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>Kuaishou announced 2Q24 results: total revenue was up by 12% YoY to RMB31.0bn, largely in line with consensus estimate; adjusted net profit grew by 74% YoY to RMB4.7bn, 8% ahead of consensus estimate thanks to better-thanexpected cost optimization and opex control.</li><li>E-commerce GMV growth (+15% YoY) in 2Q24 was slower than consensus expectation amid soft consumption sentiment and intense competition, and we expect the pressure to continue in 2H24E.</li><li>Nonetheless, we remain upbeat on Kuaishou’s FY24 earnings growth outlook on its solid online marketing business and margin expansion. </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>

Kuaishou announced 2Q24 results: total revenue was up by 12% YoY to RMB31.0bn, largely in line with consensus estimate; adjusted net profit grew by 74% YoY to RMB4.7bn, 8% ahead of consensus estimate thanks to better-thanexpected cost optimization and opex control.E-commerce GMV growth (+15% YoY) in 2Q24 was slower than consensus expectation amid soft consumption sentiment and intense competition, and we expect the pressure to continue in 2H24E.Nonetheless, we remain upbeat on Kuaishou’s FY24 earnings growth outlook on its solid online marketing business and margin expansion. 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.

Kuaishou (1024 HK) - Intact Earnings Growth Outlook

Kuaishou Technology

Kuaishou (1024 HK) - Intact Earnings Growth Outlook