J P M O R G A N Asia Pacific Equity Research 18 June 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. Huaming Equipment - A Alan Hon (852) 2800-8573 alan.hon@jpmorgan.com J.P. Morgan Securities (Asia Pacific) Limited/ J.P. Morgan Broking (Hong Kong) Limi ...

Flash | 26 May 2025 21:00:23 ET │ 13 pages Global Power Grid Equipment Positive Feedback on Global Tap Changer and Transformer Demand from Expert Call CITI'S TAKE We hosted an expert call with Wilfried Breuer, Managing Director at Maschinenfabrik Reinhausen ("MR"), world leading manufacturer of high voltage tap changers. Please see takeaways as below. Q1. US tariff impact to global transformer demand? Have you seen any deceleration on transformers demand growth? Ans. US tariff has significant impact on US t ...