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>BiliBili reported 4Q24 results: total revenue grew by 22% YoY to RMB7.73bn, in line with our/Bloomberg consensus estimate; adjusted net income was RMB453mn (vs. adjusted net loss of RMB556mn in 4Q23) and 15% ahead of consensus estimate, mainly due to strong revenue growth of higher-margin businesses (mobile games &amp; ads).</li><li>FY24 total revenue grew by 19% YoY to RMB26.8bn, and adjusted net loss narrowed by 99% YoY to RMB22.1mn. We expect advertising and mobile games businesses to maintain solid revenue growth in FY25E, which shall further drive GPM and OPM expansion.</li><li>Management reiterated its long-term OPM target of 15-20% (vs. 6% in 4Q24), which should also boost investor confidence, 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>

BiliBili reported 4Q24 results: total revenue grew by 22% YoY to RMB7.73bn, in line with our/Bloomberg consensus estimate; adjusted net income was RMB453mn (vs. adjusted net loss of RMB556mn in 4Q23) and 15% ahead of consensus estimate, mainly due to strong revenue growth of higher-margin businesses (mobile games &amp; ads).FY24 total revenue grew by 19% YoY to RMB26.8bn, and adjusted net loss narrowed by 99% YoY to RMB22.1mn. We expect advertising and mobile games businesses to maintain solid revenue growth in FY25E, which shall further drive GPM and OPM expansion.Management reiterated its long-term OPM target of 15-20% (vs. 6% in 4Q24), which should also boost investor confidence, 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.

Bilibili (BILI US) - 4Q24 Earnings Beat on Strong Mobile Games and Ad Businesses