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>Adobe announced 1QFY25 financial results: total revenue was up by 11% YoY in constant currency to US$5.71bn, and non-GAAP net income grew by 9% YoY to US$2.22bn, both in line with consensus estimates.</li><li>The company also reaffirms FY25 financial targets and initiates total revenue guidance of US$5.77- 5.82bn (+9-10% YoY) for 2QFY25, which is also in line with consensus estimate.</li><li>Adobe disclosed that the AI-first standalone and add-on applications (e.g. Acrobat AI Assistant &amp; Firefly App) achieved over US$125mn ARR as of end1QFY25; and expects the ARR to double by the end of FY25 (c.1% of total revenue). </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>

Adobe announced 1QFY25 financial results: total revenue was up by 11% YoY in constant currency to US$5.71bn, and non-GAAP net income grew by 9% YoY to US$2.22bn, both in line with consensus estimates.The company also reaffirms FY25 financial targets and initiates total revenue guidance of US$5.77- 5.82bn (+9-10% YoY) for 2QFY25, which is also in line with consensus estimate.Adobe disclosed that the AI-first standalone and add-on applications (e.g. Acrobat AI Assistant &amp; Firefly App) achieved over US$125mn ARR as of end1QFY25; and expects the ARR to double by the end of FY25 (c.1% of total revenue). 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.

Adobe (ADBE US) - Inline 1QFY25 Results; AI Standalone Products ARR to Double by End-FY25

Adobe Systems

Adobe (ADBE US) - Inline 1QFY25 Results; AI Standalone Products ARR to Double by End-FY25