高盛-中国乘用车行业2026年4月跟踪：国内新能源汽车渗透率达61-Apr2026-NEV penetration to 61yoy-20260512

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pusit:/e.

12May2026|5:06PMCST

CHINAPASSENGERVEHICLEMONTHLYCHARTBOOK

Apr2026-NEVpenetrationto61%inChina,exportgrowthacceleratesto85%yoy

Bottomline:NEVretailpenetrationroseto61.4%

(+9.8ppyoy/+9.9ppmom)inAprildrivenbynewmodellaunchesandincreasinggasprice,despiteweakmarketdemandwithdomesticpassengervehicleretailvolume-21%yoy(NEV-6%/ICE-37%);Exportgrowth

acceleratedto85%yoy(NEV+126%/ICE+58%).

Thisreportisacuratedcompilationofthemosttopical

chartsonmonthlypassengervehiclemarketperformance

organizedintothefollowingcategories:(1)Passengervehicleandnewenergyvehicleindustrymonthlyvolumeand

penetration,(2)Passengervehicleindustryinventory,

modelspricediscountsandbatteryprice,(3)Company&stockhighlights.

Apr2026highlights:

nKeyindustrytrends:InApr2026,PVretail-21%yoy/

-16%mom,wholesale-4%yoy/-11%mom;NEVretail

-6%yoy/+0%mom,wholesale+7%yoy/+7%mom;

NEVretail/wholesalepenetrationwas61.4%(+9.8ppyoy/+9.9ppmom)/57.5%(+5.8ppyoy/+9.9ppmom).

nIndustrydatasummary:

oInventorytrend(+):NEVandICEinventorymonthsdecrease.

oPricingtrend(+/-):NEVdealerdiscount

narrowedmomwhileICEwidened;8NEVMSRPraisesand8cuts.

oBatterypricetrend(-):LCEprice+2%mom,LFP/NCMbatterypricefiattishmom.

nCompany&Stockhighlights:BYD(002594.SZ/1211.HK)-Buy,XPeng(XPEV/9868.HK)-Buy

oBYDdelivered135kunitsofoverseassales

volumeinApr2026(+71%yoy/+13%mom),maintainingstrongmomentuminoverseas

expansion.Domestically,itdelivered182kunitsofdomesticsalesvolumeinApr2026(-32%

yoy/-6%mom),improvingNEVmarketshareto

21.4%inApril(vs.20.3%in4M26).The

companyalsoreportedstrongpre-salesordersfromDaTang(accumulated100k+ordersasofMay8).WemaintainourBuyratingonbothA/Hshares.

TinaHou

+86(21)2401-8694|

tina.hou@

GoldmanSachs(China)SecuritiesCompanyLimited

JennyDu

+86(21)2401-8978|

jenny.x.du@

GoldmanSachs(China)SecuritiesCompanyLimited

GoldmanSachsdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconfiictofinterestthatcoulda仟ecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ForRegACcertificationandotherimportantdisclosures,seetheDisclosureAppendix,orgoto

/research/hedge.html

.Analysts

employedbynon-USaffiliatesarenotregistered/qualifiedasresearchanalystswithFINRAintheU.S.

GoldmanSachsChinaPassen

etrto.elist

h:i/c/lwhll

o

XPengsawdeliveryof13.7kunitsfromMONAM03(~44%oftotalvolume)inApr(totaldeliveryof31.0k,+13.1%mom)supportedbyMONAM03faceliftlaunchedonApr2.WeareBuy-ratedonXPengasweseeastrongnew

modelpipelinein2026inthedomesticmarket(GXmodel,twoMONASUVandoneotherSUV),accelerationinoverseasexpansion,aswellaskeyvolumeproductionmilestonesforitsfrontierbusinessesincludinghumanoidrobot,robotaxi,andeVTOL.

