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

<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

<ul><li>Maintain BUY. We revise up Zenergy’s FY25E net profit forecast by 4% to RMB591mn with better product mix than we had expected.</li><li>Such trend would continue in FY26E to benefit Zenergy’s revenue and gross margin. We expect GAC Toyota to surpass Leapmotor (9863 HK, BUY) to be Zenergy’s largest revenue contributor.</li><li>That, along with possible battery price hike which we did not factor in before, has made us raise our FY26E net profit forecast by 4% to RMB1.36bn.</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 revise up Zenergy’s FY25E net profit forecast by 4% to RMB591mn with better product mix than we had expected.Such trend would continue in FY26E to benefit Zenergy’s revenue and gross margin. We expect GAC Toyota to surpass Leapmotor (9863 HK, BUY) to be Zenergy’s largest revenue contributor.That, along with possible battery price hike which we did not factor in before, has made us raise our FY26E net profit forecast by 4% to RMB1.36bn.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) - Higher Earnings Visibility Amid Better Client Mix, Possible Battery Price Hike

Thematic (Sector/Industry)

<ul><li>Both passenger vehicle (PV) retail sales and wholesale volumes in China are likely to hit new highs in 2025E.</li><li>That, along with trade-in subsidy and purchase-tax saving phase-out, could make 2026 interesting and complex.</li><li>Resilient industry growth despite subsidy cuts. </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.

Both passenger vehicle (PV) retail sales and wholesale volumes in China are likely to hit new highs in 2025E.That, along with trade-in subsidy and purchase-tax saving phase-out, could make 2026 interesting and complex.Resilient industry growth despite subsidy cuts. 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 - 2026 Outlook: Second half of the NEV match

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

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

Zenergy (3677 HK) - Higher Earnings Visibility Amid Better Client Mix, Possible Battery Price Hike

Maintain BUY. We revise up Zenergy’s FY25E net profit forecast by 4% to RMB591mn with better product mix than we had expected.

CMB International

Auto - 2026 Outlook: Second half of the NEV match

Resilient industry growth despite subsidy cuts. We project China’s PV retail sales volume to be largely flat YoY and wholesale volume to rise 2.9%...

CMB International

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