CMB International Global Markets | Equity Research | Company Update 13 Feb 2026 China Internet NetEase Cloud Music (9899 HK) NetEase Cloud Music (9899 HK) FY26 earnings growth outlook 2H25 revenue miss on soft non-subscription business; intact FY26 earnings growth outlook Saiyi HE, CFA (852) 3916 1739 hesaiyi@cmbi.com.hk NetEase Cloud Music announced FY25 financial results: total revenue declined by 2% YoY to RMB7.76bn, slightly below Bloomberg consensus estimate of RMB7.91bn. Adjusted net profit was up by ...

Group 1: Company Overview - NetEase Cloud Music reported FY25 revenue of 7.76 billion RMB, a 2% year-on-year decline, slightly below the consensus estimate of 7.91 billion RMB [2] - Adjusted net profit for FY25 increased by 68% to 2.86 billion RMB, in line with consensus expectations [2] - The adjusted operating profit rose by 32% to 1.73 billion RMB, excluding the impact of deferred income tax credits [2] Group 2: Performance Analysis - In 2H25, online music revenue growth slowed to 8% year-on-year, down from 16% in 1H25 [2] - Overall gross margin in 2H25 decreased by 1.4 percentage points compared to 1H25, primarily due to a decline in high-margin non-member business revenue [2] - Despite the slowdown in non-member business performance, the music membership business remained robust in 2H25 [2] Group 3: Future Outlook - The FY26 total revenue forecast has been slightly adjusted downwards by 1% due to the weaker performance of non-member business [2] - The target price for NetEase Cloud Music has been revised down to 245.0 HKD, based on a 23x FY26E non-GAAP PE, reflecting a downward adjustment in sector valuations [2] - The current valuation corresponds to a 15x FY26E PE, combined with a stable profit growth outlook for FY26, making the risk-reward ratio more attractive [2]

2026 年 2 月 12 日 招银国际环球市场 | 宏观研究 | 宏观视角 美国经济 Economic Perspectives - 就业企稳，经济维持"金发姑娘"状态 美国 1 月新增非农就业大幅超出市场预期，薪资增速反弹，失业率连续下降，印 证劳动力市场正进一步企稳。但新增就业主要集中在医疗及教育等公共事业部 门，裁员人数升至 2009 年以来同期新高，职位空缺降至近 5 年低点，显示就业市 场结构性疲软。展望 2026 年，就业市场可能震荡修复，扩张性财政政策将带动需 求回暖，但 AI 渗透可能加速替代基础性岗位。上半年，美国经济可能呈"金发姑 娘"状态，就业企稳同时通胀放缓，降息预期推升市场风险偏好。就业数据公布 后，市场仍预计全年有 2 次降息空间，但首次降息时间从 6 月推迟至 7 月。我们 预计美联储 2026 年仅 6 月降息一次 25 个基点，作为新任主席的政治表态。新主 席可能不会急于重启缩表，因银行业"充足准备金"约束。 刘泽晖 (852) 3761 8957 frankliu@cmbi.com.hk 资料来源：Wind, 招银国际环球市场 资料来源：Wind, 招银国际环球市场 资料 ...