12May20262

GoldmanSachsChinaPassen

etrto.elist

h:i/c/lwhll

12May2026<#>

Industrydatasummary:NEVdomesticretailvolume-6%yoywhileICE-37%yoy

Exhibit1:PV/NEV/ICEmonthlyvolume

Source:CPCA,DatacompiledbyGoldmanSachsGlobalInvestmentResearch

12May2026<#>

Company&Stockhighlights

BYD(002594.SZ/1211.HK)-Buy

nBYDdelivered135kunitsofoverseassalesvolumeinApr2026(+71%yoy/+13%mom),maintainingstrong

momentuminoverseasexpansion.Domestically,itdelivered182kunitsofdomesticsalesvolumeinApr2026(-32%

yoy/-6%mom),improvingNEVmarketshareto21.4%inApril(vs.20.3%in4M26).Thecompanyalsoreportedstrongpre-salesordersfromDaTang(accumulated100k+ordersasofMay8).WemaintainourBuyratingonbothA/Hshares.

XPeng(XPEV/9868.HK)-Buy

nXPengsawdeliveryof13.7kunitsfromMONAM03(~44%oftotalvolume)inApr(totaldeliveryof31.0k,+13.1%mom)supportedbyMONAM03faceliftlaunchedonApr2.WeareBuy-ratedonXPengasweseeastrongnewmodelpipelinein2026inthedomesticmarket(GXmodel,twoMONASUVandoneotherSUV),accelerationinoverseasexpansion,aswellaskeyvolumeproductionmilestonesforitsfrontierbusinessesincludinghumanoidrobot,robotaxi,andeVTOL.

12May2026<#>

PriceTargetRisks&Methodology

BYD(002594.SZ/1211.HK,Buy):WeareBuyratedwith12mDCF-based(WACC10.8%,TGR2.0%)TPsofRmb137/HK$134ontheA/Hshares(applyinga10%discounttotheH-share).Downsiderisks:(1)intensifyingelectricvehiclecompetition;(2)slower-than-expectedoverseasexpansionprogress;(3)lower-than-expectedexternalbatterysales.

XPeng(XPEV/9868.HK,Buy):WeareBuyratedwith12mDCF-based(WACC11.8%,TGR3.0%)TPsofUS$22/HK$85for

theADR/Hshare.Risks:lower-than-expectedsalesvolume;worse-than-expectedpricecompetition;weaker-than-expectedmarketdemand.

Pricinginformation

nBYDCo.(A)Rmb100.44,BYDCo.(H)HK$101.70(asofMay11,2026).

nXPengInc.(ADR)US$16.15,XPengInc.(H)HK$62.50(asofMay11,2026).

12May2026<#>

Trade-inapplicationtracker

nTheMinistryofCommercetrade-ininformationplatformobserved1,670kaccumulatedsalesfortheautotrade-in

subsidyprogramasofApr12,2026,wherewesawhigheraveragedailysalesvolumefromApr1-12comparedtoFeb19-Mar31,supportedbygradualdemandrecovery.

Exhibit2:2026nationallevelsubsidytracker

Source:MinistryofCommerce,DatacompiledbyGoldmanSachsGlobalInvestmentResearch

Exhibit3:2025nationallevelsubsidytracker

2025nationallevelsubsidyincludessubsidyforbothscrapping/transferringoldvehicles;1Q25datareferstomonthlyaverage.

Source:MinistryofCommerce,Governmentwebsites,Xinhua,DatacompiledbyGoldmanSachsGlobalInvestmentResearch

12May2026<#>

Marketsharetracker

Exhibit4:ChinapassengervehiclesretailmarketsharebyOEM

Source:CPCA,DatacompiledbyGoldmanSachsGlobalInvestmentResearch

12May2026<#>

Exhibit5:ChinanewenergyvehiclesretailmarketsharebyOEM

Source:CPCA,DatacompiledbyGoldmanSachsGlobalInvestmentResearch

12May2026<#>

Exhibit6:ChinainternalcombustionengineretailmarketsharebyOEM

Source:CPCA,DatacompiledbyGoldmanSachsGlobalInvestmentResearch

12May2026<#>

Newmodelstracker

Exhibit7:NewmodelstrackerbyOEM

Source:Companydata,Autohome,Sohunews,Sinanews,DatacompiledbyGoldmanSachsGlobalInvestmentResearch

12May2026<<

Europeansalestracker

Exhibit8:Europeansalessnapshot

Source:UNRAE,KBA,SMMT,ANFAC,DatacompiledbyGoldmanSachsGlobalInvestmentResearch

TheauthorswouldliketothankMonikaMengtingLiuforhercontributiontothisreport.

