杰富瑞-中国科技：AI商业模式挑战被低估-AI Business Model Challenges Underestimated-20260428

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AIBusinessModelChallengesUnderestimated

DSv4PisnowrankedNo.8globallyinintelligence(wasNo.10)butNo.5/4incoding/agenticcapabilities.AmongChinesemodelsitisthebestincodingand2ndbestinagents.ThatshowsAI'scompetitiveintensityislikelyunderestimated,butcustomerstickinessoverestimated.OAI'sreportedrevmiss(WSJ)ismanifestationofthisexactproblem.Moreover,DSv4Pcouldhandle1m-tokencontextlengthwith73%/90%lesscompute/memorythanitsv3.2.

DeepSeekV4(DSv4)model'simplicationsforChina/globalAI.OnApril24,DeepSeek(DS)

releaseditslongoverduemajormodelupdate:V4.Therearetwoversions:1)V4-Pro(DSv4P)

-theflagshipmodelwith1.6Tndataparameters(was685bninv3.2)and49bn(was37bn)

activatedpertoken(only3%ofthemodelisactiveforeveryprediction,vs5%before),2)V4-

Flash(DSv4F)-thelight-weightversionwith284bndataparametersand13bnactivatedper

token.DSv4P'soverallintelligencerankingbyArtificialAnalysis(AA)hasrisenby2places(vsv3.2)toNo.8,orthe4thhighestamongChinesemodels(samebefore).Mostimportantly,forcodingcapabilities,DSv4PisnowthebestamongChinesemodelsandrankedNo.5globally,whichovertookZhipu'sKimiK2.6,Alibaba'sQwen3.6MaxandMoonshot'sGLM-5.Foragenticcapabilities,itisrankedNo.4globallyandNo.2amongChinesemodels(behindXiaomi'sMiMoV2.5Pro),similarinscoretothatofMoonshot'sGLM-5,andovertookZhipu'sKimiK2.6.DSv4P'snewrankingscontinuetosupportourviewthat1)theongoingshiftingofrankingsofdifferentAIplayers'newmodeliterationsshowsthedifficultiesforanyplayertomaintainconsistenttechleadership,2)thelevelofcompetitiveintensityisunder-estimatedbyinvestors,and3)therisinginvestmentrequiredtomaintainleadershipinthisgameduetorisingcompute,memoryandpowercostswilllikelymeansustainableprofitabilityisfarawayforpuremodelplayers.ThisistrueforbothChinaandtheUS,inourview.

China'smodelinnovationscontinuetofocusoncomputeandmemoryefficiency,andDSv4standsout.DSv4Pisabletohandle1m-tokencontextwindow(~3.3mEnglishlettersor400K-500KEnglishwords)butwouldconsume73%lesscomputeand90%lessmemorythanitsv3.2model.Althoughitslong-contextscoreonAAranksitNo.10only(butbasedon>100Ktokensandresultinterpretationcapabilities),itisrankedNo.4globallyandNo.1amongChinesemodelsinMCRC(needletest-identifyingpre-installedinfoinalongcontext).Therefore,itsmassivecomputeandmemoryefficiencyimprovementdoesnotseemtohavecompromisedaccuracy.Itsefficiencygainisbasedoninnovationsinitsattentionmechanism(compressedsparseattention),kernelmanagement(combinedkernelofalloperationsoftheMoEmodule)anddual-pipeoverlappingschemes.

Despiteefficiencygain,tokenpricesarestillrising,likelyduetorisingcompute/memory/powercosts.ConsistentwithwhatotherAImodelplayershavedone,DShasmorethandoubleditsAPIpricingonDSv4Pvsv3.1Terminus.HenceDSisnolongerthecheapestChineseAImodel,byfar.ButDSoffersapromotionaldiscountof75%untilMay5.Owingtorisinghardwareandpowercosts,theavgAPIpriceofChinesemodelsisnow30%ofthatofUSmodels,upfrom17%inJan2026.Webelievethegapcouldnarrowfurther,althoughChinesemodelswilllikelycontinuetooffermuchmoresuperiorprice/performancevsUSmodels.

