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>In the post-1Q26 results call, Zoomlion explained that the lack of growth in China’s market was due to the continuous shift of focus to overseas.</li><li>On the margin side, Zoomlion attributed the gross margin contraction in 1Q26 to FX, which is a short-term impact as FX gains (related to the previous sales) will be recognized in the upcoming finance income.</li><li>On the other hand, certain largesize product sales in overseas (such as tower cranes and crawler cranes) were only affected by capacity constraint, and therefore delivery of such products in 2Q26 will help both revenue and margin. We believe the overall growth potential in overseas remains attractive. </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>

In the post-1Q26 results call, Zoomlion explained that the lack of growth in China’s market was due to the continuous shift of focus to overseas.On the margin side, Zoomlion attributed the gross margin contraction in 1Q26 to FX, which is a short-term impact as FX gains (related to the previous sales) will be recognized in the upcoming finance income.On the other hand, certain largesize product sales in overseas (such as tower cranes and crawler cranes) were only affected by capacity constraint, and therefore delivery of such products in 2Q26 will help both revenue and margin. We believe the overall growth potential in overseas remains attractive. 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.

Zoomlion (1157 HK/000157 CH) - Expect an Improvement from 1Q26