Financial Performance - Cummins reported quarterly earnings of $6.43 per share, exceeding the Zacks Consensus Estimate of $4.99 per share, and up from $5.26 per share a year ago, representing an earnings surprise of +28.86% [1] - The company posted revenues of $8.64 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 1.99%, although this is a decrease from year-ago revenues of $8.8 billion [2] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $4.85 on revenues of $8.23 billion, and for the current fiscal year, it is $20.66 on revenues of $33.23 billion [7] - The estimate revisions trend for Cummins was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - Cummins operates within the Zacks Automotive - Internal Combustion Engines industry, which is currently in the top 41% of over 250 Zacks industries, suggesting a favorable industry outlook [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

EXHIBIT 99 August 5, 2025 Cummins Reports Second Quarter 2025 Results COLUMBUS, IND. - Cummins Inc. (NYSE: CMI) today reported results for the second quarter of 2025. "We delivered strong second quarter results, driven by record profitability in our Power Systems and Distribution segments," said Jennifer Rumsey, Chair and CEO. "Our employees' resilience and commitment continue to power our success in a dynamic environment. We see a contrast across our markets with robust demand for power generation equipmen ...

Core Viewpoint - Analysts expect Cummins (CMI) to report quarterly earnings of $4.99 per share, reflecting a year-over-year decline of 5.1%, with revenues projected at $8.47 billion, down 3.7% from the previous year [1]. Earnings Projections - There has been a downward revision of 1.8% in the consensus EPS estimate over the last 30 days, indicating a collective reassessment by analysts [1][2]. Key Metrics Estimates - 'Net Sales- Power System' is expected to reach $1.72 billion, indicating a year-over-year increase of 8.5% [4]. - 'Net Sales- Engine' is projected at $2.81 billion, reflecting a decline of 10.9% year-over-year [4]. - 'Net Sales- Components' is estimated at $2.70 billion, down 9.4% from the prior year [4]. - 'Net Sales- Distribution' is forecasted at $2.98 billion, showing a year-over-year increase of 5.2% [5]. - 'Net Sales- Accelera' is expected to be $111.84 million, up 0.8% year-over-year [5]. - 'Net Sales- Engine- Off-highway' is projected at $432.62 million, indicating a slight increase of 0.1% [5]. - 'Net Sales- Engine- Medium-duty truck and bus' is expected to be $983.13 million, down 8.5% year-over-year [6]. - 'Net Sales- Engine- Heavy-duty truck' is projected at $1.08 billion, reflecting a decline of 9.1% [6]. - 'Net Sales- Engine- Light-duty automotive' is estimated at $444.17 million, down 3.7% from the prior year [7]. - 'Net Sales- Components- Emission solutions' is expected to reach $883.62 million, indicating a decline of 6.1% year-over-year [7]. - 'Distribution segment sales by product- Service' is projected at $460.67 million, reflecting a year-over-year increase of 2.8% [7]. - 'Distribution segment sales by product- Engines' is expected to be $385.78 million, down 11.7% from the previous year [8]. Stock Performance - Cummins shares have returned +9.6% over the past month, outperforming the Zacks S&P 500 composite's +2.7% change [8].

Tax Policy Impacts - The "One Big Beautiful Bill" Act (OBBB) aims to extend and expand tax cuts from the 2017 Tax Cuts and Jobs Act (TCJA), reducing the corporate tax rate from 35% to 21% permanently[1][7] - The Act repeals provisions from the Biden administration aimed at reducing traditional energy consumption, benefiting traditional energy companies[1][7] Indirect Support for Infrastructure and AI - OBBB does not directly fund traditional manufacturing or infrastructure projects but focuses on tax policy and deregulation, which may indirectly support infrastructure and AI development by reducing corporate costs[2][8] - Permanent full expensing provisions for equipment, R&D, and plants allow companies to deduct the full cost of capital investments immediately, reducing financial burdens and encouraging investment in advanced manufacturing[3][9] Opportunity Zones and Investment Attraction - The Act expands Opportunity Zones to attract private capital into economically distressed areas, enhancing investment in projects like smart city technology and logistics hubs[4][10] - Deregulation measures simplify the approval process for infrastructure projects, potentially accelerating project timelines[4][10] Economic Growth and Local Industry - Tax cuts and capacity expansion incentives are expected to enhance the profitability and competitiveness of domestic industrial enterprises in the U.S. market[5][11] - Increased production capacity is anticipated to improve market share and meet local manufacturing demands, while personal tax reductions may boost overall consumption[5][11] Investment Recommendations - Companies that may benefit from the policy's tax cuts and required equipment investments include Vistra, Constellation, Talen Energy, GE Vernova, Schneider Electric, Eaton, Vertiv, Honeywell, Cummins, and Caterpillar[6][12] Risk Factors - Potential risks include slower-than-expected U.S. economic growth, changes in U.S. policy, and geopolitical uncertainties[6][13]

