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 (7 Aug HKT) 2Q25 results: total revenue was US$826.8mn, up 28% YoY (2Q24: 27%; 1Q25: 25%), 5% better than both our forecast and Bloomberg consensus forecast.</li><li>During the period, non-GAAP net income after tax adjustment was US$163.8mn, up 7% YoY, and was 11/10% better than our forecast/consensus, driven by the beat in revenue, and betterthan-expected operating efficiency gains.</li><li>We lift our 2025-2027E revenue forecasts by 3-4% to account for better-than-expected usage growth and stronger-than-expected ramp-up in revenue generation of AI native customers, and raise non-GAAP net profit forecasts by 6-7% to factor in better-thanexpected operating efficiency gains. </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 (7 Aug HKT) 2Q25 results: total revenue was US$826.8mn, up 28% YoY (2Q24: 27%; 1Q25: 25%), 5% better than both our forecast and Bloomberg consensus forecast.During the period, non-GAAP net income after tax adjustment was US$163.8mn, up 7% YoY, and was 11/10% better than our forecast/consensus, driven by the beat in revenue, and betterthan-expected operating efficiency gains.We lift our 2025-2027E revenue forecasts by 3-4% to account for better-than-expected usage growth and stronger-than-expected ramp-up in revenue generation of AI native customers, and raise non-GAAP net profit forecasts by 6-7% to factor in better-thanexpected operating efficiency gains. 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) - Solid 2Q Results with Better-Than-Expected Operating Efficiency Gains