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>Maintain HOLD. NIO’s all-time high R&amp;D and SG&amp;A expenses in 4Q23 once again confirm that it is probably too difficult for the company to control costs.</li><li>The cash burn from CYVN’s capital injection may last shorter than we expected before. We see no sign or persuasive strategies to turn profitable from the earnings call.</li><li>We believe management’s guidance for FY24E GPM could be too optimistic.</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 HOLD. NIO’s all-time high R&amp;D and SG&amp;A expenses in 4Q23 once again confirm that it is probably too difficult for the company to control costs.The cash burn from CYVN’s capital injection may last shorter than we expected before. We see no sign or persuasive strategies to turn profitable from the earnings call.We believe management’s guidance for FY24E GPM could be too optimistic.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.

NIO Inc. (NIO US) - Cash Burn Speeds up with Capital Injection