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 2Q26 results: total revenue grew by 1% YoY to RMB35.5bn, in line with Visible Alpha (VA) consensus estimate; adjusted net profit was down by 30% YoY to RMB3.9bn, primarily due to 35% YoY growth in R&amp;D expenses related to the increasing model training expenditures.</li><li>Total revenue growth decelerated (4Q25/1Q26: +12%/3% YoY) amid macro uncertainty and live streaming business adjustment, while Kling AI monetization remained strong with revenue up by over 200% YoY to RMB850mn in 2Q26.</li><li>Looking into 2H26E, management expected both revenue and margin to face pressure due to macro challenges and AI investments. </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 2Q26 results: total revenue grew by 1% YoY to RMB35.5bn, in line with Visible Alpha (VA) consensus estimate; adjusted net profit was down by 30% YoY to RMB3.9bn, primarily due to 35% YoY growth in R&amp;D expenses related to the increasing model training expenditures.Total revenue growth decelerated (4Q25/1Q26: +12%/3% YoY) amid macro uncertainty and live streaming business adjustment, while Kling AI monetization remained strong with revenue up by over 200% YoY to RMB850mn in 2Q26.Looking into 2H26E, management expected both revenue and margin to face pressure due to macro challenges and AI investments. 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) - 2Q26 review: Challenging environment; AI monetization on track

Kuaishou Technology

Kuaishou (1024 HK) - 2Q26 review: Challenging environment; AI monetization on track