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

<ul><li>BOEVx posted 1H25 revenue growth of 8% YoY driven by high-end auto products and system business segment, while net profit growth of 5% YoY was mainly dragged by higher depreciation expense and staff cost, partly offset by government grant and investment income.</li><li>During the earnings call, mgmt. guided stronger 2H25E revenue with stable NPM, thanks to China order wins, product expansion and less intensified competition.</li><li>In the longer term, we remain positive on BOEVx as the global No.1 automotive display leader to benefit from overseas expansion, three-step strategies and capacity ramp-up. </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>

BOEVx posted 1H25 revenue growth of 8% YoY driven by high-end auto products and system business segment, while net profit growth of 5% YoY was mainly dragged by higher depreciation expense and staff cost, partly offset by government grant and investment income.During the earnings call, mgmt. guided stronger 2H25E revenue with stable NPM, thanks to China order wins, product expansion and less intensified competition.In the longer term, we remain positive on BOEVx as the global No.1 automotive display leader to benefit from overseas expansion, three-step strategies and capacity ramp-up. 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.

BOE Varitronix (710 HK) - 1H25 Dragged by Higher Costs...