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 pre-announced yesterday (Aug 11) that net profit in 1H25 is expected to grow 25-35% YoY to RMB1.23-1.33bn.</li><li>This implies 16-35% net profit growth in 2Q25, with a mid-point of 25% which is in line with our expectation.</li><li>The announced profit reaffirms our view that SANYI is returning to a growth trajectory this year, on the back of strong growth of large-size port equipment (driven by capacity de-bottlenecking) as well as stabilized demand for road headers and domestic mining trucks. </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 pre-announced yesterday (Aug 11) that net profit in 1H25 is expected to grow 25-35% YoY to RMB1.23-1.33bn.This implies 16-35% net profit growth in 2Q25, with a mid-point of 25% which is in line with our expectation.The announced profit reaffirms our view that SANYI is returning to a growth trajectory this year, on the back of strong growth of large-size port equipment (driven by capacity de-bottlenecking) as well as stabilized demand for road headers and domestic mining trucks. 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) - 2Q25E Profit Rose 16-35% Largely In-Line;

Sany Heavy Equipment

SANY International (631 HK) - 2Q25E Profit Rose 16-35% Largely In-Line;