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 its 2Q26 financial results on 18 Aug.</li><li>Total revenue reached RMB860.8mn, up 22% YoY, in line with our forecast and Bloomberg consensus.</li><li>Non-GAAP net profit came in at RMB101mn, ahead of our forecast/Bloomberg consensus of RMB98mn/RMB84mn, aided by investment income of RMB36.6mn. </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 its 2Q26 financial results on 18 Aug.Total revenue reached RMB860.8mn, up 22% YoY, in line with our forecast and Bloomberg consensus.Non-GAAP net profit came in at RMB101mn, ahead of our forecast/Bloomberg consensus of RMB98mn/RMB84mn, aided by investment income of RMB36.6mn. 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) - LiDAR Business as Stable Profit Generator; SGI Growth Visibility Improves

<ul><li>Hesai Group (Hesai) released (19 May) 1Q26 financial results: total revenue reached RMB680.6mn, up 30% YoY, inline with our forecast but 2% ahead of Bloomberg consensus.</li><li>Non-GAAP NP came in at RMB47.7mn, ahead of both our forecast and Bloomberg consensus (RMB38mn/RMB13mn), supported by more optimized-than-expected operating expense control.</li><li>Management expects strategic growth initiatives (SGI), which include new AI algorithm integrated spatial intelligence device Kosmo and robotic actuation, to generate RMB100mn revenue in 2026E, contribute RMB500mn revenue in 2027E, and grow to a scale that is comparable to core LiDAR business within 5 years. </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 (19 May) 1Q26 financial results: total revenue reached RMB680.6mn, up 30% YoY, inline with our forecast but 2% ahead of Bloomberg consensus.Non-GAAP NP came in at RMB47.7mn, ahead of both our forecast and Bloomberg consensus (RMB38mn/RMB13mn), supported by more optimized-than-expected operating expense control.Management expects strategic growth initiatives (SGI), which include new AI algorithm integrated spatial intelligence device Kosmo and robotic actuation, to generate RMB100mn revenue in 2026E, contribute RMB500mn revenue in 2027E, and grow to a scale that is comparable to core LiDAR business within 5 years. 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) - 1Q Results Beat; Expecting SGI Revenue to Ramp up at a Rapid Pace

<ul><li>Hesai Group (Hesai) released (24 Mar) 4Q25 financial results: total revenue reached RMB1.0bn, up 39.0% YoY, broadly in line with our estimate but 8% below Bloomberg consensus, mainly due to a faster-than-expected decline in ASP driven by a revenue mix shift toward relatively lower-ASP ATX and JT series.</li><li>Non-GAAP NP came in at RMB181mn, ahead of both our forecast and Bloomberg consensus (RMB107mn/RMB133mn), supported by stronger-thanexpected non-operating items.</li><li>Management raised its 2026E LiDAR shipment guidance to 3.0–3.5mn units (from 2.0–3.0mn), underpinned by strong growth in both ADAS (driven by FTX and a revamped version of ATX) and robotics LiDAR (supported by robust adoption of robotic lawn mowers), both of which are expected to see shipments double YoY. </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 (24 Mar) 4Q25 financial results: total revenue reached RMB1.0bn, up 39.0% YoY, broadly in line with our estimate but 8% below Bloomberg consensus, mainly due to a faster-than-expected decline in ASP driven by a revenue mix shift toward relatively lower-ASP ATX and JT series.Non-GAAP NP came in at RMB181mn, ahead of both our forecast and Bloomberg consensus (RMB107mn/RMB133mn), supported by stronger-thanexpected non-operating items.Management raised its 2026E LiDAR shipment guidance to 3.0–3.5mn units (from 2.0–3.0mn), underpinned by strong growth in both ADAS (driven by FTX and a revamped version of ATX) and robotics LiDAR (supported by robust adoption of robotic lawn mowers), both of which are expected to see shipments double YoY. 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 Core Business Growth Outlook...

<ul><li>We reiterate our positive view on Hesai Group (Hesai). The Company maintained industry leadership in 2025, and ranked first with 40.94% market share in the forward-facing main LiDAR segment for pre-installed passenger cars in China, per GGII.</li><li>We remain positive that Hesai is poised to grow alongside the rising demand for LiDAR products.</li><li>More use cases in robotics and industrial markets should propel further TAM expansion over the long run, in our view. </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 reiterate our positive view on Hesai Group (Hesai). The Company maintained industry leadership in 2025, and ranked first with 40.94% market share in the forward-facing main LiDAR segment for pre-installed passenger cars in China, per GGII.We remain positive that Hesai is poised to grow alongside the rising demand for LiDAR products.More use cases in robotics and industrial markets should propel further TAM expansion over the long run, in our view. 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) - Structural Growth Story Remains Intact

<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

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)