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>Innolight delivered yet another record-breaking quarter, with revenue rising +57%/+26% YoY/QoQ to RMB10.2bn.</li><li>Gross margin expanded sharply by +9.2/+1.3ppt YoY/QoQ to 42.8%, driven by strong leverage from 800G transceiver shipments and broader uptake of SiPh-based solutions.</li><li>Net profit surged +125% YoY/+30% QoQ to RMB3.1bn, also a record high, with net margin reaching 30.7% (vs. 29.7% in 2Q25 and 21.4% in 3Q24). </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>

Innolight delivered yet another record-breaking quarter, with revenue rising +57%/+26% YoY/QoQ to RMB10.2bn.Gross margin expanded sharply by +9.2/+1.3ppt YoY/QoQ to 42.8%, driven by strong leverage from 800G transceiver shipments and broader uptake of SiPh-based solutions.Net profit surged +125% YoY/+30% QoQ to RMB3.1bn, also a record high, with net margin reaching 30.7% (vs. 29.7% in 2Q25 and 21.4% in 3Q24). 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.

Innolight (300308 CH) - Record-High Quarter Driven by AI Demand...

Zhongji Innolight

Innolight (300308 CH) - Record-High Quarter Driven by AI Demand...