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 has announced 1Q25 results. Revenue increased by 8% YoY and 5% QoQ to RMB33.0bn, driven by strong revenue growth in enterprise/gov’t segment (doubled YoY growth per mgmt.), benefitting from increased capex in compute infra. by leading domestic CSPs. NP decreased by 11% YoY to RMB2.5bn on a lower margin.</li><li>GPM dropped YoY to 34.3% in 1Q25 vs. 42.0%/30.6% in 1Q24/4Q24, mainly due to an unfavourable product mix (higher revenue contribution from non-carrier business segments).</li><li>Maintain BUY as we view ZTE as a beneficiary in domestic AI market, with TP revised to RMB26.5.</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 has announced 1Q25 results. Revenue increased by 8% YoY and 5% QoQ to RMB33.0bn, driven by strong revenue growth in enterprise/gov’t segment (doubled YoY growth per mgmt.), benefitting from increased capex in compute infra. by leading domestic CSPs. NP decreased by 11% YoY to RMB2.5bn on a lower margin.GPM dropped YoY to 34.3% in 1Q25 vs. 42.0%/30.6% in 1Q24/4Q24, mainly due to an unfavourable product mix (higher revenue contribution from non-carrier business segments).Maintain BUY as we view ZTE as a beneficiary in domestic AI market, with TP revised to RMB26.5.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) - Strong Growth in Second-Curve Businesses

ZTE Corp H

ZTE (763 HK) - Strong Growth in Second-Curve Businesses