Pleaseseemorecontentonnextpage.

Chart1-AIModel'sOverallIntelligenceScore

Source:ArtificialAnalysis,Jefferies

Chart2-CodingCapabilitiesofAIModels

Source:ArtificialAnalysis,Jeffferies

Chart3-AgenticCapabilitiesofAIModels

Source:ArtificialAnalysis,Jefferies

Chart4-Long-ContextPerformanceofAIModels(MRCR)

Source:MRCR,Jefferies

Table1-DSAPIPriceperMilTokens(US$)

Source:DeepSeek,Jefferies

Chart5-APIPricingofAIModels

Source:Companies,ArtificialAnalysis,Jefferies

EdisonLee,CFA*|EquityAnalyst

8523743

8009|edison.lee@

MattMa*|EquityAnalyst

85237671109|matt.ma@

AnniePing,CFA,FRM*|EquityAssociate

+

85237671273|annie.ping@

NickCheng*|EquityAnalyst

+8523743

8750|nick.cheng@

JackyHe*|EquityAnalyst

+8523743

8084|jacky.he@

Pleaseseeanalystcertifications,importantdisclosureinformation,andinformationregardingthestatusofnon-USanalystsonpages4-9ofthisreport.

*JefferiesHongKongLimited

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TechnologyEquityResearchApril28,2026

DSv4ishighlycustomizedtoHuawei'sAscend910CGPU,buttherallyonChineseGPUstocksisoverdone,inourview.OurindustrychecksindicateDSv4isstilltrainedonNVDAchips,butinferencinghasbeenhighlycustomizedtoHuawei'sAscend910C,whichcouldachievesimilarperformancetothatofNVDAH20.Furthermore,itwillalsobecustomizedtotheupcomingAscend950,whichwillbemassproducedsoon.ChineseGPUstockshaveralliedonthebackofthat,butwebelievethemarketmaybeoverlyoptimisticforfourreasons:1)DSv4'sintensivecustomizationtoHuawei'sAscend910C,andongoingcustomizationforAscend950,willlikelyhelpHuaweigainmarketshareamongChineseCSPs,thusnegativeforotherChineseGPUplayers.NotethatHuaweicurrentlyisabletosecure85%ofSMIC'scapacityin7nm.2)WebelieveDSv4willsoonbecustomizedtoothermajorlocalGPUsaswell(butnotasintensiveasHuawei910C),reducingthepossibleadvantageofanyparticularplayerotherthanHuawei.3)WebelieveHuaweihastheleastsupplyconstraintamongallChineseGPUplayers.4)IfweassumeChina'sadvancednodecapacitywillrapidlyexpandtoaccommodatevariousAIchipplayers,CSPswillmostlikelyadopttheirself-designedASICasthemostefficientsolution,ratherthanthird-partychips.Forexample,despiteveryhighAIcapexintheUS,itcouldsupportonlytwomeaningfulindependentAIchipplayers(ie,NVDAandAMD).AllCSPsareaggressivelydevelopingtheirASICs.

Table2-PerformanceofDSv4vsDSv3.2

Source:DeepSeek

Chart6-AvgAPIPricingofChinesevsUSModels(US$/mtokens)

Source:Companies,Jefferies

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Chart7-ChineseModelPricingvsUS(USindexedat100%)

Source:Companies,Jefferies

OpenAI's(OAI)reportedrevenuetargetmissisawarningbellfortheAIindustry.YesterdayWSJreportedOAIhavemissedtheirrevenueandusertargetsinthepastfewmonths,andmayrisknotbeingabletopayfortheheavycomputeanddatacenterprocurementcommitment.ItcouldalsojeopardizeitsupcomingIPO,whichisplannedfor2H26.WebelieveitreflectsthegeneralproblemsofpureAImodelcompanies'businessmodel,regardlessofwhethertheyareChineseorUSplayers.AswehighlightedinourinitiationreportonKnowledgeAtlas(akaZhipu),thebusinessmodelofpureAImodelplayershavethefollowingchallenges:

