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>TME reported 1Q23 results on 16 May. Total revenue increased by 5% YoY to RMB7.0bn in 1Q23 and was in line with consensus/CMBI estimate.</li><li>Non-IFRS net income grew by 57% YoY to RMB1.4bn in 1Q23, beating consensus/CMBI estimate by 11/9%, mainly due to strong growth of core music business (+34% YoY) and effective expense control.</li><li>Music business delivered a record-high net addition of 5.9mn subscribers in 1Q23, with 11% YoY APPRU growth, which demonstrates TME’s successful execution of its quality growth strategy. </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>

TME reported 1Q23 results on 16 May. Total revenue increased by 5% YoY to RMB7.0bn in 1Q23 and was in line with consensus/CMBI estimate.Non-IFRS net income grew by 57% YoY to RMB1.4bn in 1Q23, beating consensus/CMBI estimate by 11/9%, mainly due to strong growth of core music business (+34% YoY) and effective expense control.Music business delivered a record-high net addition of 5.9mn subscribers in 1Q23, with 11% YoY APPRU growth, which demonstrates TME’s successful execution of its quality growth strategy. 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.

TME (TME US) – Strong core music business supports 1Q23 earnings beat

Tencent Music

TME (TME US) – Strong core music business supports 1Q23 earnings beat