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)

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Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<ul><li>We expect Alibaba to deliver in-line-with-consensus revenue growth and nonGAAP net income for 2QFY25.</li><li>Management remains committed to making investment to enhance the user experience for the core 88VIP user base amid tapering consumption sentiment, which should help at least maintain market share and lay a solid foundation for long-term monetization improvement, in our view.</li><li>Pace of monetization improvement in Taobao and Tmall (T&amp;T) Group in 2QFY25 is likely already better than our expectation driven by better-thanexpected merchant adoption, and should ramp up more quickly with further increase in merchant penetration and with potential improvement in consumer sentiment. </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 Alibaba to deliver in-line-with-consensus revenue growth and nonGAAP net income for 2QFY25.Management remains committed to making investment to enhance the user experience for the core 88VIP user base amid tapering consumption sentiment, which should help at least maintain market share and lay a solid foundation for long-term monetization improvement, in our view.Pace of monetization improvement in Taobao and Tmall (T&amp;T) Group in 2QFY25 is likely already better than our expectation driven by better-thanexpected merchant adoption, and should ramp up more quickly with further increase in merchant penetration and with potential improvement in consumer sentiment. 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.

Alibaba (BABA US) - Increasing Monetization