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>SenseTime announced FY25 results: total revenue grew by 33% YoY to RMB5.01bn, 3% ahead of Bloomberg consensus estimate mainly thanks to the strong momentum of Generative AI business.</li><li>Adjusted net loss narrowed by 54% YoY to RMB1.96bn in FY25, also better than consensus estimate of RMB2.29bn, primarily due to the effective control in opex (-11% YoY) and the operating leverage.</li><li>Looking ahead, the company will continue to improve its multimodal capabilities and enhance model cost efficiency to capture the GenAI monetization opportunities. </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>

SenseTime announced FY25 results: total revenue grew by 33% YoY to RMB5.01bn, 3% ahead of Bloomberg consensus estimate mainly thanks to the strong momentum of Generative AI business.Adjusted net loss narrowed by 54% YoY to RMB1.96bn in FY25, also better than consensus estimate of RMB2.29bn, primarily due to the effective control in opex (-11% YoY) and the operating leverage.Looking ahead, the company will continue to improve its multimodal capabilities and enhance model cost efficiency to capture the GenAI monetization opportunities. 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.

SenseTime (20 HK) - FY25 Results Beat on Solid Gen AI Business and Enhanced Operating Efficiency