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 1Q25 results: total revenue was up by 9% YoY to RMB7.36bn, and non-IFRS net income increased by 25% YoY to RMB2.12bn, both largely in line with Bloomberg consensus estimate.</li><li>Online music business maintained solid momentum, underpinned by the balanced growth of music subscribers and ARPPU.</li><li>For 2Q25E, we estimate total revenue/non-IFRS net income to increase by 12/23% YoY, and we raise our FY25-27E earnings forecast by 0- 6%, given the strong online music business and margin expansion trend. W</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 1Q25 results: total revenue was up by 9% YoY to RMB7.36bn, and non-IFRS net income increased by 25% YoY to RMB2.12bn, both largely in line with Bloomberg consensus estimate.Online music business maintained solid momentum, underpinned by the balanced growth of music subscribers and ARPPU.For 2Q25E, we estimate total revenue/non-IFRS net income to increase by 12/23% YoY, and we raise our FY25-27E earnings forecast by 0- 6%, given the strong online music business and margin expansion trend. WContent 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) - Inline 1Q25 Results; Online Music Business Maintains Solid Momentum

Tencent Music

TME (TME US) - Inline 1Q25 Results; Online Music Business Maintains Solid Momentum