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

Kingdee International Software Group / Equity Bottom-Up

Kingdee International Software Group (268 HK)

<ul><li>Kingdee reported in-line 1H26 results. Revenue rose 13.6% YoY to RMB3.63bn (1H25: +11.2% YoY), in line with both our forecast and Bloomberg consensus.</li><li>Net profit attributable to ordinary shareholders was RMB54.5mn (1H25: loss of RMB97.7mn), within the RMB40mn-60mn range indicated in the profit alert dated 7 Jul.</li><li>Management highlighted strong momentum in its AI-native products in 1H26: 1) AI-native product revenue reached RMB296mn, up 189% YoY; and 2) contract value of AI-native products reached RMB605mn, up 159% YoY. </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>

Kingdee reported in-line 1H26 results. Revenue rose 13.6% YoY to RMB3.63bn (1H25: +11.2% YoY), in line with both our forecast and Bloomberg consensus.Net profit attributable to ordinary shareholders was RMB54.5mn (1H25: loss of RMB97.7mn), within the RMB40mn-60mn range indicated in the profit alert dated 7 Jul.Management highlighted strong momentum in its AI-native products in 1H26: 1) AI-native product revenue reached RMB296mn, up 189% YoY; and 2) contract value of AI-native products reached RMB605mn, up 159% YoY. 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.

Kingdee (268 HK) - AI-native revenue ramping up