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>In the post-1Q26 results call, Zoomlion explained that the lack of growth in China’s market was due to the continuous shift of focus to overseas.</li><li>On the margin side, Zoomlion attributed the gross margin contraction in 1Q26 to FX, which is a short-term impact as FX gains (related to the previous sales) will be recognized in the upcoming finance income.</li><li>On the other hand, certain largesize product sales in overseas (such as tower cranes and crawler cranes) were only affected by capacity constraint, and therefore delivery of such products in 2Q26 will help both revenue and margin. We believe the overall growth potential in overseas remains attractive. </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.

In the post-1Q26 results call, Zoomlion explained that the lack of growth in China’s market was due to the continuous shift of focus to overseas.On the margin side, Zoomlion attributed the gross margin contraction in 1Q26 to FX, which is a short-term impact as FX gains (related to the previous sales) will be recognized in the upcoming finance income.On the other hand, certain largesize product sales in overseas (such as tower cranes and crawler cranes) were only affected by capacity constraint, and therefore delivery of such products in 2Q26 will help both revenue and margin. We believe the overall growth potential in overseas remains attractive. 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.

Zoomlion (1157 HK/000157 CH) - Expect an Improvement from 1Q26

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lonking-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3944:1" rel="noopener">Lonking Holdings (3339 HK)</a>'s positive profit alert suggested that FY24 earnings will beat the market consensus by a significant 25.8-34.6%. </li>
<li>Better profitability indicates that it will further accumulate net cash. At an unchanged 50% payout ratio, it yields 7.8%, but at a higher payout of 70%, it will be 10.9%.</li>
<li>Trading on 0.59x P/B, it is at the historical average valuation. If 1SD above average, there will be a 20% upside. It will go to HK$2.20 if 2SD above.</li>
</ul>



Lonking Holdings (3339 HK)'s positive profit alert suggested that FY24 earnings will beat the market consensus by a significant 25.8-34.6%. 
Better profitability indicates that it will further accumulate net cash. At an unchanged 50% payout ratio, it yields 7.8%, but at a higher payout of 70%, it will be 10.9%.
Trading on 0.59x P/B, it is at the historical average valuation. If 1SD above average, there will be a 20% upside. It will go to HK$2.20 if 2SD above.


Lonking (3339 HK): A (Massive) Positive Profit Alert

<ul><li>Zoomlion’s net profit in 2025 grew 36% YoY to RMB4.8bn, which is 2% above our estimates and in-line with Bloomberg consensus.</li><li>The result implies net profit growth of &gt;1.2x YoY in 4Q25.</li><li>Overseas revenue in 4Q25 surged 60% YoY to RMB9.2bn (accelerated from 34% YoY in 3Q25), which accounted for ~62% of total revenue.</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.

Zoomlion’s net profit in 2025 grew 36% YoY to RMB4.8bn, which is 2% above our estimates and in-line with Bloomberg consensus.The result implies net profit growth of &gt;1.2x YoY in 4Q25.Overseas revenue in 4Q25 surged 60% YoY to RMB9.2bn (accelerated from 34% YoY in 3Q25), which accounted for ~62% of total revenue.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.

Zoomlion (1157 HK/000157 CH) - First Take: 2025 Earnings +36% In-Line...

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Macroeconomics

<ul>
<li>China will roll out its 2026 - 2030 five-year plan this month, which outline the economic and social roadmap until the end of the decade.  </li>
<li>Historically the five-year plans have been a roadmap for investors to look for tailwinds for economic sector performance.  We believe the high-tech industries will remain the main focus for investment.</li>
<li>Exporters of high-end equipment and machinery will continue to benefit with the consumption sector being a focus for international investors.</li>
</ul>


China will roll out its 2026 - 2030 five-year plan this month, which outline the economic and social roadmap until the end of the decade.  
Historically the five-year plans have been a roadmap for investors to look for tailwinds for economic sector performance.  We believe the high-tech industries will remain the main focus for investment.
Exporters of high-end equipment and machinery will continue to benefit with the consumption sector being a focus for international investors.


