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>PDD Holdings (PDD) announced (26 Mar) 4Q25 results: revenue increased by 12.0% YoY (3Q25: 9.0%) to RMB123.9bn, in line with Bloomberg consensus estimates.</li><li>This was driven by a 5% beat in transaction services fees, primarily fuelled by better-than-expected revenue growth in the Temu business, but partially offset by a 3% miss in online marketing services and other revenues, which we attribute to soft consumption sentiment in 4Q25.</li><li>Operating profit (OP) rose 8.3% YoY to RMB27.7bn in 4Q25 and was largely in line with consensus, although non-GAAP net income of RMB26.3bn missed expectations by 16% due to a larger-than-expected income tax expense. </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>

PDD Holdings (PDD) announced (26 Mar) 4Q25 results: revenue increased by 12.0% YoY (3Q25: 9.0%) to RMB123.9bn, in line with Bloomberg consensus estimates.This was driven by a 5% beat in transaction services fees, primarily fuelled by better-than-expected revenue growth in the Temu business, but partially offset by a 3% miss in online marketing services and other revenues, which we attribute to soft consumption sentiment in 4Q25.Operating profit (OP) rose 8.3% YoY to RMB27.7bn in 4Q25 and was largely in line with consensus, although non-GAAP net income of RMB26.3bn missed expectations by 16% due to a larger-than-expected income tax expense. 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.

PDD Holdings (PDD US) - Earnings Recovery in Sight Despite Ongoing Investment Phase