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

Alibaba Group Holding  / Equity Bottom-Up

<ul><li>Alibaba reported 4QFY25 (March year-end) results: total revenue was RMB236.5bn, up 6.6% YoY, largely inline with our forecast and Bloomberg consensus; adjusted EBITA for the quarter was RMB32.6bn, up 36% YoY, driven by profitability improvement across all business segments, also inline with consensus.</li><li>Alibaba delivered stronger-than-expected earnings growth for Taobao and Tmall (T&amp;T) Group, while this was partly offset by wider-thanexpected loss generated from Local Services Group (LSG) and Cainiao. “Cloud + AI”, as well as e-commerce are two key strategic development areas for Alibaba in the coming years.</li><li>We are positive that solid earnings growth of T&amp;T Group could sustain in 1QFY26, driven by increases in take rate and healthy GMV growth, while we note that accelerated investment in instant commerce could weigh on near-term earnings growth, especially when industry competition is intensifying. </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>

Alibaba reported 4QFY25 (March year-end) results: total revenue was RMB236.5bn, up 6.6% YoY, largely inline with our forecast and Bloomberg consensus; adjusted EBITA for the quarter was RMB32.6bn, up 36% YoY, driven by profitability improvement across all business segments, also inline with consensus.Alibaba delivered stronger-than-expected earnings growth for Taobao and Tmall (T&amp;T) Group, while this was partly offset by wider-thanexpected loss generated from Local Services Group (LSG) and Cainiao. “Cloud + AI”, as well as e-commerce are two key strategic development areas for Alibaba in the coming years.We are positive that solid earnings growth of T&amp;T Group could sustain in 1QFY26, driven by increases in take rate and healthy GMV growth, while we note that accelerated investment in instant commerce could weigh on near-term earnings growth, especially when industry competition is intensifying. 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.

Alibaba (BABA US) - Core Earnings a Nice Beat