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>We project Great Wall Motor’s 4Q22E net profit to decline 4% YoY to RMB 1.7bn amid its sales volume miss.</li><li>We are of the view that investors could pay more attention to Great Wall’s NEV sales volume growth rather than its profitability in FY23E.</li><li>We think Great Wall has the right strategy to prioritize its NEV market share rather than profitability given its lagging in electrification. </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>

We project Great Wall Motor’s 4Q22E net profit to decline 4% YoY to RMB 1.7bn amid its sales volume miss.We are of the view that investors could pay more attention to Great Wall’s NEV sales volume growth rather than its profitability in FY23E.We think Great Wall has the right strategy to prioritize its NEV market share rather than profitability given its lagging in electrification. 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.

Great Wall Motor (2333 HK) – 4Q22E NP to fall YoY despite better sales mix