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>TME reported 2Q25 financial results: total revenue grew by 18% YoY to RMB8.44bn, and non-IFRS net income was up by 37% YoY to RMB2.57bn, 6% and 13% ahead of Bloomberg consensus respectively, primarily attributable to the robust growth of non-subscription music revenue (i.e. ads, artist-related merchandise and offline performances).</li><li>Looking ahead, we expect the online music business momentum to continue, and forecast total revenue/non-IFRS net income to grow by 17/28% YoY in 3Q25E.</li><li>We raise our FY25-27E earnings forecast by 6-10%, and also the long-term forecast for online music business in view of the emerging opportunities like artist-related merchandise, offline performances, and their synergies with music subscription business.</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>

TME reported 2Q25 financial results: total revenue grew by 18% YoY to RMB8.44bn, and non-IFRS net income was up by 37% YoY to RMB2.57bn, 6% and 13% ahead of Bloomberg consensus respectively, primarily attributable to the robust growth of non-subscription music revenue (i.e. ads, artist-related merchandise and offline performances).Looking ahead, we expect the online music business momentum to continue, and forecast total revenue/non-IFRS net income to grow by 17/28% YoY in 3Q25E.We raise our FY25-27E earnings forecast by 6-10%, and also the long-term forecast for online music business in view of the emerging opportunities like artist-related merchandise, offline performances, and their synergies with music subscription business.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.

TME (TME US) - 2Q25 Results Beat; Emerging Opportunities Beyond Subscription

Tencent Music

TME (TME US) - 2Q25 Results Beat; Emerging Opportunities Beyond Subscription