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>Maintain BUY. Horizon’s shipment rose 12.1% YoY in 1H26 despite a 20.2% YoY decline for the overall auto sales.</li><li>Revenue missed by 9% on lower ASP, but GPM beat on high-margin licensing strength. Top-line growth is set to reaccelerate above 60% YoY in 2H26E, as Horizon SuperDrive (HSD) ramps up production across BYD’s high-end portfolio, lifting product ASP to RMB712, based on our estimates.</li><li>Horizon is positioned to become China’s No.1 high-end autonomous driving (AD) chip provider by 2027 while maintaining 60%+ GPM through FY28E. </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>

Maintain BUY. Horizon’s shipment rose 12.1% YoY in 1H26 despite a 20.2% YoY decline for the overall auto sales.Revenue missed by 9% on lower ASP, but GPM beat on high-margin licensing strength. Top-line growth is set to reaccelerate above 60% YoY in 2H26E, as Horizon SuperDrive (HSD) ramps up production across BYD’s high-end portfolio, lifting product ASP to RMB712, based on our estimates.Horizon is positioned to become China’s No.1 high-end autonomous driving (AD) chip provider by 2027 while maintaining 60%+ GPM through FY28E. 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) - Re-Acceleration on HSD Expansion, Overseas