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>Innolight delivered yet another record-breaking quarter, with revenue rising +57%/+26% YoY/QoQ to RMB10.2bn.</li><li>Gross margin expanded sharply by +9.2/+1.3ppt YoY/QoQ to 42.8%, driven by strong leverage from 800G transceiver shipments and broader uptake of SiPh-based solutions.</li><li>Net profit surged +125% YoY/+30% QoQ to RMB3.1bn, also a record high, with net margin reaching 30.7% (vs. 29.7% in 2Q25 and 21.4% in 3Q24). </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.

Innolight delivered yet another record-breaking quarter, with revenue rising +57%/+26% YoY/QoQ to RMB10.2bn.Gross margin expanded sharply by +9.2/+1.3ppt YoY/QoQ to 42.8%, driven by strong leverage from 800G transceiver shipments and broader uptake of SiPh-based solutions.Net profit surged +125% YoY/+30% QoQ to RMB3.1bn, also a record high, with net margin reaching 30.7% (vs. 29.7% in 2Q25 and 21.4% in 3Q24). 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.

Innolight (300308 CH) - Record-High Quarter Driven by AI Demand...

<ul><li>Innolight delivered exceptionally strong 2Q25 results. Quarterly revenue was a record RMB8.1bn, up 36%/ 22% YoY/QoQ, driven by robust demand for high-end optical modules.</li><li>Net profit surged to RMB2.4bn, up 79%/52% YoY/QoQ, beating BBG consensus by 28%.</li><li>Both GPM and NPM hit record highs at 41.5%/29.7%, outperforming consensus by 5.7ppt/7.2ppt. </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.

Innolight delivered exceptionally strong 2Q25 results. Quarterly revenue was a record RMB8.1bn, up 36%/ 22% YoY/QoQ, driven by robust demand for high-end optical modules.Net profit surged to RMB2.4bn, up 79%/52% YoY/QoQ, beating BBG consensus by 28%.Both GPM and NPM hit record highs at 41.5%/29.7%, outperforming consensus by 5.7ppt/7.2ppt. 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.

Innolight (300308 CH) - Record Revenue and Earnings Coupled with Significant Margin Expansion

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>Nearing the end of the review period for the September rebalance, there could be three changes for the <a href="https://www.smartkarma.com/entities/ishares-ftse-a50-china-index-etf" target="_blank" data-smartkarma-citation="entities:249:1" rel="noopener">iShares A50 China (2823 HK)</a>/ <a href="https://www.smartkarma.com/entities/csop-ftse-china-a50-etf-26e3b671-fa47-4165-a12e-bf841640c5a3" target="_blank" data-smartkarma-citation="entities:23664:1" rel="noopener">CSOP China A50 (HKD) (2822 HK)</a>.</li>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd" target="_blank" data-smartkarma-citation="entities:27092:1" rel="noopener">WuXi AppTec</a>, <a href="https://www.smartkarma.com/entities/zhongji-innolight-co-ltd" target="_blank" data-smartkarma-citation="entities:6986:1" rel="noopener">Zhongji Innolight</a> and <a href="https://www.smartkarma.com/entities/beigene-ltd-1c8ba4ff-edc5-43c3-b3fe-c3e4230f1c53" target="_blank" data-smartkarma-citation="entities:40395:1" rel="noopener">BeiGene</a> could replace <a href="https://www.smartkarma.com/entities/china-united-network-a" target="_blank" data-smartkarma-citation="entities:12620:1" rel="noopener">China United Network</a>, <a href="https://www.smartkarma.com/entities/nari-technology-co-ltd-a" target="_blank" data-smartkarma-citation="entities:4364:1" rel="noopener">NARI Technology</a> and <a href="https://www.smartkarma.com/entities/china-national-nuclear-power-c" target="_blank" data-smartkarma-citation="entities:25348:1" rel="noopener">China National Nuclear Power</a> in the ETF at the close on 19 September.</li>
<li>Passives will need to trade 0.1-0.7x ADV in the forecast changes. The forecast adds have massively outperformed the forecast deletes over the last 4 months.</li>
</ul>


Nearing the end of the review period for the September rebalance, there could be three changes for the iShares A50 China (2823 HK)/ CSOP China A50 (HKD) (2822 HK).