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - The Chinese/HK properties performed strongly overall, especially VNKRLE bonds due to the reported SZ government rescue plan for Vanke. The deflationary pressure in China continued to ease in early 2026, and mild price reflation is expected in 2026, which should improve corporate profitability and support the capital - market performance of materials and cyclical sectors [2][3][12]. 3. Summary by Relevant Catalogs Trading Desk Comments - Yesterday, the new CHIFEN 7.4 02/13/29 lowered by up to 1.0pt from RO at par. Chinese AMC space was firm, while HK bank T2s BNKEA/NANYAN widened 5 - 6bps, and Chinese TMTs KUAISH/MEITUA widened 2 - 5bps. Higher - beta names FRESHK 26 - 29s/ZHOSHK 28 closed 7 - 13bps wider. EHICAR 27 dropped 2.1pts, and EHICAR 26 closed 0.3pt lower. VNKRLE 27' and 29' surged 8.0 - 8.8pts on the SZ government rescue plan report. LNGFOR 27 - 32s/FUTLAN 28/FTLNHD 26 - 27 edged 0.1 - 0.4pt higher. Seazen Group raised HKD472.3mn (cUSD60.4mn) through a private share placement. LASUDE 26 rose 1.5pts, NWDEVL/VDNWDL complex gained 0.2 - 0.9pt, and FAEACO 12.814 Perp closed 0.8pt higher. In SE Asian space, PTTGC 31 - 52s widened 1 - 5bps, PTTGC Perps leaked 0.1 - 0.2pt, VLLPM 27 - 29 were down 1.0 - 1.8pts, and SMCGL Perps were 0.1pt higher. In KR space, POHANG/SKBTAM/HYNMTR/LGENSO stabilized. In JP space, there were selling flows on 10yr bank papers, Japanese insurance subs edged 0.1pt firmer, and Yankee AT1s leaked 0.1 - 0.3pt. In the Middle East, BSFRs were 0.1pt lower to 0.1pt higher, and long - end KSAs traded up to 0.4pt higher [2]. - This morning, MEITUA/KUAISH recovered to 3 - 5bps tighter. There was better selling on FRESHKs, FAEACO 12.814 Perp gained 1.6pts higher, EHICAR 26 dropped 2.3pts, and ACPM 4.85 Perp/HYSAN 4.85 Perp were 0.6 - 0.8pt lower. VNKRLE 27' and 29' edged 0.1 - 0.2pt higher after yesterday's jump [3]. - In the LGFV space, there was deployment demand from institutions, lifting offers and driving yields tighter. Non - LGFV CNH papers remained afloat due to cross - border account demand [4]. Last Trading Day's Top Movers | Top Performers | Price | Change | Top Underperformers | Price | Change | | --- | --- | --- | --- | --- | --- | | VNKRLE 3.975 11/09/27 | 43.4 | 8.8 | EHICAR 12 09/26/27 | 53.3 | - 2.1 | | VNKRLE 3 1/2 11/12/29 | 41.5 | 8.0 | VLLPM 7 1/4 07/20/27 | 51.9 | - 1.8 | | TTMTIN 4.35 06/09/26 | 99.4 | 1.9 | NICAU 9 09/30/30 | 103.4 | - 1.2 | | LASUDE 5 07/28/26 | 78.4 | 1.5 | HAOHUA 5 1/2 03/14/48 | 99.9 | - 1.0 | | NWDEVL 10.131 PERP | 80.9 | 0.9 | VLLPM 9 3/8 07/29/29 | 41.5 | - 1.0 | [5] Marco News Recap - On Wednesday, S&P (-0.00%), Dow (-0.13%), and Nasdaq (-0.16%) were lower. The US Jan'26 Nonfarm Payrolls were +130k (higher than the market expectation of +66k), the Unemployment Rate was 4.3% (lower than the forecast of 4.4%), the Average Hourly Earnings in Jan'26 was +0.4% mom (a touch higher than the forecast of +0.3%), and the Crude Oil Inventories was +8.53mn (higher than the market expectation of -0.2mn). UST yield was higher, with 2/5/10/30 - year yield at 3.52%/3.75%/4.18%/4.82% [6]. Desk Analyst Comments - VNKRLE 27' and 29' jumped 8.0 - 8.8pts yesterday and edged 0.1 - 0.2pt higher this morning on the media reports of the SZ government's RMB80bn rescue plan for Vanke, including a RMB20bn share placement. Whether the equity injection is sufficient is under discussion, and the new share issue for a loss - making company needs special regulatory approval. The rescue plan is in line with the view that the central government doesn't want another high - profile default in the property sector. The SZ government, through SZ Metro, has been incentivized to support Vanke's refinancing and maturity extension [7]. - In late Jan'26, Vanke secured consents on onshore bonds. SZ Metro provided a 3 - year loan of up to RMB2.4bn to Vanke. Fitch upgraded China Vanke to CC from RD and affirmed Vanke HK's CC rating [8]. - Vanke can turn to alternative funding channels like long - term operating loans or CBICL - guaranteed bonds secured by IPs. As of Jun'25, the book value of Vanke's IPs was cRMB152bn, and c48% of IPs remained unencumbered, which could secure