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 1H23 financial results on 28 Aug: total revenue resumed positive YoY growth of 1% and reached RMB1.43bn; adjusted net loss narrowed by 7% YoY to RMB2.39bn, in line with our estimate.</li><li>SenseTime optimized its business strategy: reduce exposure to non-core Smart City business and focus on the development of its Generative AI business, revenue of which has already accounted for 20% of 1H23 total revenue.</li><li>We expect the adjustment will refuel total revenue to grow 18% YoY and unleash operating leverage in 2H23E. </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 1H23 financial results on 28 Aug: total revenue resumed positive YoY growth of 1% and reached RMB1.43bn; adjusted net loss narrowed by 7% YoY to RMB2.39bn, in line with our estimate.SenseTime optimized its business strategy: reduce exposure to non-core Smart City business and focus on the development of its Generative AI business, revenue of which has already accounted for 20% of 1H23 total revenue.We expect the adjustment will refuel total revenue to grow 18% YoY and unleash operating leverage in 2H23E. 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.

センスタイム（20香港） – ジェネレーティブAIビジネス開発に焦点を当てる

SenseTime Group

センスタイム（20香港） – ジェネレーティブAIビジネス開発に焦点を当てる