WuXi AppTec, Zhongji Innolight and BeiGene could replace China United Network, NARI Technology and China National Nuclear Power in the ETF at the close on 19 September.
Passives will need to trade 0.1-0.7x ADV in the forecast changes. The forecast adds have massively outperformed the forecast deletes over the last 4 months.


China A50 ETFs Rebalance Preview: Three Changes in September

<ul><li>Innolight announced 1H25 preliminary earnings. 1H25 NP is guided to be RMB3.6bn-RMB4.4bn, up 53%-87% YoY.</li><li>2Q NP alone is estimated to be RMB2.0bn-RMB2.8bn, up 50%-107% YoY/27%-78% QoQ.</li><li>2Q NP beat Bloomberg consensus of RMB1.9bn by 9%-52%. </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.

Innolight announced 1H25 preliminary earnings. 1H25 NP is guided to be RMB3.6bn-RMB4.4bn, up 53%-87% YoY.2Q NP alone is estimated to be RMB2.0bn-RMB2.8bn, up 50%-107% YoY/27%-78% QoQ.2Q NP beat Bloomberg consensus of RMB1.9bn by 9%-52%. 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.

Innolight (300308 CH) - 2Q Earnings Reinforce AI Infrastructure Spend Momentum

<ul><li>Innolight has announced 1Q25 results. Revenue was up 38% YoY and 2% QoQ to RMB6.7bn, driven by continued global cloud capex and growing demand for 400G/800G optical transceivers.</li><li>NP was up 57% YoY and 12% QoQ to RMB1.6bn, driven by growth in orders and a better margin.</li><li>GPM improved to 36.7% (vs. 32.8%/35.1% in 1Q24/4Q24), significantly above BBG consensus of 31.9% despite that 1Q GPM was normally lower due to seasonality and price adjustments. </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.

Innolight has announced 1Q25 results. Revenue was up 38% YoY and 2% QoQ to RMB6.7bn, driven by continued global cloud capex and growing demand for 400G/800G optical transceivers.NP was up 57% YoY and 12% QoQ to RMB1.6bn, driven by growth in orders and a better margin.GPM improved to 36.7% (vs. 32.8%/35.1% in 1Q24/4Q24), significantly above BBG consensus of 31.9% despite that 1Q GPM was normally lower due to seasonality and price adjustments. 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.

Innolight (300308 CH) - Solid 1Q25 Earnings W/ Strong Beat on Margins

China

Zhongji Innolight Co., Ltd. manufactures and distributes industrial machines and machine parts. The Company produces motor stator windings, insulating machines, coil winding equipment, automatic production lines, and more. Zhongji Innolight mainly conducts businesses domestically.

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Zhongji Innolight (300308 CH)

Innolight (300308 CH) - Record-High Quarter Driven by AI Demand...

Gross margin expanded sharply by +9.2/+1.3ppt YoY/QoQ to 42.8%, driven by strong leverage from 800G transceiver shipments and broader uptake of...

CMB International

Innolight (300308 CH) - Record Revenue and Earnings Coupled with Significant Margin Expansion

Innolight delivered exceptionally strong 2Q25 results. Quarterly revenue was a record RMB8.1bn, up 36%/ 22% YoY/QoQ, driven by robust demand for...

CMB International

China A50 ETFs Rebalance Preview: Three Changes in September

There could be 3 changes for the ETF in Sep. The forecast adds have outperformed the forecast deletes by a huge margin over the last 4 months....

Brian Freitas

Innolight (300308 CH) - 2Q Earnings Reinforce AI Infrastructure Spend Momentum

2Q NP alone is estimated to be RMB2.0bn-RMB2.8bn, up 50%-107% YoY/27%-78% QoQ. 2Q NP beat Bloomberg consensus of RMB1.9bn by 9%-52%.

CMB International

Innolight (300308 CH) - Solid 1Q25 Earnings W/ Strong Beat on Margins

Innolight has announced 1Q25 results. Revenue was up 38% YoY and 2% QoQ to RMB6.7bn, driven by continued global cloud capex and growing demand for...

CMB International

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