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’s (Dingli) 3Q25 net profit dropped 15% YoY to RMB542mn, as a result of slow revenue growth along with higher expense.</li><li>The weaker-thanexpected earnings reaffirmed our cautious stance regarding the weak demand for AWP as well as Dingli’s lack of overseas capacity expansion plan to avoid tariff and AD/CVD.</li><li>We see downside risks to the consensus forecast. Our TP is unchanged at RMB48, based on 12.8x 2025E P/E (0.5SD below the three-year average P/E). Maintain HOLD.</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’s (Dingli) 3Q25 net profit dropped 15% YoY to RMB542mn, as a result of slow revenue growth along with higher expense.The weaker-thanexpected earnings reaffirmed our cautious stance regarding the weak demand for AWP as well as Dingli’s lack of overseas capacity expansion plan to avoid tariff and AD/CVD.We see downside risks to the consensus forecast. Our TP is unchanged at RMB48, based on 12.8x 2025E P/E (0.5SD below the three-year average P/E). Maintain HOLD.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) - 3Q25 Net Profit -15% YoY, Below Expectations