software & IT Services – China IaaS + PaaS growth slowed further in 3Q22

China IaaS + PaaS market grew 30.7% YoY in 1H22, according to IDC data. However, this may have slowed to 10-20% YoY in 3Q22, reflected by China...

CMB International

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