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)

Alibaba (BABA US): Stronger Results, Higher Conviction and Cheaper Valuation

[Alibaba (BABA US, BUY, TP US$120) Target Price Change]: Return of Users and Merchants Will Continue

[Alibaba (BABA US, BUY, TP US$127) TP Change]: The New Wanxiangtai Will Enhance the Take Rate

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<ul><li>Alibaba announced (10 Aug) its 1QFY24 (March year-end) results: total revenue was RMB234.2bn, up 13.9% YoY, 4/5% ahead of our forecast/Bloomberg consensus estimates, mainly driven by better-than-expected revenue growth in customer management revenue (CMR) and Cainiao.</li><li>Fueled by operating efficiency improvement across business lines and a beat in relatively highmargin CMR, non-GAAP net income grew 48% YoY to RMB44.9bn, 13/17% ahead of our estimates/consensus.</li><li>The results, in our view, demonstrated BAB’s early-stage success in Taobao and Tmall business transformation to focus on quality user growth and better user retention through product supply and merchants ROI enhancement, which in turn improved number of daily active paying merchants for CMR business. Maintain BUY.</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>

Alibaba announced (10 Aug) its 1QFY24 (March year-end) results: total revenue was RMB234.2bn, up 13.9% YoY, 4/5% ahead of our forecast/Bloomberg consensus estimates, mainly driven by better-than-expected revenue growth in customer management revenue (CMR) and Cainiao.Fueled by operating efficiency improvement across business lines and a beat in relatively highmargin CMR, non-GAAP net income grew 48% YoY to RMB44.9bn, 13/17% ahead of our estimates/consensus.The results, in our view, demonstrated BAB’s early-stage success in Taobao and Tmall business transformation to focus on quality user growth and better user retention through product supply and merchants ROI enhancement, which in turn improved number of daily active paying merchants for CMR business. Maintain BUY.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) – User First Strategy Delivered Early-Stage Results