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>Alphabet reported 2Q25 financial results: total revenue was up by 14% YoY to US$96.4bn, 3% ahead of Bloomberg consensus estimate; net income grew by 19% YoY to US$28.2bn, beating consensus estimate by 5% thanks to the strong revenue growth and efficiencies in the expense base.</li><li>For 2H25E, we expect advertising revenues to face high-base impact due to strength in the financial vertical and US presidential election in 2H24, while Google Cloud revenue growth should remain robust as more compute resources will be deployed in 2H25 to address the strong demand.</li><li>Management has raised FY25 capex guidance to US$85bn (previously: US$75bn) and expect capex to further rise in FY26, given the strong demand for Google Cloud.</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>

Alphabet reported 2Q25 financial results: total revenue was up by 14% YoY to US$96.4bn, 3% ahead of Bloomberg consensus estimate; net income grew by 19% YoY to US$28.2bn, beating consensus estimate by 5% thanks to the strong revenue growth and efficiencies in the expense base.For 2H25E, we expect advertising revenues to face high-base impact due to strength in the financial vertical and US presidential election in 2H24, while Google Cloud revenue growth should remain robust as more compute resources will be deployed in 2H25 to address the strong demand.Management has raised FY25 capex guidance to US$85bn (previously: US$75bn) and expect capex to further rise in FY26, given the strong demand for Google Cloud.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.

Alphabet (GOOG US) - 2Q25 Results Beat on Solid Search and Cloud Businesses