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>Kuaishou reported 2Q26 results: total revenue grew by 1% YoY to RMB35.5bn, in line with Visible Alpha (VA) consensus estimate; adjusted net profit was down by 30% YoY to RMB3.9bn, primarily due to 35% YoY growth in R&amp;D expenses related to the increasing model training expenditures.</li><li>Total revenue growth decelerated (4Q25/1Q26: +12%/3% YoY) amid macro uncertainty and live streaming business adjustment, while Kling AI monetization remained strong with revenue up by over 200% YoY to RMB850mn in 2Q26.</li><li>Looking into 2H26E, management expected both revenue and margin to face pressure due to macro challenges and AI investments. </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.

Kuaishou reported 2Q26 results: total revenue grew by 1% YoY to RMB35.5bn, in line with Visible Alpha (VA) consensus estimate; adjusted net profit was down by 30% YoY to RMB3.9bn, primarily due to 35% YoY growth in R&amp;D expenses related to the increasing model training expenditures.Total revenue growth decelerated (4Q25/1Q26: +12%/3% YoY) amid macro uncertainty and live streaming business adjustment, while Kling AI monetization remained strong with revenue up by over 200% YoY to RMB850mn in 2Q26.Looking into 2H26E, management expected both revenue and margin to face pressure due to macro challenges and AI investments. 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.

Kuaishou (1024 HK) - 2Q26 review: Challenging environment; AI monetization on track

<ul><li>Kuaishou announced 1Q26 results: total revenue was up by 3% YoY to RMB33.7bn, largely in line with Bloomberg consensus estimate.</li><li>During the period, adjusted net profit declined by 26% YoY to RMB3.37bn, mainly due to the increase in AI-related investment, but 11% ahead of the consensus estimate mainly due to higher-than-expected other income/gains.</li><li>Kling AI maintained strong monetization momentum, with 1Q26 revenue up by over 300% YoY to RMB650mn. </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.

Kuaishou announced 1Q26 results: total revenue was up by 3% YoY to RMB33.7bn, largely in line with Bloomberg consensus estimate.During the period, adjusted net profit declined by 26% YoY to RMB3.37bn, mainly due to the increase in AI-related investment, but 11% ahead of the consensus estimate mainly due to higher-than-expected other income/gains.Kling AI maintained strong monetization momentum, with 1Q26 revenue up by over 300% YoY to RMB650mn. 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.

Kuaishou (1024 HK) - 1Q26 Review: Kling AI Maintained Strong Monetization Momentum

<ul><li>Kuaishou reported 4Q25 results: total revenue grew by 12% YoY to RMB39.6bn, and adjusted net profit was up by 16% YoY to RMB5.5bn, both 2% ahead of Bloomberg consensus estimates, thanks to the strong revenue growth of core commercial businesses (+17% YoY). FY25 total revenue/adj. net profit grew by 13%/17% YoY respectively.</li><li>Looking into FY26E, we expect total revenue to grow by 4% YoY, showing a deceleration mainly due to the live streaming business adjustment, overseas business headwinds, and initiatives to support e-commerce merchants. AI monetization momentum remains robust: management expects Kling AI revenue to grow by over 100% YoY in FY26E, but the increased AI investment will drag short-term margin.</li><li>Thus, we lower our FY26-27E adj. net income forecasts to RMB17.1/20.3bn (previous: RMB23.8/26.7bn), and trim our SOTP-derived TP to HK$80.0 (previous: HK$88.0). </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.

Kuaishou reported 4Q25 results: total revenue grew by 12% YoY to RMB39.6bn, and adjusted net profit was up by 16% YoY to RMB5.5bn, both 2% ahead of Bloomberg consensus estimates, thanks to the strong revenue growth of core commercial businesses (+17% YoY). FY25 total revenue/adj. net profit grew by 13%/17% YoY respectively.Looking into FY26E, we expect total revenue to grow by 4% YoY, showing a deceleration mainly due to the live streaming business adjustment, overseas business headwinds, and initiatives to support e-commerce merchants. AI monetization momentum remains robust: management expects Kling AI revenue to grow by over 100% YoY in FY26E, but the increased AI investment will drag short-term margin.Thus, we lower our FY26-27E adj. net income forecasts to RMB17.1/20.3bn (previous: RMB23.8/26.7bn), and trim our SOTP-derived TP to HK$80.0 (previous: HK$88.0). 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.

Kuaishou (1024 HK) - Solid AI monetization progress; increasing AI investment may impact ST margin

<ul><li>Kuaishou announced 3Q25 results: total revenue increased by 14% YoY to RMB35.6bn, in line with Bloomberg consensus/our estimate; adjusted net profit grew by 26% YoY to RMB4.99bn, 3/2% ahead of consensus/our estimate, primarily due to enhanced operating efficiency.</li><li>Revenue from Kling AI exceeded RMB300mn in 3Q25 (+c.20% QoQ), beating our expectation again.</li><li>Kuaishou highlighted several concrete data points on how AI empowers advertising and e-commerce businesses (e.g. driving additional 4-5% growth in domestic ad revenue), which reinforces our constructive views on Kuaishou’s AI development. </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.

Kuaishou announced 3Q25 results: total revenue increased by 14% YoY to RMB35.6bn, in line with Bloomberg consensus/our estimate; adjusted net profit grew by 26% YoY to RMB4.99bn, 3/2% ahead of consensus/our estimate, primarily due to enhanced operating efficiency.Revenue from Kling AI exceeded RMB300mn in 3Q25 (+c.20% QoQ), beating our expectation again.Kuaishou highlighted several concrete data points on how AI empowers advertising and e-commerce businesses (e.g. driving additional 4-5% growth in domestic ad revenue), which reinforces our constructive views on Kuaishou’s AI development. 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.

Kuaishou (1024 HK) - 3Q25 Results: AI Empowers All Business Lines

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

Kuaishou Technology is a Chinese publicly traded company that operates a leading content community and social platform. It primarily offers short video sharing, live streaming, online marketing services, and e-commerce. The company was founded in March 2011 and is headquartered in Beijing, China.

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Kuaishou Technology (1024 HK)

Kuaishou (1024 HK) - 2Q26 review: Challenging environment; AI monetization on track

Kuaishou reported 2Q26 results: total revenue grew by 1% YoY to RMB35.5bn, in line with Visible Alpha (VA) consensus estimate; adjusted net profit...

CMB International

Kuaishou (1024 HK) - 1Q26 Review: Kling AI Maintained Strong Monetization Momentum

Kuaishou announced 1Q26 results: total revenue was up by 3% YoY to RMB33.7bn, largely in line with Bloomberg consensus estimate.

CMB International

Kuaishou (1024 HK) - Solid AI monetization progress; increasing AI investment may impact ST margin

Despite short-term margin pressure, we expect the AI investment to gradually bear fruit through accelerating Kling AI monetization and core...

CMB International

Kuaishou (1024 HK) - 3Q25 Results: AI Empowers All Business Lines

Kuaishou announced 3Q25 results: total revenue increased by 14% YoY to RMB35.6bn, in line with Bloomberg consensus/our estimate; adjusted net...

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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