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 4Q25 results: total revenue grew by 16% YoY to RMB8.64bn, 3% ahead of Bloomberg consensus estimate mainly due to the stronger-thanexpected performance of non-subscription music businesses (+41% YoY); nonIFRS net income increased by 9% YoY to RMB2.49bn, in line with consensus estimate.</li><li>FY25 total revenue/non-IFRS net income was up by 16%/25% YoY to RMB32.90bn/9.59bn. Looking into FY26E, we forecast total revenue to grow by 10% YoY, with music subscription/non-subscription revenue up by 6%/25% YoY respectively.</li><li>Management expects music subscription revenue to face shortterm pressure due to the intensive competition, and the company will step up content and marketing investment to strengthen its competitive moat. </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 4Q25 results: total revenue grew by 16% YoY to RMB8.64bn, 3% ahead of Bloomberg consensus estimate mainly due to the stronger-thanexpected performance of non-subscription music businesses (+41% YoY); nonIFRS net income increased by 9% YoY to RMB2.49bn, in line with consensus estimate.FY25 total revenue/non-IFRS net income was up by 16%/25% YoY to RMB32.90bn/9.59bn. Looking into FY26E, we forecast total revenue to grow by 10% YoY, with music subscription/non-subscription revenue up by 6%/25% YoY respectively.Management expects music subscription revenue to face shortterm pressure due to the intensive competition, and the company will step up content and marketing investment to strengthen its competitive moat. 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) - 4Q25 Review: Stepping up Investment to Drive Long-Term Sustainable Growth

Tencent Music

TME (TME US) - 4Q25 Review: Stepping up Investment to Drive Long-Term Sustainable Growth