additional financing of cRMB36bn. The total o/s onshore and offshore bonds of Vanke is cRMB27bn [9][10]. - There are hold recommendations on VNKRLEs. The total outstanding amount of Vanke's USD bonds is USD1.3bn, and the next offshore maturity is VNKRLE 3.975 11/09/27 in Nov'27. Estimated NPVs for VNKRLEs are low - 60 to high - 70 and high - 50 to low - 70, respectively [11]. China Economy - China's deflationary pressure continued to ease in early 2026. CPI slowed to 0.2% YoY in Jan due to a high base effect and volatile food pricing. Core inflation remained robust driven by durable goods, tourism, and jewellery prices. PPI beat market expectation as price relation in upstream sectors passed through, while PPI of consumer goods remained subdued. Mild price reflation is expected in 2026, and CPI and PPI are expected to reflate from 0.1% and - 2.6% in 2025 to 0.9% and 0.5% in 2026. Further demand - side policies are expected to address the imbalance [12]. - Food price dynamics and base effects drove the shift in headline CPI. CPI YoY moderated to 0.2% in Jan from 0.8% in Dec, slightly below the market expectation. Sequentially, CPI remained flat at 0.2% MoM. Food prices showed weaker - than - normal seasonality, pork prices had 1.2% MoM growth, fresh vegetable prices dropped - 4.8% MoM, and vehicle fuel prices declined 1.2% MoM. Headline CPI is expected to rebound to 1.1% in Feb [13]. - Core CPI remained robust as durable goods price reflated. Core inflation edged down to 0.8% YoY in Jan from 1.2% in Dec due to the base effect, while its MoM expanded to 0.3%. Durable goods saw notable price reflation, other supplies and services including gold jewellery surged 2.7% MoM, service price growth edged up to 0.2% MoM, medical services continued reflation, and housing rent dropped 0.1% MoM [14]. - PPI sustained its recovery momentum. The YoY contraction of PPI narrowed to - 1.4% in Jan from - 1.9% in Dec, beating market expectations. The MoM growth reached 0.4%, the highest in 28 months. The extraction sector dropped 1.7% MoM, raw materials and processing sectors rose 0.7% and 0.5% MoM, AI - related and anti - involution sectors saw price increases, while downstream sectors remained subdued [15][16]. Offshore Asia New Issues - There were no offshore Asia new issues priced or in the pipeline today [19][20]. News and Market Color - Yesterday, 72 credit bonds were issued onshore with an amount of RMB50bn. Month - to - date, 858 credit bonds were issued with a total amount of RMB690bn, a 615.7% yoy increase. Sales of New Energy Vehicles (NEVs) in China slumped 18.9% yoy in Jan'26. First Pacific's Meralco will spend USD4.65bn on network upgrades and service expansion. Fosun - owned insurer weighs Lisbon listing at more than USD3.6bn valuation [21]. Company - Specific News - Seazen Group raised HKD472.3mn (cUSD60.4mn) through a private share placement to help repay FTLNHD 4.5 05/02/26 [26]. - Medco Energi Internasional's arm was awarded the operatorship of Cendramas offshore field in Malaysia by Petronas [26]. - Moody's affirmed Meituan's Baa1 ratings and revised outlook to negative from stable due to competition in the food delivery business [26]. - Petron Malaysian unit flagged a potential financial hit due to tropical storm Senyar [26]. - Petronas launched a bidding round for nine exploration blocks across Malaysia [26]. - Samsung Heavy won a USD321mn deal to build two containerships for an African buyer [26]. - AIIB will provide up to USD250mn on - lending facility to Shriram Finance [26]. - Santos flagged a USD137mn impairment loss in 2025 [26]. - West China Cement settled tender offer for WESCHI 4.95 07/08/26, with USD51.976mn remaining outstanding [26].

2026 年 2 月 12 日 招银国际环球市场 | 市场策略 | 招财日报 我们预计，在反垄断运动、人工智能相关投资和全球大宗商品价格上涨的推 动下，2026年价格水平将继续温和回升，将提升企业盈利能力，并提振原材 料和周期性行业资本市场表现。但目前价格回升主要由供给驱动，我们预计 进一步的需求侧支持政策将有助于解决中国经济供需失衡，包括通过降低抵 押贷款利率和存量房收储来稳定房地产市场，以及通过增加财政补贴和加强 社会保障来刺激消费。我们预计 CPI 和 PPI 将从 2025 年的 0.1% 和 -2.6% 回升至 2026 年的 0.9% 和 0.5%。（链接） 招银国际研究部 邮件：research@cmbi.com.hk | 环球主要股市上日表现 | | | | | --- | --- | --- | --- | | | 收市价 | | 升跌（%） | | | | 单日 | 年内 | | 恒生指数 | 27,266 | 0.31 | 6.38 | | 恒生国企 | 9,268 | 0.28 | 3.98 | | 恒生科技 | 5,500 | 0.90 | -0.29 | | 上证综指 | 4,13 ...

