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 (1 Aug HKT) 2Q25 results: revenue was US$167.7bn, up 13.3% YoY (2Q24: +10.1%), 3.1/3.4% better than our forecast/Bloomberg consensus estimate, and total operating profit was US$19.2bn, up 30.7% YoY, 10.6/13.1% better than our estimates/consensus, mainly driven by OP margin beat of both North America (NA) and International businesses, thanks to productivity gains in transportation network, driven by improved inventory placement, and strong leverage on high unit volumes and higher levels in demand inventory, while partly offset by a shy-of-consensus AWS OP generation owing to seasonal step-up in SBC, and higher depreciation expenses.</li><li>Management guided for US$174.0bn-179.5bn revenue for 3Q25E (consensus: US$173bn), implying 9.5-13.0% YoY growth, and US$15.5-20.5bn operating profit (consensus: US$19.4bn) We raise 2025-2027E revenue/OP forecast by 1-4%/3-6% to account for better-than-expected operating margin expansion aided by better-than-expected operating efficiency improvement, and our target price is lifted by 2% to US$252 (was US$247), based on 17.0x EV/EBITDA, in line with the two-year average.</li><li>Operating profit growth remains a key driver for the stock price, in our view, and AWS revenue and earnings growth remain key to watch to drive further upside. </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 (1 Aug HKT) 2Q25 results: revenue was US$167.7bn, up 13.3% YoY (2Q24: +10.1%), 3.1/3.4% better than our forecast/Bloomberg consensus estimate, and total operating profit was US$19.2bn, up 30.7% YoY, 10.6/13.1% better than our estimates/consensus, mainly driven by OP margin beat of both North America (NA) and International businesses, thanks to productivity gains in transportation network, driven by improved inventory placement, and strong leverage on high unit volumes and higher levels in demand inventory, while partly offset by a shy-of-consensus AWS OP generation owing to seasonal step-up in SBC, and higher depreciation expenses.Management guided for US$174.0bn-179.5bn revenue for 3Q25E (consensus: US$173bn), implying 9.5-13.0% YoY growth, and US$15.5-20.5bn operating profit (consensus: US$19.4bn) We raise 2025-2027E revenue/OP forecast by 1-4%/3-6% to account for better-than-expected operating margin expansion aided by better-than-expected operating efficiency improvement, and our target price is lifted by 2% to US$252 (was US$247), based on 17.0x EV/EBITDA, in line with the two-year average.Operating profit growth remains a key driver for the stock price, in our view, and AWS revenue and earnings growth remain key to watch to drive further upside. 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) - Solid 2Q25 Results; AWS Revenue and Earnings Growth Remain Key to Watch