1)limitedcustomerstickiness(lowswitchingcost),

2)limiteddifferentiation(modelisacommodity)butmanyplayers(weidentified17LLMplayersglobally),

3)highinvestmentrequirementtostaycompetitiveandrelevant(trainingisexpensiveandwillbecomemoresoowingtorisinghardwareandpowercosts),and

4)alackofeconomiesofscaleininference.

WebelieveOAI'srevenuemissbutheavycapexcommitmentisanearlywarningsignforthesustainabilityofrisingglobalAIcapex.Webelievelarge-scaleInternetplatformsarelong-term,sustainableAIwinners,giventheirstrongcoreoperatingcashflow,proprietarydata,andanestablishedenterpriseandconsumercustomerbasetocrosssellAIapplicationsto.

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CompanyValuation/Risks

ForImportantDisclosureinformationoncompaniesrecommendedinthisreport,pleasevisitourwebsiteat

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sellside/Disclosures.actionorcall212.284.2300

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AnalystCertification:

I,EdisonLee,CFA,certifythatalloftheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutthesubjectsecurity(ies)andsubjectcompany(ies).Ialsocertifythatnopartofmycompensationwas,is,orwillbe,directlyorindirectly,relatedtothespecificrecommendationsorviewsexpressedinthisresearchreport.

I,MattMa,certifythatalloftheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutthesubjectsecurity(ies)andsubjectcompany(ies).Ialsocertifythatnopartofmycompensationwas,is,orwillbe,directlyorindirectly,relatedtothespecificrecommendationsorviewsexpressedinthisresearchreport.

I,AnniePing,CFA,FRM,certifythatalloftheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutthesubjectsecurity(ies)andsubjectcompany(ies).Ialsocertifythatnopartofmycompensationwas,is,orwillbe,directlyorindirectly,relatedtothespecificrecommendationsorviewsexpressedinthisresearchreport.

I,NickCheng,certifythatalloftheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutthesubjectsecurity(ies)andsubjectcompany(ies).Ialsocertifythatnopartofmycompensationwas,is,orwillbe,directlyorindirectly,relatedtothespecificrecommendationsorviewsexpressedinthisresearchreport.

I,JackyHe,certifythatalloftheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutthesubjectsecurity(ies)andsubjectcompany(ies).Ialsocertifythatnopartofmycompensationwas,is,orwillbe,directlyorindirectly,relatedtothespecificrecommendationsorviewsexpressedinthisresearchreport.

Registrationofnon-USanalysts:EdisonLee,CFAisemployedbyJefferiesHongKongLimited,anon-USaffiliateofJefferiesLLCandisnotregistered/qualifiedasaresearchanalystwithFINRA.Thisanalyst(s)maynotbeanassociatedpersonofJefferiesLLC,aFINRAmemberfirm,andthereforemaynotbesubjecttotheFINRARule2241andrestrictionsoncommunicationswithasubjectcompany,publicappearancesandtradingsecuritiesheldbyaresearchanalyst.

Registrationofnon-USanalysts:MattMaisemployedbyJefferiesHongKongLimited,anon-USaffiliateofJefferiesLLCandisnotregistered/qualifiedasaresearchanalystwithFINRA.Thisanalyst(s)maynotbeanassociatedpersonofJefferiesLLC,aFINRAmemberfirm,andthereforemaynotbesubjecttotheFINRARule2241andrestrictionsoncommunicationswithasubjectcompany,publicappearancesandtradingsecuritiesheldbyaresearchanalyst.Registrationofnon-USanalysts:AnniePing,CFA,FRMisemployedbyJefferiesHongKongLimited,anon-USaffiliateofJefferiesLLCandisnotregistered/qualifiedasaresearchanalystwithFINRA.Thisanalyst(s)maynotbeanassociatedpersonofJefferiesLLC,aFINRAmemberfirm,andthereforemaynotbesubjecttotheFINRARule2241andrestrictionsoncommunicationswithasubjectcompany,publicappearancesandtradingsecuritiesheldbyaresearchanalyst.