Investment Rating - The report maintains a BUY rating for NetEase, indicating a potential return of over 15% over the next 12 months [19]. Core Insights - NetEase reported a total revenue increase of 3% year-over-year to RMB 27.5 billion in 4Q25, which was 4% below Bloomberg consensus estimates due to slower-than-expected games revenue growth and a prolonged revenue recognition period [1]. - Operating income grew by 6% year-over-year to RMB 8.3 billion, also falling short of consensus estimates by 6% [1]. - Contract liabilities increased by 34% year-over-year in 4Q25, suggesting a positive outlook for revenue growth in FY26, supported by several highly anticipated game launches [1][8]. - The target price for NetEase has been slightly adjusted to US$161.5 from the previous US$164.0, reflecting a 30.7% upside from the current price of US$123.52 [3][12]. Financial Performance - For FY26E, total revenue is projected to reach RMB 120.8 billion, with adjusted net profit expected at RMB 41.4 billion, reflecting a growth of 10.5% year-over-year [2][9]. - Gross margin is expected to improve to 64.8% in FY26E, while operating margin is projected to be 33.0% [9][10]. - The company has maintained a decent shareholder return of RMB 14.5 billion in 2025, which is approximately 3% of its market capitalization [8]. Business Segments - The online games segment is valued at US$142.1 billion, accounting for 88% of the total valuation, based on a 17x EV/EBIT multiple for FY26E [12]. - Youdao and NetEase Cloud Music are valued at US$0.7 billion and US$3.4 billion, respectively, based on industry-average multiples [12]. - The innovative businesses segment is valued at US$1.5 billion, with net cash contributing an additional US$13.8 billion to the overall valuation [12]. Market Position - NetEase's market capitalization stands at approximately US$78.7 billion, with an average trading volume of US$92.3 million over the past three months [4]. - The stock has experienced a decline of 11.3% over the past month and 13.2% over the past three months, indicating some volatility in its performance [5]. Future Outlook - Several highly anticipated game launches are scheduled for FY26, including "Sea of Remnants" and "YaoYaoQi," which are expected to drive revenue growth [1][8]. - The integration of AI into various phases of game development is expected to enhance quality and efficiency, positioning the company favorably in the competitive landscape [8].

每日投资策略 2026 年 2 月 11 日 招银国际环球市场 | 市场策略 | 招财日报 招银国际研究部 邮件：research@cmbi.com.hk | 环球主要股市上日表现 | | | | | --- | --- | --- | --- | | | 收市价 | | 升跌（%） | | | | 单日 | 年内 | | 恒生指数 | 27,183 | 0.58 | 6.06 | | 恒生国企 | 9,243 | 0.81 | 3.69 | | 恒生科技 | 5,451 | 0.62 | -1.18 | | 上证综指 | 4,128 | 0.13 | 4.02 | | 深证综指 | 2,702 | 0.05 | 6.75 | | 深圳创业板 | 3,321 | -0.37 | 3.66 | | 美国道琼斯 | 50,188 | 0.10 | 4.42 | | 美国标普 500 | 6,942 | -0.33 | 1.41 | | 美国纳斯达克 | 23,102 | -0.59 | -0.60 | | 德国 DAX | 24,988 | -0.11 | 2.03 | | 法国 CAC | 8,328 | 0. ...

