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

Zhejiang Leapmotor Technologie / Equity Bottom-Up

<ul><li>Initiate with BUY and TP of HK$40.00. We believe Leapmotor could post faster sales volume growth than most of its peers in the next few years, aided by a plethora of new models and unique overseas expansion model supported by Stellantis (STLA US, NR).</li><li>The company plans to launch three new models (Bseries) based on an upgraded platform in FY25E, and small-size (A-series) and medium-to-large--size (D-series) models from FY26E, following the success of the C-series.</li><li>We estimate Leapmotor to break even at the net profit level in 2H26E amid greater economies of scale, overseas contribution at the JV, and solid R&amp;D capabilities to control costs, which could be earlier than most of its NEV start-up peers</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>

Initiate with BUY and TP of HK$40.00. We believe Leapmotor could post faster sales volume growth than most of its peers in the next few years, aided by a plethora of new models and unique overseas expansion model supported by Stellantis (STLA US, NR).The company plans to launch three new models (Bseries) based on an upgraded platform in FY25E, and small-size (A-series) and medium-to-large--size (D-series) models from FY26E, following the success of the C-series.We estimate Leapmotor to break even at the net profit level in 2H26E amid greater economies of scale, overseas contribution at the JV, and solid R&amp;D capabilities to control costs, which could be earlier than most of its NEV start-up peersContent 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.

Leapmotor (9863 HK) - Clear Brand Positioning with Unique Overseas Model