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 (24 Mar) 4Q25 financial results: total revenue reached RMB1.0bn, up 39.0% YoY, broadly in line with our estimate but 8% below Bloomberg consensus, mainly due to a faster-than-expected decline in ASP driven by a revenue mix shift toward relatively lower-ASP ATX and JT series.</li><li>Non-GAAP NP came in at RMB181mn, ahead of both our forecast and Bloomberg consensus (RMB107mn/RMB133mn), supported by stronger-thanexpected non-operating items.</li><li>Management raised its 2026E LiDAR shipment guidance to 3.0–3.5mn units (from 2.0–3.0mn), underpinned by strong growth in both ADAS (driven by FTX and a revamped version of ATX) and robotics LiDAR (supported by robust adoption of robotic lawn mowers), both of which are expected to see shipments double YoY. </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 (24 Mar) 4Q25 financial results: total revenue reached RMB1.0bn, up 39.0% YoY, broadly in line with our estimate but 8% below Bloomberg consensus, mainly due to a faster-than-expected decline in ASP driven by a revenue mix shift toward relatively lower-ASP ATX and JT series.Non-GAAP NP came in at RMB181mn, ahead of both our forecast and Bloomberg consensus (RMB107mn/RMB133mn), supported by stronger-thanexpected non-operating items.Management raised its 2026E LiDAR shipment guidance to 3.0–3.5mn units (from 2.0–3.0mn), underpinned by strong growth in both ADAS (driven by FTX and a revamped version of ATX) and robotics LiDAR (supported by robust adoption of robotic lawn mowers), both of which are expected to see shipments double YoY. 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 Core Business Growth Outlook...