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

New Oriental Education & Techn / Equity Bottom-Up

<ul><li>New Oriental announced 4QFY25 results: net revenue increased by 19% YoY to US$1.09bn (excluding revenue form East Buy), ahead of the company guidance (US$1.01-1.04bn); non-GAAP net income grew by 59% YoY to US$98mn, ahead of Bloomberg consensus estimate of US$54mn, mainly thanks to the cost optimization initiatives across business lines.</li><li>Total net revenue/non-GAAP net income rose by 14%/11% YoY in FY25 to US$4.90bn/517mn.</li><li>Looking ahead, management guides FY26 total net revenue to increase by 5-10% YoY to US$5.15bn-5.39bn, which is below the consensus estimate of US$5.56bn, primarily due to macro uncertainty and more intensive competition. </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>

New Oriental announced 4QFY25 results: net revenue increased by 19% YoY to US$1.09bn (excluding revenue form East Buy), ahead of the company guidance (US$1.01-1.04bn); non-GAAP net income grew by 59% YoY to US$98mn, ahead of Bloomberg consensus estimate of US$54mn, mainly thanks to the cost optimization initiatives across business lines.Total net revenue/non-GAAP net income rose by 14%/11% YoY in FY25 to US$4.90bn/517mn.Looking ahead, management guides FY26 total net revenue to increase by 5-10% YoY to US$5.15bn-5.39bn, which is below the consensus estimate of US$5.56bn, primarily due to macro uncertainty and more intensive competition. 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.

New Oriental (EDU US) - Revenue Growth Decelerates;