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

Zhejiang Leapmotor Technologie / Equity Bottom-Up

<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

<ul><li>Maintain BUY. Leapmotor posted a net profit of RMB163mn in 2Q25, beating our forecast by RMB115mn.</li><li>We expect its strong sales momentum to continue throughout FY26E, aided by new models rollout and overseas production.</li><li>The B01 sedan could be well received given management’s 3Q25 sales volume guidance.</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 net profit of RMB163mn in 2Q25, beating our forecast by RMB115mn.We expect its strong sales momentum to continue throughout FY26E, aided by new models rollout and overseas production.The B01 sedan could be well received given management’s 3Q25 sales volume guidance.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) - Sustainable Profit Ahead on Strong Sales Momentum

<ul><li>Maintain BUY. Leapmotor’s 1Q25 net loss of RMB130mn beat our prior forecasts on higher average selling price (ASP) and GPM, as well as unexpected contribution from the strategic cooperation.</li><li>We believe its cost reduction efforts, driven by its undervalued in-house R&amp;D capabilities, have started to be reflected by its 1Q25 GPM and could be even more apparent after all the models are shifted to the Leap 3.5 architecture in mid-2025.</li><li>We raise our FY25E sales volume forecast by 15% to 0.55mn units. We project breakeven at a net level in FY25E, followed by a tenfold increase to RMB1.2bn for FY26E net profit.</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’s 1Q25 net loss of RMB130mn beat our prior forecasts on higher average selling price (ASP) and GPM, as well as unexpected contribution from the strategic cooperation.We believe its cost reduction efforts, driven by its undervalued in-house R&amp;D capabilities, have started to be reflected by its 1Q25 GPM and could be even more apparent after all the models are shifted to the Leap 3.5 architecture in mid-2025.We raise our FY25E sales volume forecast by 15% to 0.55mn units. We project breakeven at a net level in FY25E, followed by a tenfold increase to RMB1.2bn for FY26E net profit.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) - More Positive on FY25E After 1Q25 Beat

<ul><li>Maintain BUY. Leapmotor’s aggressive pre-sale price for its new B10 EV, along with its in-house autonomous driving (AD) and chassis capabilities, gives us more confidence about its sales.</li><li>We revise up its FY25E sales volume by 7% to 0.48mn units.</li><li>We also project a minimal net loss in FY25E and a net profit of RMB1.26bn in FY26E with more new A and 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. Leapmotor’s aggressive pre-sale price for its new B10 EV, along with its in-house autonomous driving (AD) and chassis capabilities, gives us more confidence about its sales.We revise up its FY25E sales volume by 7% to 0.48mn units.We also project a minimal net loss in FY25E and a net profit of RMB1.26bn in FY26E with more new A and 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) - Competitive Pricing for B10 with Strong 4Q24 Margins

Thematic (Sector/Industry)

<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

Zhejiang Leapmotor Technologies Ltd. operates as an electric vehicles manufacturer. The Company develops and sells electric vehicles and other products. Zhejiang Leapmotor Technologies markets its products throughout China.

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Zhejiang Leapmotor Technologie (9863 HK)

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

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...

CMB International

Leapmotor (9863 HK) - Sustainable Profit Ahead on Strong Sales Momentum

Maintain BUY. Leapmotor posted a net profit of RMB163mn in 2Q25, beating our forecast by RMB115mn. We expect its strong sales momentum to continue...

CMB International

Leapmotor (9863 HK) - More Positive on FY25E After 1Q25 Beat

Maintain BUY. Leapmotor’s 1Q25 net loss of RMB130mn beat our prior forecasts on higher average selling price (ASP) and GPM, as well as unexpected...

CMB International

Leapmotor (9863 HK) - Competitive Pricing for B10 with Strong 4Q24 Margins

Maintain BUY. Leapmotor’s aggressive pre-sale price for its new B10 EV, along with its in-house autonomous driving (AD) and chassis capabilities,...

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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