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>PDD Holdings (PDD) announced (20 Mar) 4Q24 results: revenue was up 24% YoY (3Q24: 44%) to RMB110.6bn, 5% shy of Bloomberg consensus estimates, mainly owing to the 10% miss on transaction services fees which we attribute to ongoing impact from enhancement of merchant support.</li><li>Non-GAAP net profit increased by 17% YoY to RMB29.9bn, 4% ahead of consensus, which we attribute to non-operating items such as foreign exchange gains and other income.</li><li>We lower our 2025-2026E revenue forecast by 3-5% and non-GAAP net profit by 3-9% to factor in the greater-than-expected impact of PDD’s move to enhance merchant support and platform ecosystem, as well as incremental investment on consumer side to enhance consumer mindshare. </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>

PDD Holdings (PDD) announced (20 Mar) 4Q24 results: revenue was up 24% YoY (3Q24: 44%) to RMB110.6bn, 5% shy of Bloomberg consensus estimates, mainly owing to the 10% miss on transaction services fees which we attribute to ongoing impact from enhancement of merchant support.Non-GAAP net profit increased by 17% YoY to RMB29.9bn, 4% ahead of consensus, which we attribute to non-operating items such as foreign exchange gains and other income.We lower our 2025-2026E revenue forecast by 3-5% and non-GAAP net profit by 3-9% to factor in the greater-than-expected impact of PDD’s move to enhance merchant support and platform ecosystem, as well as incremental investment on consumer side to enhance consumer mindshare. 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.

PDD Holdings

PDD Holdings (PDD US) - Earnings Beat