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>Coinbase reported 1Q26 results: total revenue declined by 31% YoY and 21% QoQ to US$1.41bn amid soft market sentiment, in line with Bloomberg consensus estimate; adjusted EBITDA was down by 67% YoY and 46% QoQ to US$303mn, below the consensus estimate of US$408mn.</li><li>Despite market headwinds, Coinbase continued to gain crypto trading market share and new initiatives (e.g. derivatives and prediction market) also gained solid traction.</li><li>For 2Q26E, management guided for: 1) subscription and services revenue of US$565-645mn (-3%-+11% QoQ), primarily driven by increases in USDC market cap but offset by declines in crypto asset prices; 2) transaction revenue of c.US$215mn QTD (1 Apr-5 May).</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>

Coinbase reported 1Q26 results: total revenue declined by 31% YoY and 21% QoQ to US$1.41bn amid soft market sentiment, in line with Bloomberg consensus estimate; adjusted EBITDA was down by 67% YoY and 46% QoQ to US$303mn, below the consensus estimate of US$408mn.Despite market headwinds, Coinbase continued to gain crypto trading market share and new initiatives (e.g. derivatives and prediction market) also gained solid traction.For 2Q26E, management guided for: 1) subscription and services revenue of US$565-645mn (-3%-+11% QoQ), primarily driven by increases in USDC market cap but offset by declines in crypto asset prices; 2) transaction revenue of c.US$215mn QTD (1 Apr-5 May).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.

コインベース（COIN US） - 2026年第1四半期レビュー：市場の逆風が続く中でも堅調な事業運営

Coinbase Global

コインベース（COIN US） - 2026年第1四半期レビュー：市場の逆風が続く中でも堅調な事業運営