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) 2Q25 revenue rose 11% YoY to RMB26.0bn, inline with both CMBI estimates and Bloomberg consensus, mainly driven by new home transactions (+9% YoY), home rental services (+78% YoY), and home renovation and furnishing (HR&amp;F) business (+13% YoY).</li><li>Non-GAAP net profit reached RMB1.8bn in the quarter (down 32% YoY), beating CMBI estimates/consensus by 4%/6%.</li><li>Although property sales still see challenges in delivering a solid recovery, and Beike is hard to be immune from the industry headwind, the company is on the right track of operating efficiency improvement, which should bring better earnings elasticity when the industry recovers, in our view. </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) 2Q25 revenue rose 11% YoY to RMB26.0bn, inline with both CMBI estimates and Bloomberg consensus, mainly driven by new home transactions (+9% YoY), home rental services (+78% YoY), and home renovation and furnishing (HR&amp;F) business (+13% YoY).Non-GAAP net profit reached RMB1.8bn in the quarter (down 32% YoY), beating CMBI estimates/consensus by 4%/6%.Although property sales still see challenges in delivering a solid recovery, and Beike is hard to be immune from the industry headwind, the company is on the right track of operating efficiency improvement, which should bring better earnings elasticity when the industry recovers, in our view. 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) - On the Right Track of Driving Operating Efficiency Improvement

KE Holdings

Ke Holdings (BEKE US) - On the Right Track of Driving Operating Efficiency Improvement