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

<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...

Thematic (Sector/Industry)

<ul><li>China Construction Machinery Association (CCMA) released over the weekend the data for earth-moving machinery sales in Apr 2026.</li><li>Sales of excavators and loaders (exports + domestic sales) grew 30% YoY and 32% YoY respectively.</li><li>For loaders, exports were particularly strong (+57% YoY) which we believe was driven by mining demand. </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 over the weekend the data for earth-moving machinery sales in Apr 2026.Sales of excavators and loaders (exports + domestic sales) grew 30% YoY and 32% YoY respectively.For loaders, exports were particularly strong (+57% YoY) which we believe was driven by mining demand. 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 sales of earth-moving machinery in Apr; price hikes planned for excavators

<ul><li>We have received positive feedback on Zoomlion following the publication of our 2026 capital goods sector outlook (link) and investor call this week.</li><li>Based on our understanding, domestic demand for crane and concrete machinery continued to see meaningful recovery in Nov, while earth-moving’s growth remained solid.</li><li>We estimate Zoomlion’s domestic machinery sales growth in Oct-Nov to be 20-30% YoY, accelerating from 13% YoY in 3Q25.</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.

We have received positive feedback on Zoomlion following the publication of our 2026 capital goods sector outlook (link) and investor call this week.Based on our understanding, domestic demand for crane and concrete machinery continued to see meaningful recovery in Nov, while earth-moving’s growth remained solid.We estimate Zoomlion’s domestic machinery sales growth in Oct-Nov to be 20-30% YoY, accelerating from 13% YoY in 3Q25.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 Accelerated Sales Growth in Nov

<ul><li>In our 2026 sector outlook published today (link), we highlight large-size mining machinery in overseas as well as emerging markets as key growth areas in 2026E.</li><li>In China, we see an early stage of recovery for crane machinery and an ongoing upcycle for earth-moving machinery.</li><li>We believe Zoomlion will fully benefit from all these themes given its full range of product offerings, emerging market focus and expansion of global capacity. </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 our 2026 sector outlook published today (link), we highlight large-size mining machinery in overseas as well as emerging markets as key growth areas in 2026E.In China, we see an early stage of recovery for crane machinery and an ongoing upcycle for earth-moving machinery.We believe Zoomlion will fully benefit from all these themes given its full range of product offerings, emerging market focus and expansion of global capacity. 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) - Full Range of Products to Expand Globally

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.

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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

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

Capital Goods - Strong sales of earth-moving machinery in Apr; price hikes planned for excavators

China Construction Machinery Association (CCMA) released over the weekend the data for earth-moving machinery sales in Apr 2026.

CMB International

Zoomlion (1157 HK/000157 CH) - Expect Accelerated Sales Growth in Nov

We have received positive feedback on Zoomlion following the publication of our 2026 capital goods sector outlook (link) and investor call this week.

CMB International

Zoomlion (1157 HK/000157 CH) - Full Range of Products to Expand Globally

In our 2026 sector outlook published today (link), we highlight large-size mining machinery in overseas as well as emerging markets as key growth...

CMB International

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