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)

Thematic (Sector/Industry)

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<ul><li>Nvidia (NVDA US, NR) announced solid 4QFY25 results. Revenue was US$39.3bn, up 78%/12% YoY%/QoQ, above Bloomberg consensus (US$38.2bn) by 3% and company guidance (US$37.5bn) by 5%.</li><li>Quarterly revenue grew another US$4.2bn, similar to previous quarters (~US$4bn in 4Q24/1Q25/2Q25 except for US$5bn in 3Q25).</li><li>Non-GAAP GPM was 73.5% (vs. 76.7%/75.0% in 4Q24/3Q25), slightly above consensus (73.1%) and in-line with guidance. </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>

Nvidia (NVDA US, NR) announced solid 4QFY25 results. Revenue was US$39.3bn, up 78%/12% YoY%/QoQ, above Bloomberg consensus (US$38.2bn) by 3% and company guidance (US$37.5bn) by 5%.Quarterly revenue grew another US$4.2bn, similar to previous quarters (~US$4bn in 4Q24/1Q25/2Q25 except for US$5bn in 3Q25).Non-GAAP GPM was 73.5% (vs. 76.7%/75.0% in 4Q24/3Q25), slightly above consensus (73.1%) and in-line with guidance. 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.

Semiconductors - Solid 4QFY25 Results and 1QFY26E Guidance