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>Kuaishou reported 2Q25 results: total revenue was up by 13% YoY to RMB35.0bn and adjusted net profit grew by 20% YoY to RMB5.6bn, 2% and 11% ahead of Bloomberg consensus estimates, mainly thanks to the solid ecommerce business (GMV +18% YoY) and better-than-expected AI monetization (Kling AI revenue surpassing RMB250mn).</li><li>For 3Q25E, we expect total revenue to grow by 13% YoY, driven by the strong momentum of ecommerce business and resilient growth of online marketing business.</li><li>We slightly raise our FY25-27E earnings forecasts by 0-1% to reflect the positive development on the AI front. </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>

Kuaishou reported 2Q25 results: total revenue was up by 13% YoY to RMB35.0bn and adjusted net profit grew by 20% YoY to RMB5.6bn, 2% and 11% ahead of Bloomberg consensus estimates, mainly thanks to the solid ecommerce business (GMV +18% YoY) and better-than-expected AI monetization (Kling AI revenue surpassing RMB250mn).For 3Q25E, we expect total revenue to grow by 13% YoY, driven by the strong momentum of ecommerce business and resilient growth of online marketing business.We slightly raise our FY25-27E earnings forecasts by 0-1% to reflect the positive development on the AI front. 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.

Kuaishou (1024 HK) - 2Q25 Results Beat; Solid AI and Core Businesses Momentum

Kuaishou Technology

Kuaishou (1024 HK) - 2Q25 Results Beat; Solid AI and Core Businesses Momentum