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>Maintain BUY. Despite the GPM miss in 3Q25, Great Wall is poised to achieve its all-time high sales volume in FY25E with efficient cost controls on SG&amp;A and R&amp;D.</li><li>We also project its FY26E sales volume to rise 16% YoY to 1.57mn units, the highest growth since FY17.</li><li>We expect Tank to continue being the foundation of Great Wall’s resilient earnings, with Wey and Ora being sales drivers in FY26E.</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>

Maintain BUY. Despite the GPM miss in 3Q25, Great Wall is poised to achieve its all-time high sales volume in FY25E with efficient cost controls on SG&amp;A and R&amp;D.We also project its FY26E sales volume to rise 16% YoY to 1.57mn units, the highest growth since FY17.We expect Tank to continue being the foundation of Great Wall’s resilient earnings, with Wey and Ora being sales drivers in FY26E.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.

Great Wall Motor (2333 HK/601633 CH) - Stronger FY26 Sales Outlook Despite 3Q GPM Miss