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>Hesai Group (Hesai) released (19 May) 1Q26 financial results: total revenue reached RMB680.6mn, up 30% YoY, inline with our forecast but 2% ahead of Bloomberg consensus.</li><li>Non-GAAP NP came in at RMB47.7mn, ahead of both our forecast and Bloomberg consensus (RMB38mn/RMB13mn), supported by more optimized-than-expected operating expense control.</li><li>Management expects strategic growth initiatives (SGI), which include new AI algorithm integrated spatial intelligence device Kosmo and robotic actuation, to generate RMB100mn revenue in 2026E, contribute RMB500mn revenue in 2027E, and grow to a scale that is comparable to core LiDAR business within 5 years. </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>

Hesai Group (Hesai) released (19 May) 1Q26 financial results: total revenue reached RMB680.6mn, up 30% YoY, inline with our forecast but 2% ahead of Bloomberg consensus.Non-GAAP NP came in at RMB47.7mn, ahead of both our forecast and Bloomberg consensus (RMB38mn/RMB13mn), supported by more optimized-than-expected operating expense control.Management expects strategic growth initiatives (SGI), which include new AI algorithm integrated spatial intelligence device Kosmo and robotic actuation, to generate RMB100mn revenue in 2026E, contribute RMB500mn revenue in 2027E, and grow to a scale that is comparable to core LiDAR business within 5 years. 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.

Hesai Group (HSAI US) - 1Q Results Beat; Expecting SGI Revenue to Ramp up at a Rapid Pace