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’s 1Q25 earnings beat on GPM and government subsidies.</li><li>We further raise our FY25E sales volume and GPM forecasts given the current sales momentum and more new model rollouts in 2H25.</li><li>We are of the view that Xpeng may achieve a breakeven at the net level in 3Q25.</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’s 1Q25 earnings beat on GPM and government subsidies.We further raise our FY25E sales volume and GPM forecasts given the current sales momentum and more new model rollouts in 2H25.We are of the view that Xpeng may achieve a breakeven at the net level in 3Q25.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) - Entered a Virtuous Circle

XPeng

Xpeng Inc. (XPEV US/9868 HK) - Entered a Virtuous Circle