External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

AAC Technologies Holdings / Equity Bottom-Up

<ul><li>AAC’s 1H25 revenue/NP (+18%/63% YoY) were in-line with our/consensus estimates on solid sale growth and one-off fair value gains (PSS), despite lower GPM at 20.7% (vs 21.5%/22.5% in 1H24/2H24) given seasonality and product transitions.</li><li>During the earnings call, mgmt. guided a solid set of sales (2H growth higher than 1H growth) and GPM (FY25E GPM above FY24), which should ease investor concerns over GPM miss and demand uncertainties.</li><li>We believe the market concern is overdone and recommend to accumulate on corrections, as we see AAC as the major beneficiary of AI-driven spec upgrade cycle (acoustics/optics/MEMS/VC), capturing opportunities in AI/foldable phones/AI glasses/robotics. </li></ul><p><em>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.</em></p>

AAC’s 1H25 revenue/NP (+18%/63% YoY) were in-line with our/consensus estimates on solid sale growth and one-off fair value gains (PSS), despite lower GPM at 20.7% (vs 21.5%/22.5% in 1H24/2H24) given seasonality and product transitions.During the earnings call, mgmt. guided a solid set of sales (2H growth higher than 1H growth) and GPM (FY25E GPM above FY24), which should ease investor concerns over GPM miss and demand uncertainties.We believe the market concern is overdone and recommend to accumulate on corrections, as we see AAC as the major beneficiary of AI-driven spec upgrade cycle (acoustics/optics/MEMS/VC), capturing opportunities in AI/foldable phones/AI glasses/robotics. 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.

AAC Tech (2018 HK) - 1H25 In-Line Despite GPM Dip