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)

[Li Auto (LI US, BUY, TP US$40) Earnings Preview]: Riding Intact Model Cycle in 2023

[Li Auto Inc. (LI US) Earnings Review]: Intact Model Cycle Drives Growth in 2023

[Consumer Brands Deep Dive]:Structural and Substitution Drive Chinese Consumer

Equity Bottom-Up

<ul><li>Our top pick. We project Li Auto’s net profit to be RMB 205mn in 4Q22E amid record-high quarterly sales volume.</li><li>We also expect Li Auto’s profitability to be more sustainable in FY23E, although we are more conservative than consensus by accounting for the overall industry headwinds.</li><li>We believe Li Auto is still best positioned among the NEV trio to be a long-term winner, in terms of sales and profitability</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>

Our top pick. We project Li Auto’s net profit to be RMB 205mn in 4Q22E amid record-high quarterly sales volume.We also expect Li Auto’s profitability to be more sustainable in FY23E, although we are more conservative than consensus by accounting for the overall industry headwinds.We believe Li Auto is still best positioned among the NEV trio to be a long-term winner, in terms of sales and profitabilityContent 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.

Li Auto Inc. (LI US) – 4Q22E net profit likely to turn positive