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>Meta announced better-than-expected 2Q25 results: total revenue was up by 22% YoY to US$47.5bn, 6% ahead of Bloomberg consensus estimate as AI drove solid growth of both ad impressions and pricing; net income grew by 36% YoY to US$18.3bn, beating consensus estimate by 21% thanks to the control in non-core investment.</li><li>Management also guides a strong 3Q25 total revenue of US$47.5-50.5bn (+17%-24% YoY), the mid-point of which is 6% ahead of consensus estimate.</li><li>The company has narrowed FY25 capex guidance from US$64-72bn to US$66-72bn (+68-84% YoY), and currently expects FY26 capex to maintain a similar level of dollar growth (+c.US$30bn YoY), in order to meet the needs of its core &amp; GenAI initiatives.</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 announced better-than-expected 2Q25 results: total revenue was up by 22% YoY to US$47.5bn, 6% ahead of Bloomberg consensus estimate as AI drove solid growth of both ad impressions and pricing; net income grew by 36% YoY to US$18.3bn, beating consensus estimate by 21% thanks to the control in non-core investment.Management also guides a strong 3Q25 total revenue of US$47.5-50.5bn (+17%-24% YoY), the mid-point of which is 6% ahead of consensus estimate.The company has narrowed FY25 capex guidance from US$64-72bn to US$66-72bn (+68-84% YoY), and currently expects FY26 capex to maintain a similar level of dollar growth (+c.US$30bn YoY), in order to meet the needs of its core &amp; GenAI initiatives.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 US) - 2Q25 Results Beat; AI Drives Core Business Growth