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>Iluvatar CoreX delivered 1H26 revenue of RMB945.7mn (+191.6% YoY/+33.3% HoH).</li><li>GPM fell to 17.2% from 50.1% in 1H25 due to below-cost semiconductor component sales and an inventory write-down.</li><li>Adding back the component gross loss and write-down, adjusted GPM was ~43%, broadly in line with the GPGPU segment’s 43.9%, but below 50.3%/57.0% in 1H25/2H25 due to a heavier inference mix. </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>

Iluvatar CoreX delivered 1H26 revenue of RMB945.7mn (+191.6% YoY/+33.3% HoH).GPM fell to 17.2% from 50.1% in 1H25 due to below-cost semiconductor component sales and an inventory write-down.Adding back the component gross loss and write-down, adjusted GPM was ~43%, broadly in line with the GPGPU segment’s 43.9%, but below 50.3%/57.0% in 1H25/2H25 due to a heavier inference mix. 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.

Iluvatar CoreX (9903 HK) - Trust the Process; 2H26 Ramp Ahead