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>We expect Bili 2Q25E total revenue to increase by 20% YoY and 5% QoQ to RMB7.38bn, and adjusted net income to grow by 36% QoQ to RMB493mn, both largely in line with Bloomberg consensus estimate.</li><li>We expect ad business to maintain strong YoY growth, supported by the improved commercial infrastructure, and mobile games to see sustained momentum driven by both legacy games and SanMou.</li><li>The solid growth of high-margin ad and mobile game businesses continued to support Bili’s margin expansion. </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>

We expect Bili 2Q25E total revenue to increase by 20% YoY and 5% QoQ to RMB7.38bn, and adjusted net income to grow by 36% QoQ to RMB493mn, both largely in line with Bloomberg consensus estimate.We expect ad business to maintain strong YoY growth, supported by the improved commercial infrastructure, and mobile games to see sustained momentum driven by both legacy games and SanMou.The solid growth of high-margin ad and mobile game businesses continued to support Bili’s margin expansion. 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.

ビリビリ（BILI US） - 2025年第2四半期の展望：広告とモバイルゲーム事業が強力なサポートを提供

Bilibili

ビリビリ（BILI US） - 2025年第2四半期の展望：広告とモバイルゲーム事業が強力なサポートを提供