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>Coinbase announced 3Q25 results: net revenue grew by 59% YoY and 26% QoQ to US$1.79bn, 3% ahead of consensus estimate.</li><li>During the period, adjusted EBITDA was US$801mn, up from US$512mn/449mn in 2Q25/3Q24 and beating consensus estimate of US$704mn, mainly thanks to the outperformance of topline.</li><li>Looking into 4Q25, management guided 1) Subscription and Services revenue of US$710-790mn (-5%-+6% QoQ) in 4Q25, mainly driven by the growth in USDC mkt cap, but partially offset by the decline in interest rate; 2) transaction revenue of US$385mn in October, maintaining a solid trend. </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>

Coinbase announced 3Q25 results: net revenue grew by 59% YoY and 26% QoQ to US$1.79bn, 3% ahead of consensus estimate.During the period, adjusted EBITDA was US$801mn, up from US$512mn/449mn in 2Q25/3Q24 and beating consensus estimate of US$704mn, mainly thanks to the outperformance of topline.Looking into 4Q25, management guided 1) Subscription and Services revenue of US$710-790mn (-5%-+6% QoQ) in 4Q25, mainly driven by the growth in USDC mkt cap, but partially offset by the decline in interest rate; 2) transaction revenue of US$385mn in October, maintaining a solid trend. 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.

Coinbase (COIN US) - 3Q25 Results Beat on Solid Transaction Business

Coinbase Global

Coinbase (COIN US) - 3Q25 Results Beat on Solid Transaction Business