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 is the first manufacturer in China to obtain the three essential licenses for the mass production of electric vertical take-off and landing (eVTOL) aircraft, making it 1-2 years ahead of its competitors.</li><li>We expect Ehang’s eVTOL aircraft shipment growth of 100%/50% YoY in 2025E/26E will be well supported by the intent backlog of &gt;1k units.</li><li>More importantly, the potential approval of operator certificates (OC) for its customers (i.e. eVTOL aircrafts operators), likely this year, will further speed up order intakes. </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 is the first manufacturer in China to obtain the three essential licenses for the mass production of electric vertical take-off and landing (eVTOL) aircraft, making it 1-2 years ahead of its competitors.We expect Ehang’s eVTOL aircraft shipment growth of 100%/50% YoY in 2025E/26E will be well supported by the intent backlog of &gt;1k units.More importantly, the potential approval of operator certificates (OC) for its customers (i.e. eVTOL aircrafts operators), likely this year, will further speed up order intakes. 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) - First mover in eVTOL set to ride on the momentum of low-altitude economy