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 strong FY25 earnings, with revenue up 60% YoY to RMB38.2bn, in line with our estimate and Bloomberg consensus, while net profit rose 109% YoY to RMB10.8bn, 1.4% below our forecast but broadly in line with consensus.</li><li>GPM improved sharply to 42.6% from 34.7% in FY24, driven by continued strength in high-speed optical module shipments and higher SiPh mix.</li><li>Momentum accelerated further in 4Q25, with revenue up 102% YoY and 30% QoQ, while GPM expanded to 44.5% from 42.8% in 3Q25. </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 strong FY25 earnings, with revenue up 60% YoY to RMB38.2bn, in line with our estimate and Bloomberg consensus, while net profit rose 109% YoY to RMB10.8bn, 1.4% below our forecast but broadly in line with consensus.GPM improved sharply to 42.6% from 34.7% in FY24, driven by continued strength in high-speed optical module shipments and higher SiPh mix.Momentum accelerated further in 4Q25, with revenue up 102% YoY and 30% QoQ, while GPM expanded to 44.5% from 42.8% in 3Q25. 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) - Stronger into 2026 on 1.6T Ramp and SiPh Mix

<ul><li>Innolight’s share price has experienced heightened volatility yesterday (down 5% on 4 Feb), driven by a combination of market concerns around NPO/CPO adoption, hyperscaler network roadmap evolution, upstream suppliers’ capacity expansion, etc., prompting mgmt. to hold an investor Q&amp;A session to address these issues.</li><li>We believe the core investment theme remains intact that pluggable modules will continue to dominate hyperscaler scale-out/scale-across deployments through 2026-27E, with the Company retaining a structurally irreplaceable role.</li><li>Recent earnings from Lumentum (LITE US, NR) and Coherent (COHR US, NR) also reinforced a demand-driven industry backdrop, while practical constraints suggest that meaningful CPO adoption is unlikely before late-2027. </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’s share price has experienced heightened volatility yesterday (down 5% on 4 Feb), driven by a combination of market concerns around NPO/CPO adoption, hyperscaler network roadmap evolution, upstream suppliers’ capacity expansion, etc., prompting mgmt. to hold an investor Q&amp;A session to address these issues.We believe the core investment theme remains intact that pluggable modules will continue to dominate hyperscaler scale-out/scale-across deployments through 2026-27E, with the Company retaining a structurally irreplaceable role.Recent earnings from Lumentum (LITE US, NR) and Coherent (COHR US, NR) also reinforced a demand-driven industry backdrop, while practical constraints suggest that meaningful CPO adoption is unlikely before late-2027. 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) - Pluggables First, New Architecture Later

<ul><li>2025 has proven a standout year for optical transceiver suppliers with high AI exposure, with domestic industry leader Innolight delivering stellar 9M25 results: Revenue and net profit soared 44%/90% YoY, while 3Q25 gross margin expanded 9ppt to 43% from a year ago.</li><li>Strong financials fueled a share price rally, with Innolight’s stock surging 380%+ YTD as of Dec 11.</li><li>Looking ahead into 2026, we double down on AI as one of our key themes, underpinned by an unabated AI infrastructure investment cycle and a sustained mix shift to higher value solutions (i.e., 1.6T). </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.

2025 has proven a standout year for optical transceiver suppliers with high AI exposure, with domestic industry leader Innolight delivering stellar 9M25 results: Revenue and net profit soared 44%/90% YoY, while 3Q25 gross margin expanded 9ppt to 43% from a year ago.Strong financials fueled a share price rally, with Innolight’s stock surging 380%+ YTD as of Dec 11.Looking ahead into 2026, we double down on AI as one of our key themes, underpinned by an unabated AI infrastructure investment cycle and a sustained mix shift to higher value solutions (i.e., 1.6T). 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) - A Clear Beneficiary of Global AI Infrastructure Capex

<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...

Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Macroeconomics

<ul><li>The HSI settled at 23,924, down 387 pts or 1.59%, extending losses for a third consecutive session and the lowest since July 2025, as investors shunned risk after the Federal Reserve struck a more hawkish tone, signaling that further policy tightening may still be needed to contain inflation.</li><li>Beijing stepped up efforts to channel funding toward emerging technologies amid intensifying competition with the US.</li><li>The semiconductor sector fluctuated and strengthened, with Crystal Growth & Energy Equipment (688478 CH) hitting the daily limit; the CPO concept rose, with Zhongji Innolight (300308 CH) rising more than 7%; the rare earth and new metal materials sectors rose, with Shenghe Resources (600392 CH) and others hitting the daily limit.</li></ul>

The HSI settled at 23,924, down 387 pts or 1.59%, extending losses for a third consecutive session and the lowest since July 2025, as investors shunned risk after the Federal Reserve struck a more hawkish tone, signaling that further policy tightening may still be needed to contain inflation.Beijing stepped up efforts to channel funding toward emerging technologies amid intensifying competition with the US.The semiconductor sector fluctuated and strengthened, with Crystal Growth & Energy Equipment (688478 CH) hitting the daily limit; the CPO concept rose, with Zhongji Innolight (300308 CH) rising more than 7%; the rare earth and new metal materials sectors rose, with Shenghe Resources (600392 CH) and others hitting the daily limit.

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) - Stronger into 2026 on 1.6T Ramp and SiPh Mix

GPM improved sharply to 42.6% from 34.7% in FY24, driven by continued strength in high-speed optical module shipments and higher SiPh mix.

CMB International

Innolight (300308 CH) - Pluggables First, New Architecture Later

Innolight’s share price has experienced heightened volatility yesterday (down 5% on 4 Feb), driven by a combination of market concerns around NPO...

CMB International

Innolight (300308 CH) - A Clear Beneficiary of Global AI Infrastructure Capex

2025 has proven a standout year for optical transceiver suppliers with high AI exposure, with domestic industry leader Innolight delivering stellar...

CMB International

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

Quam Morning Note (22 Jun)

The HSI settled at 23,924, down 387 pts or 1.59%, extending losses for a third consecutive session and the lowest since July 2025, as investors...

Quam Securities

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