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)

[XPeng (XPEV US) Earnings Review]: Facing Price War and Fiercer Competition in 2023

[XPeng (XPEV US, BUY, TP US$11.5) Rating Change]: G6 Is a Superb Answer to Tesla Model Y…UG to BUY

[XPeng Inc. (XPEV US, BUY, TP US$10) TP Change]: BUY on Recovery Starting from 2Q23

Equity Bottom-Up

<ul><li>We project Xpeng’s 4Q22E net loss to narrow slightly QoQ to RMB 2.0bn, despite lower revenue and gross margin QoQ.</li><li>Although a similar level of operating loss could occur in FY23E versus FY22E on our estimates, we believe investors would focus more on Xpeng’s sales volume growth in FY23E, which is key to its longterm survival, as its RMB 35bn net cash position could still support Xpeng for 2- 3 years.</li><li>It is still difficult to quantify the improvement after the organizational structure and personnel changes, but the hard lesson learnt could make management more focused and cost cautious.</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 Xpeng’s 4Q22E net loss to narrow slightly QoQ to RMB 2.0bn, despite lower revenue and gross margin QoQ.Although a similar level of operating loss could occur in FY23E versus FY22E on our estimates, we believe investors would focus more on Xpeng’s sales volume growth in FY23E, which is key to its longterm survival, as its RMB 35bn net cash position could still support Xpeng for 2- 3 years.It is still difficult to quantify the improvement after the organizational structure and personnel changes, but the hard lesson learnt could make management more focused and cost cautious.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.

Xpeng Inc. (XPEV US) – 4Q22E Net Loss to Narrow; Sales as Key to FY23