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)

ServiceNow Q126. Tanking On Not Very Much

Equity Bottom-Up

<ul><li>ServiceNow reported 4Q25 results: total revenue increased by 21% YoY to US$3.57bn, in line with Bloomberg consensus estimate; non-GAAP operating income grew by 26% YoY to US$1.10bn, 3% ahead of consensus estimate, thanks to AI-enhanced efficiencies and disciplined expense control.</li><li>For FY26E, management guided subscription revenue to increase by 20.5%-21% YoY to US$15.53-15.57bn, with further 100bps expansion of both non-GAAP OP/FCF margin to 32%/36%, underpinned by AI-enabled efficiency gains.</li><li>AI product momentum remains strong, with Now Assist ACV surpassing US$600mn in 4Q25. </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 reported 4Q25 results: total revenue increased by 21% YoY to US$3.57bn, in line with Bloomberg consensus estimate; non-GAAP operating income grew by 26% YoY to US$1.10bn, 3% ahead of consensus estimate, thanks to AI-enhanced efficiencies and disciplined expense control.For FY26E, management guided subscription revenue to increase by 20.5%-21% YoY to US$15.53-15.57bn, with further 100bps expansion of both non-GAAP OP/FCF margin to 32%/36%, underpinned by AI-enabled efficiency gains.AI product momentum remains strong, with Now Assist ACV surpassing US$600mn in 4Q25. 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) - 4Q25 Results: Solid AI Business and Margin Expansion

Servicenow Inc

ServiceNow (NOW US) - 4Q25 Results: Solid AI Business and Margin Expansion