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>TME reported 2Q25 financial results: total revenue grew by 18% YoY to RMB8.44bn, and non-IFRS net income was up by 37% YoY to RMB2.57bn, 6% and 13% ahead of Bloomberg consensus respectively, primarily attributable to the robust growth of non-subscription music revenue (i.e. ads, artist-related merchandise and offline performances).</li><li>Looking ahead, we expect the online music business momentum to continue, and forecast total revenue/non-IFRS net income to grow by 17/28% YoY in 3Q25E.</li><li>We raise our FY25-27E earnings forecast by 6-10%, and also the long-term forecast for online music business in view of the emerging opportunities like artist-related merchandise, offline performances, and their synergies with music subscription business.</li></ul><p><em>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.</em></p>

TME reported 2Q25 financial results: total revenue grew by 18% YoY to RMB8.44bn, and non-IFRS net income was up by 37% YoY to RMB2.57bn, 6% and 13% ahead of Bloomberg consensus respectively, primarily attributable to the robust growth of non-subscription music revenue (i.e. ads, artist-related merchandise and offline performances).Looking ahead, we expect the online music business momentum to continue, and forecast total revenue/non-IFRS net income to grow by 17/28% YoY in 3Q25E.We raise our FY25-27E earnings forecast by 6-10%, and also the long-term forecast for online music business in view of the emerging opportunities like artist-related merchandise, offline performances, and their synergies with music subscription business.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.

TME (TME US) - 2Q25 Results Beat; Emerging Opportunities Beyond Subscription

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>In 2Q25, non-subscriber music revenue surged by 47% YoY and total revenue grew by 18% YoY.</li>
<li>The operating margin hit the historical high since TME’s IPO.</li>
<li>We believe the stock has an upside of 9% and a price target of US$27.60 for the year end 2025.</li>
</ul>


In 2Q25, non-subscriber music revenue surged by 47% YoY and total revenue grew by 18% YoY.
The operating margin hit the historical high since TME’s IPO.
We believe the stock has an upside of 9% and a price target of US$27.60 for the year end 2025.


Tencent Music (TME): 2Q25, Concert Revenue Booming, Margin Hitting Historical High

<ul>
<li>The deliveries still grew strongly by 24% YoY in November 2025.</li>
<li>We believe Geely will take BYD’s place as the largest Chinese producer.</li>
<li>We also believe the stock has an upside of 49% for the next twelve months.</li>
</ul>


The deliveries still grew strongly by 24% YoY in November 2025.
We believe Geely will take BYD’s place as the largest Chinese producer.
We also believe the stock has an upside of 49% for the next twelve months.


2026 High Conviction: Geely (175 HK) To Be the Largest

<ul>
<li>TME proposed to acquire 100% shares of Ximalaya, a long audio app.</li>
<li>TME has been exploring the long audio market since 2020.</li>
<li>We believe Ximalaya has advantages in monthly active users and car radio.</li>
</ul>


TME proposed to acquire 100% shares of Ximalaya, a long audio app.
TME has been exploring the long audio market since 2020.
We believe Ximalaya has advantages in monthly active users and car radio.


Tencent Music (TME): Quick Note – Acquisition of Ximalaya

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

<ul>
<li>We screen for stocks at the extreme ends of their positioning or momentum ranges among active Emerging Market equity funds.</li>
<li>High Positioning, Negative Momentum: BYD Company Limited Class H, Novatek Microelectronics Corp.</li>
<li>Low Positioning, Negative Momentum: Banco Bradesco SA Pfd, LG Chem Ltd.    </li>
</ul>


We screen for stocks at the extreme ends of their positioning or momentum ranges among active Emerging Market equity funds.
High Positioning, Negative Momentum: BYD Company Limited Class H, Novatek Microelectronics Corp.
Low Positioning, Negative Momentum: Banco Bradesco SA Pfd, LG Chem Ltd.    


China

Tencent Music Entertainment operates an online music entertainment platform in China. The Company offers platform that comprises of online music, recording, music-centric live streaming enabling users to discover, listen, sing, watch, perform, and socialize music.

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Tencent Music (TME US)

TME (TME US) - 2Q25 Results Beat; Emerging Opportunities Beyond Subscription

TME reported 2Q25 financial results: total revenue grew by 18% YoY to RMB8.44bn, and non-IFRS net income was up by 37% YoY to RMB2.57bn, 6% and 13%...

CMB International

Tencent Music (TME): 2Q25, Concert Revenue Booming, Margin Hitting Historical High

In 2Q25, non-subscriber music revenue surged by 47% YoY and total revenue grew by 18% YoY. The operating margin hit the historical high since TME’s...

Ming Lu

2026 High Conviction: Geely (175 HK) To Be the Largest

The deliveries grew strongly by 24% YoY in Nov. 2025. We believe Geely will take BYD’s place as the largest Chinese producer. We believe the stock...

Ming Lu

Tencent Music (TME): Quick Note – Acquisition of Ximalaya

TME proposed to acquire 100% shares of Ximalaya, a long audio app. TME has been exploring the long audio market since 2020. We believe Ximalaya has...

Ming Lu

GEM Funds: Extreme Stocks, July 2024

We screen for stocks at the extreme ends of their positioning or momentum ranges. We combine current and historical data with recent manager...

Steven Holden

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