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

Zhejiang Dingli Machinery  L / Equity Bottom-Up

<ul><li>Zhejiang Dingli (Dingli) preannounced over the weekend the key financial figures for 1H25.</li><li>We calculate that revenue grew 1% YoY to RMB2.4bn in 2Q25, which we think is a resilient figure given the volatile tariff level during the quarter.</li><li>Net profit in 2Q25 grew 19% YoY to RMB622mn, largely driven by FX gains (strong EUR and GBP) which made the results slightly better than our expectation. </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>

Zhejiang Dingli (Dingli) preannounced over the weekend the key financial figures for 1H25.We calculate that revenue grew 1% YoY to RMB2.4bn in 2Q25, which we think is a resilient figure given the volatile tariff level during the quarter.Net profit in 2Q25 grew 19% YoY to RMB622mn, largely driven by FX gains (strong EUR and GBP) which made the results slightly better than our expectation. 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.

Zhejiang Dingli (603338 CH) - 2Q25 Profit Grew 19% YoY but Largely on FX Gains