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>Tencent reported 3Q25 results: total revenue grew by 15% YoY to RMB192.9bn, 2/4% ahead of Bloomberg consensus/our estimate, mainly thanks to the solid games revenue growth (+23% YoY); non-IFRS operating income increased by 18% YoY to RMB72.6bn, largely in line with consensus/our estimate, despite the high-than-expected opex growth.</li><li>The company lowered FY25 capex guidance due to supply chain constraints, but remains committed to accelerating AI applications in areas such as ads, games, e-commerce and agentic AI within Weixin.</li><li>We remain constructive on Tencent’s long-term opportunities in AI, given its diversified use cases and massive user base. </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>

Tencent reported 3Q25 results: total revenue grew by 15% YoY to RMB192.9bn, 2/4% ahead of Bloomberg consensus/our estimate, mainly thanks to the solid games revenue growth (+23% YoY); non-IFRS operating income increased by 18% YoY to RMB72.6bn, largely in line with consensus/our estimate, despite the high-than-expected opex growth.The company lowered FY25 capex guidance due to supply chain constraints, but remains committed to accelerating AI applications in areas such as ads, games, e-commerce and agentic AI within Weixin.We remain constructive on Tencent’s long-term opportunities in AI, given its diversified use cases and massive user base. 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.

Tencent (700 HK) - 3Q25 Results: Solid Growth Across Business Lines...