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

NAURA Technology Group / Equity Bottom-Up

<ul><li>NAURA reported 1H26 revenue of RMB20.16bn (+24.9% YoY) and net profit of RMB3.37bn (+5.1%).</li><li>In 2Q26, revenue reached RMB9.84bn (+24.0% YoY, - 4.7% QoQ) and net profit was RMB1.74bn (+6.6% YoY, +6.2% QoQ), both below Bloomberg consensus.</li><li>Earnings growth lagged revenue due to higher R&amp;D and selling expenses and GPM pressure. </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.

NAURA reported 1H26 revenue of RMB20.16bn (+24.9% YoY) and net profit of RMB3.37bn (+5.1%).In 2Q26, revenue reached RMB9.84bn (+24.0% YoY, - 4.7% QoQ) and net profit was RMB1.74bn (+6.6% YoY, +6.2% QoQ), both below Bloomberg consensus.Earnings growth lagged revenue due to higher R&amp;D and selling expenses and GPM pressure. 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.

Naura Technology (002371 CH) - Platform Strength Drives Solid Growth; Maintain BUY

<ul><li>Naura reported FY25 revenue of RMB39.4bn, up 31% YoY and broadly in line with our and Bloomberg consensus, while net profit declined 1.8% YoY to RMB5.5bn, below expectations due to heavier R&amp;D investment and opex associated with increased hiring and Kingsemi consolidation.</li><li>While 4Q margin came under pressure, we view this primarily as a result of intensified product validation rather than deterioration in end demand.</li><li>Encouragingly, the Company continued to deliver strong top-line momentum on robust IC equipment growth (50%+ YoY) and ongoing product expansion into higher-value process steps. </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.

Naura reported FY25 revenue of RMB39.4bn, up 31% YoY and broadly in line with our and Bloomberg consensus, while net profit declined 1.8% YoY to RMB5.5bn, below expectations due to heavier R&amp;D investment and opex associated with increased hiring and Kingsemi consolidation.While 4Q margin came under pressure, we view this primarily as a result of intensified product validation rather than deterioration in end demand.Encouragingly, the Company continued to deliver strong top-line momentum on robust IC equipment growth (50%+ YoY) and ongoing product expansion into higher-value process steps. 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.

Naura Technology (002371 CH) - Building for the Next Leg of WFE Growth

Thematic (Sector/Industry)

<ul><li>Global semiconductor equipment billings grew 10% in 2024 to US$117bn (SEMI), closely tracking the global semi 20% sales expansion, according to WSTS.</li><li>While SEMI’s July 2025 forecast calls for a 7% increase in semiconductor equipment billings to US$126bn this year, we view this projection as conservative.</li><li>The forecast implies an atypically soft 4Q25, with a 20% YoY decline, which contrasts with strong YTD performance, including a robust September (up 35% YoY and 80% QoQ). </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.

Global semiconductor equipment billings grew 10% in 2024 to US$117bn (SEMI), closely tracking the global semi 20% sales expansion, according to WSTS.While SEMI’s July 2025 forecast calls for a 7% increase in semiconductor equipment billings to US$126bn this year, we view this projection as conservative.The forecast implies an atypically soft 4Q25, with a 20% YoY decline, which contrasts with strong YTD performance, including a robust September (up 35% YoY and 80% QoQ). 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.

Semiconductors - Semiconductor Equipment – Steady growth outlook amid Chinas dual forces

<ul><li>ASML and LAM posted in-line 3Q23 results, and a higher China sales mix is the bright spot, leading to better profitability.</li><li>Looking ahead, both believe that memory market recovery remains slow given low UTR and on-going inventory digestion, and cycle inflection visibility could be delayed to end-2023.</li><li>However, both remain positive on China demand for capacity expansion of domestic mature &amp; specialty nodes. </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.

ASML and LAM posted in-line 3Q23 results, and a higher China sales mix is the bright spot, leading to better profitability.Looking ahead, both believe that memory market recovery remains slow given low UTR and on-going inventory digestion, and cycle inflection visibility could be delayed to end-2023.However, both remain positive on China demand for capacity expansion of domestic mature &amp; specialty nodes. 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.

China Technology – Implications of ASML/LAM Research 3Q23 Results

<ul><li>The US Department of Commerce announced a new set of restrictions on 17 Oct that strengthens 1) export controls on advanced chips with new “parameters” and expansion to 40 more countries</li><li>2) export controls of chip manufacturing equipment to 21 more countries, and 3) addition of 13 Chinese entities onto the US Entity List.</li><li>We believe new rules are largely in-line with expectations and news media on 3 Oct.</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.

The US Department of Commerce announced a new set of restrictions on 17 Oct that strengthens 1) export controls on advanced chips with new “parameters” and expansion to 40 more countries2) export controls of chip manufacturing equipment to 21 more countries, and 3) addition of 13 Chinese entities onto the US Entity List.We believe new rules are largely in-line with expectations and news media on 3 Oct.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.

Implications of the US’s Updated Chip Restrictions to Global/Domestic SPE and GPU Companies

China

NAURA Technology Group Co., Ltd. is an integrated high-tech company, which manufactures electronics equipments and components, including IC equipments, hybrid integrated circuits and combines with R&D, sales, and services.

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NAURA Technology Group (002371 CH)

Naura Technology (002371 CH) - Platform Strength Drives Solid Growth; Maintain BUY

In 2Q26, revenue reached RMB9.84bn (+24.0% YoY, - 4.7% QoQ) and net profit was RMB1.74bn (+6.6% YoY, +6.2% QoQ), both below Bloomberg consensus.

CMB International

Naura Technology (002371 CH) - Building for the Next Leg of WFE Growth

While 4Q margin came under pressure, we view this primarily as a result of intensified product validation rather than deterioration in end demand.

CMB International

Semiconductors - Semiconductor Equipment – Steady growth outlook amid Chinas dual forces

Global semiconductor equipment billings grew 10% in 2024 to US$117bn (SEMI), closely tracking the global semi 20% sales expansion, according to WSTS.

CMB International

China Technology – Implications of ASML/LAM Research 3Q23 Results

Looking ahead, both believe that memory market recovery remains slow given low UTR and on-going inventory digestion, and cycle inflection...

CMB International

Implications of the US’s Updated Chip Restrictions to Global/Domestic SPE and GPU Companies

The US Department of Commerce announced a new set of restrictions on 17 Oct that strengthens 1) export controls on advanced chips with new...

CMB International

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