Investment Rating - The report maintains a "BUY" rating for Datadog (DDOG US), indicating a potential return of over 15% over the next 12 months [20]. Core Insights - Datadog reported total revenue of US$953.2 million for 4Q25, reflecting a 29.2% year-over-year growth, which is 4% above both the forecast and Bloomberg consensus [1] - The company experienced strong revenue growth from both non-AI customers and AI-native customers, with non-GAAP net income after tax adjustments reaching US$217.4 million, up 22.5% year-over-year [1] - For 2025, total revenue is projected to grow by 27.7% year-over-year to US$3.4 billion, with a non-GAAP operating profit margin (OPM) of 22.4% [1] - Management has guided for 1Q26 revenue growth of 25-26% year-over-year, with a conservative full-year revenue growth forecast of 18-20% for 2026 [1] Financial Performance - Datadog's platform had over 32,700 customers by the end of 4Q25, a 9% increase year-over-year, with significant growth in large customers [8] - The company reported a remaining performance obligation (RPO) of US$3.46 billion, up 52% year-over-year, indicating strong future revenue visibility [8] - The net dollar-based retention rate was approximately 120% in 4Q25, consistent with the previous quarter and up from high-110% in 4Q24 [8] Revenue Forecasts - Revenue projections for FY26E are set at US$4.1 billion, representing a year-over-year growth of approximately 18-20% [10] - Adjusted net profit for FY26E is expected to be between US$779.2 million and US$792.7 million, with an adjusted EPS of US$2.08-2.16 [10] Target Price and Valuation - The target price for Datadog has been adjusted to US$196.9 from US$203.7, based on a valuation of 16.3x 2026E EV/sales [1][2] - The current price of Datadog is US$114.01, indicating a potential upside of 72.7% to the target price [2]

11 Feb 2026 | (YE 31 Dec) | FY23A | FY24A | FY25E | FY26E | FY27E | | --- | --- | --- | --- | --- | --- | | Revenue (RMB mn) | 2,143 | 2,409 | 3,176 | 4,316 | 5,788 | | YoY growth (%) | 47.6 | 12.4 | 31.9 | 35.9 | 34.1 | | Adjusted net profit (RMB mn) | (457.6) | (92.2) | 112.0 | 401.6 | 673.5 | | EPS (Reported) (RMB cents) | 0.00 | 0.00 | 5.02 | 27.85 | 47.83 | | YoY growth (%) | na | na | na | 455.1 | 71.7 | | Consensus EPS (RMB cents) | na | na | 5.79 | 22.50 | 44.55 | | P/S (x) | 15.7 | 13.9 | 10.6 | 7. ...

Report Industry Investment Rating - No specific industry investment rating is provided in the report. Core Viewpoints - Yesterday, real - money and PB accounts showed buying interests in Australian, Chinese, European, Japanese and Korean bank/corporate FRNs before the Chinese New Year holiday. The report maintains a buy recommendation on BSFR 6.375 Perp and BSFR 35 [2]. - FABUH's FY25 net profit surged 24% year - on - year to AED21.1bn, and the report maintains a buy on FABUH 6.32 04/04/34 and FABUH 5.804 01/16/35 [3][7]. - Fitch upgraded China Vanke to CC from RD on completion of distressed debt exchange and affirmed Vanke HK's CC rating [2][17]. Summary by Directory Trading Desk Comments - Buying interests in FRNs: Real - money and PB accounts sought to lock in yields on Australian, Chinese, European, Japanese and Korean bank/corporate FRNs before the Chinese New Year holiday [2]. - Middle East bonds: BSFR 6.375 Perp and BSFR 35 edged 0.1pt higher; FABUH 34 - 35s were unchanged to 0.2pt higher [2]. - Global sales: Global real - money and PB accounts sold long - end KSAs and long - dated China TMT papers (maturities > 20 years) [2]. - Greater China higher - yielding space: WESCHI 28/LIFUNG 5.25 Perp closed 0.3 - 0.4pt higher; FAEACO 12.814 Perp/EHICAR 26 - 27 were down by 0.1 - 0.3pt [2]. - Chinese properties: VNKRLE '27 and '29 led the space and rose 1.3 - 1.6pts; YTD, VNKRLEs have surged 10.4 - 11.0pts, supported by loans and upfront cash payments. FUTLAN 