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>Baidu announced (18 Feb) 4Q24 results: Baidu Core revenue was RMB27.7bn, 3.5% better than Bloomberg consensus estimates; non-GAAP OP of Baidu Core reached RMB4.6bn in 4Q24, 1% ahead of consensus.</li><li>For 2024, Baidu Core revenue totalled RMB104.7bn, up 1.3% YoY, and non-GAAP OP was RMB23.9bn, down 3% YoY.</li><li>Driven by both strong AI-related GPU cloud revenue growth, as well as cross-selling from GPU cloud to CPU cloud and other cloud services, the 26% YoY growth in cloud services revenue was a solid beat to consensus, and we believe the growth trend of cloud business could sustain in 2025E. </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>

Baidu announced (18 Feb) 4Q24 results: Baidu Core revenue was RMB27.7bn, 3.5% better than Bloomberg consensus estimates; non-GAAP OP of Baidu Core reached RMB4.6bn in 4Q24, 1% ahead of consensus.For 2024, Baidu Core revenue totalled RMB104.7bn, up 1.3% YoY, and non-GAAP OP was RMB23.9bn, down 3% YoY.Driven by both strong AI-related GPU cloud revenue growth, as well as cross-selling from GPU cloud to CPU cloud and other cloud services, the 26% YoY growth in cloud services revenue was a solid beat to consensus, and we believe the growth trend of cloud business could sustain in 2025E. 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.

Baidu (BIDU US) - Solid Cloud Revenue Growth a Bright Spot