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>ZTE delivered robust sales growth in 1H25, with revenue rising 15% YoY to RMB71.6bn.</li><li>NP declined 12% YoY to RMB5.1bn. A shift in product mix toward higher-volume servers weighed on profitability, dragging GPM and NPM down by 8.0ppt and 2.1ppt to 32.5% and 7.1%, respectively.</li><li>By segment: 1) Carrier revenue (49% of 1H25 sales) declined 6% YoY, reflecting subdued telecom capex in China (-9% YoY in 2025 from CM/CT/CU combined, per their guidance); 2) Consumer revenue (24%) grew 8% YoY to RMB17.2bn, supported by strong overseas smartphone shipments; 3) Government &amp; Enterprise (27%) emerged as the key growth engine, with revenue surging 110% YoY, which was largely fuelled by over 200% growth in server and storage sales, with AI servers accounting for ~55% of total server sales. </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>

ZTE delivered robust sales growth in 1H25, with revenue rising 15% YoY to RMB71.6bn.NP declined 12% YoY to RMB5.1bn. A shift in product mix toward higher-volume servers weighed on profitability, dragging GPM and NPM down by 8.0ppt and 2.1ppt to 32.5% and 7.1%, respectively.By segment: 1) Carrier revenue (49% of 1H25 sales) declined 6% YoY, reflecting subdued telecom capex in China (-9% YoY in 2025 from CM/CT/CU combined, per their guidance); 2) Consumer revenue (24%) grew 8% YoY to RMB17.2bn, supported by strong overseas smartphone shipments; 3) Government &amp; Enterprise (27%) emerged as the key growth engine, with revenue surging 110% YoY, which was largely fuelled by over 200% growth in server and storage sales, with AI servers accounting for ~55% of total server sales. 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.

ZTE (763 HK/000063 CH) - AI Server Momentum Drives Growth...

ZTE Corp H

ZTE (763 HK/000063 CH) - AI Server Momentum Drives Growth...