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. 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

<ul><li>Maintain BUY. We are of the view that the GPM beat in 2Q25 largely reflected Xpeng’s superb cost reduction efforts on the facelifted models including the G6, G9 and X9, despite lower selling prices.</li><li>That could indicate solid GPMs in 2H25E and FY26E, with more new/facelifted models and a better model mix.</li><li>We project a net profit of RMB255mn in 4Q25E and RMB4.2bn in FY26E.</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 the GPM beat in 2Q25 largely reflected Xpeng’s superb cost reduction efforts on the facelifted models including the G6, G9 and X9, despite lower selling prices.That could indicate solid GPMs in 2H25E and FY26E, with more new/facelifted models and a better model mix.We project a net profit of RMB255mn in 4Q25E and RMB4.2bn in FY26E.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) - Cost Reduction, Economies of Scale Pave Way for Profit

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

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)

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

Xpeng Inc. (XPEV US/9868 HK) - Cost Reduction, Economies of Scale Pave Way for Profit

We are of the view that the GPM beat in 2Q25 largely reflected Xpeng’s superb cost reduction efforts on the facelifted models including the G6, G9...

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

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