External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>Sinotruk’s 1H25 net profit grew 4% YoY to RMB3.4bn, which is largely in-line with our below-consensus estimate.</li><li>Sinotruk proposed an interim dividend of HK$0.74/shr, equivalent to 55% of dividend payout.</li><li>We maintain our view that the lack of export growth will weaken the overall sales growth this year (despite decent sales from China). </li></ul>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.

Sinotruk’s 1H25 net profit grew 4% YoY to RMB3.4bn, which is largely in-line with our below-consensus estimate.Sinotruk proposed an interim dividend of HK$0.74/shr, equivalent to 55% of dividend payout.We maintain our view that the lack of export growth will weaken the overall sales growth this year (despite decent sales from China). 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.

Sinotruk (Hong Kong) (3808 HK) - 1H25 Profit In-Line with Our Below-Consensus Forecast...

Thematic (Sector/Industry)

<ul><li>According to the preliminary data released by Cvworld, heavy-duty truck (HDT) wholesale volume (domestic + export) surged 82% YoY to 105k units in Sep, which is the second highest for the month of Sep historically.</li><li>According to Cvworld, all major types of HDTs (diesel, gas, new energy) saw strong growth in Sep.</li><li>We believe the underlying driver for the strong growth remains the truck replacement subsidies launched in Mar. </li></ul>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.

According to the preliminary data released by Cvworld, heavy-duty truck (HDT) wholesale volume (domestic + export) surged 82% YoY to 105k units in Sep, which is the second highest for the month of Sep historically.According to Cvworld, all major types of HDTs (diesel, gas, new energy) saw strong growth in Sep.We believe the underlying driver for the strong growth remains the truck replacement subsidies launched in Mar. 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.

Capital Goods - HDT sales +82% YoY in Sep

<ul><li>What’s new? The State Council officially published the “Rural Highway Regulations” (农村公路条例) yesterday, which was approved in late Jun and will come into effect starting from 15 Sep.</li><li>The regulations highlight that rural highway construction should aim to improve road network quality to promote urban-rural transportation integration.</li><li>Most importantly, new rural highways must meet technical standards, and existing roads that do not meet the minimum technical standards must be upgraded.</li></ul>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.

What’s new? The State Council officially published the “Rural Highway Regulations” (农村公路条例) yesterday, which was approved in late Jun and will come into effect starting from 15 Sep.The regulations highlight that rural highway construction should aim to improve road network quality to promote urban-rural transportation integration.Most importantly, new rural highways must meet technical standards, and existing roads that do not meet the minimum technical standards must be upgraded.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.

Capital Goods - Upgrade of rural highways could become a trillion yuan market

<ul><li>According to the preliminary data released by Cvworld, HDT wholesale volume (domestic + export) surged 29% YoY to 92k units in Jun, driven by both diesel and new-energy HDTs, which is above our expectation.</li><li>We believe the underlying driver for the strong growth was the implementation of truck replacement subsidies launched in Mar (for details, please find our publication “New subsidies on truck replacement cover NES IV and natural gas trucks; +ve to Weichai”.</li><li>The strong data point reaffirms our positive stance on HDT sector this year. We maintain our full-year HDT sales growth estimate of 10%. </li></ul>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.

According to the preliminary data released by Cvworld, HDT wholesale volume (domestic + export) surged 29% YoY to 92k units in Jun, driven by both diesel and new-energy HDTs, which is above our expectation.We believe the underlying driver for the strong growth was the implementation of truck replacement subsidies launched in Mar (for details, please find our publication “New subsidies on truck replacement cover NES IV and natural gas trucks; +ve to Weichai”.The strong data point reaffirms our positive stance on HDT sector this year. We maintain our full-year HDT sales growth estimate of 10%. 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.

Capital Goods - HDT Sales +29% YoY in Jun, Better than Expectation

<ul><li>China Construction Machinery Association (CCMA) released the earth-moving machinery sales data for Mar.</li><li>Domestic sales of excavators / wheel loaders grew 29%/23% YoY, suggesting strong demand in the traditional peak season.</li><li>We believe excavator offers resilience with growth driven largely by the domestic replacement demand, which is less affected by the tariff war. </li></ul>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.

China Construction Machinery Association (CCMA) released the earth-moving machinery sales data for Mar.Domestic sales of excavators / wheel loaders grew 29%/23% YoY, suggesting strong demand in the traditional peak season.We believe excavator offers resilience with growth driven largely by the domestic replacement demand, which is less affected by the tariff war. 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.

Capital Goods - Strong Domestic Sales of Earth-Moving Machinery in Mar

China

Sinotruk Hong Kong Ltd is a heavy truck manufacturer in China.  The company specializes in the research, development and manufacturing of heavy trucks and related key parts and components, including cabins, engines and axles.

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Sinotruk Hong Kong (3808 HK)