Registrationofnon-USanalysts:NickChengisemployedbyJefferiesHongKongLimited,anon-USaffiliateofJefferiesLLCandisnotregistered/qualifiedasaresearchanalystwithFINRA.Thisanalyst(s)maynotbeanassociatedpersonofJefferiesLLC,aFINRAmemberfirm,andthereforemaynotbesubjecttotheFINRARule2241andrestrictionsoncommunicationswithasubjectcompany,publicappearancesandtradingsecuritiesheldbyaresearchanalyst.Registrationofnon-USanalysts:JackyHeisemployedbyJefferiesHongKongLimited,anon-USaffiliateofJefferiesLLCandisnotregistered/qualifiedasaresearchanalystwithFINRA.Thisanalyst(s)maynotbeanassociatedpersonofJefferiesLLC,aFINRAmemberfirm,andthereforemaynotbesubjecttotheFINRARule2241andrestrictionsoncommunicationswithasubjectcompany,publicappearancesandtradingsecuritiesheldbyaresearchanalyst.AsisthecasewithallJefferiesemployees,theanalyst(s)responsibleforthecoverageofthefinancialinstrumentsdiscussedinthisreportreceivescompensationbasedinpartontheoverallperformanceofthefirm,includinginvestmentbankingincome.Weseektoupdateourresearchasappropriate,butvariousregulationsmaypreventusfromdoingso.Asidefromcertainindustryreportspublishedonaperiodicbasis,thelargemajorityofreportsarepublishedatirregularintervalsasappropriateintheanalyst'sjudgement.

InvestmentRecommendationRecord

(Article3(1)eandArticle7ofMAR)

RecommendationPublishedApril28,202620:49P.M.

RecommendationDistributedApril28,202620:49P.M.

CompanySpecificDisclosures

Withinthepasttwelvemonths,JefferiesFinancialGroupInc.and/oritsaffiliatesreceivedcompensationforproductsandservicesotherthaninvestmentbankingservicesfromnon-investmentbanking,securitiesrelatedcompensationforclientservicesitprovidedtoAdvancedMicroDevices,Inc..

Withinthepast12months,JefferiesFinancialGroupInc.,itsaffiliatesorsubsidiarieshasreceivedcompensationfrominvestmentbankingservicesfromZaiLabLimited.

JefferiesFinancialGroupInc.,itsaffiliatesorsubsidiarieshasactedasamanagerorco-managerintheunderwritingorplacementofsecuritiesforZaiLabLimitedoroneofitsaffiliateswithinthepasttwelvemonths.

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ExplanationofJefferiesRatings

Buy-Describessecuritiesthatweexpecttoprovideatotalreturn(priceappreciationplusyield)of15%ormorewithina12-monthperiod.

Hold-Describessecuritiesthatweexpecttoprovideatotalreturn(priceappreciationplusyield)ofplus15%orminus10%withina12-monthperiod.

Underperform-Describessecuritiesthatweexpecttoprovideatotalreturn(priceappreciationplusyield)ofminus10%orlesswithina12-monthperiod.Theexpectedtotalreturn(priceappreciationplusyield)forBuyratedsecuritieswithanaveragesecuritypriceconsistentlybelow$10is20%ormorewithina12-monthperiodasthesecompaniesaretypicallymorevolatilethantheoverallstockmarket.ForHoldratedsecuritieswithanaveragesecuritypriceconsistentlybelow$10,theexpectedtotalreturn(priceappreciationplusyield)isplusorminus20%withina12-monthperiod.ForUnderperformratedsecuritieswithanaveragesecuritypriceconsistentlybelow$10,theexpectedtotalreturn(priceappreciationplusyield)isminus20%orlesswithina12-monthperiod.

