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>Ke Holdings’ (Beike) 3Q25 revenue rose 2.1% YoY to RMB23.1bn, inline with Bloomberg consensus, and non-GAAP net profit reached RMB1.3bn in the quarter, down 28% YoY but 5% ahead of consensus.</li><li>Although overall industry headwinds persist, Beike has achieved market share gains and operating efficiency improvement of its core housing transaction business.</li><li>The company is also driving profitability improvement for both home renovation &amp; furnishing (HR&amp;F) and home rental services, which in our view should all help drive a recovery in non-GAAP net profit in 2026E. </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>

Ke Holdings’ (Beike) 3Q25 revenue rose 2.1% YoY to RMB23.1bn, inline with Bloomberg consensus, and non-GAAP net profit reached RMB1.3bn in the quarter, down 28% YoY but 5% ahead of consensus.Although overall industry headwinds persist, Beike has achieved market share gains and operating efficiency improvement of its core housing transaction business.The company is also driving profitability improvement for both home renovation &amp; furnishing (HR&amp;F) and home rental services, which in our view should all help drive a recovery in non-GAAP net profit in 2026E. 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.

Ke Holdings (BEKE US) - Driving Profitability Improvement of New Businesses...

KE Holdings

Ke Holdings (BEKE US) - Driving Profitability Improvement of New Businesses...