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

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>XPeng reported C2Q25 top line, non-GAAP operating loss and GAAP net loss (5.4%), 28% wider and 10% narrower than our estimate and (2.2%), 13% narrower and 49% narrower than consensus. </li>
<li>Vehicle gross margin beat our estimate by 2.3ppt, consensus by 1.7ppt, and improved 14ppt YoY and 1.8% QoQ. XPEV guided for breakeven in C4Q25;</li>
<li>We reiterate our TOP BUY on XPEV with TP unchanged.</li>
</ul>


XPeng reported C2Q25 top line, non-GAAP operating loss and GAAP net loss (5.4%), 28% wider and 10% narrower than our estimate and (2.2%), 13% narrower and 49% narrower than consensus. 
Vehicle gross margin beat our estimate by 2.3ppt, consensus by 1.7ppt, and improved 14ppt YoY and 1.8% QoQ. XPEV guided for breakeven in C4Q25;
We reiterate our TOP BUY on XPEV with TP unchanged.


[XPeng Inc. (XPEV US, BUY, TP US$28) Review]: When Margin and Cash Is Right, Growth Is Secondary

<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>XPeng (XPEV) reported C1Q25 top line (3.3%)/1.6% vs. our estimate/consensus, non-GAAP operating loss and GAAP net loss are 25%/50% better than our estimates, </li>
<li>Given XPEV will launch 5 models updates in C2Q25 and 2 new models in C3Q25 and project an operating breakeven in C4Q25, </li>
<li>We raise the TP from US$26 to US$30 and elevate the rating to TOP BUY</li>
</ul>


XPeng (XPEV) reported C1Q25 top line (3.3%)/1.6% vs. our estimate/consensus, non-GAAP operating loss and GAAP net loss are 25%/50% better than our estimates, 
Given XPEV will launch 5 models updates in C2Q25 and 2 new models in C3Q25 and project an operating breakeven in C4Q25, 
We raise the TP from US$26 to US$30 and elevate the rating to TOP BUY


[XPeng Inc. (XPEV US, BUY, TP US$30) TP Change]: C1Q25 Review: Early Signs of a Chinese Tesla

<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

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, BUY, TP US$28) Review]: When Margin and Cash Is Right, Growth Is Secondary

XPeng reported Q2 2025 financials, with losses wider than expected but improved vehicle gross margin. Analysts maintain a top buy rating with...

Blue Lotus Research Institute

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, BUY, TP US$30) TP Change]: C1Q25 Review: Early Signs of a Chinese Tesla

XPeng (XPEV) beats estimates in Q1, plans new model launches and aims for operating breakeven in Q4, prompting analysts to raise TP to US$30 and...

Blue Lotus Research Institute

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

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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, BUY, TP US$28) Review]: When Margin and Cash Is Right, Growth Is Secondary

​XPeng reported Q2 2025 financials, with losses wider than expected but improved vehicle gross margin. Analysts maintain a top buy rating with...

Blue Lotus Research Institute

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, BUY, TP US$30) TP Change]: C1Q25 Review: Early Signs of a Chinese Tesla

​XPeng (XPEV) beats estimates in Q1, plans new model launches and aims for operating breakeven in Q4, prompting analysts to raise TP to US$30 and...

Blue Lotus Research Institute

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

XPeng reported Q2 2025 financials, with losses wider than expected but improved vehicle gross margin. Analysts maintain a top buy rating with...

XPeng (XPEV) beats estimates in Q1, plans new model launches and aims for operating breakeven in Q4, prompting analysts to raise TP to US$30 and...