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

<div><div><div><div><ul><li>Due to unexpected macro events in 2Q22, Bili’s revenue growth decelerated to +18.7% YoY in 1H22 (2021: 61.3% YoY) and adjusted net loss widened from RMB2.2bn in 1H21 to RMB3.6bn in 1H22.</li><li>Its user community engagement remains healthy, with MAU/time spend up 29/10% YoY in 2Q22.</li><li>At this stage, we view accelerating user base growth, cultivating user community and improving user engagement as crucial for Bili’s long-term prospects, which will improve its ecosystem self-sustainability, balancing profit-sharing with content contributors lead to better margins and cash flows. </li></ul></div></div></div></div><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>

Due to unexpected macro events in 2Q22, Bili’s revenue growth decelerated to +18.7% YoY in 1H22 (2021: 61.3% YoY) and adjusted net loss widened from RMB2.2bn in 1H21 to RMB3.6bn in 1H22.Its user community engagement remains healthy, with MAU/time spend up 29/10% YoY in 2Q22.At this stage, we view accelerating user base growth, cultivating user community and improving user engagement as crucial for Bili’s long-term prospects, which will improve its ecosystem self-sustainability, balancing profit-sharing with content contributors lead to better margins and cash flows. 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) – User Base and Engagement Growth Are Crucial