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 4Q24 net loss narrowed 35% YoY to RMB47mn, helped by strong electric vertical take-off and landing (eVTOL) aircraft delivery growth of 2.4x YoY.</li><li>For 2025, EHang targets to achieve revenue of RMB900mn, suggesting 97% YoY growth.</li><li>EHang is the first manufacturer in China to obtain the three essential certificates for the mass production of eVTOL aircraft, making it 1-2 years ahead of its competitors.</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 4Q24 net loss narrowed 35% YoY to RMB47mn, helped by strong electric vertical take-off and landing (eVTOL) aircraft delivery growth of 2.4x YoY.For 2025, EHang targets to achieve revenue of RMB900mn, suggesting 97% YoY growth.EHang is the first manufacturer in China to obtain the three essential certificates for the mass production of eVTOL aircraft, making it 1-2 years ahead of its competitors.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) - Net Loss in 4Q24 Further Narrowed