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 (22 May) 1Q24 results: revenue was up 131% YoY (1Q23: 58%; 4Q23: 123%) to RMB86.8bn, 13% ahead of Bloomberg consensus, which we attribute to a stronger-than-expected increase in monetization of domestic business, and more rapid-than-expected international expansion.</li><li>Non-GAAP net profit increased by 202% YoY to RMB30.6bn, ahead of consensus at RMB15.5bn, which we attribute to better-than-expected domestic business profit generation driven by monetization expansion aided by the launch of new advertising products since 4Q23.</li><li>The results echoed our view that PDD still has room to drive a further increase in monetization rate, and we see its overseas expansion on track to support PDD’s long-term revenue and earnings growth. </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 (22 May) 1Q24 results: revenue was up 131% YoY (1Q23: 58%; 4Q23: 123%) to RMB86.8bn, 13% ahead of Bloomberg consensus, which we attribute to a stronger-than-expected increase in monetization of domestic business, and more rapid-than-expected international expansion.Non-GAAP net profit increased by 202% YoY to RMB30.6bn, ahead of consensus at RMB15.5bn, which we attribute to better-than-expected domestic business profit generation driven by monetization expansion aided by the launch of new advertising products since 4Q23.The results echoed our view that PDD still has room to drive a further increase in monetization rate, and we see its overseas expansion on track to support PDD’s long-term revenue and earnings growth. 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 US) - Increased Monetization Drove a Strong Beat on Results