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

Zenergy Battery Technologies / Equity Bottom-Up

<ul><li>Maintain BUY. We revise up Zenergy’s FY25E net profit forecast by 4% to RMB591mn with better product mix than we had expected.</li><li>Such trend would continue in FY26E to benefit Zenergy’s revenue and gross margin. We expect GAC Toyota to surpass Leapmotor (9863 HK, BUY) to be Zenergy’s largest revenue contributor.</li><li>That, along with possible battery price hike which we did not factor in before, has made us raise our FY26E net profit forecast by 4% to RMB1.36bn.</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 revise up Zenergy’s FY25E net profit forecast by 4% to RMB591mn with better product mix than we had expected.Such trend would continue in FY26E to benefit Zenergy’s revenue and gross margin. We expect GAC Toyota to surpass Leapmotor (9863 HK, BUY) to be Zenergy’s largest revenue contributor.That, along with possible battery price hike which we did not factor in before, has made us raise our FY26E net profit forecast by 4% to RMB1.36bn.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.

Zenergy (3677 HK) - Higher Earnings Visibility Amid Better Client Mix, Possible Battery Price Hike