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>ServiceNow announced 3Q25 results: total revenue grew by 22% YoY to US$3.41bn, largely in line with consensus estimate; non-GAAP operating income increased by 31% YoY to US$1.14bn, 11% ahead of consensus estimate, mainly thanks to the AI-driven efficiency gains and prudent expense control.</li><li>During the period, cRPO increased by 21% YoY and beat the guidance by 250bps, driven by the better-than-expected performance across Now Assist, U.S Federal vertical, and Workflow Data Fabric etc.</li><li>Management raised FY25 subscription revenue growth guidance to +20.5% YoY and non-GAAP OPM guidance to 31% (previous: +20% YoY and 30.5%).</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.

ServiceNow announced 3Q25 results: total revenue grew by 22% YoY to US$3.41bn, largely in line with consensus estimate; non-GAAP operating income increased by 31% YoY to US$1.14bn, 11% ahead of consensus estimate, mainly thanks to the AI-driven efficiency gains and prudent expense control.During the period, cRPO increased by 21% YoY and beat the guidance by 250bps, driven by the better-than-expected performance across Now Assist, U.S Federal vertical, and Workflow Data Fabric etc.Management raised FY25 subscription revenue growth guidance to +20.5% YoY and non-GAAP OPM guidance to 31% (previous: +20% YoY and 30.5%).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.

ServiceNow (NOW US) - 3Q25 Results: Solid CRPO Growth and Margin Expansion on Positive AI Progress

Thematic (Sector/Industry)

<ul><li>Looking ahead to 2026, we believe competition in the large language model (LLM) industry will further intensify, while monetization of AI applications in niche segments should see continued momentum.</li><li>We are optimistic about the further monetization potential driven by improved AI agent capabilities, as well as increased paid user penetration and monetization from advanced image editing and video generation LLMs.</li><li>We currently do not anticipate overinvestment risks among cloud service providers, and expect 2026 earnings growth of US-listed leaders to support their 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.

Looking ahead to 2026, we believe competition in the large language model (LLM) industry will further intensify, while monetization of AI applications in niche segments should see continued momentum.We are optimistic about the further monetization potential driven by improved AI agent capabilities, as well as increased paid user penetration and monetization from advanced image editing and video generation LLMs.We currently do not anticipate overinvestment risks among cloud service providers, and expect 2026 earnings growth of US-listed leaders to support their 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.

US Internet & Software - 2026 outlook: AI applications to ramp up; eyes on AI investment return

<ul><li>ServiceNow reported better-than-expected 2Q25 results: total revenue increased by 22.5% YoY to US$3.22bn, 3% ahead of Bloomberg consensus estimate; non-GAAP operating income grew by 33% YoY to US$955mn, 13% ahead of consensus estimate, mainly thanks to AI-enhanced efficiencies and the timing of marketing spending.</li><li>cRPO was up by 21.5% YoY in constant currency in 2Q25, and beat company guidance by 200bps.</li><li>Given the strong topline performance and deal acquisition, management raised FY25 total revenue guidance by c.1% to US$12.775-12.795bn (+20% 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.

ServiceNow reported better-than-expected 2Q25 results: total revenue increased by 22.5% YoY to US$3.22bn, 3% ahead of Bloomberg consensus estimate; non-GAAP operating income grew by 33% YoY to US$955mn, 13% ahead of consensus estimate, mainly thanks to AI-enhanced efficiencies and the timing of marketing spending.cRPO was up by 21.5% YoY in constant currency in 2Q25, and beat company guidance by 200bps.Given the strong topline performance and deal acquisition, management raised FY25 total revenue guidance by c.1% to US$12.775-12.795bn (+20% 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.

ServiceNow (NOW US) - 2Q25 Earnings Beat...