NR-Theinvestmentratingandpricetargethavebeentemporarilysuspended.Suchsuspensionsareincompliancewithapplicableregulationsand/orJefferiespolicies.

CS-CoverageSuspended.Jefferieshassuspendedcoverageofthiscompany.

NC-Notcovered.Jefferiesdoesnotcoverthiscompany.

Restricted-Describesissuerswhere,inconjunctionwithJefferiesengagementincertaintransactions,companypolicyorapplicablesecuritiesregulationsprohibitcertaintypesofcommunications,includinginvestmentrecommendations.

Monitor-Describessecuritieswhosecompanyfundamentalsandfinancialsarebeingmonitored,andforwhichnofinancialprojectionsoropinionsontheinvestmentmeritsofthecompanyareprovided.

ValuationMethodology

Jefferies'methodologyforassigningratingsmayincludethefollowing:marketcapitalization,maturity,growth/value,volatilityandexpectedtotalreturn

overthenext12months.Thepricetargetsarebasedonseveralmethodologies,whichmayinclude,butarenotrestrictedto,analysesofmarketrisk,

growthrate,revenuestream,discountedcashflow(DCF),EBITDA,EPS,cashflow(CF),freecashflow(FCF),EV/EBITDA,P/E,PE/growth,P/CF,P/FCF,

premium(discount)/averagegroupEV/EBITDA,premium(discount)/averagegroupP/E,sumoftheparts,netassetvalue,dividendreturns,andreturnon

equity(ROE)overthenext12months.

JefferiesFranchisePicks

JefferiesFranchisePicksincludestockselectionsfromamongthebeststockideasfromourequityanalystsovera12monthperiod.Stockselectionisbasedonfundamentalanalysisandmaytakeintoaccountotherfactorssuchasanalystconviction,differentiatedanalysis,afavorablerisk/rewardratioandinvestmentthemesthatJefferiesanalystsarerecommending.JefferiesFranchisePickswillincludeonlyBuyratedstocksandthenumbercanvarydependingonanalystrecommendationsforinclusion.Stockswillbeaddedasnewopportunitiesariseandremovedwhenthereasonforinclusionchanges,thestockhasmetitsdesiredreturn,ifitisnolongerratedBuyand/orifittriggersastoploss.Stockshaving120dayvolatilityinthebottomquartileofS&Pstockswillcontinuetohavea15%stoploss,andtheremainderwillhavea20%stop.FranchisePicksarenotintendedtorepresentarecommendedportfolioofstocksandisnotsectorbased,butwemaynotewherewebelieveaPickfallswithinaninvestmentstylesuchasgrowthorvalue.

RiskswhichmayimpedetheachievementofourPriceTarget

Thisreportwaspreparedforgeneralcirculationanddoesnotprovideinvestmentrecommendationsspecifictoindividualinvestors.Assuch,thefinancialinstrumentsdiscussedinthisreportmaynotbesuitableforallinvestorsandinvestorsmustmaketheirowninvestmentdecisionsbasedupontheirspecificinvestmentobjectivesandfinancialsituationutilizingtheirownfinancialadvisorsastheydeemnecessary.Pastperformanceofthefinancialinstrumentsrecommendedinthisreportshouldnotbetakenasanindicationorguaranteeoffutureresults.Theprice,valueof,andincomefrom,anyofthefinancialinstrumentsmentionedinthisreportcanriseaswellasfallandmaybeaffectedbychangesineconomic,financialandpoliticalfactors.Ifafinancialinstrumentisdenominatedinacurrencyotherthantheinvestor'shomecurrency,achangeinexchangeratesmayadverselyaffectthepriceof,valueof,orincomederivedfromthefinancialinstrumentdescribedinthisreport.Totheextentpricesareshowninnon-UScurrency,pleasenotethatourlocalcurrencypricetargetsarebasedonacurrencyconversionusinganexchangerateasofthepriortradingday(unlessotherwisenoted).Shouldtherebefluctuationsintheexchangerateafterthisdate,thatwillaffectthenon-UStargetpricesandshouldnolongerbereliedupon.Inaddition,investorsinsecuritiessuchasADRs,whosevaluesareaffectedbythecurrencyoftheunderlyingsecurity,effectivelyassumecurrencyrisk.

