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 hosted non-deal roadshows (NDRs) for Zenergy in Hong Kong and Shenzhen on 18-19 Jul 2026, with our key takeaways as below.</li><li>We also estimate its 1H26E net profit to surge 78% YoY. Despite short-term GPM uncertainties, we believe it is well positioned for strong growth in the long term.</li><li>On track for strong long-term growth. Management reiterated its FY26E sales volume target of 30GWh+ and raised its ESS volume guidance to 5- 6GWh, lifting ESS’ projected volume contribution from 10-15% to 15-20%. </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 hosted non-deal roadshows (NDRs) for Zenergy in Hong Kong and Shenzhen on 18-19 Jul 2026, with our key takeaways as below.We also estimate its 1H26E net profit to surge 78% YoY. Despite short-term GPM uncertainties, we believe it is well positioned for strong growth in the long term.On track for strong long-term growth. Management reiterated its FY26E sales volume target of 30GWh+ and raised its ESS volume guidance to 5- 6GWh, lifting ESS’ projected volume contribution from 10-15% to 15-20%. 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) - NDR Takeaways and 1H26 Earnings Preview