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>NetEase announced 1Q25 results: total revenue grew by 7% YoY to RMB28.8bn, largely in line with consensus estimate.</li><li>Operating profit increased by 37% YoY to RMB10.4bn, 25% ahead of consensus estimate, mainly due to the disciplined opex control (-14% YoY).</li><li>Games business regains momentum, with reaccelerating and better-than-expected revenue growth in 1Q25 (+12% YoY), and the strong growth of contract liabilities in 1Q25 (+19%/16% YoY/QoQ) should support the growth of games revenue in the coming quarters, in our view. </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>

NetEase announced 1Q25 results: total revenue grew by 7% YoY to RMB28.8bn, largely in line with consensus estimate.Operating profit increased by 37% YoY to RMB10.4bn, 25% ahead of consensus estimate, mainly due to the disciplined opex control (-14% YoY).Games business regains momentum, with reaccelerating and better-than-expected revenue growth in 1Q25 (+12% YoY), and the strong growth of contract liabilities in 1Q25 (+19%/16% YoY/QoQ) should support the growth of games revenue in the coming quarters, in our view. 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.

NetEase (NTES US) - 堅調なゲーム事業と規律あるOPEX管理により、2025年第1四半期は好調な業績を達成

NetEase Inc

NetEase (NTES US) - 堅調なゲーム事業と規律あるOPEX管理により、2025年第1四半期は好調な業績を達成