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>ServiceNow announced 1Q25 financial results: total revenue grew by 19% YoY to US$3.09bn, in line with Bloomberg consensus estimate; non-GAAP operating income was up by 20% YoY to US$953mn, 3% ahead of consensus estimate thanks to efficiency gains on internal AI deployment.</li><li>cRPO increased by 22% YoY to US$10.3bn as of 1Q25, beating guidance by 150bps, supported by the strength across workflows and industries.</li><li>Despite the 1Q25 earnings beat, management has raised merely FY25 subscription revenue guidance by US$5mn to US$12.64-12.68bn (+18.5-19.0% YoY), in a conservative manner given the macro uncertainty in 2H25. </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>

ServiceNow announced 1Q25 financial results: total revenue grew by 19% YoY to US$3.09bn, in line with Bloomberg consensus estimate; non-GAAP operating income was up by 20% YoY to US$953mn, 3% ahead of consensus estimate thanks to efficiency gains on internal AI deployment.cRPO increased by 22% YoY to US$10.3bn as of 1Q25, beating guidance by 150bps, supported by the strength across workflows and industries.Despite the 1Q25 earnings beat, management has raised merely FY25 subscription revenue guidance by US$5mn to US$12.64-12.68bn (+18.5-19.0% YoY), in a conservative manner given the macro uncertainty in 2H25. 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.

ServiceNow (NOW US) - 1Q25 CRPO Beats Guidance Despite Macro Uncertainty

Servicenow Inc

ServiceNow (NOW US) - 1Q25 CRPO Beats Guidance Despite Macro Uncertainty