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>We summarize the Sep 2024 leading indicators as below, including the number of leads, customer flows and new orders generated, for Tesla, NIO, Li Auto, Xpeng, BYD and Aion.</li><li>Note that such data are based on a sample size of 96 stores (15-18 stores for each brand) in 15 cities in China.</li><li>The following data reflect same-store metrics, and the metrics on a company level could be better than these figures, as most players are still expanding their sales network. </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.

We summarize the Sep 2024 leading indicators as below, including the number of leads, customer flows and new orders generated, for Tesla, NIO, Li Auto, Xpeng, BYD and Aion.Note that such data are based on a sample size of 96 stores (15-18 stores for each brand) in 15 cities in China.The following data reflect same-store metrics, and the metrics on a company level could be better than these figures, as most players are still expanding their sales network. 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 - Sep NEV Leading Indicators Set the Tone for 4Q

<ul><li>We summarize the Aug 2024 leading indicators as below, including the number of leads, customer flows and new orders generated, for Tesla, NIO, Li Auto, Xpeng, BYD and Aion.</li><li>Note that such data are based on a sample size of 96 stores (15-18 stores for each brand) in 15 cities in China.</li><li>The following data reflect same-store metrics, and the metrics on a company level could be better than these figures, as most players are still expanding their sales network.</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.

We summarize the Aug 2024 leading indicators as below, including the number of leads, customer flows and new orders generated, for Tesla, NIO, Li Auto, Xpeng, BYD and Aion.Note that such data are based on a sample size of 96 stores (15-18 stores for each brand) in 15 cities in China.The following data reflect same-store metrics, and the metrics on a company level could be better than these figures, as most players are still expanding their sales network.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 - Aug Leading Indicators May Imply a Solid Sep

Equity Bottom-Up

<ul><li>Maintain BUY. We are of the view that Tuhu’s 1H25 earnings were solid despite industry headwinds.</li><li>While the long-term story (larger after-sales market size with higher margins and fewer players as number of vehicles on the road and average age of vehicles rise in China) remains true, Tuhu’s superb management capabilities, which is likely to help it continue gaining market share, could make investors less concerned about short-term industry volatilities.</li><li>Solid 1H25 earnings with adjusted net profit beat.</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 are of the view that Tuhu’s 1H25 earnings were solid despite industry headwinds.While the long-term story (larger after-sales market size with higher margins and fewer players as number of vehicles on the road and average age of vehicles rise in China) remains true, Tuhu’s superb management capabilities, which is likely to help it continue gaining market share, could make investors less concerned about short-term industry volatilities.Solid 1H25 earnings with adjusted net profit beat.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.

Tuhu Car (9690 HK) - Market Share Gain on Superb Management

<ul><li>Maintain BUY. Tuhu’s 2H24 earnings were largely in line with our expectation.</li><li>We find that the profitability of Tuhu’s franchised stores has been better than most auto after-market peers’, as more than 90% of Tuhu’s stores operating for over six months made profits in FY24.</li><li>Although it remains challenging for Tuhu to achieve a YoY increase in single-store revenue metrics amid macro uncertainties, we believe store number expansion could continue to drive revenue growth over the next few 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. Tuhu’s 2H24 earnings were largely in line with our expectation.We find that the profitability of Tuhu’s franchised stores has been better than most auto after-market peers’, as more than 90% of Tuhu’s stores operating for over six months made profits in FY24.Although it remains challenging for Tuhu to achieve a YoY increase in single-store revenue metrics amid macro uncertainties, we believe store number expansion could continue to drive revenue growth over the next few 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.

Tuhu Car (9690 HK) - Still Better Positioned than Most Rivals

<ul><li>Tuhu Car (Tuhu) achieved decent profit for the first time in FY23, with revenue +18% YoY (in line) and adj. NP at RMB481mn (27% above consensus).</li><li>Looking into FY24E, we are positive on its resilient growth (forecasting revenue + 16% YoY), backed by workshop expansion, richer offerings, monetization diversification and technology enhancement.</li><li>Margin enhancement may continue, with deeper penetration of private label products, more favourable terms from suppliers and operating leverage. </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.

Tuhu Car (Tuhu) achieved decent profit for the first time in FY23, with revenue +18% YoY (in line) and adj. NP at RMB481mn (27% above consensus).Looking into FY24E, we are positive on its resilient growth (forecasting revenue + 16% YoY), backed by workshop expansion, richer offerings, monetization diversification and technology enhancement.Margin enhancement may continue, with deeper penetration of private label products, more favourable terms from suppliers and operating leverage. 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.

Tuhu Car (9690 HK) - Solid FY23 with Better Profitability

China

Tuhu Car operates as an integrated online and offline platform for automotive services in China. The company offers a wide range of products and services, including tires, chassis parts, auto maintenance, repair, car detailing, and auto accessories, along with advertising, franchise, and SaaS solutions. Tuhu Car was founded in 2011 and is headquartered in Shanghai, China.

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Tuhu Car (9690 HK)

Auto - Sep NEV Leading Indicators Set the Tone for 4Q

We summarize the Sep 2024 leading indicators as below, including the number of leads, customer flows and new orders generated, for Tesla, NIO, Li...

CMB International

Auto - Aug Leading Indicators May Imply a Solid Sep

We summarize the Aug 2024 leading indicators as below, including the number of leads, customer flows and new orders generated, for Tesla, NIO, Li...

CMB International

Tuhu Car (9690 HK) - Still Better Positioned than Most Rivals

We find that the profitability of Tuhu’s franchised stores has been better than most auto after-market peers’, as more than 90% of Tuhu’s stores...

CMB International

Tuhu Car (9690 HK) - Solid FY23 with Better Profitability

Tuhu Car (Tuhu) achieved decent profit for the first time in FY23, with revenue +18% YoY (in line) and adj. NP at RMB481mn (27% above consensus).

CMB International

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Auto - Sep NEV Leading Indicators Set the Tone for 4Q

We summarize the Sep 2024 leading indicators as below, including the number of leads, customer flows and new orders generated, for Tesla, NIO, Li...

CMB International

Auto - Aug Leading Indicators May Imply a Solid Sep

We summarize the Aug 2024 leading indicators as below, including the number of leads, customer flows and new orders generated, for Tesla, NIO, Li...

CMB International

Tuhu Car (9690 HK) - Market Share Gain on Superb Management

While the long-term story (larger after-sales market size with higher margins and fewer players as number of vehicles on the road and average age...

CMB International

Tuhu Car (9690 HK) - Still Better Positioned than Most Rivals

We find that the profitability of Tuhu’s franchised stores has been better than most auto after-market peers’, as more than 90% of Tuhu’s stores...

CMB International

Tuhu Car (9690 HK) - Solid FY23 with Better Profitability

Tuhu Car (Tuhu) achieved decent profit for the first time in FY23, with revenue +18% YoY (in line) and adj. NP at RMB481mn (27% above consensus).

CMB International