Enhanced financial strength post HK IPO. Following the HK listing,SANY raised ~HK$15bn (or ~RMB13.7bn). We forecast SANY's net cashto reach RMB25bn by end-2025E. More than half of the proceeds will bespent on global sales network and overseas capacity expansion. Key risks: (1) Slowdown of overseas demand; (2) lack of sustainablerecovery of non-earth-moving machinery demand in China; (3) decline inmining capex. 机构：招银国际 研究员：Wayne FUNG As discussed in our 2026 sector outlook published today (link), we see larg ...