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)

Meta Superintelligence Labs. Genius Move Or Desperate Gamble?

Equity Bottom-Up

<ul><li>Meta reported 1Q25 results: total revenue grew by 16% YoY to US$42.3bn, largely in line with consensus estimate; operating income grew by 27% YoY to US$17.6bn, 13% ahead of consensus estimate, mainly due to control in certain non-headcount-related opex.</li><li>As a result, management lowered FY25 total expenses guidance by US$1bn to US$113-118bn (+19-24% YoY); but raised FY25 capex guidance to US$64-72bn (+63-84%, previous: US$60-65bn) reflecting additional data centre investment and increased hardware costs.</li><li>For 2Q25E, management expects total revenue to grow by 9-16% YoY to US$42.5- 45.5bn, with decelerating growth which factors in the macro uncertainty and reduced ad spending from Asia-based e-commerce exporters. </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>

Meta reported 1Q25 results: total revenue grew by 16% YoY to US$42.3bn, largely in line with consensus estimate; operating income grew by 27% YoY to US$17.6bn, 13% ahead of consensus estimate, mainly due to control in certain non-headcount-related opex.As a result, management lowered FY25 total expenses guidance by US$1bn to US$113-118bn (+19-24% YoY); but raised FY25 capex guidance to US$64-72bn (+63-84%, previous: US$60-65bn) reflecting additional data centre investment and increased hardware costs.For 2Q25E, management expects total revenue to grow by 9-16% YoY to US$42.5- 45.5bn, with decelerating growth which factors in the macro uncertainty and reduced ad spending from Asia-based e-commerce exporters. 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.

Meta

Meta (META US) - 1Q25 Results Beat