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) 4Q25 revenue declined 28.7% YoY to RMB22.2bn, inline with Bloomberg consensus and our forecast, and non-GAAP net profit reached RMB0.5bn in the quarter, down 61.5% YoY, ahead of our forecast at RMB0.4bn.</li><li>For 2025, Beike’s total revenue grew 1% YoY, while non-GAAP net profit was down 30% YoY due to industry headwinds.</li><li>For 2026E, we expect the cost optimization measures for core housing transaction business, combined with profitability improvement of new businesses to drive earnings recovery. </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) 4Q25 revenue declined 28.7% YoY to RMB22.2bn, inline with Bloomberg consensus and our forecast, and non-GAAP net profit reached RMB0.5bn in the quarter, down 61.5% YoY, ahead of our forecast at RMB0.4bn.For 2025, Beike’s total revenue grew 1% YoY, while non-GAAP net profit was down 30% YoY due to industry headwinds.For 2026E, we expect the cost optimization measures for core housing transaction business, combined with profitability improvement of new businesses to drive earnings recovery. 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) - Profitability Improvement on Track

KE Holdings

Ke Holdings (BEKE US) - Profitability Improvement on Track