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

Maxscend Microelectronics  L / Equity Bottom-Up

<ul><li>Maxscend released 2Q25 results. Revenue was RMB948mn in 2Q25, up 25% QoQ from a low base in 1Q but down 13% YoY, reflecting continued softness in end-market demand and intensified competition.</li><li>During the period, GPM fell to 27% (-4ppt/-14ppt vs. 1Q25/2Q24) in 2Q25, missing BBG consensus estimates of 34%, due to 1) ongoing price pressure, 2) impact from depreciation, and 3) lower-than-expected fab utilization. Net loss widened to RMB101mn in 2Q (NLM: -11%) from -RMB47mn in 1Q (NLM: -6%).</li><li>We cut our 2025/26E revenue forecasts by 21%/22% to reflect weaker-than-expected demand and persistent pricing pressure. </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>

Maxscend released 2Q25 results. Revenue was RMB948mn in 2Q25, up 25% QoQ from a low base in 1Q but down 13% YoY, reflecting continued softness in end-market demand and intensified competition.During the period, GPM fell to 27% (-4ppt/-14ppt vs. 1Q25/2Q24) in 2Q25, missing BBG consensus estimates of 34%, due to 1) ongoing price pressure, 2) impact from depreciation, and 3) lower-than-expected fab utilization. Net loss widened to RMB101mn in 2Q (NLM: -11%) from -RMB47mn in 1Q (NLM: -6%).We cut our 2025/26E revenue forecasts by 21%/22% to reflect weaker-than-expected demand and persistent pricing pressure. 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.

Maxscend (300782 CH) - Margin Headwinds Persist from Business Model Transition...