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>SenseTime reported 1H26 results: total revenue was up by 23% YoY to RMB2.91bn, largely in line with Visible Alpha (VA) consensus estimates; adjusted net loss narrowed by 67% YoY to RMB386mn, better than consensus estimate of RMB523mn loss, mainly thanks to the enhanced efficiency and RMB521mn gains on disposal of subsidiaries.</li><li>The company introduced and disclosed Recurring Revenue (RR) of RMB1.14bn in 1H26, up by 124% YoY and representing 39% of total revenue (1H25: 22%).</li><li>The strong RR growth reflects the successful transformation of SenseTime’s business model – from one-off project delivery to ongoing and sustainable revenue streams. </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.

SenseTime reported 1H26 results: total revenue was up by 23% YoY to RMB2.91bn, largely in line with Visible Alpha (VA) consensus estimates; adjusted net loss narrowed by 67% YoY to RMB386mn, better than consensus estimate of RMB523mn loss, mainly thanks to the enhanced efficiency and RMB521mn gains on disposal of subsidiaries.The company introduced and disclosed Recurring Revenue (RR) of RMB1.14bn in 1H26, up by 124% YoY and representing 39% of total revenue (1H25: 22%).The strong RR growth reflects the successful transformation of SenseTime’s business model – from one-off project delivery to ongoing and sustainable revenue streams. 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.

SenseTime (20 HK) - Strong revenue growth and margin expansion fuelled by robust AI demand

<ul><li>SenseTime announced FY25 results: total revenue grew by 33% YoY to RMB5.01bn, 3% ahead of Bloomberg consensus estimate mainly thanks to the strong momentum of Generative AI business.</li><li>Adjusted net loss narrowed by 54% YoY to RMB1.96bn in FY25, also better than consensus estimate of RMB2.29bn, primarily due to the effective control in opex (-11% YoY) and the operating leverage.</li><li>Looking ahead, the company will continue to improve its multimodal capabilities and enhance model cost efficiency to capture the GenAI monetization opportunities. </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.

SenseTime announced FY25 results: total revenue grew by 33% YoY to RMB5.01bn, 3% ahead of Bloomberg consensus estimate mainly thanks to the strong momentum of Generative AI business.Adjusted net loss narrowed by 54% YoY to RMB1.96bn in FY25, also better than consensus estimate of RMB2.29bn, primarily due to the effective control in opex (-11% YoY) and the operating leverage.Looking ahead, the company will continue to improve its multimodal capabilities and enhance model cost efficiency to capture the GenAI monetization opportunities. 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.

SenseTime (20 HK) - FY25 Results Beat on Solid Gen AI Business and Enhanced Operating Efficiency

Thematic (Sector/Industry)

<ul><li>Number of China public security projects bidding remained weak in 3Q22 at -7% YoY (vs. -4% YoY in 2Q22) as Sep number deteriorated (-9% YoY).</li><li>Meanwhile, the US has broadened the restrictions from targeting specific companies (Entity List) to specific products (semiconductors/ equipment above certain computing threshold). </li><li>Our channel checks suggested that the new rules have limited impact to existing commercial AI applications.</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.

Number of China public security projects bidding remained weak in 3Q22 at -7% YoY (vs. -4% YoY in 2Q22) as Sep number deteriorated (-9% YoY).Meanwhile, the US has broadened the restrictions from targeting specific companies (Entity List) to specific products (semiconductors/ equipment above certain computing threshold). Our channel checks suggested that the new rules have limited impact to existing commercial AI applications.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 AI – Public Security Demand Remained Weak in 3Q22

<ul><li>Reuters reported that the U.S. may publish new regulations next month to broaden curbs on 1) AI chips, 2) chipmaking equipment and 3) products that contain targeted chips exports to China. </li><li>This could cover more U.S. companies and will disallow export of servers containing advanced GPU. </li><li>Under the new rules, China can still design sub-14nm (not sub-3nm) AI chips but the production has to be taken place outside of China. </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.

Reuters reported that the U.S. may publish new regulations next month to broaden curbs on 1) AI chips, 2) chipmaking equipment and 3) products that contain targeted chips exports to China. This could cover more U.S. companies and will disallow export of servers containing advanced GPU. Under the new rules, China can still design sub-14nm (not sub-3nm) AI chips but the production has to be taken place outside of China. 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 AI – U.S. May Broaden AI Chips Export Restrictions

<ul><li>SenseTime reported 1H25 results: total revenue increased by 36% YoY to RMB2.36bn, 6% ahead of our estimate, mainly due to the strong revenue growth of Generative AI business; adjusted net loss narrowed by 50% YoY to RMB1.16bn, thanks to the operating leverage and organizational restructuring, which should be largely in line with our estimate (RMB1.63bn) if excluding other gains of RMB641mn related to disposal of subsidiaries.</li><li>Fuelled by the strong demand for AI compute and AI applications, we forecast total revenue to maintain a solid growth of 25% YoY in 2H25E.</li><li>We revise our FY25/26E adjusted net loss forecast to RMB2.29/0.60bn (previous: RMB2.75bn/0.72bn), given the strong operating leverage and opex control. </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.

SenseTime reported 1H25 results: total revenue increased by 36% YoY to RMB2.36bn, 6% ahead of our estimate, mainly due to the strong revenue growth of Generative AI business; adjusted net loss narrowed by 50% YoY to RMB1.16bn, thanks to the operating leverage and organizational restructuring, which should be largely in line with our estimate (RMB1.63bn) if excluding other gains of RMB641mn related to disposal of subsidiaries.Fuelled by the strong demand for AI compute and AI applications, we forecast total revenue to maintain a solid growth of 25% YoY in 2H25E.We revise our FY25/26E adjusted net loss forecast to RMB2.29/0.60bn (previous: RMB2.75bn/0.72bn), given the strong operating leverage and opex control. 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.

SenseTime (20 HK) - 1H25 Review: Strong Gen AI Revenue Momentum with Improving Margin

China

SenseTime is a leading artificial intelligence software company that researches, develops, and sells AI software platforms. It provides AI technologies across generative AI, traditional AI, and smart auto, enabling digital transformation for enterprises, smart city management, and applications in IoT, Metaverse, smart health, and automotive. The company was founded in 2014 and is headquartered in Hong Kong.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

SenseTime (20 HK)

SenseTime (20 HK) - Strong revenue growth and margin expansion fuelled by robust AI demand

The company introduced and disclosed Recurring Revenue (RR) of RMB1.14bn in 1H26, up by 124% YoY and representing 39% of total revenue (1H25: 22%).

CMB International

SenseTime (20 HK) - FY25 Results Beat on Solid Gen AI Business and Enhanced Operating Efficiency

SenseTime announced FY25 results: total revenue grew by 33% YoY to RMB5.01bn, 3% ahead of Bloomberg consensus estimate mainly thanks to the strong...

CMB International

China AI – Public Security Demand Remained Weak in 3Q22

Number of China public security projects bidding remained weak in 3Q22 at -7% YoY (vs. -4% YoY in 2Q22) as Sep number deteriorated (-9% YoY).

CMB International

China AI – U.S. May Broaden AI Chips Export Restrictions

Under the new rules, China can still design sub-14nm (not sub-3nm) AI chips but the production has to be taken place outside of China.

CMB International

SenseTime (20 HK) - 1H25 Review: Strong Gen AI Revenue Momentum with Improving Margin

We roll forward our valuation window to FY26E and raise our target price to HK$2.45 based on 12x FY26E EV/sales (previous: HK$1.85 on 10.5x FY25E...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)