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

Black Sesame International Holding / Equity Bottom-Up

<ul><li>Black Sesame reported 1H25 results. Revenue was RMB253mn, up 40% YoY, on robust demand for its assisted driving solutions, which grew 42% YoY. GPM was 24.8%, compared with 50%/35.6% in 1H/2H24, reflecting an unfavorable product mix and upfront investments in new business exploration.</li><li>The Company recorded an IFRS net loss of RMB762mn.</li><li>On a non-IFRS basis, net loss narrowed to RMB549mn from RMB602mn/RMB702mn in 1H/2H24, driven by cost control in G&amp;A (-7% YoY) and improved R&amp;D efficiency (-10% YoY).</li><li>Looking forward, we expect Black Sesame’s revenue to grow by 71%/59% in 2025/26E, supported by rising adoption of driving assistance technologies and enhanced chip performance. </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.

Black Sesame reported 1H25 results. Revenue was RMB253mn, up 40% YoY, on robust demand for its assisted driving solutions, which grew 42% YoY. GPM was 24.8%, compared with 50%/35.6% in 1H/2H24, reflecting an unfavorable product mix and upfront investments in new business exploration.The Company recorded an IFRS net loss of RMB762mn.On a non-IFRS basis, net loss narrowed to RMB549mn from RMB602mn/RMB702mn in 1H/2H24, driven by cost control in G&amp;A (-7% YoY) and improved R&amp;D efficiency (-10% YoY).Looking forward, we expect Black Sesame’s revenue to grow by 71%/59% in 2025/26E, supported by rising adoption of driving assistance technologies and enhanced chip performance. 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.

Black Sesame (2533 HK) - Robust 1H25 Growth Amid Margin Pressure...

Thematic (Sector/Industry)

<ul><li>We expect the market size of ADAS/AD solutions in China to grow from RMB33bn in 2024E to RMB101bn by 2028E, representing a 32% CAGR over 2024-28E.</li><li>Looking ahead, we believe Chinese suppliers of ADAS/AD solutions are well-positioned to gain market share. I</li><li>n particular, we see meaningful upside for local players such as Horizon Robotics (9660 HK) and Black Sesame (2533 HK), who are ready to scale along the market. Initiate coverage on H</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 expect the market size of ADAS/AD solutions in China to grow from RMB33bn in 2024E to RMB101bn by 2028E, representing a 32% CAGR over 2024-28E.Looking ahead, we believe Chinese suppliers of ADAS/AD solutions are well-positioned to gain market share. In particular, we see meaningful upside for local players such as Horizon Robotics (9660 HK) and Black Sesame (2533 HK), who are ready to scale along the market. Initiate coverage on HContent 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 - China’s ADAS/AD Players Are Set to Gain Ground at Accelerated Pace

China

Black Sesame International Holding Limited manufactures and distributes system on a chip (SoC) products. The Company produces high computing SoC, cross domain SoC, and other products. Black Sesame International Holding provides its services throughout Hong Kong.

Black Sesame International Holding (2533 HK)

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Black Sesame (2533 HK) - Robust 1H25 Growth Amid Margin Pressure...

Revenue was RMB253mn, up 40% YoY, on robust demand for its assisted driving solutions, which grew 42% YoY. GPM was 24.8%, compared with 50%/35.6%...

CMB International

Semiconductors - China’s ADAS/AD Players Are Set to Gain Ground at Accelerated Pace

We expect the market size of ADAS/AD solutions in China to grow from RMB33bn in 2024E to RMB101bn by 2028E, representing a 32% CAGR over 2024-28E.

CMB International