J P M O R G A N Asia Pacific Equity Research 26 November 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Nari Technology - A Group call takeaways: ESS/overseas momentum is a bright spot Nari's 11M25 operating trends are largely in line, and the key high ...