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

Zenergy Battery Technologies / Equity Bottom-Up

<ul><li>Maintain BUY. Zenergy’s 1H26 revenue and SG&amp;A both beat our forecasts while GPM missed on raw-material price hikes.</li><li>We expect a margin recovery starting in 2H26E, driven by higher capacity utilization, operational efficiency and improved cost pass-through.</li><li>We remain bullish on the company’s FY27E outlook, especially as management anticipates high capacity utilization to remain with effective annual capacity being doubled.</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. Zenergy’s 1H26 revenue and SG&amp;A both beat our forecasts while GPM missed on raw-material price hikes.We expect a margin recovery starting in 2H26E, driven by higher capacity utilization, operational efficiency and improved cost pass-through.We remain bullish on the company’s FY27E outlook, especially as management anticipates high capacity utilization to remain with effective annual capacity being doubled.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.

Zenergy (3677 HK) - 1H26 a Mixed Bag; Margin Recovery from 2H26

<ul><li>Maintain BUY. We hosted non-deal roadshows (NDRs) for Zenergy in Hong Kong and Shenzhen on 18-19 Jul 2026, with our key takeaways as below.</li><li>We also estimate its 1H26E net profit to surge 78% YoY. Despite short-term GPM uncertainties, we believe it is well positioned for strong growth in the long term.</li><li>On track for strong long-term growth. Management reiterated its FY26E sales volume target of 30GWh+ and raised its ESS volume guidance to 5- 6GWh, lifting ESS’ projected volume contribution from 10-15% to 15-20%. </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 hosted non-deal roadshows (NDRs) for Zenergy in Hong Kong and Shenzhen on 18-19 Jul 2026, with our key takeaways as below.We also estimate its 1H26E net profit to surge 78% YoY. Despite short-term GPM uncertainties, we believe it is well positioned for strong growth in the long term.On track for strong long-term growth. Management reiterated its FY26E sales volume target of 30GWh+ and raised its ESS volume guidance to 5- 6GWh, lifting ESS’ projected volume contribution from 10-15% to 15-20%. 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.

Zenergy (3677 HK) - NDR Takeaways and 1H26 Earnings Preview

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Macroeconomics

<ul>
<li>China will roll out its 2026 - 2030 five-year plan this month, which outline the economic and social roadmap until the end of the decade.  </li>
<li>Historically the five-year plans have been a roadmap for investors to look for tailwinds for economic sector performance.  We believe the high-tech industries will remain the main focus for investment.</li>
<li>Exporters of high-end equipment and machinery will continue to benefit with the consumption sector being a focus for international investors.</li>
</ul>


China will roll out its 2026 - 2030 five-year plan this month, which outline the economic and social roadmap until the end of the decade.  
Historically the five-year plans have been a roadmap for investors to look for tailwinds for economic sector performance.  We believe the high-tech industries will remain the main focus for investment.
Exporters of high-end equipment and machinery will continue to benefit with the consumption sector being a focus for international investors.


EMERGING THEMES: China's Next 5 Year Plan

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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.

Equity Capital Markets

Zenergy Battery Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiangsu-zenergy-battery-technologies-group-co-ltd" target="_blank" data-smartkarma-citation="entities:43855:1" rel="noopener">Jiangsu Zenergy Battery Technologies Group(3677 HK)</a> raised US$130m from its HK IPO in April'25. The lockup on its controlling shareholders, pre-IPO investors and other shareholders is set to expire soon.</li>
<li>Zenergy is an EV and energy storage system battery manufacturer providing integrated battery solutions, encompassing battery cells, modules, packs and battery management systems dedicated to large-scale applications of electrochemical products.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Jiangsu Zenergy Battery Technologies Group(3677 HK) raised US$130m from its HK IPO in April'25. The lockup on its controlling shareholders, pre-IPO investors and other shareholders is set to expire soon.
Zenergy is an EV and energy storage system battery manufacturer providing integrated battery solutions, encompassing battery cells, modules, packs and battery management systems dedicated to large-scale applications of electrochemical products.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas:Zenergy Battery Technologies IPO Lockup-US$2.7bn Lockup Release but Stock Back to IPO Level

<ul><li>Maintain BUY. Zenergy’s 2H25 earnings beat on GPM and opex, reflecting its operational efficiency, improving client mix and minimal legacy burden, as we noted in our previous reports.</li><li>We raise our sales volume forecast for both FY26E and FY27E, following management’s more positive guidance for FY26E and more aggressive capacity expansion plans in FY26-27E.</li><li>We revise up our FY26-27E net profit estimates by 7%/10%, respectively. </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. Zenergy’s 2H25 earnings beat on GPM and opex, reflecting its operational efficiency, improving client mix and minimal legacy burden, as we noted in our previous reports.We raise our sales volume forecast for both FY26E and FY27E, following management’s more positive guidance for FY26E and more aggressive capacity expansion plans in FY26-27E.We revise up our FY26-27E net profit estimates by 7%/10%, respectively. 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.

Zenergy (3677 HK) - Brighter sales outlook after strong 2H25 earnings

China

Zenergy Battery Technologies Group Co Ltd is a China-based company specializing in the research, development, production, and sales of lithium-ion battery products. These products are primarily for electric vehicles, energy storage systems, and aviation applications, offering integrated battery solutions including cells, modules, and packs. The company was founded in 2019 and is headquartered in Changshu, China.

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Zenergy Battery Technologies (3677 HK)

Zenergy (3677 HK) - 1H26 a Mixed Bag; Margin Recovery from 2H26

We remain bullish on the company’s FY27E outlook, especially as management anticipates high capacity utilization to remain with effective annual...

CMB International

Zenergy (3677 HK) - NDR Takeaways and 1H26 Earnings Preview

Maintain BUY. We hosted non-deal roadshows (NDRs) for Zenergy in Hong Kong and Shenzhen on 18-19 Jul 2026, with our key takeaways as below.

CMB International

EMERGING THEMES: China's Next 5 Year Plan

China will roll out its 2026 - 2030 five-year plan this month, outlining the economic and social roadmap until the end of the decade.Historically...

David Mudd

Aequitas:Zenergy Battery Technologies IPO Lockup-US$2.7bn Lockup Release but Stock Back to IPO Level

Jiangsu Zenergy Battery Technologies raised about US$130m from its HK IPO in April 2025. The lockup on its controlling shareholders, pre-IPO...

Akshat Shah

Zenergy (3677 HK) - Brighter sales outlook after strong 2H25 earnings

Maintain BUY. Zenergy’s 2H25 earnings beat on GPM and opex, reflecting its operational efficiency, improving client mix and minimal legacy burden,...

CMB International

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