The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of UISEE Technologies (Beijing) Co., Ltd. 馭勢科技（北京）股份有限公司 (the "Company") (A joint stock company incorporated in the Pe ...

Summary of Key Points from the Conference Call on China Autos & Shared Mobility Industry Overview - The China auto industry is currently facing low conviction levels among investors, with many lacking exposure or selling into any price increases due to ongoing competition and subsidy cuts expected to impact sentiment into 2026 [2][10][12]. Core Companies Discussed - **BYD**: Received the most meeting requests, with discussions focused on volume outlook and global ambitions. Concerns about market share losses in China persist, although advocates for the company are becoming less vocal [3]. - **Geely**: Remains a consensus buy but is experiencing a decline amid sector sell-offs, with attention on the Zeekr privatization [3]. - **EV Startups**: Companies like XPeng, Li Auto, and NIO are preferred among EV players due to their rapid model iteration, AI initiatives, and growing overseas sales [5]. - **Suppliers**: Hesai and Minth are favored suppliers, although there are concerns about pricing and margin pressures into 2026 [4]. Market Sentiment and Trends - There is a general pessimism in the sector, but this could lead to significant positive catalysts if there are marginal sales improvements or policy renewals [2]. - Investors expect continued nationwide and local subsidies to mitigate the impact of a 5% purchase tax hike, although local stimulus amounts are anticipated to decline by 30-50% year-over-year [10]. - Traditional OEMs are slightly preferred over EV makers due to low expectations and restructuring potential, particularly with endorsements from Huawei [11]. Autonomous Driving and Innovation - The market is increasingly focused on autonomous driving and robotaxi developments, with expectations for regulations on Level 3 (L3) autonomous driving to be announced in the first half of 2026 [14][15]. - Huawei's influence is growing, with many carmakers adopting its smart cockpit and autonomous driving technologies [17][18]. Investment Recommendations - Preferred stocks include: - **EV Trio**: XPeng, Li Auto, NIO for their innovation and overseas sales potential [5]. - **SAIC**: Among state-owned enterprises (SOEs), favored for recovering local brand sales [12]. - **Hesai**: Preferred among parts suppliers due to its positioning in autonomous driving [5]. Conclusion - The China auto sector is at a crossroads, with potential for recovery if investor sentiment shifts positively. The focus on innovation, particularly in autonomous driving and the influence of major tech players like Huawei, could provide significant growth opportunities in the coming years [2][14][18].

Summary of Pony AI Inc. (PONY) Conference Call Company Overview - **Company**: Pony AI Inc. (PONY) - **Industry**: Autonomous Vehicle Technology, specifically focusing on robotaxi services Key Financial Highlights - **3Q25 Revenue**: Increased by 72% YoY to **US$25 million**, with a 19% increase QoQ [1][4] - **Robotaxi Fare-Charging Revenue**: Up **200% YoY**, attributed to demand growth, optimized operations, and pricing strategies [1][11] - **Gross Margin (GM)**: Improved to **18.4%** from **16.1%** in 2Q25 and **9.2%** in 3Q24 [1][4] - **Operating Loss**: Recorded at **US$70 million**, higher than the expected **US$62 million** due to increased R&D expenses [1][4] - **Fleet Size**: Expanded to **961 vehicles**, with **667** being the latest Gen-7 models [1][4] Strategic Initiatives - **Future Deployment Goals**: Plans to deploy **3,000 robotaxis** by the end of 2026 [1] - **City-Wide Break-Even**: Achieved unit economics break-even in Guangzhou with **23 orders per day per vehicle** [1] - **Partnerships**: Collaborations with Mowasalat for Qatar, Uber, and Bolt for global ride-hailing, and local partnerships with Sunlight Mobility and Shenzhen Xihu for fleet expansion [7] Earnings Revision and Forecasts - **Revenue Forecasts**: Revised upwards by **7% to 9%** for 2025-2032, reflecting the 3Q25 revenue beat and increased fleet size outlook [9] - **Gross Margin Adjustments**: Slightly lowered for 2025-2027 due to expected dilution from accelerated fleet deployment, but raised for 2028-2035 as profitability improves [9] - **Net Income Estimates**: Slightly increased for 2025-2032 [9] Valuation and Price Target - **Target Price**: Maintained at **US$31.3**, based on a discounted EV/EBITDA method with a multiple of **16.6x** for 2031E [10][13] - **Upside Potential**: Current price at **US$13.33**, indicating an upside of **134.8%** [16] Risks and Challenges - **Key Risks**: Include regulatory challenges, supply chain issues, robotaxi market growth, personal information concerns, infrastructure limitations, pricing competition, and product liability [14] Conclusion - **Investment Recommendation**: Maintain a **Buy** rating based on strong revenue growth, strategic partnerships, and positive outlook for robotaxi deployment and profitability improvements [1][9][10]

