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. 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

<ul><li>Maintain BUY. Geely’s 2Q25 earnings were in line with our prior forecast and beat market expectation with its QoQ improvement in GPM despite a prolonged price war.</li><li>We expect its upcoming new models from different brands to be well received, which could lift average selling price and gross margin.</li><li>There is still enough room for growth for Geely’s NEVs, as its current NEV model line-ups only cover a few sub-segments. </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 2Q25 earnings were in line with our prior forecast and beat market expectation with its QoQ improvement in GPM despite a prolonged price war.We expect its upcoming new models from different brands to be well received, which could lift average selling price and gross margin.There is still enough room for growth for Geely’s NEVs, as its current NEV model line-ups only cover a few sub-segments. 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) - Solid Earnings with More Competitive Models Ahead

<ul><li>Maintain BUY. Geely’s 1Q25 net profit of RMB5.7bn was in line with its previous profit alert of RMB5.2-5.8bn, while its SG&amp;A expenses were significantly lower than our prior forecast.</li><li>This may have reflected the initial synergies between Zeekr and Lynk &amp; Co, and we expect more synergies to come after the integration of different brands, platforms and management.</li><li>We revise up our FY25E and FY26E net profit forecast both by 4%.</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 1Q25 net profit of RMB5.7bn was in line with its previous profit alert of RMB5.2-5.8bn, while its SG&amp;A expenses were significantly lower than our prior forecast.This may have reflected the initial synergies between Zeekr and Lynk &amp; Co, and we expect more synergies to come after the integration of different brands, platforms and management.We revise up our FY25E and FY26E net profit forecast both by 4%.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) - More Synergies to Come

<ul><li>Geely’s 4Q24 net profit was a mixed bag with many moving parts.</li><li>GPM beat in 4Q24, which gives us more confidence in both NEV and ICE margins in FY25E.</li><li>We are more positive than management in Geely and Galaxy sales volume but more conservative on Zeekr and Lynk &amp; Co. </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.

Geely’s 4Q24 net profit was a mixed bag with many moving parts.GPM beat in 4Q24, which gives us more confidence in both NEV and ICE margins in FY25E.We are more positive than management in Geely and Galaxy sales volume but more conservative on Zeekr and Lynk &amp; Co. 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) - Economies of Scale Lays Foundation for FY25 Profit

Thematic (Sector/Industry)

<ul><li>China’s passenger-vehicle (PV) retail sales volume fell 1% YoY in first four months of 2023, 2% higher than our forecast made in Dec 2022.</li><li>Wholesale volume also rose 7% YoY YTD, 3% higher than our prior forecast, largely due to doubled PV exports in the first four months of 2023.</li><li>Automakers in China started to cut inventories in Apr 2023, as we had expected.</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.

China’s passenger-vehicle (PV) retail sales volume fell 1% YoY in first four months of 2023, 2% higher than our forecast made in Dec 2022.Wholesale volume also rose 7% YoY YTD, 3% higher than our prior forecast, largely due to doubled PV exports in the first four months of 2023.Automakers in China started to cut inventories in Apr 2023, as we had expected.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.

China Auto Sector – Mixed picture ahead as inventory risk lingers

Hong Kong

Geely Automobile Holdings Limited operates as a passenger vehicles manufacturing company. The Company provides passenger vehicles development, manufacturing, sales, and other services. Geely Automobile Holdings also exports passenger vehicles.

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Geely Auto (175 HK)

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

Geely Automobile (175 HK) - Solid Earnings with More Competitive Models Ahead

Maintain BUY. Geely’s 2Q25 earnings were in line with our prior forecast and beat market expectation with its QoQ improvement in GPM despite a...

CMB International

Geely Automobile (175 HK) - More Synergies to Come

Maintain BUY. Geely’s 1Q25 net profit of RMB5.7bn was in line with its previous profit alert of RMB5.2-5.8bn, while its SG&A expenses were...

CMB International

Geely Automobile (175 HK) - Economies of Scale Lays Foundation for FY25 Profit

Geely’s 4Q24 net profit was a mixed bag with many moving parts. GPM beat in 4Q24, which gives us more confidence in both NEV and ICE margins in FY25E.

CMB International

China Auto Sector – Mixed picture ahead as inventory risk lingers

China’s passenger-vehicle (PV) retail sales volume fell 1% YoY in first four months of 2023, 2% higher than our forecast made in Dec 2022.

CMB International

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