First take: 2025 earnings +36% in-line;overseas revenue surged 60% in 4Q25

　　中联重科(000157)

　　Zoomlion’s net profit in 2025 grew 36% YoY to RMB4.8bn, which is 2% aboveour estimates and in-line with Bloomberg consensus. The result implies netprofit growth of >1.2x YoY in 4Q25. Overseas revenue in 4Q25 surged 60%YoY to RMB9.2bn (accelerated from 34% YoY in 3Q25), which accounted for~62% of total revenue. Zoomlion proposed final dividend of RMB0.2/share.This, together with the interim dividend of RMB0.2/share, implies a full-yearpayout ratio of 72%. We continue to like Zoomlion’s aggressive overseasexpansion plan on the back of full range of products. Our TP for Zoomlion A/Hare unchanged at RMB12.0/HK$9.2 (based on 2026E target P/E multiple of18.6x for A-share and 30% discount for H-share). Maintain BUY.