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>We attended 2025 BiliBili Investor Day. Our key takeaways include: 1) ad business sustains strong growth underpinned by the upgrade of commercial infra, such as the introduction of mini program &amp; live streaming ad capabilities, the launch of intelligent ad platform BiliBili Bida, and the improvement of industry solutions</li><li>2) game business maintains momentum driven by legacy games, and new games planned for launch in 2025 including Trickcal RE: VIVE and Escape from Duckov.</li><li>3) Bili continues to leverage AI to support its ad monetization and content ecosystem, launching several AI tools such as AI ad placement, AI video translation, and AI search etc. </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>

We attended 2025 BiliBili Investor Day. Our key takeaways include: 1) ad business sustains strong growth underpinned by the upgrade of commercial infra, such as the introduction of mini program &amp; live streaming ad capabilities, the launch of intelligent ad platform BiliBili Bida, and the improvement of industry solutions2) game business maintains momentum driven by legacy games, and new games planned for launch in 2025 including Trickcal RE: VIVE and Escape from Duckov.3) Bili continues to leverage AI to support its ad monetization and content ecosystem, launching several AI tools such as AI ad placement, AI video translation, and AI search etc. 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) - 2025 Investor Day: improving monetization to support quality earnings growth