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>EHang’s eVTOL aircraft delivery in 2Q25 grew 39% YoY to 68 units, which also suggests a strong sequential recovery from only 11 units in 1Q25.</li><li>While EHang slashed the full-year revenue target by &gt;40% to RMB500mn (implying +10% YoY), management emphasized that the change in delivery plan is a result of the pursuit of safety instead of a slowdown of end-demand.</li><li>Management expects the growth to accelerate in 2026E and we still like EHang’s structural growth potential in both China and overseas’ eVTOL market. </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.

EHang’s eVTOL aircraft delivery in 2Q25 grew 39% YoY to 68 units, which also suggests a strong sequential recovery from only 11 units in 1Q25.While EHang slashed the full-year revenue target by &gt;40% to RMB500mn (implying +10% YoY), management emphasized that the change in delivery plan is a result of the pursuit of safety instead of a slowdown of end-demand.Management expects the growth to accelerate in 2026E and we still like EHang’s structural growth potential in both China and overseas’ eVTOL market. 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.

EHang Holdings (EH US) - Expect Growth to Accelerate in 2026E...

<ul><li>EHang’s electric vertical take-off and landing (eVTOL) aircrafts delivery surprisingly declined 58% YoY in 1Q25 to only 11 units, due to certain delay of delivery.</li><li>Management explained that the delay was due to weather, CNY seasonality, as well as the time needed for operator certificates (OC) approval.</li><li>EHang is confident of achieving a recovery of sales in delivery in 2Q25E. </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.

EHang’s electric vertical take-off and landing (eVTOL) aircrafts delivery surprisingly declined 58% YoY in 1Q25 to only 11 units, due to certain delay of delivery.Management explained that the delay was due to weather, CNY seasonality, as well as the time needed for operator certificates (OC) approval.EHang is confident of achieving a recovery of sales in delivery in 2Q25E. 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.

EHang Holdings (EH US) - 1Q25 Results Below Expectations Due to Delay of Product Delivery

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.</li>
<li>The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.</li>
<li>In this note, we'll talk about the latest developments, possible outcomes and implications.</li>
</ul>


PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.
The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.
In this note, we'll talk about the latest developments, possible outcomes and implications.


China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

<ul><li>EHang’s 4Q24 net loss narrowed 35% YoY to RMB47mn, helped by strong electric vertical take-off and landing (eVTOL) aircraft delivery growth of 2.4x YoY.</li><li>For 2025, EHang targets to achieve revenue of RMB900mn, suggesting 97% YoY growth.</li><li>EHang is the first manufacturer in China to obtain the three essential certificates for the mass production of eVTOL aircraft, making it 1-2 years ahead of its competitors.</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.

EHang’s 4Q24 net loss narrowed 35% YoY to RMB47mn, helped by strong electric vertical take-off and landing (eVTOL) aircraft delivery growth of 2.4x YoY.For 2025, EHang targets to achieve revenue of RMB900mn, suggesting 97% YoY growth.EHang is the first manufacturer in China to obtain the three essential certificates for the mass production of eVTOL aircraft, making it 1-2 years ahead of its competitors.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.

EHang Holdings (EH US) - Net Loss in 4Q24 Further Narrowed

<ul><li>EHang is the first manufacturer in China to obtain the three essential licenses for the mass production of electric vertical take-off and landing (eVTOL) aircraft, making it 1-2 years ahead of its competitors.</li><li>We expect Ehang’s eVTOL aircraft shipment growth of 100%/50% YoY in 2025E/26E will be well supported by the intent backlog of &gt;1k units.</li><li>More importantly, the potential approval of operator certificates (OC) for its customers (i.e. eVTOL aircrafts operators), likely this year, will further speed up order intakes. </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.

EHang is the first manufacturer in China to obtain the three essential licenses for the mass production of electric vertical take-off and landing (eVTOL) aircraft, making it 1-2 years ahead of its competitors.We expect Ehang’s eVTOL aircraft shipment growth of 100%/50% YoY in 2025E/26E will be well supported by the intent backlog of &gt;1k units.More importantly, the potential approval of operator certificates (OC) for its customers (i.e. eVTOL aircrafts operators), likely this year, will further speed up order intakes. 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.

EHang Holdings (EH US) - First mover in eVTOL set to ride on the momentum of low-altitude economy

China

EHang Holdings Limited operates as a holding company. The Company, through its subsidiaries, focuses on aerial vehicle technology, as well as offers passenger transportation and logistics services. EHang Holdings serves customers in China.

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EHang Holdings (EH US)