External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>BaTeLab delivered strong 1H26 results, with revenue rising 15.2% YoY to RMB335.9mn and net profit increasing 38.2% YoY to RMB106.6mn.</li><li>GPM expanded 2.0ppt YoY to 53.8%. Mgmt. attributed the earnings growth primarily to price hikes, with shipment growth constrained by tight capacity.</li><li>The Company also expects pricing for industrial, energy and data-center analog products to remain firm and capacity constraints to persist into 2027E. </li></ul>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.

BaTeLab delivered strong 1H26 results, with revenue rising 15.2% YoY to RMB335.9mn and net profit increasing 38.2% YoY to RMB106.6mn.GPM expanded 2.0ppt YoY to 53.8%. Mgmt. attributed the earnings growth primarily to price hikes, with shipment growth constrained by tight capacity.The Company also expects pricing for industrial, energy and data-center analog products to remain firm and capacity constraints to persist into 2027E. 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.

BaTeLab (2149 HK) - Pricing Power Now and Capacity Growth Next; Maintain BUY

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>
<a href="https://smartkarma.com/entities/batelab-co-ltd">BaTeLab</a> is a key player in China's analog IC patterned wafer market, specializing in industrial-grade power management and signal chain products.</li>
 <li>The company is poised to benefit from strong secular tailwinds, including the growth of electric vehicles (EVs), industrial automation, and China's strategic push for semiconductor self-sufficiency.</li>
 <li>Financial performance shows robust revenue growth, but profitability has recently declined, and free cash flow has been negative, reflecting significant reinvestment and a strategic shift in sales channels.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
BaTeLab is a key player in China's analog IC patterned wafer market, specializing in industrial-grade power management and signal chain products.
  The company is poised to benefit from strong secular tailwinds, including the growth of electric vehicles (EVs), industrial automation, and China's strategic push for semiconductor self-sufficiency.
  Financial performance shows robust revenue growth, but profitability has recently declined, and free cash flow has been negative, reflecting significant reinvestment and a strategic shift in sales channels.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

<ul><li>Hang Seng Indexes has officially renamed its Hang Seng Information Technology Industry Index to the Hang Seng Semiconductor Industry Theme Index, with BaTeLab (2149 HK) included as a new constituent, effective 7 November 2025.</li><li>We view this as a structural positive for BaTeLab, enhancing market liquidity through potential passive fund inflows and attracting attention from active managers.</li><li>Reiterate BUY rating; TP is unchanged at HK$93, based on 26.6x 2025E P/E.</li></ul>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.

Hang Seng Indexes has officially renamed its Hang Seng Information Technology Industry Index to the Hang Seng Semiconductor Industry Theme Index, with BaTeLab (2149 HK) included as a new constituent, effective 7 November 2025.We view this as a structural positive for BaTeLab, enhancing market liquidity through potential passive fund inflows and attracting attention from active managers.Reiterate BUY rating; TP is unchanged at HK$93, based on 26.6x 2025E P/E.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.

BaTeLab (2149 HK) - Index Inclusion, Strategic Repositioning, 4Q Pricing Power; Reiterate BUY

Thematic (Sector/Industry)

<ul><li>We highlight a growing divergence within the analog semiconductor space.</li><li>The power management IC (PMIC) and signal chain markets are stabilizing after a severe downturn, entering a cyclical recovery phase.</li><li>In contrast, the mobile radio frequency front-end (RFFE) market remains under pressure, while automotive RFFE emerges as a key strategic growth frontier.</li></ul>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.

We highlight a growing divergence within the analog semiconductor space.The power management IC (PMIC) and signal chain markets are stabilizing after a severe downturn, entering a cyclical recovery phase.In contrast, the mobile radio frequency front-end (RFFE) market remains under pressure, while automotive RFFE emerges as a key strategic growth frontier.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.

Semiconductors - Analog sector – PMIC recovery underway; RF in transition

<ul><li>BaTeLab reported 1H25 revenue of RMB292mn (record sales), largely flat at 0.4% YoY against a high base in 1H24 (RMB291mn, 42% YoY).</li><li>The Company demonstrated strong profitability, with GPM holding firm at 51.8% (+0.5ppt YoY), while NP rose 14.9% YoY to RMB77mn (NPM up +3.3ppt YoY to 26.4%).</li><li>1H25 performance remained solid despite headwinds from tariffs and strategic distributor diversification, with the number of SKUs expanding to 850. </li></ul>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.

BaTeLab reported 1H25 revenue of RMB292mn (record sales), largely flat at 0.4% YoY against a high base in 1H24 (RMB291mn, 42% YoY).The Company demonstrated strong profitability, with GPM holding firm at 51.8% (+0.5ppt YoY), while NP rose 14.9% YoY to RMB77mn (NPM up +3.3ppt YoY to 26.4%).1H25 performance remained solid despite headwinds from tariffs and strategic distributor diversification, with the number of SKUs expanding to 850. 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.

BaTeLab (2149 HK) - Maintaining High Profitability Amid Strategic Shifts; Expect Stronger 2H25

China

BaTeLab is primarily engaged in the research, development, and sale of analog integrated circuit (IC) patterned wafers. The company offers industrial-grade analog IC patterned wafers, including power management and signal chain products like switching regulators, linear regulators, and battery management ICs. Headquartered in Suzhou, China, the company was founded in 2010.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

BaTeLab (2149 HK)

BaTeLab (2149 HK) - Pricing Power Now and Capacity Growth Next; Maintain BUY

BaTeLab delivered strong 1H26 results, with revenue rising 15.2% YoY to RMB335.9mn and net profit increasing 38.2% YoY to RMB106.6mn.

CMB International

Primer: BaTeLab (2149 HK) - Aug 2026

BaTeLab is a key player in China's analog IC patterned wafer market, specializing in industrial-grade power management and signal chain...

αSK Primers

BaTeLab (2149 HK) - Index Inclusion, Strategic Repositioning, 4Q Pricing Power; Reiterate BUY

We view this as a structural positive for BaTeLab, enhancing market liquidity through potential passive fund inflows and attracting attention from...

CMB International

Semiconductors - Analog sector – PMIC recovery underway; RF in transition

The power management IC (PMIC) and signal chain markets are stabilizing after a severe downturn, entering a cyclical recovery phase.

CMB International

BaTeLab (2149 HK) - Maintaining High Profitability Amid Strategic Shifts; Expect Stronger 2H25

BaTeLab reported 1H25 revenue of RMB292mn (record sales), largely flat at 0.4% YoY against a high base in 1H24 (RMB291mn, 42% YoY).

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)