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 4Q25 financial results: total revenue was up by 8% YoY to RMB8.32bn, 2% ahead of Bloomberg consensus estimate mainly due to the stronger-than-expected performance of advertising business (+27% YoY); adjusted net income grew by 94% YoY to RMB878mn, 10% ahead of consensus estimate thanks to the operating leverage and effective opex control.</li><li>Looking ahead, we forecast total revenue to grow by 6%/8% YoY in 1Q26E/FY26E, mainly driven by the strong advertising business.</li><li>We expect margin expansion pace to slightly slow down in FY26E, as the company steps up AI investment, which shall yield long-term benefits on the user community, monetization and operating efficiency. </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 4Q25 financial results: total revenue was up by 8% YoY to RMB8.32bn, 2% ahead of Bloomberg consensus estimate mainly due to the stronger-than-expected performance of advertising business (+27% YoY); adjusted net income grew by 94% YoY to RMB878mn, 10% ahead of consensus estimate thanks to the operating leverage and effective opex control.Looking ahead, we forecast total revenue to grow by 6%/8% YoY in 1Q26E/FY26E, mainly driven by the strong advertising business.We expect margin expansion pace to slightly slow down in FY26E, as the company steps up AI investment, which shall yield long-term benefits on the user community, monetization and operating efficiency. 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) - AI to Drive Healthy Community Development and Monetization Improvement