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. NIO maintained a resilient GPM in 2Q26 despite the miss on SG&amp;A spending from launch-related marketing for new models.</li><li>Despite our sales volume projection trim, we expect its 2H26 net loss to narrow sequentially with 4Q26 trending near breakeven, aided by strong model portfolio.</li><li>We expect FY27E to be profitable with new models and continued cost discipline after lessons learnt last year.</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. NIO maintained a resilient GPM in 2Q26 despite the miss on SG&amp;A spending from launch-related marketing for new models.Despite our sales volume projection trim, we expect its 2H26 net loss to narrow sequentially with 4Q26 trending near breakeven, aided by strong model portfolio.We expect FY27E to be profitable with new models and continued cost discipline after lessons learnt last year.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.

NIO Inc. (NIO US/9866 HK) - 2Q26 Miss on SG&A; Bottom-Line to Improve on Resilient GPM