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 announced 4QFY25 results: total revenue increased by 10% YoY to US$6.19bn, and non-GAAP net income grew by 8% YoY to US$2.29bn, both in line with Bloomberg consensus estimates.</li><li>Total new AI-influenced ARR exceeds one-third of the overall business as Adobe continues to integrate AI into its solutions and launch AI-native products.</li><li>Looking ahead to FY26E, management guided 1) total revenue to increase by 9-10% YoY to US$25.9- 26.1bn; and 2) total Adobe ending ARR to grow by 10.2% YoY, with total net new ARR of c.US$2.6bn, which is Adobe’s highest beginning-of-year guide for total net new ARR. </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 announced 4QFY25 results: total revenue increased by 10% YoY to US$6.19bn, and non-GAAP net income grew by 8% YoY to US$2.29bn, both in line with Bloomberg consensus estimates.Total new AI-influenced ARR exceeds one-third of the overall business as Adobe continues to integrate AI into its solutions and launch AI-native products.Looking ahead to FY26E, management guided 1) total revenue to increase by 9-10% YoY to US$25.9- 26.1bn; and 2) total Adobe ending ARR to grow by 10.2% YoY, with total net new ARR of c.US$2.6bn, which is Adobe’s highest beginning-of-year guide for total net new ARR. 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) - Inline 4QFY25 Results; Accelerating AI Integration to Drive Business Growth

Adobe Systems

Adobe (ADBE US) - Inline 4QFY25 Results; Accelerating AI Integration to Drive Business Growth