External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Thematic (Sector/Industry)

China Industrials / Thematic (Sector/Industry)

<ul><li>Four companies under our coverage reported their 3Q25 results after market close yesterday (30 Oct). SANY Heavy delivered better-than-expected earnings (+48% YoY), driven by decent expense control.</li><li>Zoomlion’s profit growth of 36% YoY is also above our expectation, driven by growth acceleration in overseas and recovery in China.</li><li>Weichai Power’s net profit grew 29% YoY, driven by strong HDT/engines sales, which is largely in-line with expectation. </li></ul><p><em>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.</em></p>

Four companies under our coverage reported their 3Q25 results after market close yesterday (30 Oct). SANY Heavy delivered better-than-expected earnings (+48% YoY), driven by decent expense control.Zoomlion’s profit growth of 36% YoY is also above our expectation, driven by growth acceleration in overseas and recovery in China.Weichai Power’s net profit grew 29% YoY, driven by strong HDT/engines sales, which is largely in-line with expectation. 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 - 3Q25 Results First Take: SANY Heavy & Zoomlion Beat; Weichai In-Line