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>PDD Holdings (PDD) reported (24 Aug) 2Q26 results: revenue grew 8.1% YoY (1Q26: +11.0% YoY) to RMB112.4bn, 3% below Bloomberg consensus, mainly due to a 6% miss in transaction services revenue, which we attribute to more prudent revenue growth strategy in the TEMU business, partly offset by a 2% beat in online marketing services and others revenue.</li><li>Operating profit (OP) increased 7.6% YoY to RMB27.8bn, 2% above consensus, driven by a 1.8ppt GPM beat and better-than-expected sales and marketing expense control.</li><li>Although non-GAAP net profit of RMB28.5bn was only 2% ahead of consensus, we view the RMB7.4bn drag from Other losses as largely one-off. </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.

PDD Holdings (PDD) reported (24 Aug) 2Q26 results: revenue grew 8.1% YoY (1Q26: +11.0% YoY) to RMB112.4bn, 3% below Bloomberg consensus, mainly due to a 6% miss in transaction services revenue, which we attribute to more prudent revenue growth strategy in the TEMU business, partly offset by a 2% beat in online marketing services and others revenue.Operating profit (OP) increased 7.6% YoY to RMB27.8bn, 2% above consensus, driven by a 1.8ppt GPM beat and better-than-expected sales and marketing expense control.Although non-GAAP net profit of RMB28.5bn was only 2% ahead of consensus, we view the RMB7.4bn drag from Other losses as largely one-off. 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.

PDD Holdings (PDD US) - Focus on More Visible Growth Opportunities Amid a Challenging Environment

<ul><li>PDD Holdings (PDD) reported (27 May) 1Q26 results: revenue grew 11.0% YoY (4Q25: 12.0%) to RMB106.2bn, 2% below Bloomberg consensus on a 5% miss in online marketing services and others, partly offset by a 1% beat in transaction services revenue.</li><li>Operating profit (OP) rose 21.6% YoY to RMB19.6bn, coming in 7% below consensus on the revenue miss and higher-than-expected sales and marketing spend.</li><li>PDD continues to invest in supply chain capabilities as well as its platform and broader ecosystem, to enhance overall experience for both merchants and customers in order to better cope with fierce industry competition, especially when consumer demand is facing some short-term headwinds. </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.

PDD Holdings (PDD) reported (27 May) 1Q26 results: revenue grew 11.0% YoY (4Q25: 12.0%) to RMB106.2bn, 2% below Bloomberg consensus on a 5% miss in online marketing services and others, partly offset by a 1% beat in transaction services revenue.Operating profit (OP) rose 21.6% YoY to RMB19.6bn, coming in 7% below consensus on the revenue miss and higher-than-expected sales and marketing spend.PDD continues to invest in supply chain capabilities as well as its platform and broader ecosystem, to enhance overall experience for both merchants and customers in order to better cope with fierce industry competition, especially when consumer demand is facing some short-term headwinds. 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.

PDD Holdings (PDD US) - Investing to Enhance Supply Chain Capabilities

<ul><li>PDD Holdings (PDD) announced (26 Mar) 4Q25 results: revenue increased by 12.0% YoY (3Q25: 9.0%) to RMB123.9bn, in line with Bloomberg consensus estimates.</li><li>This was driven by a 5% beat in transaction services fees, primarily fuelled by better-than-expected revenue growth in the Temu business, but partially offset by a 3% miss in online marketing services and other revenues, which we attribute to soft consumption sentiment in 4Q25.</li><li>Operating profit (OP) rose 8.3% YoY to RMB27.7bn in 4Q25 and was largely in line with consensus, although non-GAAP net income of RMB26.3bn missed expectations by 16% due to a larger-than-expected income tax expense. </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.

PDD Holdings (PDD) announced (26 Mar) 4Q25 results: revenue increased by 12.0% YoY (3Q25: 9.0%) to RMB123.9bn, in line with Bloomberg consensus estimates.This was driven by a 5% beat in transaction services fees, primarily fuelled by better-than-expected revenue growth in the Temu business, but partially offset by a 3% miss in online marketing services and other revenues, which we attribute to soft consumption sentiment in 4Q25.Operating profit (OP) rose 8.3% YoY to RMB27.7bn in 4Q25 and was largely in line with consensus, although non-GAAP net income of RMB26.3bn missed expectations by 16% due to a larger-than-expected income tax expense. 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.

PDD Holdings (PDD US) - Earnings Recovery in Sight Despite Ongoing Investment Phase

<ul><li>PDD Holdings (PDD) announced (18 Nov) 3Q25 results: revenue was up 9.0% YoY (2Q25: 7.1%) to RMB108.3bn, 1% better than Bloomberg consensus estimates.</li><li>This was driven by a 7% beat in transaction services fees, but offset by the 4% miss in online marketing services and others that we attributed to the impact from RMB100bn support program to enhance platform ecosystem.</li><li>During the period, operating profit/ non-GAAP NP increased by 3.0/14.3% YoY to RMB25.0bn/31.4bn and was 10/25% better than consensus, driven by more optimized than expected operating expense and RMB8.6bn interest and investment income. </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.

PDD Holdings (PDD) announced (18 Nov) 3Q25 results: revenue was up 9.0% YoY (2Q25: 7.1%) to RMB108.3bn, 1% better than Bloomberg consensus estimates.This was driven by a 7% beat in transaction services fees, but offset by the 4% miss in online marketing services and others that we attributed to the impact from RMB100bn support program to enhance platform ecosystem.During the period, operating profit/ non-GAAP NP increased by 3.0/14.3% YoY to RMB25.0bn/31.4bn and was 10/25% better than consensus, driven by more optimized than expected operating expense and RMB8.6bn interest and investment income. 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.

PDD Holdings (PDD US) - 3Q25 Results Beat; Earnings Swung to Positive Growth

Thematic (Sector/Industry)

<ul><li>We update our sector investment views for the next six months post earnings as follows: 1) Companies with solid fundamentals and high revenue and profit growth visibility; 2) sustained profitability and willingness to lift shareholder returns; and 3) a sizeable TAM for new initiatives and business explorations likely to generate a decent ROIC.</li><li>We believe the market will continue to allocate to such names and value them fairly.</li><li>Taking into account 2Q results and recent stock performances, we find our previous view has been testified: better-than-expected earnings are not enough to drive a share rally, but better-than-expected 3Q/full-year outlook and enhanced shareholder return measures could provide key support. </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 update our sector investment views for the next six months post earnings as follows: 1) Companies with solid fundamentals and high revenue and profit growth visibility; 2) sustained profitability and willingness to lift shareholder returns; and 3) a sizeable TAM for new initiatives and business explorations likely to generate a decent ROIC.We believe the market will continue to allocate to such names and value them fairly.Taking into account 2Q results and recent stock performances, we find our previous view has been testified: better-than-expected earnings are not enough to drive a share rally, but better-than-expected 3Q/full-year outlook and enhanced shareholder return measures could provide key support. 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 - 2Q24 Recap & Stock-Picking Ideas: Seeking Certainty

China

PDD Holdings Inc. is a multinational commerce group that owns and operates a portfolio of businesses. The Company focuses on digital economy so that local communities and small businesses can benefit from the increased productivity and new opportunities. PDD Holdings has built a network of sourcing, logistics, and fulfillment capabilities for its underlying businesses.

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PDD Holdings (PDD US)