Core Viewpoint - Alibaba Group Holding Limited (NYSE:BABA) is viewed as a favorable investment opportunity despite recent concerns raised by a White House memo linking the company to the Chinese military, which is seen as a short-term issue rather than a long-term risk [1][2]. Group 1: Analyst Ratings and Price Target - Citi analysts have reiterated a Buy rating on Alibaba shares and maintained a price target of $218, suggesting that any potential selloff due to the memo should be seen as a buying opportunity [1][2]. Group 2: Product Development and Market Position - Alibaba's Qwen AI app, a generative AI-driven consumer assistant, achieved over 10 million downloads within the first week of its public beta launch, positioning it as a competitor to Google's Gemini and OpenAI's ChatGPT [2]. - The Qwen AI app is available on both mobile and web platforms, with plans for an international rollout, indicating Alibaba's commitment to expanding its AI capabilities [2]. Group 3: Company Overview - Alibaba is a leading Chinese technology conglomerate operating in various sectors including e-commerce, cloud computing, digital media, and AI, with flagship platforms such as Taobao, Tmall, and Alibaba Cloud [3]. - The company is also investing in emerging technologies such as autonomous driving and smart logistics, highlighting its diversification strategy [3].

WeRide Inc. (NASDAQ:WRD) is one of the Chinese tech stocks to buy now. On November 24, WeRide Inc. (NASDAQ:WRD) published its unaudited third-quarter 2025 financial results in which it highlighted explosive growth tied to robotaxi services and new international approvals. The quarter’s revenue touched RMB 171 million ($24.0 million), up 144.3% compared with Q3 2024. This growth is the company’s biggest quarterly jump, and management noted that the surge came from wider global fleet rollout and deeper servi ...

Core Insights - WeRide and Uber have launched Level 4 fully driverless Robotaxi commercial operations in Abu Dhabi, marking a significant milestone in autonomous driving technology [1] Company Developments - This initiative represents the first driverless deployment in the Middle East and the first city outside the United States to host fully driverless operations on the Uber platform [1]

Financial Data and Key Metrics Changes - The company reported record quarterly revenue of $108.5 million, exceeding the high end of the guidance range and representing a 31.2% year-over-year increase [8][20] - Non-GAAP gross margin for fiscal Q3 was 60.9%, slightly above the midpoint of the prior guidance range [20] - Non-GAAP net profit was $11.9 million, or $0.27 per diluted share in Q3 [21] Business Line Data and Key Metrics Changes - Edge AI revenue constituted about 80% of total revenue, marking the sixth consecutive quarter of record edge AI revenue [8] - Automotive revenue increased in the low single digits, while IoT revenue grew in the mid-teens, driven by the adoption of edge AI in enterprise security and portable video applications [20] Market Data and Key Metrics Changes - The company anticipates a large edge serviceable available market of $12.9 billion by fiscal year 2031, indicating significant growth potential in the edge AI market [18] - The portable video market is experiencing a resurgence, contributing significantly to the company's growth [31] Company Strategy and Development Direction - The company is committed to expanding its edge AI technology and product offerings, focusing on applications in enterprise security, automotive safety, smart home, and portable video markets [9][10] - The strategy includes increasing average selling prices (ASP) through advanced technology and product differentiation [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the edge AI opportunity, citing increasing demand across various applications and a strong product roadmap [9][10] - The company raised its fiscal 2026 revenue growth guidance to a range of 36%-38%, reflecting confidence in market demand and product performance [8] Other Important Information - The company announced that co-founder Les Kohn will step down from the board to become chief technology advisor, continuing to oversee technology direction [6] - Cash and marketable securities reached $295.3 million, increasing significantly from the previous year, indicating strong operational cash flow [21][22] Q&A Session Summary Question: How much of the 36-38% growth for fiscal 2026 is driven by unit versus ASP? - Management indicated that both unit growth and ASP growth contribute equally to the overall growth [28] Question: Can you provide more details on the portable video market? - Management noted that the portable video market includes various product lines, such as action cameras and drones, and is expected to continue growing [31] Question: What is the split between consumer and enterprise in the edge AI market? - The company reported a roughly 50/50 split between enterprise CapEx-driven and consumer markets [37] Question: How do you view gross margin moving forward? - Management stated that gross margin will depend on the contribution from high-volume customers, with a long-term target of 59-62% [40] Question: What is the outlook for the infrastructure opportunity and N1655? - Management confirmed strong design win activity and interest in the N1655, with ongoing commitment to this market [55] Question: What are the growth opportunities in the drone market? - Management expressed excitement about the drone market, particularly in autonomous capabilities, and noted that their technology is well-suited for this space [49][50] Question: How is the company managing the consumer market volatility? - Management acknowledged the volatility in consumer applications but emphasized a balanced approach between enterprise and consumer segments [36] Question: What is the expected tax outlook for the next year? - Management indicated that tax expenses will increase with revenue but will not significantly alter the overall financial narrative [97]

