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>3Q25 GPM beat with weak 4Q25 sales guidance. NIO’s 3Q25 revenue was in line with our prior forecast while its GPM was about 3.2ppts higher than our projection.</li><li>The beat was probably due to higher margins from the ES6, EC6, ET5 and ET5T.</li><li>SG&amp;A and R&amp;D expenses combined were about RMB120mn lower than our estimates. </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>

3Q25 GPM beat with weak 4Q25 sales guidance. NIO’s 3Q25 revenue was in line with our prior forecast while its GPM was about 3.2ppts higher than our projection.The beat was probably due to higher margins from the ES6, EC6, ET5 and ET5T.SG&amp;A and R&amp;D expenses combined were about RMB120mn lower than our estimates. 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) - Competition Likely Underestimated Despite 3Q Beat