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 its 2025 results: revenue was RMB7.0bn, up 12.0% YoY (2024: +10.2% YoY), in line with Bloomberg consensus; net profit attributable to ordinary shareholders was RMB92.9mn (2024: loss of RMB142.1mn), below Bloomberg consensus of RMB132mn.</li><li>In this print, Kingdee demonstrated its capability to deliver healthy revenue growth with improving operating efficiency, as well as its strong commitment to business transformation in the AI era, in our view.</li><li>Competition from LLM companies in the software industry may continue to weigh on market sentiment in the near term and could impact overall industry valuations. </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 its 2025 results: revenue was RMB7.0bn, up 12.0% YoY (2024: +10.2% YoY), in line with Bloomberg consensus; net profit attributable to ordinary shareholders was RMB92.9mn (2024: loss of RMB142.1mn), below Bloomberg consensus of RMB132mn.In this print, Kingdee demonstrated its capability to deliver healthy revenue growth with improving operating efficiency, as well as its strong commitment to business transformation in the AI era, in our view.Competition from LLM companies in the software industry may continue to weigh on market sentiment in the near term and could impact overall industry valuations. 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) - Committed to AI Transformation