GoldmanSachsChinaPassen

etrto.elist

h:i/c/lwhll

12May2026<2

NEVMSRPtracker:8NEVMSRPcutsand8hikes

Exhibit9:2026countofpricecuts/hikesandaveragepricecut/hikeas%ofcarprice

2026OEMMSRPcut

25

15%

14%

20

10%

20

7%

7%

5%

15

2%

0%

-2%

10

8

88

-5%

-10%

-15%

6

5

-7%

-7%

5

-10%

1

1

0

Jan-26Feb-26Mar-26Apr-26

No.ofmodels(cut)No.ofmodels(hike)MSRPcut%MSRPhike%

Source:Companydata,Autohome,Sohunews,Sinanews,DatacompiledbyGoldmanSachsGlobalInvestmentResearch

Exhibit11:2024countofpricecutsandaveragepricecutas%ofcarprice

Jan-24

Feb-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

2024OEMMSRPcut0.0%

0%

30

25

20

15

10

-1.7%-2.7%

-5.6%

-6.8%

-3.0%

25

-6.6%

-4.3%

21

-2%

23

-4%

-7.1%

-6%

-9.6%

-8%

-11.0%

6

-10%-12%-14%-16%

-18%

-1650%

5

3

3

2

5

1

1

0

0

No.ofmodelsMSRPcut%

Source:Companydata,Autohome,Sohunews,Sinanews,DatacompiledbyGoldmanSachsGlobalInvestmentResearch

Exhibit10:2025countofpricecutsandaveragepricecutas%ofcarprice

iiiiiiiiiiiii-20%

2025OEMMSRPcut

18

16

14

12

10

8

6

4

2

0

-3.5%

10

1

-6.2%10

10-7.9%

-10.8%

9

-10.9%

-8.9%6

16

15

-5.0%

◆-6.9%

-8.7%6

◆-13.47%

3

1

0%

-2%

-4%

-6%

-8%

-10.3%-10%

-12%

-14%

-18%

-16%-17.2%

Jan-25

Feb-25

Mar-25

Apr-25

May-25

Jun-25

Jul-25

Aug-25

Sep-25

Oct-25

Nov-25

Dec-25

No.ofmodelsMSRPcut%

Source:Companydata,Autohome,Sohunews,Sinanews,DatacompiledbyGoldmanSachsGlobalInvestmentResearch

Exhibit12:2023countofpricecutsandaveragepricecutas%ofcarprice

Jan-23

Feb-23

Mar-23

Apr-23

May-23

Jun-23

Jul-23

Aug-23

Sep-23

Oct-23

Nov-23

Dec-23

13

7-11.0%-10.6%

-15.4%

1

-7.9%

-11.4%6

2

5%

0%

-5%

-10%

-15%

-20%

7

66

4

18

16

14

12

10

8

6

4

2

0

2023OEMMSRPcut

No.ofmodelsMSRPcut%

4.0%17

-5.5%

-7.4%

11

-10.1%

13

-6.6%

-5.4%-4.9%

Source:Companydata,Autohome,Sinanews,Sohunews,DatacompiledbyGoldmanSachsGlobalInvestmentResearch

GoldmanSachsChinaPassen

etrto.elist

h:i/c/lwhll

12May2026<<#>

Exhibit13:2026NEVMSRPtracker

Source:Companydata,Autohome,Sohunews,Sinanews,DatacompiledbyGoldmanSachsGlobalInvestmentResearch

12May2026<<#>

Retailend-pricing:NEVdealerdiscountnarrowedMoMwhileICEwidened

nNEV:averagediscountofdealerpricesvs.MSRPwas7.39%inApr2026,vs.7.96%inMar2026;BYDaveragediscountofdealerpricesvs.MSRPwas4.33%inApr2026,vs.5.25%inMar2026.

nICE:averagediscountofdealerpricesvs.MSRPwas19.68%inApr2026,vs.19.45%inMar2026.

