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 2Q25 results: total net revenue declined by 28% QoQ to US$1.42bn, below Bloomberg consensus estimate of US$1.52bn, primarily due to low volatility and price headwinds of non-Bitcoin crypto assets; adjusted EBITDA was down by 45% QoQ to US$512mn, versus consensus estimate of US$601mn.</li><li>Nonetheless, crypto market sentiment has started to recover since July.</li><li>Management anticipated July transaction revenue of c.US$360mn, and guided 3Q25 subscription &amp; services revenue of US$665-745mn (+1-14% QoQ), mainly driven by higher average crypto prices and stablecoin revenue. </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 2Q25 results: total net revenue declined by 28% QoQ to US$1.42bn, below Bloomberg consensus estimate of US$1.52bn, primarily due to low volatility and price headwinds of non-Bitcoin crypto assets; adjusted EBITDA was down by 45% QoQ to US$512mn, versus consensus estimate of US$601mn.Nonetheless, crypto market sentiment has started to recover since July.Management anticipated July transaction revenue of c.US$360mn, and guided 3Q25 subscription &amp; services revenue of US$665-745mn (+1-14% QoQ), mainly driven by higher average crypto prices and stablecoin revenue. 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) - Soft Crypto Market Sentiment Impacted 2Q25 Results...

Coinbase Global

Coinbase (COIN US) - Soft Crypto Market Sentiment Impacted 2Q25 Results...