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

<ul><li>SANY Heavy (SANY)’s net profit in 1H25 grew 46% YoY to RMB5.2bn (2Q25: +38% YoY), which is a strong set of results with major machinery products (except concrete) saw strong growth.</li><li>For the first time since 2017, SANY proposed interim dividend of RMB0.31/shr, implying a 50% pay-out ratio (similar to the full year in 2024).</li><li>We maintain our positive stance on SANY due to the replacement-driven upcycle of excavators, as well as further improvement of non-road machinery.</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>

SANY Heavy (SANY)’s net profit in 1H25 grew 46% YoY to RMB5.2bn (2Q25: +38% YoY), which is a strong set of results with major machinery products (except concrete) saw strong growth.For the first time since 2017, SANY proposed interim dividend of RMB0.31/shr, implying a 50% pay-out ratio (similar to the full year in 2024).We maintain our positive stance on SANY due to the replacement-driven upcycle of excavators, as well as further improvement of non-road machinery.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.

SANY Heavy (600031 CH) - 2Q25 Profit +38% YoY with Interim Div; Solid Upcycle

Sany Heavy Industry

SANY Heavy (600031 CH) - 2Q25 Profit +38% YoY with Interim Div; Solid Upcycle