First take: 2025 earnings +36% in-line;overseas revenue surged 60% in 4Q25

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG: RESP CMBR <GO> OR http://www.cmbi.com.hk 1 MN 31 Mar 2026 CMB International Global Markets | Equity Research | Company Update Zoomlion (1157 HK/000157 CH) Zoomlion (1157 HK/000157 CH) - First take: 2025 earnings +36% in-line; overseas revenue surged 60% in 4Q25 First take: 2025 earnings +36% in-line; overseas revenue surged 60% in 4Q25 China Capital Goods 12-mth Price Performance Source: FactSet Related reports: Capital Goods - Strong export of earth-moving machinery in Feb – 9 Mar 2026 (link) Capital Goods - Strong momentum of non-earth-moving machinery sales in Jan – 16 Feb 2026 (link) Zoomlion – Expect accelerated sales growth in Nov – 5 Dec 2025 (link) Zoomlion’s net profit in 2025 grew 36% YoY to RMB4.8bn, which is 2% above our estimates and in-line with Bloomberg consensus. The result implies net profit growth of >1.2x YoY in 4Q25. Overseas revenue in 4Q25 surged 60% YoY to RMB9.2bn (accelerated from 34% YoY in 3Q25), which accounted for ~62% of total revenue. Zoomlion proposed final dividend of RMB0.2/share. This, together with the interim dividend of RMB0.2/share, implies a full-year payout ratio of 72%. We continue to like Zoomlion’s aggressive overseas expansion plan on the back of full range of products. Our TP for Zoomlion A/H are unchanged at RMB12.0/HK$9.2 (based on 2026E target P/E multiple of 18.6x for A-share and 30% discount for H-share). Maintain BUY. Zoomlion’s 2025 results highlights Source: Company data, CMBIGM Earnings Summary - 1157 HK (YE 31 Dec) FY23A FY24A FY25E FY26E FY27E Revenue (RMB mn) 47,075 45,478 51,347 58,703 66,030 YoY growth (%) 13.1 (3.4) 12.9 14.3 12.5 Adjusted net profit (RMB mn) 3,550.0 3,521.0 4,672.7 5,320.3 5,986.3 EPS (Reported) (RMB) 0.43 0.42 0.57 0.65 0.73 YoY growth (%) 54.9 (1.3) 33.4 13.9 12.5 Consensus EPS (RMB) na na 0.57 0.71 0.84 P/E (x) 17.3 17.6 13.2 11.6 10.3 P/B (x) 1.1 1.1 1.1 1.1 1.0 Yield (%) 4.3 4.0 5.1 5.8 6.5 ROE (%) 6.9 7.1 8.5 9.3 10.1 Net gearing (%) 8.1 18.9 22.7 22.5 21.8 Source: Company data, Bloomberg, CMBIGM estimates Note: Estimated figures for 2025 in this table YE Dec 31 (RMB mn)20242025Change (YoY)Total revenue45,47852,10714.6%Cost of sales-32,668-37,49714.8%Gross profit12,81014,61014.1%Other income1,1621,69045.4%S&D expenses-3,721-4,53721.9%Administrative expenses-3,155-3,055-3.2%R&D expenses-2,769-2,8954.6%EBIT4,3275,81334.3%Net finance income/(cost)-28-133375.0% Finance income653469-28.2% Finance expenses-681-602-11.6%Other gains/(losses)00n/aShare of profit of JV and associates8411435.7%Pretax profit4,3835,79432.2%Income tax-374-767105.1%After tax profit4,0095,02725.4%MI & discontinued operation-488-248-49.2%Net profit3,5214,77935.7% 31 Mar 2026 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 2 Figure 1: 2025 results highlights Source: Company data, CMBIGM estimates Figure 2: 4Q25 resu