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. Xpeng reported in-line 2Q26 gross profit, although net loss missed our forecast on higher SG&amp;A expenses.</li><li>We project net loss to narrow slightly QoQ in 3Q26E and a breakeven in 4Q26E amid a guidance of monthly sales volume exceeding 60,000 units in 4Q26E.</li><li>Xpeng’s robotics unit’s latest fundraising valued it at US$6.3bn, or about 40% of Xpeng’s market cap, which could imply an attractive valuation for its auto business including robotaxi.</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. Xpeng reported in-line 2Q26 gross profit, although net loss missed our forecast on higher SG&amp;A expenses.We project net loss to narrow slightly QoQ in 3Q26E and a breakeven in 4Q26E amid a guidance of monthly sales volume exceeding 60,000 units in 4Q26E.Xpeng’s robotics unit’s latest fundraising valued it at US$6.3bn, or about 40% of Xpeng’s market cap, which could imply an attractive valuation for its auto business including robotaxi.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.

Xpeng Inc. (XPEV US/9868 HK) - 4Q26 Volume Acceleration; Robotics Fundraising Unlocks SOTP Value

XPeng

Xpeng Inc. (XPEV US/9868 HK) - 4Q26 Volume Acceleration; Robotics Fundraising Unlocks SOTP Value