Autonomous Driving Performance - FSD (Full Self-Driving) version 14.2 demonstrates significant improvement in navigating complex environments, such as parking garages [1] - The system successfully rerouted and found alternative paths when encountering dead ends, showcasing enhanced problem-solving capabilities [1] - Version 14.2 handles scenarios that previous v14 versions struggled with, indicating substantial progress in autonomous driving technology [1]

Business Highlights - Pony AI completed a dual primary listing on NASDAQ and HKEX, raising over US$800 million in its IPO, the largest global autonomous driving IPO in 2025[7] - The company plans to expand its Robotaxi fleet to over 1,000 vehicles by 2025 and over 3,000 by 2026[7] - Pony AI achieved city-wide unit economics breakeven in Guangzhou[9, 12] - The company launched fully driverless commercial services for Gen-7 Robotaxis in Guangzhou, Shenzhen, and Beijing[12] - New registered users nearly doubled within one week after the Gen-7 launch, demonstrating the flywheel effect from large-scale operation[14] Scale-Up Strategy & Global Expansion - Pony AI produced over 600 Gen-7 vehicles and has a Robotaxi fleet size of over 900 vehicles, aiming for over 3,000 vehicles by 2026[15] - Robotaxi revenue grew by over 90% year-over-year, and fare-charging revenue grew by over 200% year-over-year[15] - The company expanded its operations to Shanghai, launching fully driverless commercial Robotaxi operations, and expanded coverage in Shenzhen[15] - Pony AI has established a presence in 8 countries across China, the Middle East, East Asia, Europe, and the US[16] Financial Performance - Total revenues increased by 72% year-over-year from 3Q24 to 3Q25, reaching US$6.7 million in 3Q25[45] - Robotaxi services revenue increased by 89.5% year-over-year, while fare-charging revenues surged over 200% year-over-year[45] - Licensing and applications revenue increased by 8.7% year-over-year, and Robotruck services revenue increased by 354.6% year-over-year[45]

Core Viewpoint - Tesla, Inc. is recognized as a significant AI stock on Wall Street, with Piper Sandler maintaining an Overweight rating and a $500 price target following a recent investor meeting that highlighted advancements in its full self-driving (FSD) technology [1][2]. Group 1: Investor Meeting Insights - The investor meeting at Tesla's Fremont facility included a test drive of the latest FSD software, which was described as a "truly impressive product" that outperforms the average American driver [2]. - A flawless robo-taxi ride during the meeting reinforced confidence in Tesla's FSD capabilities and development efforts [3]. - The meeting featured over 75 minutes of Q&A, focusing on FSD, Tesla's in-house chip development, the Optimus robot, and stationary storage batteries [3]. Group 2: Company Overview - Tesla, Inc. operates in the automotive and clean energy sectors, utilizing advanced artificial intelligence in its autonomous driving technology and robotics initiatives [4].