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>PDD Holdings (PDD) announced (27 May) 1Q25 results: revenue was up 10.2% YoY (4Q24: 24.4%) to RMB95.7bn, 6% shy of Bloomberg consensus estimates.</li><li>This shortfall was mainly due to a 12% miss on transaction services fees, despite partly offset by the 2% beat in online marketing services and others revenue, which we attribute to the further step-up in merchant support, and is likely to sustain, in our view.</li><li>Non-GAAP NP decreased by 45% YoY to RMB16.9bn, significantly missing consensus by 39%. </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>

PDD Holdings (PDD) announced (27 May) 1Q25 results: revenue was up 10.2% YoY (4Q24: 24.4%) to RMB95.7bn, 6% shy of Bloomberg consensus estimates.This shortfall was mainly due to a 12% miss on transaction services fees, despite partly offset by the 2% beat in online marketing services and others revenue, which we attribute to the further step-up in merchant support, and is likely to sustain, in our view.Non-GAAP NP decreased by 45% YoY to RMB16.9bn, significantly missing consensus by 39%. 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.

PDD Holdings(PDD US) - 플랫폼 생태계 강화를 위한 투자...