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>SANYI’s net profit grew 23% YoY in 1Q25 to RMB635mn, delivering a set of better-than-feared results which marks the first quarterly profit growth (YoY) since 3Q23.</li><li>The earnings growth in 1Q25 was driven by large port machinery, oil &amp; gas equipment, overseas mining trucks and other emerging business.</li><li>We believe that the results will ease concerns over SANYI’s growth story. </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>

SANYI’s net profit grew 23% YoY in 1Q25 to RMB635mn, delivering a set of better-than-feared results which marks the first quarterly profit growth (YoY) since 3Q23.The earnings growth in 1Q25 was driven by large port machinery, oil &amp; gas equipment, overseas mining trucks and other emerging business.We believe that the results will ease concerns over SANYI’s growth story. 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 International (631 HK) - 1Q25 Net Profit Surged 23% YoY, Holding up Better-Than-Feared

Sany Heavy Equipment

SANY International (631 HK) - 1Q25 Net Profit Surged 23% YoY, Holding up Better-Than-Feared