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)

BILIBILI (BILI US): Cracks in Business Model

[Bilibili(BILI US, SELL, TP US$12.3) Review]: E-Commerce Ads Aren’t Sufficient to Hide Other Issues

[Bilibili Inc. (BILI US, SELL, TP US$9) Target Price Change]: Niche Player Faces Market Saturation

Equity Bottom-Up

<ul><li>BiliBili reported 1Q23 results on 1 Jun. Total revenue was flat YoY at RMB5.1bn in 1Q23, in line with CMBI/consensus estimate.</li><li>Adjusted net loss narrowed by 38% YoY to RMB1.0bn in 1Q23, beating CMBI/consensus estimate by 6/10%.</li><li>The better-than-expected profitability was due to Bili’s strategy to prioritize quality user growth and monetization improvement. </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 1Q23 results on 1 Jun. Total revenue was flat YoY at RMB5.1bn in 1Q23, in line with CMBI/consensus estimate.Adjusted net loss narrowed by 38% YoY to RMB1.0bn in 1Q23, beating CMBI/consensus estimate by 6/10%.The better-than-expected profitability was due to Bili’s strategy to prioritize quality user growth and monetization improvement. 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) – Prioritizing profitability and quality user growth