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

Zhejiang Laifual Drive / Equity Bottom-Up

<ul><li>Reiterate BUY. We view Laifual’s 1H26 earnings as in line with our expectation and on track to achieve full-year adjusted net profitability.</li><li>Its strong sales volume growth in 1H26 reinforced our thesis that Laifual, as a cost-driven disruptor, is positioned to become China’s largest harmonic reducer maker by volume starting in FY27E.</li><li>Furthermore, its strategic expansion into planetary reducers should unlock revenue headroom.</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.

Reiterate BUY. We view Laifual’s 1H26 earnings as in line with our expectation and on track to achieve full-year adjusted net profitability.Its strong sales volume growth in 1H26 reinforced our thesis that Laifual, as a cost-driven disruptor, is positioned to become China’s largest harmonic reducer maker by volume starting in FY27E.Furthermore, its strategic expansion into planetary reducers should unlock revenue headroom.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.

Laifual Drive (3952 HK) - On Track for Profitability, Volume Leadership

<ul><li>Founded in 2013, Laifual Drive (Laifual) has emerged as one of the key players in China’s harmonic reducer industry.</li><li>The company captured a 21.4% domestic volume market share in 2025, ranking second after LeaderDrive (688017 CH, NR), according to industry consultant CIC.</li><li>We expect Laifual to be a primary beneficiary of the exponential expansion in humanoid robotics over the next decade. </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.

Founded in 2013, Laifual Drive (Laifual) has emerged as one of the key players in China’s harmonic reducer industry.The company captured a 21.4% domestic volume market share in 2025, ranking second after LeaderDrive (688017 CH, NR), according to industry consultant CIC.We expect Laifual to be a primary beneficiary of the exponential expansion in humanoid robotics over the next decade. 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.

Laifual Drive (3952 HK) - A Cost-Driven Disruptor in Harmonic Reducer Market...

China

Zhejiang Laifual Drive (ZLD) is a provider of core components for robotic precision transmission in China. The business focuses on manufacturing the foundational components that convert electrical energy into precise mechanical motion, which directly dictate a robot's strength, speed, accuracy, and reliability.

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Zhejiang Laifual Drive (3952 HK)

Laifual Drive (3952 HK) - On Track for Profitability, Volume Leadership

Reiterate BUY. We view Laifual’s 1H26 earnings as in line with our expectation and on track to achieve full-year adjusted net profitability.

CMB International

Laifual Drive (3952 HK) - A Cost-Driven Disruptor in Harmonic Reducer Market...

The company captured a 21.4% domestic volume market share in 2025, ranking second after LeaderDrive (688017 CH, NR), according to industry...

CMB International

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