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. Leapmotor posted a third consecutive set of profitable interim results, with 2Q26 revenue and net profit both reaching record highs.</li><li>We expect 2H26E to deliver significantly stronger earnings driven by volume ramp-up and margin expansion.</li><li>Leapmotor leads China’s NEV start-ups in scale, with 2027 set as another major product year. </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. Leapmotor posted a third consecutive set of profitable interim results, with 2Q26 revenue and net profit both reaching record highs.We expect 2H26E to deliver significantly stronger earnings driven by volume ramp-up and margin expansion.Leapmotor leads China’s NEV start-ups in scale, with 2027 set as another major product year. 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.

Leapmotor (9863 HK) - All Set for a Stronger 2H26

<ul><li>Maintain BUY. We view Leapmotor’s 4Q25 earnings as largely in line and management guidance upbeat.</li><li>We believe the upcoming two D-series models could be key to its margins and valuation, although A-series may contribute more sales volume.</li><li>We maintain our FY26E sales volume forecast of 0.9mn units. </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 Leapmotor’s 4Q25 earnings as largely in line and management guidance upbeat.We believe the upcoming two D-series models could be key to its margins and valuation, although A-series may contribute more sales volume.We maintain our FY26E sales volume forecast of 0.9mn units. 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.

Leapmotor (9863 HK) - Eyes on New Models, Especially D19

<ul><li>Maintain BUY. We view Leapmotor’s 3Q25 vehicle gross margin of 13.3% as resilient, although its net profit of RMB150mn missed our expectation due to lowerthan-expected other revenue.</li><li>We believe Leapmotor could accomplish both of its sales volume and net profit targets in FY25E, and expect its strong sales momentum to continue throughout FY26E.</li><li>We project its overseas sales volume to more than double YoY in FY26E while domestic sales could be fuelled by two A-series and two D-series models. </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 Leapmotor’s 3Q25 vehicle gross margin of 13.3% as resilient, although its net profit of RMB150mn missed our expectation due to lowerthan-expected other revenue.We believe Leapmotor could accomplish both of its sales volume and net profit targets in FY25E, and expect its strong sales momentum to continue throughout FY26E.We project its overseas sales volume to more than double YoY in FY26E while domestic sales could be fuelled by two A-series and two D-series models. 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.

Leapmotor (9863 HK) - 4Q25 NP to Be More Resilient; D19 Key to FY26E

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

Leapmotor is a Chinese automobile manufacturer specializing in the research, development, production, and sales of intelligent electric vehicles (EVs), including sedans, SUVs, and microcars. The company also develops core EV components such as intelligent driving systems, electric drive assemblies, and battery systems. Founded in December 2015, Leapmotor is headquartered in Hangzhou, China.

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Leapmotor (9863 HK)