Group 1 - UBS has a more optimistic view on the Chinese construction machinery industry compared to market expectations, believing the industry is in an upward cycle that will last until 2029, rather than the commonly predicted 2028 to 2029 [1] - The growth potential and strong earnings resilience of companies' mining-related businesses have not yet been fully reflected in stock performance [1] - It is estimated that the global market share of Chinese equipment manufacturers in mining trucks and excavators will exceed 20% by 2030, with mining-related businesses potentially becoming another growth driver for companies [1] Group 2 - UBS maintains a "Neutral" rating on Zoomlion (000157) and Lonking (03339), with earnings per share growth forecasts for 2025 and 2026 raised to 49%, 27% and 21%, 17% respectively [1] - XCMG (000425) is listed as the industry favorite with a "Buy" rating, due to its high proportion of mining-related business, strong growth, and attractive valuation [1] - UBS has raised the target prices for Zoomlion and Lonking from HKD 6.4 and HKD 2.2 to HKD 7.8 and HKD 3.2 respectively [1]

Group 1 - UBS has a more optimistic view on the Chinese construction machinery industry compared to market expectations, believing the current upward cycle will last until 2029, rather than the commonly predicted 2028 to 2029 [1] - The growth potential and strong profitability resilience of companies' mining-related businesses have not been fully reflected in stock performance [1] - It is estimated that the global market share of Chinese equipment manufacturers in mining trucks and excavators will exceed 20% by 2030, with mining-related businesses potentially becoming another growth driver for companies [1] Group 2 - UBS maintains a "Neutral" rating on Zoomlion Heavy Industry (01157) and Lonking Holdings (03339), with earnings per share growth forecasts for 2025-2026 raised to 49%, 27% and 21%, 17% respectively [1] - XCMG (000425.SZ) is identified as the industry favorite with a "Buy" rating, due to its high proportion of mining-related business, strong growth, and attractive valuation [1] - Target prices for Zoomlion Heavy Industry and Lonking Holdings have been raised to HKD 7.8 and HKD 3.2, respectively, from HKD 6.4 and HKD 2.2 [1]

Core Viewpoint - UBS expresses a more optimistic outlook on the Chinese construction machinery industry compared to market expectations, predicting that the current upward cycle will last until 2029, rather than the commonly anticipated peak in 2028 to 2029 [1] Industry Summary - The growth potential and strong profitability resilience of companies in the mining-related business have not been fully reflected in stock performance [1] - It is estimated that the global market share of Chinese equipment manufacturers in mining trucks and excavators will exceed 20% by 2030, with mining-related business potentially becoming another growth driver for companies [1] Company Summary - Zhonglian Heavy Industry and China Longgong are rated "Neutral," with target prices raised to HKD 7.8 and HKD 3.2, respectively [1] - Earnings per share growth forecasts for 2025 to 2026 have been adjusted upwards to 49% and 27% for Zhonglian Heavy Industry, and 21% and 17% for China Longgong [1] - XCMG is listed as the industry favorite with a "Buy" rating, supported by its high proportion of mining-related business, strong growth, and attractive valuation [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國龍工控股有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03339 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | | 0.1 | HKD | | 2,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 20,000,000,000 | HKD | | 0.1 | HKD | | 2,000,000,000 | 本月 ...

