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 reported 1H26 results: total revenue was up by 23% YoY to RMB2.91bn, largely in line with Visible Alpha (VA) consensus estimates; adjusted net loss narrowed by 67% YoY to RMB386mn, better than consensus estimate of RMB523mn loss, mainly thanks to the enhanced efficiency and RMB521mn gains on disposal of subsidiaries.</li><li>The company introduced and disclosed Recurring Revenue (RR) of RMB1.14bn in 1H26, up by 124% YoY and representing 39% of total revenue (1H25: 22%).</li><li>The strong RR growth reflects the successful transformation of SenseTime’s business model – from one-off project delivery to ongoing and sustainable revenue streams. </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 reported 1H26 results: total revenue was up by 23% YoY to RMB2.91bn, largely in line with Visible Alpha (VA) consensus estimates; adjusted net loss narrowed by 67% YoY to RMB386mn, better than consensus estimate of RMB523mn loss, mainly thanks to the enhanced efficiency and RMB521mn gains on disposal of subsidiaries.The company introduced and disclosed Recurring Revenue (RR) of RMB1.14bn in 1H26, up by 124% YoY and representing 39% of total revenue (1H25: 22%).The strong RR growth reflects the successful transformation of SenseTime’s business model – from one-off project delivery to ongoing and sustainable revenue streams. 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) - Strong revenue growth and margin expansion fuelled by robust AI demand