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>Amazon announced (31 Oct HKT) 3Q25 results: revenue was US$180.2bn, up 13.4% YoY (3Q24: 11.0%), 2/1% better than our forecast/Bloomberg consensus estimate, and total operating profit was US$17.4bn, flat YoY.</li><li>Excluding the impact of two special charges (US$2.5bn related to a legal settlement with the Federal Trade Commission and US$1.8bn in estimated severance cost related to planned role eliminations), OP would reach US$21.7bn (vs consensus at US$19.8bn), up 25% YoY.</li><li>In 3Q25, YoY revenue growth of AWS accelerated to 20.2% (2Q25: 17.5%; 3Q24: 19.1%), 2ppts ahead of consensus, driven by strong demand and relaxation of supply constraints, and the optimization in cost to serve as well as solid ads revenue growth (24% YoY) continue to drive margin expansion of both North America (NA) and International business (after excluding impact of special charges). </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>

Amazon announced (31 Oct HKT) 3Q25 results: revenue was US$180.2bn, up 13.4% YoY (3Q24: 11.0%), 2/1% better than our forecast/Bloomberg consensus estimate, and total operating profit was US$17.4bn, flat YoY.Excluding the impact of two special charges (US$2.5bn related to a legal settlement with the Federal Trade Commission and US$1.8bn in estimated severance cost related to planned role eliminations), OP would reach US$21.7bn (vs consensus at US$19.8bn), up 25% YoY.In 3Q25, YoY revenue growth of AWS accelerated to 20.2% (2Q25: 17.5%; 3Q24: 19.1%), 2ppts ahead of consensus, driven by strong demand and relaxation of supply constraints, and the optimization in cost to serve as well as solid ads revenue growth (24% YoY) continue to drive margin expansion of both North America (NA) and International business (after excluding impact of special charges). 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.

Amazon (AMZN US) - Acceleration in Cloud Revenue Growth Better than Expected