Exhibit14:NEVdiscounttrend

Source:Autohome,DatacompiledbyGoldmanSachsGlobalInvestmentResearch

Exhibit15:ICEdiscounttrend

Source:Autohome,DatacompiledbyGoldmanSachsGlobalInvestmentResearch

12May2026<<#>

Industryinventoryvolume&inventorymonths:NEVandICEinventorymonthsdecrease

Exhibit16:Inventoryvolumeandmonths

Source:CADA,CPCA,DatacompiledbyGoldmanSachsGlobalInvestmentResearch

12May2026<<#>

Upstreambatterypricingdynamics:LCEprice+2%mom,LFP/NCMbatterypricefiattishmom

nAveragebatterygradelithiumcarbonatepricewasRmb163.3k/toninApr2026,+126%yoy/+2%mom.

nAverageLFPprismaticcellpricewasRmb0.34/WhinApr2026,0%yoy/+1%mom.

nAverageNCMprismaticcellpricewasRmb0.47/WhinApr2026,+8%yoy/+0%mom.

Exhibit17:Batteryandbatteryrawmaterialsprices

Source:ICCSino,DatacompiledbyGoldmanSachsGlobalInvestmentResearch

12May2026<<#>

Industrymonthlytracker

Jan-22

Feb-22

Mar-22

Apr-22

May-22

Jun-22

Jul-22

Aug-22

Sep-22

Oct-22

Nov-22

Dec-22

Jan-23

Feb-23

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Apr-23

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Jun-23

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Jan-24

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Jan-22

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Feb-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

Feb-25

Mar-25

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May-25

Jun-25

Jul-25

Aug-25

Sep-25

Oct-25

Nov-25

Dec-25

Jan-26

Feb-26

Mar-26

Apr-26

Exhibit18:PVretailbypricerange

Exhibit20:NEVretailbypricerange

1,600,000

1,400,000

1,200,000

1,000,000

800,000

600,000

400,000

200,000

3,000,000

2,500,000

2,000,000

1,500,000

1,000,000

500,000

-

-

0-5050-100100-150150-200200-250250-300300-400400-500>500

0-5050-100100-150150-200200-250250-300300-400400-500>500

Rmbkforpricerange.

Rmbkforpricerange.

Jan-22

Feb-22

Mar-22

Apr-22

May-22

Jun-22

Jul-22

Aug-22

Sep-22

Oct-22

Nov-22

Dec-22

Jan-23

Feb-23

Mar-23

Apr-23

May-23

Jun-23

Jul-23

Aug-23

Sep-23

Oct-23

Nov-23

Dec-23

Jan-24

Feb-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

Feb-25

Mar-25

Apr-25

May-25

Jun-25

Jul-25

Aug-25

Sep-25

Oct-25

Nov-25

Dec-25

Jan-26

Feb-26

Mar-26

Apr-26

60%

20%

Source:CPCA,DatacompiledbyGoldmanSachsGlobalInvestmentResearch

Exhibit21:NEVretailsharebypricerange

100%

90%

7%

80%

12%

70%

12%

50%

27%

40%

30%

27%

10%

0%

0-5050-100100-150150-200200-250250-300300-400400-500>500

Rmbkforpricerange.

Jan-22

Feb-22

Mar-22

Apr-22

May-22

Jun-22

Jul-22

Aug-22

Sep-22

Oct-22

Nov-22

Dec-22

Jan-23

Feb-23

Mar-23

Apr-23

May-23

Jun-23

Jul-23

Aug-23

Sep-23

Oct-23

Nov-23

Dec-23

Jan-24

Feb-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

Feb-25

Mar-25

Apr-25

May-25

Jun-25

Jul-25

Aug-25

Sep-25

Oct-25

Nov-25

Dec-25

Jan-26

Feb-26

Mar-26

Apr-26

200

190

180

170

160

150

140

130

120

110

100

NEVICEPV

Source:CPCA,DatacompiledbyGoldmanSachsGlobalInvestmentResearch

Exhibit23:ImpliedASPofPV/NEV/ICE(Rmbk)

Source:CPCA,DatacompiledbyGoldmanSachsGlobalInvestmentResearch

Breakdownbypricerange

Exhibit19:PVretailsharebypricerange

Jan-22

Feb-22

Mar-22

Apr-22

May-22

Jun-22

Jul-22

Aug-22

Sep-22

Oct-22

Nov-22

Dec-22

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Feb-23

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Feb-24

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Feb-25

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Apr-25

May-25

Jun-25

Jul-25

Aug-25

Sep-25

Oct-25

Nov-25

Dec-25

Jan-26

Feb-26

Mar-26

Apr-26

100%

90%

80%

7%

9%

70%

60%

17%

50%

40%

25%

30%

20%

28%

10%

0%

0-5050-100100-150150-200200-250250-300300-400400-500>500

Rmbkforpricerange.

