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>We hosted post-results NDR for BYDE in Hong Kong last week, to discuss 3Q25 results, 2026 guidance and industry outlook.</li><li>Overall, investors were interested in 1) BYDE’s product roadmap for major US client, 2) AI server product pipeline/ timeline (esp. GB300/Robin), and 3) automotive segment outlook and shipment. For 2026, mgmt. expects revenue growth with margin recovery, driven by major US client’s new product cycle (foldable phone/smart home), NEV product rampup and AI server client wins in multiple products (liquid cooling, power, HVDC).</li><li>We are positive on BYDE as a key beneficiary of iPhone form factor changes and growth opportunities in global AI server market.</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>

We hosted post-results NDR for BYDE in Hong Kong last week, to discuss 3Q25 results, 2026 guidance and industry outlook.Overall, investors were interested in 1) BYDE’s product roadmap for major US client, 2) AI server product pipeline/ timeline (esp. GB300/Robin), and 3) automotive segment outlook and shipment. For 2026, mgmt. expects revenue growth with margin recovery, driven by major US client’s new product cycle (foldable phone/smart home), NEV product rampup and AI server client wins in multiple products (liquid cooling, power, HVDC).We are positive on BYDE as a key beneficiary of iPhone form factor changes and growth opportunities in global AI server market.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) - NDR Takeaways: Apple/AI Server/Auto to Accelerate Revenue Growth in 2026

BYD Electronics

BYDE (285 HK) - NDR Takeaways: Apple/AI Server/Auto to Accelerate Revenue Growth in 2026