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>Hesai Group (Hesai) released (11 Nov) 3Q25 financial results: total revenue was RMB795.4mn, up 47% YoY, and was 1.4% ahead of Bloomberg consensus forecast; non-GAAP net profit was RMB288mn, or RMB140mn if excluding oneoff gains from equity investment in an early-stage tech company, ahead of consensus at RMB61mn, aided by the beat in revenue, and better-thanexpected GPM (42.1% vs consensus at 40.9%).</li><li>Considering the beat in 3Q25 results, management lifted 2025E GAAP NP guidance to RMB350mn-450mn (from RMB200-350mn).</li><li>Management remains upbeat on business development outlook, and guided for at least 2mn-3mn total LiDAR shipment volume in 2026E, or potentially higher if L3 adoption becomes an industry-wide trend, in which case it expects shipment volume of Robotics LiDAR to double YoY in 2026E compared to that in 2025E. </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.

Hesai Group (Hesai) released (11 Nov) 3Q25 financial results: total revenue was RMB795.4mn, up 47% YoY, and was 1.4% ahead of Bloomberg consensus forecast; non-GAAP net profit was RMB288mn, or RMB140mn if excluding oneoff gains from equity investment in an early-stage tech company, ahead of consensus at RMB61mn, aided by the beat in revenue, and better-thanexpected GPM (42.1% vs consensus at 40.9%).Considering the beat in 3Q25 results, management lifted 2025E GAAP NP guidance to RMB350mn-450mn (from RMB200-350mn).Management remains upbeat on business development outlook, and guided for at least 2mn-3mn total LiDAR shipment volume in 2026E, or potentially higher if L3 adoption becomes an industry-wide trend, in which case it expects shipment volume of Robotics LiDAR to double YoY in 2026E compared to that in 2025E. 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.

Hesai Group (HSAI US) - Solid 3Q Results; Business Development Momentum Remains Strong

<ul><li>Hesai Group (HSAI) is one of the global leaders in three-dimensional light detection and ranging (LiDAR) solutions, and it has developed and produced a full range of LiDAR solutions and products for various applications in advanced driver assistance systems (ADAS), autonomous mobility (AM) and Robotics.</li><li>Aided by strong technical capability, including vertical integration technology and in-house manufacturing, HSAI is able to offer LiDAR products with greater performance, higher quality and consistency at lower cost, which enables it to enhance ties with core customers and enlarge the scale effect.</li><li>HSAI has already recorded industry-leading financial performance, and we are positive that it is poised to grow alongside the rising demand for LiDAR products. </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.

Hesai Group (HSAI) is one of the global leaders in three-dimensional light detection and ranging (LiDAR) solutions, and it has developed and produced a full range of LiDAR solutions and products for various applications in advanced driver assistance systems (ADAS), autonomous mobility (AM) and Robotics.Aided by strong technical capability, including vertical integration technology and in-house manufacturing, HSAI is able to offer LiDAR products with greater performance, higher quality and consistency at lower cost, which enables it to enhance ties with core customers and enlarge the scale effect.HSAI has already recorded industry-leading financial performance, and we are positive that it is poised to grow alongside the rising demand for LiDAR products. 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.

Hesai Group (HSAI US) - Road Towards Scalable Intelligent Driving Starts from Here; Initiate at BUY

United States

Hesai Group provides 3D light detection and ranging solutions. The Company's LiDAR products enables a broad spectrum of applications across passenger and commercial vehicles with advanced driver assistance systems, as well as autonomous vehicle fleets providing passenger and freight mobility services.

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Hesai Group (HSAI US)