EMERGING THEMES: China's Next 5 Year Plan

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lonking-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3944:1" rel="noopener">Lonking Holdings (3339 HK)</a>, as the leader in wheel loader, should see strong profit as industry sales grew 30% in Dec 2025 and 18.4% in FY25.</li>
<li>Export will be an important driver with the government's push for overseas expansion of high-end manufacturing. In FY25, industry export sales reached 51.5% of total. </li>
<li>Net cash, including investments, equals HK$2.06/share, 66.8% of the share price. This provides room for higher dividend and highlight its value. </li>
</ul>



Lonking Holdings (3339 HK), as the leader in wheel loader, should see strong profit as industry sales grew 30% in Dec 2025 and 18.4% in FY25.
Export will be an important driver with the government's push for overseas expansion of high-end manufacturing. In FY25, industry export sales reached 51.5% of total. 
Net cash, including investments, equals HK$2.06/share, 66.8% of the share price. This provides room for higher dividend and highlight its value. 


Lonking (3339 HK): Another Great Year, with 67% of Share Price Is Net Cash

China

Zoomlion Heavy Industry Science & Technology Co., Ltd. is a Chinese manufacturer primarily engaged in the research, development, manufacturing, and sales of high-tech equipment, including construction machinery, agricultural machinery, and environmental industry equipment. Its key products encompass cranes, excavators, concrete machinery, and tractors. The company was founded in 1992 and is headquartered in Changsha, Hunan, China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Zoomlion (1157 HK)

Zoomlion (1157 HK/000157 CH) - Expect an Improvement from 1Q26

In the post-1Q26 results call, Zoomlion explained that the lack of growth in China’s market was due to the continuous shift of focus to overseas.

CMB International

Lonking (3339 HK): A (Massive) Positive Profit Alert

Lonking's net profit reached Rmb1.02bn in FY24, a 57.8% growth. For 2H24, net profit surged 65.7%, with gross margin expanding 2pp. A final DPS of...

Osbert Tang, CFA

Zoomlion (1157 HK/000157 CH) - First Take: 2025 Earnings +36% In-Line...

Zoomlion’s net profit in 2025 grew 36% YoY to RMB4.8bn, which is 2% above our estimates and in-line with Bloomberg consensus.

CMB International

EMERGING THEMES: China's Next 5 Year Plan

China will roll out its 2026 - 2030 five-year plan this month, outlining the economic and social roadmap until the end of the decade.Historically...

David Mudd

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Zoomlion (1157 HK/000157 CH) - Expect an Improvement from 1Q26

In the post-1Q26 results call, Zoomlion explained that the lack of growth in China’s market was due to the continuous shift of focus to overseas.

CMB International

Lonking (3339 HK): A (Massive) Positive Profit Alert

Lonking's net profit reached Rmb1.02bn in FY24, a 57.8% growth. For 2H24, net profit surged 65.7%, with gross margin expanding 2pp. A final DPS of...

Osbert Tang, CFA

Zoomlion (1157 HK/000157 CH) - First Take: 2025 Earnings +36% In-Line...

Zoomlion’s net profit in 2025 grew 36% YoY to RMB4.8bn, which is 2% above our estimates and in-line with Bloomberg consensus.

CMB International

EMERGING THEMES: China's Next 5 Year Plan

China will roll out its 2026 - 2030 five-year plan this month, outlining the economic and social roadmap until the end of the decade.Historically...

David Mudd

Lonking (3339 HK): Another Great Year, with 67% of Share Price Is Net Cash

Just 8 days after our Insight, Lonking issued a FY25 profit alert for Rmb1,250-1,330m, 9-16% higher than the consensus. Key reasons are strong...

Osbert Tang, CFA