Core Insights - The North American medium and heavy-duty commercial vehicle (CV) electronic service tools (EST) market is experiencing gradual growth driven by advancements in vehicle complexity, focus on efficiency, and regulatory pressures [2][3][7] Market Dynamics - The market is influenced by stringent emissions regulations, such as the US EPA standards, which compel fleet operators to adopt advanced diagnostic tools for compliance [3][7] - Increasing complexity of heavy-duty truck systems necessitates sophisticated diagnostics software for optimal performance [2][8] - There is a growing demand for comprehensive fleet management solutions that provide real-time monitoring and diagnostics [9] Competitive Landscape - The market features a mix of OEMs and aftermarket companies, with key players including Cummins, Daimler Trucks North America, Volvo Group, PACCAR Inc., and Navistar International Corporation [4] - Aftermarket participants include Noregon Systems, Snap-on Inc., and Autel Intelligent Technology Corp. Ltd. [4] - The competitive dynamics have shifted, with an increasing average age of trucks leading to greater opportunities for aftermarket vendors [24] Emerging Trends - Key trends include the adoption of cloud-based solutions, shop automation, modularity, and product customization [5] - Innovative business models are emerging, such as product-as-a-service (PaaS) and technician as a service (TaaS) [18][19] - The market is witnessing technological disruptions due to the challenges faced by electric vehicles (EVs), prompting a shift towards alternative fuel engines [20][21] Growth Drivers - Stringent emission regulations are a significant driver for the demand for advanced diagnostic tools [7] - The rising complexity of truck systems increases the need for effective diagnosis and repair solutions [8] - Fleet management solutions are increasingly sought after to optimize performance and reduce costs [9] Growth Restraints - Integration issues with existing vehicle systems can pose challenges, especially for older models [13] - High initial investment and ongoing maintenance costs can impact long-term affordability [14] - Market saturation and product commoditization are leading to increased competition among established players [15][16] Key Competitors - Major competitors in the market include OEMs like Cummins, Daimler, Volvo, PACCAR, and Navistar, as well as aftermarket companies like Noregon Systems and Snap-on Inc. [26][28] - The competitive factors include technology development, product pricing, customer support, and distribution networks [28]

Core Insights - CMI Media Group has appointed Andy Shaughnessy as SVP of Data Analytics, aiming to enhance actionable analytics for clients across various channels [1] - Andy Shaughnessy brings 15 years of experience in pharma analytics, focusing on omnichannel strategy and advanced analytics [2] - His career includes notable achievements such as multiple awards for analytics excellence and a strong track record in the pharma analytics industry [3] Company Overview - CMI Media Group is a leading healthcare media specialist under WPP, recognized for its innovative contributions to healthcare marketing [5] - The agency offers a range of services including Audience Strategy, Data and Analytics, and Customer Experience, positioning itself as a key resource for top healthcare companies [6] - CMI Media Group has been acknowledged for its inclusivity, talent retention, and employee development, making it one of the best workplaces in the industry [6]

Core Insights - Cummins Inc. reported Q1 earnings that exceeded expectations for both revenue and net income, indicating strong operational performance [1] - The company has decided to withdraw its full-year 2025 guidance due to uncertainties surrounding tariffs that may impact its operations [1] Financial Performance - The Q1 earnings report showed that Cummins Inc. outperformed market expectations on both the top and bottom lines, reflecting robust demand and effective cost management [1] Guidance and Outlook - The withdrawal of the full-year 2025 guidance suggests that the company is facing significant external challenges, particularly related to tariff implications, which could affect future financial performance [1]

