External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Adobe reported 3QFY25 results: total revenue was up by 11% YoY to US$5.99bn, and non-GAAP net income increased by 8% YoY to US$2.25bn, both largely in line with consensus estimates.</li><li>AI product momentum was better than expectation, with AI-influenced ARR surpassing US$5bn and AI-first ARR exceeding US$250mn year-end target one quarter ahead.</li><li>Given the solid momentum of AI solutions and strong go-to-market execution, the company raises FY25 total revenue guidance to US$23.65-23.70bn (previous: US$23.50- 23.60bn) and digital media ending ARR growth to +11.3% YoY (previous: +11.0% YoY). </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>

Adobe reported 3QFY25 results: total revenue was up by 11% YoY to US$5.99bn, and non-GAAP net income increased by 8% YoY to US$2.25bn, both largely in line with consensus estimates.AI product momentum was better than expectation, with AI-influenced ARR surpassing US$5bn and AI-first ARR exceeding US$250mn year-end target one quarter ahead.Given the solid momentum of AI solutions and strong go-to-market execution, the company raises FY25 total revenue guidance to US$23.65-23.70bn (previous: US$23.50- 23.60bn) and digital media ending ARR growth to +11.3% YoY (previous: +11.0% 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.

Adobe (ADBE US) - 3QFY25 Results Review: Better-Than-Expected AI Monetization

Adobe Systems

Adobe (ADBE US) - 3QFY25 Results Review: Better-Than-Expected AI Monetization