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 reported 4Q25 results: total revenue was down by 22% YoY and 5% QoQ to US$1.78bn, largely in line with Bloomberg consensus estimate.</li><li>Adjusted EBITDA declined by 56% YoY and 29% QoQ to US$566mn, below consensus estimate of US$655mn.</li><li>1Q26E guidance is also softer than expectation amid recent crypto market corrections: 1) Subscription and Services revenue of US$550-630mn (down by 10-21% YoY) in 1Q26E, mainly due to lower interest rates and crypto asset prices; and 2) transaction revenue of US$420mn from year start to Feb 10. In view of the soft market sentiment and lower interest rate environment, we trim FY26-27E total revenue forecast by 5- 12%.</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 reported 4Q25 results: total revenue was down by 22% YoY and 5% QoQ to US$1.78bn, largely in line with Bloomberg consensus estimate.Adjusted EBITDA declined by 56% YoY and 29% QoQ to US$566mn, below consensus estimate of US$655mn.1Q26E guidance is also softer than expectation amid recent crypto market corrections: 1) Subscription and Services revenue of US$550-630mn (down by 10-21% YoY) in 1Q26E, mainly due to lower interest rates and crypto asset prices; and 2) transaction revenue of US$420mn from year start to Feb 10. In view of the soft market sentiment and lower interest rate environment, we trim FY26-27E total revenue forecast by 5- 12%.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) - 4Q25 Results: Navigate Short-Term Headwinds Amid Soft Crypto Market Sentiment

Coinbase Global

Coinbase (COIN US) - 4Q25 Results: Navigate Short-Term Headwinds Amid Soft Crypto Market Sentiment