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 1Q25 results: total revenue increased by 13% YoY to RMB1.92bn, in line with consensus estimate; non-GAAP net income grew by 44% YoY to RMB764mn, 11% ahead of the consensus estimate, thanks to the strong operating leverage and effective opex control despite macro uncertainty.</li><li>For 2Q25E, management guided total revenue to increase by 6.9%-8.5% YoY to RMB2.05-2.08bn, which is in line with consensus estimate (RMB2.07bn).</li><li>Despite macro uncertainty and tariff war, management noted that the hiring demand continued to recover YoY in April, and remained upbeat on achieving its full-year non-GAAP operating profit target of RMB3bn. </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 1Q25 results: total revenue increased by 13% YoY to RMB1.92bn, in line with consensus estimate; non-GAAP net income grew by 44% YoY to RMB764mn, 11% ahead of the consensus estimate, thanks to the strong operating leverage and effective opex control despite macro uncertainty.For 2Q25E, management guided total revenue to increase by 6.9%-8.5% YoY to RMB2.05-2.08bn, which is in line with consensus estimate (RMB2.07bn).Despite macro uncertainty and tariff war, management noted that the hiring demand continued to recover YoY in April, and remained upbeat on achieving its full-year non-GAAP operating profit target of RMB3bn. 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) - Hiring Demand Remains Resilient; Full-Year Earnings Target Unchanged