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 reported 4Q25 results: total revenue increased by 3% YoY to RMB27.5bn, 4% below Bloomberg consensus estimate due to slower-thanexpected games revenue growth and the prolonged revenue recognition period.</li><li>Operating income grew by 6% YoY to RMB8.3bn, 6% below consensus estimate.</li><li>That said, we remain constructive on FY26E revenue growth outlook, given that 1) contract liabilities were up by 34% YoY in 4Q25; 2) several highly anticipated games are lined up for launch in FY26, including Sea of Remnants. </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 reported 4Q25 results: total revenue increased by 3% YoY to RMB27.5bn, 4% below Bloomberg consensus estimate due to slower-thanexpected games revenue growth and the prolonged revenue recognition period.Operating income grew by 6% YoY to RMB8.3bn, 6% below consensus estimate.That said, we remain constructive on FY26E revenue growth outlook, given that 1) contract liabilities were up by 34% YoY in 4Q25; 2) several highly anticipated games are lined up for launch in FY26, including Sea of Remnants. 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 (NTES US) - 4Q25 Results: Strong Contract Liabilities Growth Despite Revenue Miss

NetEase Inc

NetEase (NTES US) - 4Q25 Results: Strong Contract Liabilities Growth Despite Revenue Miss