Core Insights - The India Power Generation Engines Market is projected to grow from USD 1.20 Billion in 2025 to USD 1.70 Billion by 2031, with a CAGR of 5.81% driven by increasing energy demands from urbanization and industrialization [2][11]. Market Overview - The market is experiencing robust expansion due to rising energy demands across residential, commercial, and industrial sectors, with power generation engines being essential for converting energy into electricity [2][3]. - Technological advancements are improving engine performance and environmental compliance, supporting the shift towards sustainable energy solutions [3]. Demand Drivers - Rapid industrialization and urbanization in India are major factors driving the demand for power generation engines, particularly in sectors like IT, construction, and manufacturing [4]. - The urban population is expected to exceed 600 million by 2030, with energy use projected to grow by 8% in 2024, indicating long-term growth potential for the market [5]. Environmental Regulations - The market faces challenges related to environmental impact, particularly from traditional diesel and coal-fueled engines, which contribute to air pollution [6][7]. - Stricter emission regulations, such as Bharat Stage VI (BS-VI) norms, require manufacturers to invest in cleaner technologies, increasing production costs and posing challenges for smaller firms [8]. Shift to Natural Gas - There is a significant trend towards the adoption of natural gas engines, driven by environmental awareness and regulatory pressures, as these engines emit fewer pollutants and reduce operational costs [9][10]. - Government support for city gas distribution and the availability of LNG and CNG are facilitating this transition, making natural gas engines a preferred choice for industries [10]. Key Market Players - Major players in the India Power Generation Engines Market include Cummins India Limited, Kirloskar Oil Engines Limited, Mahindra Powerol, Ashok Leyland Limited, Caterpillar India Pvt. Ltd., Siemens India Limited, Greaves Cotton Limited, and Tata Motors Limited [15].

Core Viewpoint - Cummins shares have increased by approximately 8.8% since the last earnings report, outperforming the S&P 500, but there are concerns about whether this positive trend will continue leading up to the next earnings release [1]. Group 1: Earnings Report and Market Reaction - The most recent earnings report is essential for understanding the key drivers affecting Cummins [1]. - Estimates for Cummins have trended downward over the past month, indicating a potential shift in market sentiment [2]. Group 2: VGM Scores and Investment Strategy - Cummins currently holds a Growth Score of B, a Momentum Score of D, and a Value Score of B, placing it in the top 40% for the value investment strategy [3]. - The aggregate VGM Score for Cummins is A, which is significant for investors not focused on a single strategy [3]. Group 3: Outlook and Future Expectations - The downward trend in estimates suggests a negative outlook for Cummins, reflected in its Zacks Rank of 4 (Sell) [4]. - A below-average return is expected from Cummins in the upcoming months based on the magnitude of the estimate revisions [4].

Investment Rating - The report maintains an "Overweight" (OW) rating for Weichai Power with a price target of HK$22.00 for the H shares and Rmb24.00 for the A shares, both with a target date of December 31, 2026 [4][13]. Core Insights - Weichai Power is positioned as a growth stock within the heavy-duty truck (HDT) and engine markets, anticipating double-digit year-on-year monthly sales growth due to the China IV HDT trade-in program starting in June/July 2025 [2][3]. - The company is making significant advancements in large-bore engines and AI Data Center (AIDC) engines, targeting sales of 10,000-12,000 units in 2025, with a goal of capturing a 10% market share in China and 5% globally for AIDC engines [7][8]. - Weichai is enhancing its new energy capabilities through collaboration with BYD, focusing on electric HDT solutions and leveraging technology and customer resources to drive growth [2][7]. Summary by Sections Heavy-Duty Truck Market - China's domestic HDT sales are expected to increase significantly due to the trade-in program, with management projecting full-year sales to reach approximately 1 million units, implying a 15-20% year-on-year growth for the remaining months of 2025 [3][4]. - Weichai holds a dominant market share of around 60% in the domestic LNG HDT engine market, positioning itself to benefit from the increased demand for LNG trucks [3][4]. Engine Development - Weichai aims to sell 1,000-1,200 AIDC units in 2025, significantly increasing from 400 units in 2024, with a production capacity expansion to 4,000 units planned for the long term [7][8]. - The company produced nearly 200 AIDC power engines in Q1 2025, with 55% of these engines destined for overseas markets, indicating strong international demand [7]. New Energy Initiatives - Weichai anticipates that EV penetration in China will reach around 30% in the medium term, up from 20% year-to-date, while addressing challenges related to long-distance EVs [7][8]. - The Yantai New Energy Industrial Park Phase I is set to produce electric solutions for various vehicle types, marking a significant step in Weichai's strategic transition towards new energy [7][8]. Valuation - The price target of HK$22.00 for Weichai Power's H shares and Rmb24.00 for A shares is based on a discounted cash flow (DCF) valuation, with a weighted average cost of capital (WACC) of 9.4% [9][14].