Source:CPCA,DatacompiledbyGoldmanSachsGlobalInvestmentResearch

Exhibit22:MonthlyNEVpenetrationbypricerange

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

89%

82%

68%

69%

60%

49%

54%

44%

39%

0-5050-100100-150150-200200-250250-300300-400400-500>500

Rmbkforpricerange

Source:CPCA,DatacompiledbyGoldmanSachsGlobalInvestmentResearch

Source:CPCA,DatacompiledbyGoldmanSachsGlobalInvestmentResearch

12May2026<<#>

Transactionpricetracker

Exhibit24:NEVmodelstransactionprice

Source:SinaAuto,DatacompiledbyGoldmanSachsGlobalInvestmentResearch

12May2026<<#>

Exhibit25:NEVmodelstransactionprice(cont’d)

Source:SinaAuto,DatacompiledbyGoldmanSachsGlobalInvestmentResearch

12May20262#>

Exhibit26:ICEmodelstransactionprice

Source:SinaAuto,DatacompiledbyGoldmanSachsGlobalInvestmentResearch

GoldmanSachs

12May20262<

DisclosureAppendix

RegAC

We,TinaHouandJennyDu,herebycertifythatalloftheviewsexpressedinthisreportaccuratelyrefiectourpersonalviewsaboutthesubjectcompanyorcompaniesanditsortheirsecurities.Wealsocertifythatnopartofourcompensationwas,isorwillbe,directlyorindirectly,relatedtothespecificrecommendationsorviewsexpressedinthisreport.

ContributingAuthors:TinaHouGoldmanSachs(China)SecuritiesCompanyLimited,JennyDuGoldmanSachs(China)SecuritiesCompanyLimited.

Unlessotherwisestated,theindividualslistedintheContributingAuthorsdisclosureofthisreportareanalystsinGoldmanSachs’GlobalInvestmentResearchdivision.

GSFactorProfile

TheGoldmanSachsFactorProfileprovidesinvestmentcontextforastockbycomparingkeyattributestothemarket(i.e.ouruniverseofratedstocks)anditssectorpeers.Thefourkeyattributesdepictedare:Growth,FinancialReturns,Multiple(e.g.valuation)andIntegrated(acompositeofGrowth,FinancialReturnsandMultiple).Growth,FinancialReturnsandMultiplearecalculatedbyusingnormalizedranksforspecificmetricsforeachstock.Thenormalizedranksforthemetricsarethenaveragedandconvertedintopercentilesfortherelevantattribute.Theprecisecalculationofeachmetricmayvarydependingonthefiscalyear,industryandregion,butthestandardapproachisasfollows:

Growthisbasedonastock’sforward-lookingsalesgrowth,EBITDAgrowthandEPSgrowth(forfinancialstocks,onlyEPSandsalesgrowth),withahigherpercentileindicatingahighergrowthcompany.

FinancialReturnsisbasedonastock’sforward-lookingROE,ROCEandCROCI(forfinancialstocks,onlyROE),withahigherpercentileindicatingacompanywithhigherfinancialreturns.Multipleisbasedonastock’sforward-lookingP/E,P/B,price/dividend(P/D),EV/EBITDA,EV/FCFandEV/DebtAdjustedCashFlow(DACF)(forfinancialstocks,onlyP/E,P/BandP/D),withahigherpercentileindicatinga

stocktradingatahighermultiple.TheIntegratedpercentileiscalculatedastheaverageoftheGrowthpercentile,FinancialReturnspercentileand(100%-Multiplepercentile).

FinancialReturnsandMultipleusetheGoldmanSachsanalystforecastsatthefiscalyear-endatleastthreequartersinthefuture.Growthusesinputsforthefiscalyearatleastsevenquartersinthefuturecomparedwiththeyearatleastthreequartersinthefuture(onaper-sharebasisforallmetrics).

ForamoredetaileddescriptionofhowwecalculatetheGSFactorProfile,pleasecontactyourGSrepresentative.

