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 announced 3Q25 results: total revenue increased by 21% YoY to RMB8.46bn, and non-IFRS net income was up by 33% YoY to RMB2.41bn, 3% and 4% ahead of Bloomberg consensus respectively, mainly thanks to the better-than-expected revenue growth of non-subscription music businesses (+51% YoY) like ads and offline performances.</li><li>We expect total revenue growth will decelerate to +12% YoY in 4Q25E, largely in line with consensus, mainly due to the normalisation of revenue from offline performances.</li><li>For FY26E, the company will further step up investment in content and new monetization opportunities such as offline performance and artist-related merchandise, which may drive sustainable revenue growth but impact short-term margins, in our view. </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.

TME announced 3Q25 results: total revenue increased by 21% YoY to RMB8.46bn, and non-IFRS net income was up by 33% YoY to RMB2.41bn, 3% and 4% ahead of Bloomberg consensus respectively, mainly thanks to the better-than-expected revenue growth of non-subscription music businesses (+51% YoY) like ads and offline performances.We expect total revenue growth will decelerate to +12% YoY in 4Q25E, largely in line with consensus, mainly due to the normalisation of revenue from offline performances.For FY26E, the company will further step up investment in content and new monetization opportunities such as offline performance and artist-related merchandise, which may drive sustainable revenue growth but impact short-term margins, in our view. 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) - 3Q25 Review: Investing to Expand Music Product Offerings

<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>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 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

<ul><li>TME reported 1Q25 results: total revenue was up by 9% YoY to RMB7.36bn, and non-IFRS net income increased by 25% YoY to RMB2.12bn, both largely in line with Bloomberg consensus estimate.</li><li>Online music business maintained solid momentum, underpinned by the balanced growth of music subscribers and ARPPU.</li><li>For 2Q25E, we estimate total revenue/non-IFRS net income to increase by 12/23% YoY, and we raise our FY25-27E earnings forecast by 0- 6%, given the strong online music business and margin expansion trend. W</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.

TME reported 1Q25 results: total revenue was up by 9% YoY to RMB7.36bn, and non-IFRS net income increased by 25% YoY to RMB2.12bn, both largely in line with Bloomberg consensus estimate.Online music business maintained solid momentum, underpinned by the balanced growth of music subscribers and ARPPU.For 2Q25E, we estimate total revenue/non-IFRS net income to increase by 12/23% YoY, and we raise our FY25-27E earnings forecast by 0- 6%, given the strong online music business and margin expansion trend. WContent 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) - Inline 1Q25 Results; Online Music Business Maintains Solid Momentum

<ul><li>TME announced 4Q24 financial results: total revenue grew by 8% YoY to RMB7.5bn, largely in line with Bloomberg consensus estimate; non-IFRS net income was up by 45% YoY to RMB2.28bn, 15% ahead of consensus estimate, mainly thanks to better-than-expected GPM expansion and opex control.</li><li>FY24 non-IFRS net income increased by 30% YoY to RMB7.67bn, driven by solid online music revenue growth and GPM expansion.</li><li>For FY25E, management expects total revenue growth to accelerate and margin to further expand. pected GPM expansion trend, and lift our DCF-derived TP by 3% to US$16.50. Maintain BUY.</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.

TME announced 4Q24 financial results: total revenue grew by 8% YoY to RMB7.5bn, largely in line with Bloomberg consensus estimate; non-IFRS net income was up by 45% YoY to RMB2.28bn, 15% ahead of consensus estimate, mainly thanks to better-than-expected GPM expansion and opex control.FY24 non-IFRS net income increased by 30% YoY to RMB7.67bn, driven by solid online music revenue growth and GPM expansion.For FY25E, management expects total revenue growth to accelerate and margin to further expand. pected GPM expansion trend, and lift our DCF-derived TP by 3% to US$16.50. Maintain BUY.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) - 4Q24 Earnings Beat; Driving Quality Growth in FY25

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

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) - 3Q25 Review: Investing to Expand Music Product Offerings

TME announced 3Q25 results: total revenue increased by 21% YoY to RMB8.46bn, and non-IFRS net income was up by 33% YoY to RMB2.41bn, 3% and 4%...

CMB International

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

TME (TME US) - Inline 1Q25 Results; Online Music Business Maintains Solid Momentum

TME reported 1Q25 results: total revenue was up by 9% YoY to RMB7.36bn, and non-IFRS net income increased by 25% YoY to RMB2.12bn, both largely in...

CMB International

TME (TME US) - 4Q24 Earnings Beat; Driving Quality Growth in FY25

TME announced 4Q24 financial results: total revenue grew by 8% YoY to RMB7.5bn, largely in line with Bloomberg consensus estimate

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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