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

OmniVision Integrated Circuits Group / Equity Bottom-Up

OmniVision Integrated Circuits Group (603501 CH)

<ul><li>OmniVision reported 1H26 revenue of RMB14.0bn, flat YoY, while net profit fell 39.9% YoY and GPM declined 1.7ppt YoY to 28.8%, as lower-margin distribution revenue rose 41% YoY to 23% of total sales.</li><li>2Q26 revenue rose 18.7% QoQ to RMB7.61bn, exceeding guidance of RMB7.15-7.54bn and Bloomberg consensus of RMB7.4bn, although GPM remained soft at 28.3%.</li><li>The 3Q26 guidance of RMB7.58-8.13bn revenue and 29.4-30.7% GPM points to modest sequential growth but a clearer margin recovery. </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.

OmniVision reported 1H26 revenue of RMB14.0bn, flat YoY, while net profit fell 39.9% YoY and GPM declined 1.7ppt YoY to 28.8%, as lower-margin distribution revenue rose 41% YoY to 23% of total sales.2Q26 revenue rose 18.7% QoQ to RMB7.61bn, exceeding guidance of RMB7.15-7.54bn and Bloomberg consensus of RMB7.4bn, although GPM remained soft at 28.3%.The 3Q26 guidance of RMB7.58-8.13bn revenue and 29.4-30.7% GPM points to modest sequential growth but a clearer margin recovery. 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.

OmniVision (603501 CH) - Early Signs of Inflection at a Cyclical Trough

<ul><li>OmniVision reported FY25 results with revenue up 12.1% YoY to RMB28.9bn, 5% below both our estimate and BBG consensus, while net profit rose 21.7% YoY to RMB4.0bn, 2% below our forecast and 9% below BBG consensus.</li><li>GPM improved to 30.6% in FY25 from 29.4% in FY24, broadly in line with both our estimate and consensus, mainly driven by a richer CIS mix and a higher contribution from auto CIS.</li><li>By quarter, 4Q25 revenue grew 4% YoY but declined 10% QoQ, mainly reflecting softer smartphone-related shipments and seasonality, while GPM improved sequentially to 31.3%, supported by continued mix upgrade. </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.

OmniVision reported FY25 results with revenue up 12.1% YoY to RMB28.9bn, 5% below both our estimate and BBG consensus, while net profit rose 21.7% YoY to RMB4.0bn, 2% below our forecast and 9% below BBG consensus.GPM improved to 30.6% in FY25 from 29.4% in FY24, broadly in line with both our estimate and consensus, mainly driven by a richer CIS mix and a higher contribution from auto CIS.By quarter, 4Q25 revenue grew 4% YoY but declined 10% QoQ, mainly reflecting softer smartphone-related shipments and seasonality, while GPM improved sequentially to 31.3%, supported by continued mix upgrade. 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.

OmniVision (603501 CH) - Higher-Value CIS Mix Expansion Supports Margin Resilience

Thematic (Sector/Industry)

<ul><li>On 10 Nov, AI Start up Humane, founded by ex-Apple engineers, has officially launched the AI Pin, an OpenAI-powered wearable.</li><li>We believe this is a promising catalyst for the imminent surge in AI-driven consumer products.</li><li>Tech giants are increasingly positioned to discover new revenue streams through integrating AI tech into consumer products, services, or in any financially sustainable manner. </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.

On 10 Nov, AI Start up Humane, founded by ex-Apple engineers, has officially launched the AI Pin, an OpenAI-powered wearable.We believe this is a promising catalyst for the imminent surge in AI-driven consumer products.Tech giants are increasingly positioned to discover new revenue streams through integrating AI tech into consumer products, services, or in any financially sustainable manner. 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.

Will Humane’s AI-Powered Screenless Device Become the Successor to Smartphones?

<ul><li>CIS market revenue was US$21.3bn in 2022, stagnated with 0.2% YoY decline, according to Yole.</li><li>The sales from mobile segment (US$13.5bn) remained flat. Auto CIS sales grew 13.7% YoY to US$2.2bn, surpassing Security CIS, which experienced significant decline (42.8% YoY) in the past year.</li><li>Domestic CIS players took a strong hit by 1) the weak mobile/security demand, 2) slower-thanexpected inventory digestion and 3) intensified competition among overseas and domestic peers. </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.

CIS market revenue was US$21.3bn in 2022, stagnated with 0.2% YoY decline, according to Yole.The sales from mobile segment (US$13.5bn) remained flat. Auto CIS sales grew 13.7% YoY to US$2.2bn, surpassing Security CIS, which experienced significant decline (42.8% YoY) in the past year.Domestic CIS players took a strong hit by 1) the weak mobile/security demand, 2) slower-thanexpected inventory digestion and 3) intensified competition among overseas and domestic peers. 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.

Semi – China CIS sector – Solid auto CIS growth offset by weak mobile CIS demand

<ul><li>Following prelim results released in Jan 2023, the sector started to rally substantially despite a mixed or disappointing set of results.</li><li>In our view, the rebound is mainly due to: 1) a relief rally with better-than-feared results; 2) rising expectation for economy rebound on China reopening; 3) accelerated localization trend under the backdrop of Sino-US tensions.</li><li>However, based on our checks with semi contacts in China and analysis of recent results from major global/ Chinese semi companies, we think the consumer electronic market will remain challenging in 1H23, and recovery may come in 2H23 the earliest. </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.

Following prelim results released in Jan 2023, the sector started to rally substantially despite a mixed or disappointing set of results.In our view, the rebound is mainly due to: 1) a relief rally with better-than-feared results; 2) rising expectation for economy rebound on China reopening; 3) accelerated localization trend under the backdrop of Sino-US tensions.However, based on our checks with semi contacts in China and analysis of recent results from major global/ Chinese semi companies, we think the consumer electronic market will remain challenging in 1H23, and recovery may come in 2H23 the earliest. 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 Hardware/Semi – Reality Check on Smartphone Supply Chain

China

OmniVision Integrated Circuits Group, Inc. manufactures image sensor and semiconductor products. The Company produces and sells complementary metal oxide semiconductors, protecting devices, power devices, power management integrated circuits, radio frequency devices, microphone sensors, and more. OmniVision Integrated Circuits Group markets its products worldwide.

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OmniVision Integrated Circuits Group (603501 CH)

OmniVision (603501 CH) - Early Signs of Inflection at a Cyclical Trough

2Q26 revenue rose 18.7% QoQ to RMB7.61bn, exceeding guidance of RMB7.15-7.54bn and Bloomberg consensus of RMB7.4bn, although GPM remained soft at...

CMB International

OmniVision (603501 CH) - Higher-Value CIS Mix Expansion Supports Margin Resilience

GPM improved to 30.6% in FY25 from 29.4% in FY24, broadly in line with both our estimate and consensus, mainly driven by a richer CIS mix and a...

CMB International

Will Humane’s AI-Powered Screenless Device Become the Successor to Smartphones?

On 10 Nov, AI Start up Humane, founded by ex-Apple engineers, has officially launched the AI Pin, an OpenAI-powered wearable.

CMB International

Semi – China CIS sector – Solid auto CIS growth offset by weak mobile CIS demand

The sales from mobile segment (US$13.5bn) remained flat. Auto CIS sales grew 13.7% YoY to US$2.2bn, surpassing Security CIS, which experienced...

CMB International

China Hardware/Semi – Reality Check on Smartphone Supply Chain

Following prelim results released in Jan 2023, the sector started to rally substantially despite a mixed or disappointing set of results.

CMB International

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