OtherCompaniesMentionedinThisReport

•AdvancedMicroDevices,Inc.(AMD:$323.21,BUY)

•AlibabaGroupHoldingLimited(9988HK:HK$126.50,BUY)

•AlibabaGroupHoldingLimited(BABA:$130.85,BUY)

•Alphabet,Inc.(GOOGL:$349.78,BUY)

•KnowledgeAtlasTechnologyJointStockCompanyLimited(2513HK:HK$800.00,HOLD)

•MiniMaxGroupInc.(100HK:HK$723.50,BUY)

•NVIDIACorporation(NVDA:$213.17,BUY)

•XiaomiCorporation(1810HK:HK$29.92,HOLD)

•ZaiLabLimited(ZLAB:$22.14,BUY)

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TechnologyEquityResearchApril28,2026

DistributionofRatings

IBServ./Past12Mos.

JILMktServ./Past12Mos.

Count

Percent

Count

Percent

Count

Percent

BUY

2183

61.95%

370

16.95%

110

5.04%

HOLD

1183

33.57%

104

8.79%

17

1.44%

UNDERPERFORM

158

4.48%

1

0.63%

1

0.63%

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OtherImportantDisclosure

OtherImportantDisclosures

Jefferiesdoesbusinessandseekstodobusinesswithcompaniescoveredinitsresearchreports,andexpectstoreceiveorintendstoseekcompensationforinvestmentbankingservicesamongotheractivitiesfromsuchcompanies.Asaresult,investorsshouldbeawarethatJefferiesmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.

JefferiesEquityResearchreferstoresearchreportsproducedbyanalystsemployedbyoneofthefollowingJefferiesFinancialGroupInc.("Jefferies")companies:

UnitedStates:JefferiesLLCwhichisanSECregisteredbroker-dealerandamemberofFINRA(anddistributedbyJefferiesResearchServices,LLC,anSECregisteredInvestmentAdviser,toclientspayingseparatelyforsuchresearch).

Canada:JefferiesSecuritiesInc.,whichisaninvestmentdealerregisteredineachofthethirteenCanadianjurisdictionsandadealermemberoftheCanadianInvestmentRegulatoryOrganization,includingresearchreportsproducedjointlybyJefferiesSecuritiesInc.andanotherJefferiesentity(anddistributedbyJefferiesSecuritiesInc.).

WhereJefferiesSecuritiesInc.distributesresearchreportsproducedbyJefferiesLLC,JefferiesInternationalLimited,Jefferies(Japan)Limited,TokyoBranchorJefferiesIndiaPrivateLimited,youareadvisedthateachofJefferiesLLC,JefferiesInternationalLimited,Jefferies(Japan)Limited,TokyoBranchandJefferiesIndiaPrivateLimitedoperatesasadealerinyourjurisdictionunderanexemptionfromthedealerregistrationrequirementscontainedinNationalInstrument31-103RegistrationRequirements,ExemptionsandOngoingRegistrantObligationsand,assuch,eachofJefferiesLLC,JefferiesInternationalLimited,Jefferies(Japan)Limited,TokyoBranchandJefferiesIndiaPrivateLimitedisnotrequiredtobeandisnotaregistereddealeroradviserinyourjurisdiction.YouareadvisedthatwhereJefferiesLLCorJefferiesInternationalLimitedpreparedthisresearchreport,itwasnotpreparedinaccordancewithCanadiandisclosurerequirementsrelatingtoresearchreportsinCanada.

