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. 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

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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.

<ul>
<li>The deliveries still grew strongly by 24% YoY in November 2025.</li>
<li>We believe Geely will take BYD’s place as the largest Chinese producer.</li>
<li>We also believe the stock has an upside of 49% for the next twelve months.</li>
</ul>


The deliveries still grew strongly by 24% YoY in November 2025.
We believe Geely will take BYD’s place as the largest Chinese producer.
We also believe the stock has an upside of 49% for the next twelve months.


2026 High Conviction: Geely (175 HK) To Be the Largest

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.</li>
<li>GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.</li>
<li>In this note, we will talk about the company’s past performance and future prospects.</li>
</ul>


Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.
GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.
In this note, we will talk about the company’s past performance and future prospects.


2024 High Conviction - Giant Biogene - Growth Rate Keeps Moving Higher

J Capital Research

Independent Insight Provider

J Capital Research, a U.S. company, publishes highly diligenced research reports on publicly traded companies, relying on deep, on-the-ground primary research. J Capital has particular expertise in the Chinese market, but we look at over-valued companies throughout the world. As an activist short- and long-research shop, when we form a clear view, we publish free, public reports to inform the investing public and never disguise our identity. We believe the internet has afforded an opportunity to small, unaffiliated investors to leapfrog the big banks, with their conflicts of interest, and obtain unbiased information on traded companies. We pride ourselves on our independence and the quality of our work. We hope the work speaks for itself.

<ul><li>We believe that Geely Automobile, listed in Hong Kong as 0175, is a private equity fund first and an auto company second.</li><li>Expectations that Geely will become an international blockbuster akin to Toyota or Hyundai are misplaced.</li><li>Geely relied in 2024 for half its profit on mark-to-market value in subsidiaries.</li></ul>

We believe that Geely Automobile, listed in Hong Kong as 0175, is a private equity fund first and an auto company second.Expectations that Geely will become an international blockbuster akin to Toyota or Hyundai are misplaced.Geely relied in 2024 for half its profit on mark-to-market value in subsidiaries.

Geely Automobile Holdings Ltd (0175 HK): Why Geely Is Actually a Bank

<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

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) - 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

2026 High Conviction: Geely (175 HK) To Be the Largest

The deliveries grew strongly by 24% YoY in Nov. 2025. We believe Geely will take BYD’s place as the largest Chinese producer. We believe the stock...

Ming Lu

2024 High Conviction - Giant Biogene - Growth Rate Keeps Moving Higher

Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.

Sumeet Singh

Geely Automobile Holdings Ltd (0175 HK): Why Geely Is Actually a Bank

We believe that Geely Automobile, listed in Hong Kong as 0175, is a private equity fund first and an auto company second.

J Capital Research

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

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