Core Viewpoint - The domestic sales of construction machinery in September 2025 continued to grow, with significant recovery in non-excavator categories, and strong export performance, indicating a positive outlook for the industry driven by equipment upgrades and internationalization [1][2][4]. Group 1: Domestic Sales Performance - In September 2025, excavator sales (including exports) reached 19,858 units, a year-on-year increase of 25.4%, with domestic sales at 9,249 units, up 21.5% [1]. - From January to September 2025, excavator sales (including exports) totaled 174,039 units, reflecting an 18.1% year-on-year growth, with domestic sales at 89,877 units, also up 21.5% [1]. - Non-excavator categories showed notable recovery, with loader sales up 25.6%, grader sales up 6.5%, truck crane sales up 40.7%, crawler crane sales up 66.7%, and truck-mounted crane sales up 29.8% in September 2025 [1]. Group 2: Market Drivers - The ongoing replacement cycle in the construction machinery sector is expected to support future excavator sales, with a projected compound growth rate of around 30% in replacement demand over the next few years [2]. - The export of used construction machinery to developing countries has reduced domestic ownership levels, further supporting new machine sales [2]. Group 3: Government Support and Infrastructure Investment - The government plans to issue 1.3 trillion yuan in long-term special bonds, increasing infrastructure investment, which is expected to boost demand for construction machinery [3]. - The government aims to enhance urban infrastructure, including underground engineering and municipal construction, which will sustain demand for construction machinery [3]. Group 4: Export Performance - In September 2025, excavator exports reached 10,609 units, a year-on-year increase of 29.0%, with total exports from January to September at 84,162 units, up 14.6% [4]. - The export value of construction machinery in September 2025 was $5.27 billion, reflecting a 29.6% year-on-year growth, with total export value from January to September at $43.86 billion, up 13.3% [4]. Group 5: Electrification Trends - In September 2025, electric loader sales surged to 2,586 units, a remarkable year-on-year increase of 176.0%, with an electrification rate of 24.6%, up 13.0 percentage points [5]. - From January to September 2025, electric loader sales totaled 21,407 units, up 157.2%, with an electrification rate of 22.8%, an increase of 13.6 percentage points [5][6]. Group 6: Major Projects Impact - The commencement of the Yarlung Tsangpo River downstream hydropower project, with an estimated investment of 1.2 trillion yuan, is expected to significantly boost demand for construction machinery, with equipment demand projected to reach 120 to 180 billion yuan [7]. - The project will require various types of construction machinery, including large excavators and concrete machinery, further driving industry growth [7]. Group 7: Recommended Companies - Recommended companies include SANY Heavy Industry, XCMG, Zoomlion, LiuGong, Shantui, and China Longgong, along with component manufacturers like Hengli Hydraulic [8]. - Companies related to the Yarlung Tsangpo project, such as China Railway Engineering Corporation and others, are also suggested for attention [8].

Core Viewpoint - The chairman of Hong Kong Stock Exchange, Li Xinyan, has increased his stake in China Longgong (03339) by acquiring 13.274 million shares at a price of HKD 2.8471 per share, totaling approximately HKD 37.7924 million [1] Group 1 - The total number of shares held by Li Xinyan after the purchase is approximately 2.436 billion shares, representing a holding percentage of 56.92% [1] - The transaction involves other related parties, specifically Ni Yinying [1]

Group 1 - The chairman of the Hong Kong Stock Exchange, Li Xinyan, increased his stake in China Longgong (03339) by acquiring 13.274 million shares at a price of HKD 2.8471 per share, totaling approximately HKD 37.7924 million [1] - Following the acquisition, the total number of shares held by Li Xinyan is approximately 2.436 billion, representing a holding percentage of 56.92% [1] - The transaction also involves other related parties, specifically Ni Yinying [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國龍工控股有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03339 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | | 0.1 | HKD | | 2,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 20,000,000,000 | HKD | | 0.1 | HKD | | 2,000,000,000 | 本月底 ...

(incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） （Stock Code 股份代號：3339） 30 September 2025 Dear registered shareholder(s), Lonking Holdings Limited (the "Company") – Notice of Publication of Interim Report 2025 (the "Current Corporate Communications") and Arrangement of Electronic Dissemination of Corporate Communications Solicitation of electronic contact details To ensure timely receipt of the latest Corporate Communications, the Company recommends you provide your email address ...

(incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） （Stock Code 股份代號：3339） 30 September 2025 Dear non-registered shareholder(s), Lonking Holdings Limited (the "Company") – Notice of Publication of Interim Report 2025 (the "Current Corporate Communications") and Arrangement of Electronic Dissemination of Corporate Communications The English and Chinese versions of the Company's Current Corporate Communications are available on the Company's website at www.lonkinggroup.com and the HKE ...