<ul><li>ServiceNow announced 1Q25 financial results: total revenue grew by 19% YoY to US$3.09bn, in line with Bloomberg consensus estimate; non-GAAP operating income was up by 20% YoY to US$953mn, 3% ahead of consensus estimate thanks to efficiency gains on internal AI deployment.</li><li>cRPO increased by 22% YoY to US$10.3bn as of 1Q25, beating guidance by 150bps, supported by the strength across workflows and industries.</li><li>Despite the 1Q25 earnings beat, management has raised merely FY25 subscription revenue guidance by US$5mn to US$12.64-12.68bn (+18.5-19.0% YoY), in a conservative manner given the macro uncertainty in 2H25. </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.

ServiceNow announced 1Q25 financial results: total revenue grew by 19% YoY to US$3.09bn, in line with Bloomberg consensus estimate; non-GAAP operating income was up by 20% YoY to US$953mn, 3% ahead of consensus estimate thanks to efficiency gains on internal AI deployment.cRPO increased by 22% YoY to US$10.3bn as of 1Q25, beating guidance by 150bps, supported by the strength across workflows and industries.Despite the 1Q25 earnings beat, management has raised merely FY25 subscription revenue guidance by US$5mn to US$12.64-12.68bn (+18.5-19.0% YoY), in a conservative manner given the macro uncertainty in 2H25. 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.

ServiceNow (NOW US) - 1Q25 CRPO Beats Guidance Despite Macro Uncertainty

<ul><li>ServiceNow reported 4Q24 results: total revenue increased by 21% YoY to US$2.96bn, and non-GAAP operating profit grew by 22% YoY to US$872mn, both in line with consensus estimates.</li><li>FY24 total revenue was up by 22% YoY to US$10.98bn, with non-GAAP OPM up by 1.9ppts YoY to 29.6%, driven by operating leverage and efficiency gains.</li><li>For FY25, management guides subscription revenue to increase by 19.5-20% YoY on a constant currency basis, which is slightly below consensus estimate (+20.5% 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.

ServiceNow reported 4Q24 results: total revenue increased by 21% YoY to US$2.96bn, and non-GAAP operating profit grew by 22% YoY to US$872mn, both in line with consensus estimates.FY24 total revenue was up by 22% YoY to US$10.98bn, with non-GAAP OPM up by 1.9ppts YoY to 29.6%, driven by operating leverage and efficiency gains.For FY25, management guides subscription revenue to increase by 19.5-20% YoY on a constant currency basis, which is slightly below consensus estimate (+20.5% 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.

ServiceNow (NOW US) - Inline 4Q24 Results; Upbeat on AI Development

United States

ServiceNow, Inc. provides enterprise information technology (IT) management software. The Company designs, develops, and produces prepackaged computer software, cloud services, and IT service management platform. ServiceNow serves customers throughout the United States.

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Servicenow Inc (NOW US)

ServiceNow (NOW US) - 3Q25 Results: Solid CRPO Growth and Margin Expansion on Positive AI Progress

ServiceNow announced 3Q25 results: total revenue grew by 22% YoY to US$3.41bn, largely in line with consensus estimate; non-GAAP operating income...

CMB International

US Internet & Software - 2026 outlook: AI applications to ramp up; eyes on AI investment return

Looking ahead to 2026, we believe competition in the large language model (LLM) industry will further intensify, while monetization of AI...

CMB International

ServiceNow (NOW US) - 2Q25 Earnings Beat...

We are upbeat on ServiceNow’s differentiated AI solutions, which offer cross-functional AI agents to improve efficiency of various enterprise...

CMB International

ServiceNow (NOW US) - 1Q25 CRPO Beats Guidance Despite Macro Uncertainty

ServiceNow announced 1Q25 financial results: total revenue grew by 19% YoY to US$3.09bn, in line with Bloomberg consensus estimate

CMB International

ServiceNow (NOW US) - Inline 4Q24 Results; Upbeat on AI Development

ServiceNow reported 4Q24 results: total revenue increased by 21% YoY to US$2.96bn, and non-GAAP operating profit grew by 22% YoY to US$872mn, both...

CMB International

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