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>Datadog (DDOG US) released (10 Feb HKT) its 4Q25 results: total revenue was US$953.2mn, up 29.2% YoY (4Q24: 25.1%; 3Q25: 28.4%), 4% better than both our forecast and Bloomberg consensus, driven by acceleration in revenue growth from non-AI customers (from 20% YoY in 3Q25 to 23% YoY in 4Q25), and strong demand from AI native customers.</li><li>During the period, non-GAAP net income after tax adjustment was US$217.4mn, up 22.5% YoY, and was 6/7% better than our forecast/consensus, driven by the beat in revenue and betterthan-expected unleashing of operating leverage.</li><li>For 2025, total revenue grew 27.7% YoY to US$3.4bn, and non-GAAP OPM reached 22.4%. </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>

Datadog (DDOG US) released (10 Feb HKT) its 4Q25 results: total revenue was US$953.2mn, up 29.2% YoY (4Q24: 25.1%; 3Q25: 28.4%), 4% better than both our forecast and Bloomberg consensus, driven by acceleration in revenue growth from non-AI customers (from 20% YoY in 3Q25 to 23% YoY in 4Q25), and strong demand from AI native customers.During the period, non-GAAP net income after tax adjustment was US$217.4mn, up 22.5% YoY, and was 6/7% better than our forecast/consensus, driven by the beat in revenue and betterthan-expected unleashing of operating leverage.For 2025, total revenue grew 27.7% YoY to US$3.4bn, and non-GAAP OPM reached 22.4%. 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.

Datadog (DDOG US) - Robust Usage Growth to Drive Solid Revenue Growth Outlook