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

Sunny Optical Technology / Equity Bottom-Up

<ul><li>Sunny’s 2H25 revenue/net profit grew 21%/85% YoY to RMB23.6bn/3.0bn, with net profit largely in-line with prior positive profit alert (RMB2.94-3.08bn) and our estimates, but 44% above consensus estimates due to one-off investment gain from equity interests in Goertek Optical.</li><li>Looking into 2026, mgmt. guided revenue/net profit growth of not less than 7%/7% YoY, driven by smartphone revenue +5-10% YoY (ASP hike and share gains) and IoT revenue of 60% YoY, offsetting weaker XR segment.</li><li>We believe Sunny’s focus on high-end spec upgrade and strong IoT product pipeline will become major growth drivers in 2026 despite near-term smartphone/auto industry headwinds. </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>

Sunny’s 2H25 revenue/net profit grew 21%/85% YoY to RMB23.6bn/3.0bn, with net profit largely in-line with prior positive profit alert (RMB2.94-3.08bn) and our estimates, but 44% above consensus estimates due to one-off investment gain from equity interests in Goertek Optical.Looking into 2026, mgmt. guided revenue/net profit growth of not less than 7%/7% YoY, driven by smartphone revenue +5-10% YoY (ASP hike and share gains) and IoT revenue of 60% YoY, offsetting weaker XR segment.We believe Sunny’s focus on high-end spec upgrade and strong IoT product pipeline will become major growth drivers in 2026 despite near-term smartphone/auto industry headwinds. 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.

Sunny Optical (2382 HK) - 2026 Guidance Better-Than-Feared...