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>Boss Zhipin reported 3Q25 results: total revenue increased by 13% YoY to RMB2.16bn, in line with consensus/our estimate; non-GAAP net income grew by 34% YoY to RMB992mn, 9%/15% ahead of consensus/our estimate, primarily thanks to effective control in S&amp;M/R&amp;D expenses (-25%/-12% YoY).</li><li>For 4Q25E, the company guided total revenue to increase by 12.4-13.5% YoY to RMB2.05-2.07bn, in line with consensus estimate (RMB2.06bn).</li><li>Management cited several positive signals in 3Q25, such as enhanced recruiterto-job seeker ratio, renewal rate and net dollar retention rate, all of which show improving recruitment demand and will support revenue growth in the coming quarters. Looking ahead to FY26E, management will continue to drive quality revenue growth, targeting over 35mn newly verified users (vs. 40mn in 10M25) and further margin expansion. </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>

Boss Zhipin reported 3Q25 results: total revenue increased by 13% YoY to RMB2.16bn, in line with consensus/our estimate; non-GAAP net income grew by 34% YoY to RMB992mn, 9%/15% ahead of consensus/our estimate, primarily thanks to effective control in S&amp;M/R&amp;D expenses (-25%/-12% YoY).For 4Q25E, the company guided total revenue to increase by 12.4-13.5% YoY to RMB2.05-2.07bn, in line with consensus estimate (RMB2.06bn).Management cited several positive signals in 3Q25, such as enhanced recruiterto-job seeker ratio, renewal rate and net dollar retention rate, all of which show improving recruitment demand and will support revenue growth in the coming quarters. Looking ahead to FY26E, management will continue to drive quality revenue growth, targeting over 35mn newly verified users (vs. 40mn in 10M25) and further margin expansion. 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.

Kanzhun Limited (BZ US) - Driving Quality Revenue Growth on Enhanced Recruitment Demand