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

Zhejiang Leapmotor Technologie / Equity Bottom-Up

<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><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. 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