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>Weibo reported 1Q25 results: net revenue was flattish YoY at US$397mn, in line with Bloomberg consensus estimate; non-GAAP net income increased by 12% YoY to US$120mn, 26% ahead of consensus estimate, mainly attributable to the decline in S&amp;M/R&amp;D expenses (-8%/-6% YoY).</li><li>Despite policy support, management noted that advertisers in certain sectors like beauty &amp; personal care remained cautious on ad spending amid macro uncertainty.</li><li>Looking into 2Q25E, we forecast total revenue to remain largely flattish YoY at US$439mn. </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>

Weibo reported 1Q25 results: net revenue was flattish YoY at US$397mn, in line with Bloomberg consensus estimate; non-GAAP net income increased by 12% YoY to US$120mn, 26% ahead of consensus estimate, mainly attributable to the decline in S&amp;M/R&amp;D expenses (-8%/-6% YoY).Despite policy support, management noted that advertisers in certain sectors like beauty &amp; personal care remained cautious on ad spending amid macro uncertainty.Looking into 2Q25E, we forecast total revenue to remain largely flattish YoY at US$439mn. 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.

Weibo (WB US) - Flattish 1Q25 Topline; Leverage AI to Capture New Opportunities

Weibo Corp

Weibo (WB US) - Flattish 1Q25 Topline; Leverage AI to Capture New Opportunities