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. Tuhu has agreed to acquire mycar Tyre &amp; Auto, a 279-store, one-stop car service network in Australia, from Continental AG (as part of its pure-play focus) at a consideration of A$278mn (RMB1.3bn), translating to 8.6x FY26E EV/EBITDA.</li><li>The deal marks Tuhu's first overseas M&amp;A and a strategic entry into a mature, non-Asian market.</li><li>We expect the acquisition to boost adjusted net profit by 10%/15% in FY27E/FY28E, with minimal balance-sheet strain. </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 has agreed to acquire mycar Tyre &amp; Auto, a 279-store, one-stop car service network in Australia, from Continental AG (as part of its pure-play focus) at a consideration of A$278mn (RMB1.3bn), translating to 8.6x FY26E EV/EBITDA.The deal marks Tuhu's first overseas M&amp;A and a strategic entry into a mature, non-Asian market.We expect the acquisition to boost adjusted net profit by 10%/15% in FY27E/FY28E, with minimal balance-sheet strain. 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) - Global expansion via accretive mycar acquisition

<ul><li>Maintain BUY. We expect Tuhu’s 1H26E revenue to rise 11% YoY and adjusted net profit to fall 48% YoY amid macro challenges.</li><li>Tuhu’s franchise stores likely saw same-store sales YoY growth in 1H26, which should be much stronger than peers, according to our channel checks.</li><li>We still view Tuhu’s focus on market share gains as the right strategy amid industry consolidation, which should translate into superior earnings elasticity once after-sales consumption recovers. </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 expect Tuhu’s 1H26E revenue to rise 11% YoY and adjusted net profit to fall 48% YoY amid macro challenges.Tuhu’s franchise stores likely saw same-store sales YoY growth in 1H26, which should be much stronger than peers, according to our channel checks.We still view Tuhu’s focus on market share gains as the right strategy amid industry consolidation, which should translate into superior earnings elasticity once after-sales consumption recovers. 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) - 1H26E Preview: Accelerated Store Expansion

<ul><li>Maintain BUY. Tuhu’s 2H25 adjusted net profit missed due to lower-thanexpected GPM.</li><li>However, its strong store expansion and continued franchise profitability improvement give us more confidence in its market share gains in FY26-27E.</li><li>We view Tuhu’s focus on market share gains as a right strategy amid industry consolidation and evolving after-sales service landscape. </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 2H25 adjusted net profit missed due to lower-thanexpected GPM.However, its strong store expansion and continued franchise profitability improvement give us more confidence in its market share gains in FY26-27E.We view Tuhu’s focus on market share gains as a right strategy amid industry consolidation and evolving after-sales service landscape. 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) - A Beneficiary from Industry Consolidation

Thematic (Sector/Industry)

<ul><li>We summarize the Feb 2026 price discounts at dealers for major automakers in this report.</li><li>Note that Feb discounts for each automaker are calculated based on the weighted average of Jan 2026 retail sales volume for each model, as Feb 2026 retail sales volume data have not been released yet.</li><li>On the surface, China’s industrywide average discounts remained flat in Feb 2026 vs. Jan 2026 and Dec 2025 based on our calculations, as narrower discounts for German brands offset wider discounts for other brands. </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 Feb 2026 price discounts at dealers for major automakers in this report.Note that Feb discounts for each automaker are calculated based on the weighted average of Jan 2026 retail sales volume for each model, as Feb 2026 retail sales volume data have not been released yet.On the surface, China’s industrywide average discounts remained flat in Feb 2026 vs. Jan 2026 and Dec 2025 based on our calculations, as narrower discounts for German brands offset wider discounts for other brands. 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 - 1Q26 carmakers’ margins under pressure amid rising discounts

<ul><li>We maintain our China PV sales volume growth forecasts for 2026 on both retail and wholesale basis after weaker-than-expected Nov and Dec sales.</li><li>We revise down our 2026 NEV sales volume slightly, as the new trade-in subsidies have stringent requirements.</li><li>We are of the view that weaker-than-expected 4Q25 sales volume may result in earnings miss for some automakers. </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 maintain our China PV sales volume growth forecasts for 2026 on both retail and wholesale basis after weaker-than-expected Nov and Dec sales.We revise down our 2026 NEV sales volume slightly, as the new trade-in subsidies have stringent requirements.We are of the view that weaker-than-expected 4Q25 sales volume may result in earnings miss for some automakers. 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 - Weak 4Q25 sales may lead to earning miss

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)

Tuhu Car (9690 HK) - Global expansion via accretive mycar acquisition

We view Tuhu’s move into Australia as a constructive testing ground for operational synergies that can be replicated across future global expansions

CMB International

Tuhu Car (9690 HK) - 1H26E Preview: Accelerated Store Expansion

Tuhu’s franchise stores likely saw same-store sales YoY growth in 1H26, which should be much stronger than peers, according to our channel checks.

CMB International

Tuhu Car (9690 HK) - A Beneficiary from Industry Consolidation

We view Tuhu’s focus on market share gains as a right strategy amid industry consolidation and evolving after-sales service landscape.

CMB International

Auto - 1Q26 carmakers’ margins under pressure amid rising discounts

Note that Feb discounts for each automaker are calculated based on the weighted average of Jan 2026 retail sales volume for each model, as Feb 2026...

CMB International

Auto - Weak 4Q25 sales may lead to earning miss

We maintain our China PV sales volume growth forecasts for 2026 on both retail and wholesale basis after weaker-than-expected Nov and Dec sales.

CMB International

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