J P M O R G A N Asia Pacific Equity Research 10 December 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Asia Power Equipment/Utilities Marketing feedback, investor positioning and key debates We have interacted with >60 investors across the globe over ...