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)

Equity Bottom-Up

Jiangsu Hengli Highpressure Oil Cylinder / Equity Bottom-Up

Jiangsu Hengli Highpressure Oil Cylinder (601100 CH)

<ul><li>Hengli’s net profit in 3Q25 surged 31% YoY to RMB658mn, which implies an acceleration of earnings growth (+3%/+18% YoY in 1Q25/2Q25).</li><li>The encouraging results were driven by continuous recovery of cylinder demand, which further enhances our above-consensus earnings forecast.</li><li>While we have left our earnings forecast unchanged, we revise up our TP to RMB105 (from RMB92) after rolling over our valuation base to 2026E (based on an unchanged P/E multiple of 41x, +1SD above the historical average). </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>

Hengli’s net profit in 3Q25 surged 31% YoY to RMB658mn, which implies an acceleration of earnings growth (+3%/+18% YoY in 1Q25/2Q25).The encouraging results were driven by continuous recovery of cylinder demand, which further enhances our above-consensus earnings forecast.While we have left our earnings forecast unchanged, we revise up our TP to RMB105 (from RMB92) after rolling over our valuation base to 2026E (based on an unchanged P/E multiple of 41x, +1SD above the historical average). 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.

Jiangsu Hengli (601100 CH) - 3Q25 Earnings Growth Accelerated to 31% YoY