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 2Q23 financial results on 17 Aug: total revenue increased by 8% YoY to RMB5.3bn, in line with CMBI/consensus estimate.</li><li>Adjusted net loss narrowed by 51% YoY to RMB964mn, in line with CMBI/consensus estimate of RMB1.02/1.04bn.</li><li>Bili lowers its full-year total revenue guidance from RMB24.0- 26.0bn (+10% to 19% YoY) to RMB22.5-23.5bn (+3% to 7% YoY), mainly reflecting the delay of key game launches and softer-than-expected performance of IP derivatives business. </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 2Q23 financial results on 17 Aug: total revenue increased by 8% YoY to RMB5.3bn, in line with CMBI/consensus estimate.Adjusted net loss narrowed by 51% YoY to RMB964mn, in line with CMBI/consensus estimate of RMB1.02/1.04bn.Bili lowers its full-year total revenue guidance from RMB24.0- 26.0bn (+10% to 19% YoY) to RMB22.5-23.5bn (+3% to 7% YoY), mainly reflecting the delay of key game launches and softer-than-expected performance of IP derivatives business. 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) – Monetization Improvement While Driving for Ecosystem Growth