External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>Maintain BUY. Following Geely’s in-line 2Q26 earnings print, we view the company as well-positioned to unlock further structural cost optimization.</li><li>We also believe Geely’s global expansion model may carry a lower regulatory risk profile, while maintaining high efficiency.</li><li>We also view its valuation as attractive. </li></ul>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.

Maintain BUY. Following Geely’s in-line 2Q26 earnings print, we view the company as well-positioned to unlock further structural cost optimization.We also believe Geely’s global expansion model may carry a lower regulatory risk profile, while maintaining high efficiency.We also view its valuation as attractive. 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.

Geely Automobile (175 HK) - 2Q26 In-Line; Export, Margin Traction to Continue

<ul><li>Maintain BUY. We attended Geely’s investor day on 9 Jun 2026, where the company showcased its latest autonomous driving (AD) and smart cockpit functionalities.</li><li>We are of the view that Geely has been catching up with leading peers in its tech transformation with all the R&amp;D resources integrated.</li><li>Geely has also been accelerating global expansion, especially in Europe, following its parent company’s previous approach: asset-light and partnerships with local automakers. </li></ul>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.

Maintain BUY. We attended Geely’s investor day on 9 Jun 2026, where the company showcased its latest autonomous driving (AD) and smart cockpit functionalities.We are of the view that Geely has been catching up with leading peers in its tech transformation with all the R&amp;D resources integrated.Geely has also been accelerating global expansion, especially in Europe, following its parent company’s previous approach: asset-light and partnerships with local automakers. 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.

Geely Automobile (175 HK) - A Disciplined Route to Intelligent Transformation and Global Expansion

<ul><li>Maintain BUY. Geely’s 1Q26 net profit beat our forecast on strong GPM.</li><li>We expect resilient GPM to continue despite rising raw material costs, thanks to higher overseas sales, better model mix and continuous cost reduction efforts from “One Geely” strategy.</li><li>Overseas sales in 1Q26 were stronger than our prior forecast, and thus we revise up FY26E sales volume forecast to 3.5mn units. </li></ul>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.

Maintain BUY. Geely’s 1Q26 net profit beat our forecast on strong GPM.We expect resilient GPM to continue despite rising raw material costs, thanks to higher overseas sales, better model mix and continuous cost reduction efforts from “One Geely” strategy.Overseas sales in 1Q26 were stronger than our prior forecast, and thus we revise up FY26E sales volume forecast to 3.5mn units. 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.

Geely Automobile (175 HK) - Higher Earnings Visibility After Strong 1Q26

<ul><li>Maintain BUY. Although Geely’s 4Q25 GPM missed our prior forecast, its management’s upbeat tone gives us more confidence in its GPM outlook.</li><li>We believe that Geely is better positioned than most peers with its sales growth outlook, cost reduction efforts, and overseas sales potential.</li><li>Unlike some investors, we do not view its synergy with parent company and partnerships with other players as a valuation drag given its track record in the past years.</li></ul>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.

Maintain BUY. Although Geely’s 4Q25 GPM missed our prior forecast, its management’s upbeat tone gives us more confidence in its GPM outlook.We believe that Geely is better positioned than most peers with its sales growth outlook, cost reduction efforts, and overseas sales potential.Unlike some investors, we do not view its synergy with parent company and partnerships with other players as a valuation drag given its track record in the past years.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.

Geely Automobile (175 HK) - We Expect More Resilient Margins than Peers

<ul><li>Maintain BUY. We view Geely’s 3Q25 earnings as solid and we believe Geely could accomplish its both sales and GPM targets in FY25.</li><li>We are of the opinion that Geely’s sales volume growth could continue at least throughout FY26, given its current incomprehensive NEV model line-up and well-received new models including the Galaxy M9, A7 and Zeekr 9X.</li><li>We also expect these new models, along with rising NEV exports, to lift its margins in FY26. We believe Geely is well positioned among its peers with attractive valuation.</li></ul>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.

Maintain BUY. We view Geely’s 3Q25 earnings as solid and we believe Geely could accomplish its both sales and GPM targets in FY25.We are of the opinion that Geely’s sales volume growth could continue at least throughout FY26, given its current incomprehensive NEV model line-up and well-received new models including the Galaxy M9, A7 and Zeekr 9X.We also expect these new models, along with rising NEV exports, to lift its margins in FY26. We believe Geely is well positioned among its peers with attractive valuation.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.

Geely Automobile (175 HK) - We See Margin Lift Potential on a Solid 3Q25

Hong Kong

Geely Automobile Holdings Limited is a leading Chinese automotive company primarily engaged in the research, development, manufacturing, marketing, and sale of passenger vehicles and related components. It offers a diverse portfolio of products including sedans, SUVs, and electric vehicles under brands such as Geely Auto, Lynk & Co, and Zeekr. The company is headquartered in Hong Kong and was founded in 1973.

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Geely Auto (175 HK)

Geely Automobile (175 HK) - 2Q26 In-Line; Export, Margin Traction to Continue

Maintain BUY. Following Geely’s in-line 2Q26 earnings print, we view the company as well-positioned to unlock further structural cost optimization.

CMB International

Geely Automobile (175 HK) - A Disciplined Route to Intelligent Transformation and Global Expansion

Maintain BUY. We attended Geely’s investor day on 9 Jun 2026, where the company showcased its latest autonomous driving (AD) and smart cockpit...

CMB International

Geely Automobile (175 HK) - Higher Earnings Visibility After Strong 1Q26

We expect resilient GPM to continue despite rising raw material costs, thanks to higher overseas sales, better model mix and continuous cost...

CMB International

Geely Automobile (175 HK) - We Expect More Resilient Margins than Peers

Maintain BUY. Although Geely’s 4Q25 GPM missed our prior forecast, its management’s upbeat tone gives us more confidence in its GPM outlook.

CMB International

Geely Automobile (175 HK) - We See Margin Lift Potential on a Solid 3Q25

We also expect these new models, along with rising NEV exports, to lift its margins in FY26. We believe Geely is well positioned among its peers...

CMB International

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