28/FTLNHD 27 were unchanged to 0.2pt higher, FTLNHD 26 was 0.2pt lower. Seazen expects to get an offshore - debt quota before Chinese New Year and could launch a USD bond offering. DALWAN 28s were unchanged to 0.1pt higher [2]. - SE Asian space: VLLPM 27 - 29 dropped 1.0 - 1.6pts; ACPM 3.9 Perp was 0.7pt lower; INDYIJ 29/IHFLIN 27 - 30/VEDLN 28 - 33s and the ReNew Energy complex were unchanged to 0.2pt higher; GLPSPs traded 0.2 - 0.3pt higher; Yankee AT1s recovered by 0.1 - 0.4pt; LGFVs were stable [2]. Market Data in the Morning - Asian IG credits were unchanged to 2bps wider. There was better selling on MEITUA and Korean IG names. NWDEVL 4.8 Perp was 0.8pt higher. YPCORP 29/VLLPM 29 were 0.6pt lower. HYSAN 4.85 Perp leaked 0.5pt [3]. - FABUH's FY25 net profit surged 24% yoy to AED21.1bn from higher income across all segments [3]. - ADSEZ's committee approved a tender offer to purchase up to USD345.137mn of ADSEZ 4 07/30/27 and up to USD150mn of ADSEZ 3.1 02/02/31. ADSEZ 27 - 29 edged 0.3pt higher [3]. Top Performers and Underperformers - Top Performers: VNKRLE 3.975 11/09/27 rose 1.6pts to 31.6; VNKRLE 3 1/2 11/12/29 rose 1.3pts to 30.3; PMBROV 11 1/2 02/18/30 rose 0.7pts to 97.5; HCELEC 4.65 12/29/26 rose 0.6pts to 66.8; LOGPH 5 1/4 02/23/23 rose 0.6pts to 11.1 [4]. - Top Underperformers: VLLPM 9 3/8 07/29/29 dropped 1.6pts to 43.0; VLLPM 7 1/4 07/20/27 dropped 1.0pts to 55.5; GARUDA 6 1/2 12/28/31 dropped 1.0pts to 91.5; CHGRID 4.85 05/07/44 dropped 0.8pts to 99.9; ACPM 3.9 PERP dropped 0.7pts to 66.4 [4]. Macro News Recap - On Monday, S&P (+0.47%), Dow (+0.04%) and Nasdaq (+0.90%) were higher. The 2/5 - year UST yield was lower. The 2/5/10/30 - year yield was at 3.48%/3.75%/4.22%/4.85% [6]. Desk Analyst Comments - FABUH's FY25 net profit surged 24% yoy to AED21.1bn from higher income across all segments. The report maintains a buy on FABUH 6.32 04/04/34 and FABUH 5.804 01/16/35, which offer c60bps yield pick - up over its senior unsecured bonds for similar tenor. The likelihood of FAB calling its T2s on their first call dates is high [7]. FAB's Financial Performance - Operating income: In FY25, FAB's operating income rose 16% yoy to AED36.7bn, mainly driven by a 36% yoy increase in non - interest income to AED16.4bn. Net interest income increased by 4% yoy to AED20.3bn [10]. - Cost - to - income ratio: It dropped to 22.4% in FY25 from 24.6% in FY24 [11]. - Net impairment charges: They fell 17% yoy to AED3.3bn, and net profit rose 24% yoy to AED21.1bn. ROTE improved to 19.2% from 16.8% in FY24 [11]. - Asset quality: NPL ratio declined to 2.2% as of Dec '25 from 3.4% as of Dec '24, while NPL coverage ratio increased to 108% from 96% [12]. - Capital adequacy: CET1 pre - dividend ratio was 14.5% as of Dec '25, CET1 post - dividend ratio was 13.3% (down from 13.7% as of Dec '24, still above the regulatory minimum of 11.6%). FAB guided CET1 ratio to be above 13.5% in FY26 [12][13]. Offshore Asia New Issues - Priced: No offshore Asia new issues were priced today [14]. - Pipeline: Central Nippon Expressway Co Ltd plans a 5 - year USD bond with pricing of MS + 64 and an issue rating of A1/ - / - ; Xingye Gold (Hong Kong) Mining plans a 3 - year USD bond with a 7.7% coupon and an unrated issue [15]. News and Market Color - Onshore primary issuances: 80 credit bonds were issued yesterday with an amount of RMB61bn. Month - to - date, 687 credit bonds were issued with a total amount of RMB580bn, a 4998.2% yoy increase [17]. - Other news: Adani Energy Solutions secured a loan from Japanese banks; Mirae Asset Securities' FY25 operating revenue rose 22% yoy; Seazen expects an offshore - debt quota; HD Hyundai Heavy won an order; Minmetals Land privatization offer was approved; NIO recalls EVs; PTT Global Chemical's 2025 adjusted EBITDA fell 34.4%; Fitch upgraded China Vanke [17].