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 2Q25 net profit grew 28% YoY to RMB663mn, in line with the preannounced profit range.</li><li>We revise up our 2025E-27E earnings forecast by 2- 5%, as (1) we expect the resilient logistics equipment segment, along with the rising contribution of emerging business as well as oil &amp; gas equipment, will more than offset the weakness of coal mining related equipment; (2) we revise down our SG&amp;A expense ratio due excellent cost control.</li><li>Reiterate BUY with new TP of HK$8.9 (previously HK$8.7), based on unchanged 11x 2025E P/E, the average P/E since 2017).</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 2Q25 net profit grew 28% YoY to RMB663mn, in line with the preannounced profit range.We revise up our 2025E-27E earnings forecast by 2- 5%, as (1) we expect the resilient logistics equipment segment, along with the rising contribution of emerging business as well as oil &amp; gas equipment, will more than offset the weakness of coal mining related equipment; (2) we revise down our SG&amp;A expense ratio due excellent cost control.Reiterate BUY with new TP of HK$8.9 (previously HK$8.7), based on unchanged 11x 2025E P/E, the average P/E since 2017).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) - 2Q25 Profit In-Line...

Sany Heavy Equipment

SANY International (631 HK) - 2Q25 Profit In-Line...