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 reported 2Q25 results: total revenue increased by 20% YoY to RMB7.34bn, in line with consensus estimate; adjusted net income reached RMB562mn (vs. net loss of RMB272mn in 2Q25), 8% ahead of Bloomberg consensus estimate, primarily thanks to the better-than-expected S&amp;M expenses control (+1% YoY).</li><li>Looking into 3Q25E, we forecast total revenue to increase by 4% YoY.</li><li>The deceleration of growth may be mainly due to the tough comps of mobile game business and rising investor concern on 2H25E revenue growth outlook. </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 reported 2Q25 results: total revenue increased by 20% YoY to RMB7.34bn, in line with consensus estimate; adjusted net income reached RMB562mn (vs. net loss of RMB272mn in 2Q25), 8% ahead of Bloomberg consensus estimate, primarily thanks to the better-than-expected S&amp;M expenses control (+1% YoY).Looking into 3Q25E, we forecast total revenue to increase by 4% YoY.The deceleration of growth may be mainly due to the tough comps of mobile game business and rising investor concern on 2H25E revenue growth outlook. 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) - Inline 2Q25 Results; Solid 2H25 Earnings Outlook Despite Revenue Deceleration