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. 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

<ul><li>Maintain BUY. Xpeng’s 1Q25 earnings beat on GPM and government subsidies.</li><li>We further raise our FY25E sales volume and GPM forecasts given the current sales momentum and more new model rollouts in 2H25.</li><li>We are of the view that Xpeng may achieve a breakeven at the net level in 3Q25.</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 1Q25 earnings beat on GPM and government subsidies.We further raise our FY25E sales volume and GPM forecasts given the current sales momentum and more new model rollouts in 2H25.We are of the view that Xpeng may achieve a breakeven at the net level in 3Q25.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) - Entered a Virtuous Circle

Thematic (Sector/Industry)

<ul><li>China’s passenger-vehicle (PV) retail sales volume fell 1% YoY in first four months of 2023, 2% higher than our forecast made in Dec 2022.</li><li>Wholesale volume also rose 7% YoY YTD, 3% higher than our prior forecast, largely due to doubled PV exports in the first four months of 2023.</li><li>Automakers in China started to cut inventories in Apr 2023, as we had expected.</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.

China’s passenger-vehicle (PV) retail sales volume fell 1% YoY in first four months of 2023, 2% higher than our forecast made in Dec 2022.Wholesale volume also rose 7% YoY YTD, 3% higher than our prior forecast, largely due to doubled PV exports in the first four months of 2023.Automakers in China started to cut inventories in Apr 2023, as we had expected.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.

China Auto Sector – Mixed picture ahead as inventory risk lingers

<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

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) - 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

Xpeng Inc. (XPEV US/9868 HK) - Entered a Virtuous Circle

We further raise our FY25E sales volume and GPM forecasts given the current sales momentum and more new model rollouts in 2H25.

CMB International

China Auto Sector – Mixed picture ahead as inventory risk lingers

China’s passenger-vehicle (PV) retail sales volume fell 1% YoY in first four months of 2023, 2% higher than our forecast made in Dec 2022.

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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