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>BYDE reported in-line 3Q25 revenue but earnings were dragged by weaker smartphone components (iPhone casing), new intelligent product revenue decline and lower GPM, while NEV biz maintained stable growth.</li><li>During investor call, mgmt. guided flattish revenue/GPM in 4Q25E due to iPhone component drag and AI server project delay, and expected stronger revenue growth in 2026 driven by component upgrade (foldable phone), new smart home product launch, NEV high-end products ramp-up and AI server project shipment (liquid cooling, HVDC, power).</li><li>We lower our FY25-27E EPS by 8-14% to factor in 3Q results and CE mix impact, and we remain positive on BYDE’s growth opportunities in NEV/AI server growth in FY26-27E. </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>

BYDE reported in-line 3Q25 revenue but earnings were dragged by weaker smartphone components (iPhone casing), new intelligent product revenue decline and lower GPM, while NEV biz maintained stable growth.During investor call, mgmt. guided flattish revenue/GPM in 4Q25E due to iPhone component drag and AI server project delay, and expected stronger revenue growth in 2026 driven by component upgrade (foldable phone), new smart home product launch, NEV high-end products ramp-up and AI server project shipment (liquid cooling, HVDC, power).We lower our FY25-27E EPS by 8-14% to factor in 3Q results and CE mix impact, and we remain positive on BYDE’s growth opportunities in NEV/AI server growth in FY26-27E. 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.

BYDE (285 HK) - 3Q25 Dragged by Smartphone Components...

BYD Electronics

BYDE (285 HK) - 3Q25 Dragged by Smartphone Components...