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>BiliBili announced 1Q25 financial results: total revenue was up by 24% YoY to RMB7.0bn, in line with Bloomberg consensus estimate; adjusted net income reached RMB362mn, up from net loss of RMB456mn in 1Q24 and ahead of consensus estimate of RMB248mn, thanks to the GPM expansion (+8ppt YoY) and prudent control in R&amp;D expenses (-13% YoY).</li><li>For 2Q25E, we expect Bili to maintain 20% YoY total revenue growth with margin expansion, driven by the solid momentum of advertising and mobile games businesses.</li><li>We raise our FY25-27E non-GAAP earnings forecasts to RMB2.2/3.2/4.1bn (previous: RMB1.8/2.7/3.7bn), in view of the solid margin expansion trend. </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>

BiliBili announced 1Q25 financial results: total revenue was up by 24% YoY to RMB7.0bn, in line with Bloomberg consensus estimate; adjusted net income reached RMB362mn, up from net loss of RMB456mn in 1Q24 and ahead of consensus estimate of RMB248mn, thanks to the GPM expansion (+8ppt YoY) and prudent control in R&amp;D expenses (-13% YoY).For 2Q25E, we expect Bili to maintain 20% YoY total revenue growth with margin expansion, driven by the solid momentum of advertising and mobile games businesses.We raise our FY25-27E non-GAAP earnings forecasts to RMB2.2/3.2/4.1bn (previous: RMB1.8/2.7/3.7bn), in view of the solid margin expansion trend. 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.

Bilibili (BILI US) - 1Q25 Earnings Beat; Expect Strong Earnings Momentum to Continue in 2Q25