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 4Q25 results: total revenue increased by 24% YoY to US$59.9bn and net income grew by 9% YoY to US$22.8bn, 3% and 8% ahead of Bloomberg consensus estimates, as AI continues to drive solid ad revenue growth.</li><li>Management expected the strong momentum to sustain and guided total revenue to increase by 26-34% YoY to US$53.5-56.5bn in 1Q26, which is also ahead of consensus estimate (US$51.3bn).</li><li>Management guided FY26 total expenses to be US$162-169bn (+38-44% YoY) mainly due to the increase in infra costs and employee compensation, but still expected positive operating income growth in FY26. </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 4Q25 results: total revenue increased by 24% YoY to US$59.9bn and net income grew by 9% YoY to US$22.8bn, 3% and 8% ahead of Bloomberg consensus estimates, as AI continues to drive solid ad revenue growth.Management expected the strong momentum to sustain and guided total revenue to increase by 26-34% YoY to US$53.5-56.5bn in 1Q26, which is also ahead of consensus estimate (US$51.3bn).Management guided FY26 total expenses to be US$162-169bn (+38-44% YoY) mainly due to the increase in infra costs and employee compensation, but still expected positive operating income growth in FY26. 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) - 4Q25 Results Beat; AI Continues to Drive Ad Business Growth