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 / Equity Bottom-Up

<ul><li>Kingdee reported 1H25 results: revenue was RMB3.19bn, up 11.2% YoY (1H24: 11.9%; 2H24: 8.8%), inline with our forecast and Bloomberg consensus; net loss attributable to ordinary shareholders was RMB97.7mn (1H24: loss of RMB217.9mn), shy of Bloomberg consensus loss of RMB73mn due to slightly higher-than-expected operating expenses.</li><li>Management shared key progresses and development targets regarding its three key strategic focuses: 1) subscription: cloud subscription revenue grew 22.1% YoY in 1H25 and accounted for 52.8% of total revenue; 2) AI: AI contract value exceeded RMB150mn in 1H25, and management guided for AI-related revenue to contribute &gt;30% of total revenue in 2030; 3) globalization: management expects international business revenue to contribute 5-10% of total revenue in 3-5 years.</li><li>We remain positive that Kingdee is one of the key beneficiaries in the AI application era in our coverage universe, and believe progress on AI monetization and recovery in revenue growth, along with recovery in macro and increased digitalization demand could serve as key drivers for its stock price. </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 1H25 results: revenue was RMB3.19bn, up 11.2% YoY (1H24: 11.9%; 2H24: 8.8%), inline with our forecast and Bloomberg consensus; net loss attributable to ordinary shareholders was RMB97.7mn (1H24: loss of RMB217.9mn), shy of Bloomberg consensus loss of RMB73mn due to slightly higher-than-expected operating expenses.Management shared key progresses and development targets regarding its three key strategic focuses: 1) subscription: cloud subscription revenue grew 22.1% YoY in 1H25 and accounted for 52.8% of total revenue; 2) AI: AI contract value exceeded RMB150mn in 1H25, and management guided for AI-related revenue to contribute &gt;30% of total revenue in 2030; 3) globalization: management expects international business revenue to contribute 5-10% of total revenue in 3-5 years.We remain positive that Kingdee is one of the key beneficiaries in the AI application era in our coverage universe, and believe progress on AI monetization and recovery in revenue growth, along with recovery in macro and increased digitalization demand could serve as key drivers for its stock price. 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) - Recovery in Revenue Growth in Line with Expectation, with More Updates on AI