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 (11 Nov) 3Q25 financial results: total revenue was RMB795.4mn, up 47% YoY, and was 1.4% ahead of Bloomberg consensus forecast; non-GAAP net profit was RMB288mn, or RMB140mn if excluding oneoff gains from equity investment in an early-stage tech company, ahead of consensus at RMB61mn, aided by the beat in revenue, and better-thanexpected GPM (42.1% vs consensus at 40.9%).</li><li>Considering the beat in 3Q25 results, management lifted 2025E GAAP NP guidance to RMB350mn-450mn (from RMB200-350mn).</li><li>Management remains upbeat on business development outlook, and guided for at least 2mn-3mn total LiDAR shipment volume in 2026E, or potentially higher if L3 adoption becomes an industry-wide trend, in which case it expects shipment volume of Robotics LiDAR to double YoY in 2026E compared to that in 2025E. </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 (11 Nov) 3Q25 financial results: total revenue was RMB795.4mn, up 47% YoY, and was 1.4% ahead of Bloomberg consensus forecast; non-GAAP net profit was RMB288mn, or RMB140mn if excluding oneoff gains from equity investment in an early-stage tech company, ahead of consensus at RMB61mn, aided by the beat in revenue, and better-thanexpected GPM (42.1% vs consensus at 40.9%).Considering the beat in 3Q25 results, management lifted 2025E GAAP NP guidance to RMB350mn-450mn (from RMB200-350mn).Management remains upbeat on business development outlook, and guided for at least 2mn-3mn total LiDAR shipment volume in 2026E, or potentially higher if L3 adoption becomes an industry-wide trend, in which case it expects shipment volume of Robotics LiDAR to double YoY in 2026E compared to that in 2025E. 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) - Solid 3Q Results; Business Development Momentum Remains Strong