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>In our last report dated 17 October, we highlighted a list of 21 long ideas.</li><li>The basket (equal weighted) of these 21 stocks underperformed MSCI China index by 5.4ppt, delivering 0.2% return (vs MSCI China 5.6%).</li><li>China Meidong Auto and Innovent Biologics delivered over 20% of return, and 4 of our 21 long ideas outperformed the benchmark.</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.

In our last report dated 17 October, we highlighted a list of 21 long ideas.The basket (equal weighted) of these 21 stocks underperformed MSCI China index by 5.4ppt, delivering 0.2% return (vs MSCI China 5.6%).China Meidong Auto and Innovent Biologics delivered over 20% of return, and 4 of our 21 long ideas outperformed the benchmark.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.

CMBI Research Focus List (November Edition) – Our best high conviction stock ideas

<ul><li>2022 “11.11” saw mild GMV recovery, with emphasis on “quality growth”, “agricultural incentives”, “domestics promotion”, “opening up” and “user experience”.</li><li>Total GMV recorded RMB1,151bn, +13% YoY, based on Syntun data.</li><li>Short videos share gain continued, up to 16% mkt share from 7% in 2021 (livestreaming ecommerce GMV+146% YoY, vs. comprehensive platforms +2.9%).</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.

2022 “11.11” saw mild GMV recovery, with emphasis on “quality growth”, “agricultural incentives”, “domestics promotion”, “opening up” and “user experience”.Total GMV recorded RMB1,151bn, +13% YoY, based on Syntun data.Short videos share gain continued, up to 16% mkt share from 7% in 2021 (livestreaming ecommerce GMV+146% YoY, vs. comprehensive platforms +2.9%).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 Internet Sector – 2022 "11.11": Moderate recovery with quality growth

Equity Bottom-Up

<ul><li>Kuaishou reported 2Q25 results: total revenue was up by 13% YoY to RMB35.0bn and adjusted net profit grew by 20% YoY to RMB5.6bn, 2% and 11% ahead of Bloomberg consensus estimates, mainly thanks to the solid ecommerce business (GMV +18% YoY) and better-than-expected AI monetization (Kling AI revenue surpassing RMB250mn).</li><li>For 3Q25E, we expect total revenue to grow by 13% YoY, driven by the strong momentum of ecommerce business and resilient growth of online marketing business.</li><li>We slightly raise our FY25-27E earnings forecasts by 0-1% to reflect the positive development on the AI front. </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 2Q25 results: total revenue was up by 13% YoY to RMB35.0bn and adjusted net profit grew by 20% YoY to RMB5.6bn, 2% and 11% ahead of Bloomberg consensus estimates, mainly thanks to the solid ecommerce business (GMV +18% YoY) and better-than-expected AI monetization (Kling AI revenue surpassing RMB250mn).For 3Q25E, we expect total revenue to grow by 13% YoY, driven by the strong momentum of ecommerce business and resilient growth of online marketing business.We slightly raise our FY25-27E earnings forecasts by 0-1% to reflect the positive development on the AI front. 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) - 2Q25 Results Beat; Solid AI and Core Businesses Momentum

<ul><li>Kuaishou reported inline 1Q25 results: total revenue increased by 11% YoY to RMB32.6bn, and adjusted net profit was up by 4% YoY to RMB4.6bn, both in line with consensus estimate.</li><li>Kling AI monetization is better than our expectation, generating over RMB150mn in 1Q25.</li><li>Supported by the upgrade of Kling AI 2.0, we are more upbeat on Kuaishou’s AI monetization and expect Kling AI revenue to surpass RMB700mn in FY25E.</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 inline 1Q25 results: total revenue increased by 11% YoY to RMB32.6bn, and adjusted net profit was up by 4% YoY to RMB4.6bn, both in line with consensus estimate.Kling AI monetization is better than our expectation, generating over RMB150mn in 1Q25.Supported by the upgrade of Kling AI 2.0, we are more upbeat on Kuaishou’s AI monetization and expect Kling AI revenue to surpass RMB700mn in FY25E.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) - Inline 1Q25 Results; AI Monetization Accelerating

<ul><li>Kuaishou announced 4Q24 results: total revenue was up by 9% YoY to RMB35.4bn, and adjusted net profit grew by 8% YoY to RMB4.7bn, both in line with our/consensus estimates.</li><li>FY24 total revenue/adjusted net income increased by 12/72% YoY respectively.</li><li>For FY25E, we forecast total revenue to grow by 12% YoY with a largely stable adjusted net margin, as the favourable revenue mix shift and efficiency gains will be largely offset by the increase in AIrelated investment.</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 4Q24 results: total revenue was up by 9% YoY to RMB35.4bn, and adjusted net profit grew by 8% YoY to RMB4.7bn, both in line with our/consensus estimates.FY24 total revenue/adjusted net income increased by 12/72% YoY respectively.For FY25E, we forecast total revenue to grow by 12% YoY with a largely stable adjusted net margin, as the favourable revenue mix shift and efficiency gains will be largely offset by the increase in AIrelated investment.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) - Accelerating AI Development to Drive Long-Term Growth

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)

CMBI Research Focus List (November Edition) – Our best high conviction stock ideas

In our last report dated 17 October, we highlighted a list of 21 long ideas.The basket (equal weighted) of these 21 stocks underperformed MSCI...

CMB International

China Internet Sector – 2022 "11.11": Moderate recovery with quality growth

2022 “11.11” saw mild GMV recovery, with emphasis on “quality growth”, “agricultural incentives”, “domestics promotion”, “opening up” and “user...

CMB International

Kuaishou (1024 HK) - 2Q25 Results Beat; Solid AI and Core Businesses Momentum

Kuaishou reported 2Q25 results: total revenue was up by 13% YoY to RMB35.0bn and adjusted net profit grew by 20% YoY to RMB5.6bn, 2% and 11% ahead...

CMB International

Kuaishou (1024 HK) - Inline 1Q25 Results; AI Monetization Accelerating

Kuaishou reported inline 1Q25 results: total revenue increased by 11% YoY to RMB32.6bn, and adjusted net profit was up by 4% YoY to RMB4.6bn, both...

CMB International

Kuaishou (1024 HK) - Accelerating AI Development to Drive Long-Term Growth

Kuaishou announced 4Q24 results: total revenue was up by 9% YoY to RMB35.4bn, and adjusted net profit grew by 8% YoY to RMB4.7bn, both in line with...

CMB International

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