UnitedKingdom:JefferiesInternationalLimited,whichisauthorizedandregulatedbytheFinancialConductAuthority;registeredinEnglandandWalesNo.1978621;registeredoffice:100Bishopsgate,LondonEC2N4JL;telephone+44(0)2070298000;facsimile+44(0)2070298010.

Germany:JefferiesGmbH,whichisauthorizedandregulatedbytheBundesanstaltfuerFinanzdienstleistungsaufsicht,BaFin-ID:10150151;registered

office:BockenheimerLandstr.24,60323Frankfurta.M.,Germany;telephone:+49(0)697191870

HongKong:JefferiesHongKongLimited,whichislicensedbytheSecuritiesandFuturesCommissionofHongKongwithCEnumberATS546;locatedatLevel26,TwoInternationalFinanceCenter,8FinanceStreet,Central,HongKong;telephone:+85237438000.

Singapore:JefferiesSingaporeLimited,whichislicensedbytheMonetaryAuthorityofSingapore;locatedat10CollyerQuay#41-01,OceanFinancialCentre,Singapore049315,telephone:+6565513950.

Japan:Jefferies(Japan)Limited,TokyoBranch,whichisasecuritiescompanyregisteredbytheFinancialServicesAgencyofJapanandisamemberoftheJapanSecuritiesDealersAssociation;locatedatTokyoMidtownHibiya30FHibiyaMitsuiTower,1-1-2Yurakucho,Chiyoda-ku,Tokyo100-0006;telephone+81352516100;facsimile+81352516101.

India:JefferiesIndiaPrivateLimited(CIN-U74140MH2007PTC200509),licensedbytheSecuritiesandExchangeBoardofIndiafor:StockBroker(NSE&BSE)INZ000243033,ResearchAnalystINH000000701andMerchantBankerINM000011443,locatedatLevel16,ExpressTowers,NarimanPoint,Mumbai400021,India;Tel+912243566000.ComplianceOfficername:SanjayPai,TelNo:+912242246150,Email:

spai@

,Grievanceofficername:SanjayPai,Telno.+912242246150,Email:compliance_india@.RegistrationgrantedbySEBIandcertificationfromNISMinnowayguaranteeperformanceoftheintermediaryorprovideanyassuranceofreturnstoinvestors.

Australia:Jefferies(Australia)PtyLimited(ACN623059898),whichholdsanAustralianfinancialserviceslicense(AFSL504712)andislocatedatLevel20,60MartinPlace,SydneyNSW2000;telephone+61293642800.

Dubai:JefferiesInternationalLimited,Dubaibranch,whichislicensedbytheDubaiFinancialServicesAuthority(DFSAReferenceNumberF007325);registeredofficeUnitL31-06,L31-07,Level31,ICDBrookfieldPace,DIFC,POBox121208,Dubai,UAE.

ThisreportwaspreparedbypersonnelwhoareassociatedwithJefferies(JefferiesSecuritiesInc.,JefferiesInternationalLimited,JefferiesGmbH,JefferiesHongKongLimited,JefferiesSingaporeLimited,Jefferies(Japan)Limited,TokyoBranch,JefferiesIndiaPrivateLimited),andJefferies(Australia)PtyLtd;orbypersonnelwhoareassociatedwithbothJefferiesLLCandJefferiesResearchServicesLLC("JRS").JefferiesLLCisaUSregisteredbroker-dealerandisaffiliatedwithJRS,whichisaUSregisteredinvestmentadviser.JRSdoesnotcreatetailoredorpersonalizedresearchandallresearchprovidedbyJRSisimpersonal.Ifyouarepayingseparatelyforthisre