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.

Thematic (Sector/Industry)

<ul><li>Chinese auto stocks underperformed the broader market in 3Q26, which we attribute to the slower-than-expected recovery in domestic demand, the newly imposed consumption tax on batteries, and the expected reduction in NEV export tax rebates (announced on 12 Oct 2026, to take effect on 1 Apr 2027).</li><li>We further cut our forecasts for both retail and wholesale volumes in 2026.</li><li>We also cut China’s NEV sales volume forecast in 2026, despite the on-track or even slightly outperforming market share gains.</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.

Chinese auto stocks underperformed the broader market in 3Q26, which we attribute to the slower-than-expected recovery in domestic demand, the newly imposed consumption tax on batteries, and the expected reduction in NEV export tax rebates (announced on 12 Oct 2026, to take effect on 1 Apr 2027).We further cut our forecasts for both retail and wholesale volumes in 2026.We also cut China’s NEV sales volume forecast in 2026, despite the on-track or even slightly outperforming market share gains.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.

Auto - Stable Pricing, Exports and Cost Discipline Cushion Weak Domestic Volume

Equity Bottom-Up

<ul><li>Maintain BUY. Xpeng reported in-line 2Q26 gross profit, although net loss missed our forecast on higher SG&amp;A expenses.</li><li>We project net loss to narrow slightly QoQ in 3Q26E and a breakeven in 4Q26E amid a guidance of monthly sales volume exceeding 60,000 units in 4Q26E.</li><li>Xpeng’s robotics unit’s latest fundraising valued it at US$6.3bn, or about 40% of Xpeng’s market cap, which could imply an attractive valuation for its auto business including robotaxi.</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. Xpeng reported in-line 2Q26 gross profit, although net loss missed our forecast on higher SG&amp;A expenses.We project net loss to narrow slightly QoQ in 3Q26E and a breakeven in 4Q26E amid a guidance of monthly sales volume exceeding 60,000 units in 4Q26E.Xpeng’s robotics unit’s latest fundraising valued it at US$6.3bn, or about 40% of Xpeng’s market cap, which could imply an attractive valuation for its auto business including robotaxi.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.

Xpeng Inc. (XPEV US/9868 HK) - 4Q26 Volume Acceleration; Robotics Fundraising Unlocks SOTP Value

<ul><li>Maintain BUY. Xpeng’s 1Q26 results were largely in line with our estimates.</li><li>We expect sales volume to double HoH in 2H26E, driven by the GX and three upcoming new models.</li><li>We also see robotaxi pilot operation in 3Q26 and humanoid robot mass production by the end of 2026 as positive catalysts. </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. Xpeng’s 1Q26 results were largely in line with our estimates.We expect sales volume to double HoH in 2H26E, driven by the GX and three upcoming new models.We also see robotaxi pilot operation in 3Q26 and humanoid robot mass production by the end of 2026 as positive catalysts. 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.

Xpeng Inc. (XPEV US/9868 HK) - New Models, Robots, Robotaxi as Key Catalysts

<ul><li>Maintain BUY. Xpeng’s 4Q25 net profit beat on R&amp;D service income.</li><li>We project its sales volume in 2H26E to double HoH despite a weak 1Q26, fuelled by aggressive export plans and 4 new models.</li><li>We also believe that its mass production of humanoid robots this year could be a positive catalyst for shares.</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. Xpeng’s 4Q25 net profit beat on R&amp;D service income.We project its sales volume in 2H26E to double HoH despite a weak 1Q26, fuelled by aggressive export plans and 4 new models.We also believe that its mass production of humanoid robots this year could be a positive catalyst for shares.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.

Xpeng Inc. (XPEV US/9868 HK) - Mona SUVs, Robot Production as Key in FY26

<ul><li>Maintain BUY. We view Xpeng’s 3Q25 earnings as largely in line with slight miss in vehicle GPM and SG&amp;A. We believe it is well on track to turn profitable in 4Q25.</li><li>We expect solid sales volume and profit growth to continue in FY26, given new Mona models and EREV variants.</li><li>We think Xpeng deserves a valuation premium, as its advantages in AD technologies could help it be well positioned in humanoid robots.</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 Xpeng’s 3Q25 earnings as largely in line with slight miss in vehicle GPM and SG&amp;A. We believe it is well on track to turn profitable in 4Q25.We expect solid sales volume and profit growth to continue in FY26, given new Mona models and EREV variants.We think Xpeng deserves a valuation premium, as its advantages in AD technologies could help it be well positioned in humanoid robots.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.

Xpeng Inc. (XPEV US/9868 HK) - Earnings on Track with Positive Surprise in Robot

China

XPeng Inc. designs, produces, and distributes electric vehicles. The Company designs, develops, manufactures and markets smart smart electric vehicles, as well as finance, parts, and maintenance services. XPeng serves customers in China.

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XPeng (XPEV US)

Auto - Stable Pricing, Exports and Cost Discipline Cushion Weak Domestic Volume

We also cut China’s NEV sales volume forecast in 2026, despite the on-track or even slightly outperforming market share gains.

CMB International

Xpeng Inc. (XPEV US/9868 HK) - 4Q26 Volume Acceleration; Robotics Fundraising Unlocks SOTP Value

Xpeng’s robotics unit’s latest fundraising valued it at US$6.3bn, or about 40% of Xpeng’s market cap, which could imply an attractive valuation for...

CMB International

Xpeng Inc. (XPEV US/9868 HK) - New Models, Robots, Robotaxi as Key Catalysts

Maintain BUY. Xpeng’s 1Q26 results were largely in line with our estimates. We expect sales volume to double HoH in 2H26E, driven by the GX and...

CMB International

Xpeng Inc. (XPEV US/9868 HK) - Mona SUVs, Robot Production as Key in FY26

We project its sales volume in 2H26E to double HoH despite a weak 1Q26, fuelled by aggressive export plans and 4 new models.

CMB International

Xpeng Inc. (XPEV US/9868 HK) - Earnings on Track with Positive Surprise in Robot

Maintain BUY. We view Xpeng’s 3Q25 earnings as largely in line with slight miss in vehicle GPM and SG&A. We believe it is well on track to turn...

CMB International

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