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>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

<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

<ul><li>We held an NDR with BaTeLab on 10 Jun. Investors’ interests revolved around 1) demand outlook, 2) impacts from geopolitical uncertainties, and 3) investment plans for upstream manufacturing resources.</li><li>We are impressed by the company’s clear and sustainable growth strategy after the detailed explanation from the management team.</li><li>The stock remains one of our top convictions in the semiconductor universe. Maintain BUY with TP revised up to HK$93, based on 25x 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.

We held an NDR with BaTeLab on 10 Jun. Investors’ interests revolved around 1) demand outlook, 2) impacts from geopolitical uncertainties, and 3) investment plans for upstream manufacturing resources.We are impressed by the company’s clear and sustainable growth strategy after the detailed explanation from the management team.The stock remains one of our top convictions in the semiconductor universe. Maintain BUY with TP revised up to HK$93, based on 25x 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) - Analog IC Gem with Sustained Growth Potential Ahead; TP Lifted to HK$93

<ul><li>On 28 May, the Trump administration issued a new directive prohibiting leading EDA (Electronic Design Automation) software companies, including Synopsys (SNPS US, NR), Cadence (CDNS US, NR), and Siemens EDA (Mentor Graphics, SIEGY US, NR), from selling their products to Chinese entities.</li><li>This action represents yet another significant escalation between US-China technological decoupling.</li><li>EDA is instrumental in semi design, in which overseas vendors currently command 70% of the market share in China, per Reuters. </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.

On 28 May, the Trump administration issued a new directive prohibiting leading EDA (Electronic Design Automation) software companies, including Synopsys (SNPS US, NR), Cadence (CDNS US, NR), and Siemens EDA (Mentor Graphics, SIEGY US, NR), from selling their products to Chinese entities.This action represents yet another significant escalation between US-China technological decoupling.EDA is instrumental in semi design, in which overseas vendors currently command 70% of the market share in China, per Reuters. 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) - Potential EDA Restrictions Not to Impede Growth

<ul><li>BaTeLab raised HK$120mn from a private placement on 21 May (link), with 3mn shares at HK$40.</li><li>The company will use the net proceeds to 1) increase the investment in upstream manufacturing resources (including but not limited to building its own wafer fabs and strengthening cooperation with existing wafer fabs) and 2) other general working capital.</li><li>We expect the recent issuance to help the company secure its upstream fabrication capability, which is crucial for BaTeLab’s future expansion given the long-tail nature of the industrial-grade analog IC market. </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 raised HK$120mn from a private placement on 21 May (link), with 3mn shares at HK$40.The company will use the net proceeds to 1) increase the investment in upstream manufacturing resources (including but not limited to building its own wafer fabs and strengthening cooperation with existing wafer fabs) and 2) other general working capital.We expect the recent issuance to help the company secure its upstream fabrication capability, which is crucial for BaTeLab’s future expansion given the long-tail nature of the industrial-grade analog IC market. 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) - Private Placement Completed, Now Eyes on Execution

Hong Kong

BaTeLab Co., Ltd. manufactures and distributes IC (integrated circuit) products. The Company engages in design, manufacturing, packaging, and testing of analog IC patterned wafers and other products. BaTeLab supplies its products in industrial, automotive, consumer electronic, communication, and other fields.

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BaTeLab (2149 HK)

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

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

BaTeLab (2149 HK) - Analog IC Gem with Sustained Growth Potential Ahead; TP Lifted to HK$93

The stock remains one of our top convictions in the semiconductor universe. Maintain BUY with TP revised up to HK$93, based on 25x 2025E P/E.

CMB International

BaTeLab (2149 HK) - Potential EDA Restrictions Not to Impede Growth

EDA is instrumental in semi design, in which overseas vendors currently command 70% of the market share in China, per Reuters.

CMB International

BaTeLab (2149 HK) - Private Placement Completed, Now Eyes on Execution

We also expect the fund raised to bolster the company's cash reserves, injecting more liquidity support into its operations.

CMB International

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