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 3Q25 results: total revenue grew by 22% YoY to US$3.41bn, largely in line with consensus estimate; non-GAAP operating income increased by 31% YoY to US$1.14bn, 11% ahead of consensus estimate, mainly thanks to the AI-driven efficiency gains and prudent expense control.</li><li>During the period, cRPO increased by 21% YoY and beat the guidance by 250bps, driven by the better-than-expected performance across Now Assist, U.S Federal vertical, and Workflow Data Fabric etc.</li><li>Management raised FY25 subscription revenue growth guidance to +20.5% YoY and non-GAAP OPM guidance to 31% (previous: +20% YoY and 30.5%).</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 3Q25 results: total revenue grew by 22% YoY to US$3.41bn, largely in line with consensus estimate; non-GAAP operating income increased by 31% YoY to US$1.14bn, 11% ahead of consensus estimate, mainly thanks to the AI-driven efficiency gains and prudent expense control.During the period, cRPO increased by 21% YoY and beat the guidance by 250bps, driven by the better-than-expected performance across Now Assist, U.S Federal vertical, and Workflow Data Fabric etc.Management raised FY25 subscription revenue growth guidance to +20.5% YoY and non-GAAP OPM guidance to 31% (previous: +20% YoY and 30.5%).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) - 3Q25 Results: Solid CRPO Growth and Margin Expansion on Positive AI Progress

Servicenow Inc

ServiceNow (NOW US) - 3Q25 Results: Solid CRPO Growth and Margin Expansion on Positive AI Progress