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>Horizon Robotics delivered strong 1H25 results, with revenue surging 68% YoY to RMB1.57bn, propelled by a 250% YoY growth in auto product solutions.</li><li>The company reinforced its leadership in China’s auto tech segment, capturing 45.8% share in ADAS solutions market and 32.4% in overall intelligent assisted driving solutions among Chinese OEMs, per mgmt..</li><li>Despite a 13.7ppt YoY contraction due to product mix shifts, GPM remained elevated at 65.4%. </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.

Horizon Robotics delivered strong 1H25 results, with revenue surging 68% YoY to RMB1.57bn, propelled by a 250% YoY growth in auto product solutions.The company reinforced its leadership in China’s auto tech segment, capturing 45.8% share in ADAS solutions market and 32.4% in overall intelligent assisted driving solutions among Chinese OEMs, per mgmt..Despite a 13.7ppt YoY contraction due to product mix shifts, GPM remained elevated at 65.4%. 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.

Horizon Robotics (9660 HK) - 1H25 Results: ASP and Volume Surged, Driving 68% Sales Growth

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

Horizon Robotics, Inc. offers technology services. The Company develops advanced driver assistance systems, autonomous driving solutions, and other for passenger vehicles. Horizon Robotics provides its services throughout Hong Kong.

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