M&ARank

Acrossourglobalcoverage,weexaminestocksusinganM&Aframework,consideringbothqualitativefactorsandquantitativefactors(whichmayvaryacrosssectorsandregions)toincorporatethe

potentialthatcertaincompaniescouldbeacquired.WethenassignaM&Arankasameansofscoringcompaniesunderourratedcoveragefrom1to3,with1representinghigh(30%-50%)probabilityofthecompanybecominganacquisitiontarget,2representingmedium(15%-30%)probabilityand3representinglow(0%-15%)probability.Forcompaniesranked1or2,inlinewithourstandard

departmentalguidelinesweincorporateanM&Acomponentintoourtargetprice.M&Arankof3isconsideredimmaterialandthereforedoesnotfactorintoourpricetarget,andmayormaynotbediscussedinresearch.

Quantum

QuantumisGoldmanSachs’proprietarydatabaseprovidingaccesstodetailedfinancialstatementhistories,forecastsandratios.Itcanbeusedforin-depthanalysisofasinglecompany,ortomakecomparisonsbetweencompaniesindi仟erentsectorsandmarkets.

Disclosures

Therating(s)forBYDCo.(A),BYDCo.(H),XPengInc.(ADR)andXPengInc.(H)is/arerelativetotheothercompaniesinits/theircoverageuniverse:BYDCo.(A),BYDCo.(H),FuyaoGlassIndustry

Group(A),FuyaoGlassIndustryGroup(H),GuangzhouAutomobileGroup(A),GuangzhouAutomobileGroup(H),HesaiGroup(ADR),HesaiGroup(H),HuayuAutomotiveSystems,LiAutoInc.(ADR),LiAutoInc.(H),MinthGroup,NIOInc.(ADR),NIOInc.(H),NingboTuopuGroup,SAICMotor,XPengInc.(ADR),XPengInc.(H)

Company-specificregulatorydisclosures

ThefollowingdisclosuresrelatetorelationshipsbetweenTheGoldmanSachsGroup,Inc.(withitsaffiliates,“GoldmanSachs”)andcompaniescoveredbyGoldmanSachsGlobalInvestmentResearchandreferredtointhisresearch.

GoldmanSachsbeneficiallyowned1%ormoreofcommonequity(excludingpositionsmanagedbyaffiliatesandbusinessunitsnotrequiredtobeaggregatedunderUSsecuritieslaw)asofthemonthendprecedingthisreport:XPengInc.(ADR)($16.15)andXPengInc.(H)(HK$62.50)

GoldmanSachshasreceivedcompensationforinvestmentbankingservicesinthepast12months:BYDCo.(A)(Rmb100.44)andBYDCo.(H)(HK$101.70)

GoldmanSachsexpectstoreceiveorintendstoseekcompensationforinvestmentbankingservicesinthenext3months:BYDCo.(A)(Rmb100.44),BYDCo.(H)(HK$101.70),XPengInc.(ADR)($16.15)andXPengInc.(H)(HK$62.50)

GoldmanSachshadaninvestmentbankingservicesclientrelationshipduringthepast12monthswith:BYDCo.(A)(Rmb100.44),BYDCo.(H)(HK$101.70),XPengInc.(ADR)($16.15)andXPengInc.(H)(HK$62.50)

GoldmanSachs

12May202622

GoldmanSachshadanon-investmentbankingsecurities-relatedservicesclientrelationshipduringthepast12monthswith:BYDCo.(A)(Rmb100.44)andBYDCo.(H)(HK$101.70)GoldmanSachsmakesamarketinthesecuritiesorderivativesthereof:BYDCo.(A)(Rmb100.44),BYDCo.(H)(HK$101.70),XPengInc.(ADR)($16.15)andXPengInc.(H)(HK$62.50)

Distributionofratings/investmentbankingrelationshipsGoldmanSachsInvestmentResearchglobalEquitycoverageuniverse

Global

RatingDistribution

BuyHoldSell

50%

16%

34%

InvestmentBankingRelationships

BuyHoldSell

65%60%45%

AsofApril1,2026,GoldmanSachsGlobalInvestmentResearchhadinvestmentratingson3,074equitysecurities.GoldmanSachsassignsstocksasBuysandSellsonvariousregionalInvestmentLists;stocksnotsoassignedaredeemedNeutral.SuchassignmentsequatetoBuy,HoldandSellforthepurposesoftheabovedisclosurerequiredbytheFINRARules.See‘Ratings,Coverageuniverseandrelated

definitions’below.TheInvestmentBankingRelat