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>Horizon Robotics delivered strong 1H25 results, with revenue surging 68% YoY to RMB1.57bn, propelled by a 250% YoY growth in auto product solutions.</li><li>The company reinforced its leadership in China’s auto tech segment, capturing 45.8% share in ADAS solutions market and 32.4% in overall intelligent assisted driving solutions among Chinese OEMs, per mgmt..</li><li>Despite a 13.7ppt YoY contraction due to product mix shifts, GPM remained elevated at 65.4%. </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>

Horizon Robotics delivered strong 1H25 results, with revenue surging 68% YoY to RMB1.57bn, propelled by a 250% YoY growth in auto product solutions.The company reinforced its leadership in China’s auto tech segment, capturing 45.8% share in ADAS solutions market and 32.4% in overall intelligent assisted driving solutions among Chinese OEMs, per mgmt..Despite a 13.7ppt YoY contraction due to product mix shifts, GPM remained elevated at 65.4%. 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.

Horizon Robotics (9660 HK) - 1H25 Results: ASP and Volume Surged, Driving 68% Sales Growth