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>NetEase Cloud Music reported 1H25 results: total revenue declined by 6% YoY to RMB3.83bn; adjusted operating profit grew by 35% YoY to RMB905mn, which is equivalent to 57% of our full-year earnings estimates, mainly thanks to the improved music monetization, solid GPM expansion and S&amp;M expenses control.</li><li>We expect GPM expansion and efficiency gains to continue in 2H25/FY26.</li><li>The company’s GPM/S&amp;M expense ratio (36%/4% in 1H25) still have room to improve, compared to that of TME (44%/3%), especially in a stable competitive environment like China’s online music sector. </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>

NetEase Cloud Music reported 1H25 results: total revenue declined by 6% YoY to RMB3.83bn; adjusted operating profit grew by 35% YoY to RMB905mn, which is equivalent to 57% of our full-year earnings estimates, mainly thanks to the improved music monetization, solid GPM expansion and S&amp;M expenses control.We expect GPM expansion and efficiency gains to continue in 2H25/FY26.The company’s GPM/S&amp;M expense ratio (36%/4% in 1H25) still have room to improve, compared to that of TME (44%/3%), especially in a stable competitive environment like China’s online music sector. 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.

NetEase Cloud Music (9899 HK) - Earnings Beat on Strong Music Business and Enhanced Efficiency

Cloud Village

NetEase Cloud Music (9899 HK) - Earnings Beat on Strong Music Business and Enhanced Efficiency