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

OmniVision Integrated Circuits Group / Equity Bottom-Up

OmniVision Integrated Circuits Group (603501 CH)

<ul><li>OmniVision reported FY25 results with revenue up 12.1% YoY to RMB28.9bn, 5% below both our estimate and BBG consensus, while net profit rose 21.7% YoY to RMB4.0bn, 2% below our forecast and 9% below BBG consensus.</li><li>GPM improved to 30.6% in FY25 from 29.4% in FY24, broadly in line with both our estimate and consensus, mainly driven by a richer CIS mix and a higher contribution from auto CIS.</li><li>By quarter, 4Q25 revenue grew 4% YoY but declined 10% QoQ, mainly reflecting softer smartphone-related shipments and seasonality, while GPM improved sequentially to 31.3%, supported by continued mix upgrade. </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>

OmniVision reported FY25 results with revenue up 12.1% YoY to RMB28.9bn, 5% below both our estimate and BBG consensus, while net profit rose 21.7% YoY to RMB4.0bn, 2% below our forecast and 9% below BBG consensus.GPM improved to 30.6% in FY25 from 29.4% in FY24, broadly in line with both our estimate and consensus, mainly driven by a richer CIS mix and a higher contribution from auto CIS.By quarter, 4Q25 revenue grew 4% YoY but declined 10% QoQ, mainly reflecting softer smartphone-related shipments and seasonality, while GPM improved sequentially to 31.3%, supported by continued mix upgrade. 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.

OmniVision (603501 CH) - Higher-Value CIS Mix Expansion Supports Margin Resilience