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. We are of the view that the GPM beat in 2Q25 largely reflected Xpeng’s superb cost reduction efforts on the facelifted models including the G6, G9 and X9, despite lower selling prices.</li><li>That could indicate solid GPMs in 2H25E and FY26E, with more new/facelifted models and a better model mix.</li><li>We project a net profit of RMB255mn in 4Q25E and RMB4.2bn 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. We are of the view that the GPM beat in 2Q25 largely reflected Xpeng’s superb cost reduction efforts on the facelifted models including the G6, G9 and X9, despite lower selling prices.That could indicate solid GPMs in 2H25E and FY26E, with more new/facelifted models and a better model mix.We project a net profit of RMB255mn in 4Q25E and RMB4.2bn 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.

Xpeng Inc. (XPEV US/9868 HK) - Cost Reduction, Economies of Scale Pave Way for Profit

XPeng

Xpeng Inc. (XPEV US/9868 HK) - Cost Reduction, Economies of Scale Pave Way for Profit