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 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

<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

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 operates as a content community and social platform. The Company helps users create, upload and watch short videos on mobile devices. Kuaishou Technology offers services worldwide.

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Kuaishou Technology (1024 HK)

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

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

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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