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 (25 Aug) 2Q25 results: revenue was up 7% YoY (1Q25: 10%) to RMB104.0bn, inline with Bloomberg consensus estimates, which was driven by a 1% beat in online marketing services and others, but offset by the 1% miss in transaction services fees that we attributed to the impact from change in “de minimis exemption” policy in the U.S. market.</li><li>Non-GAAP NP decreased by 5% YoY to RMB32.7bn but was 46% better than consensus, driven by the 20% beat in OP and the RMB10.4bn interest and investment income.</li><li>Although PDD is still in an investment stage to enhance platform ecosystem, as well as to improve quality and diversity of supply, the beat in operating profit likely speaks to a better-than-feared impact from incremental sales and marketing spend amid the backdrop of national subsidies. </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 (25 Aug) 2Q25 results: revenue was up 7% YoY (1Q25: 10%) to RMB104.0bn, inline with Bloomberg consensus estimates, which was driven by a 1% beat in online marketing services and others, but offset by the 1% miss in transaction services fees that we attributed to the impact from change in “de minimis exemption” policy in the U.S. market.Non-GAAP NP decreased by 5% YoY to RMB32.7bn but was 46% better than consensus, driven by the 20% beat in OP and the RMB10.4bn interest and investment income.Although PDD is still in an investment stage to enhance platform ecosystem, as well as to improve quality and diversity of supply, the beat in operating profit likely speaks to a better-than-feared impact from incremental sales and marketing spend amid the backdrop of national subsidies. 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) - Results Beat on Better-Than-Expected Savings from Sales and Marketing Spend