External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>EHang’s eVTOL aircraft delivery in 2Q25 grew 39% YoY to 68 units, which also suggests a strong sequential recovery from only 11 units in 1Q25.</li><li>While EHang slashed the full-year revenue target by &gt;40% to RMB500mn (implying +10% YoY), management emphasized that the change in delivery plan is a result of the pursuit of safety instead of a slowdown of end-demand.</li><li>Management expects the growth to accelerate in 2026E and we still like EHang’s structural growth potential in both China and overseas’ eVTOL market. </li></ul><p><em>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.</em></p>

EHang’s eVTOL aircraft delivery in 2Q25 grew 39% YoY to 68 units, which also suggests a strong sequential recovery from only 11 units in 1Q25.While EHang slashed the full-year revenue target by &gt;40% to RMB500mn (implying +10% YoY), management emphasized that the change in delivery plan is a result of the pursuit of safety instead of a slowdown of end-demand.Management expects the growth to accelerate in 2026E and we still like EHang’s structural growth potential in both China and overseas’ eVTOL market. 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.

EHang Holdings (EH US) - Expect Growth to Accelerate in 2026E...