CMB International issued a research report indicating that SANY INT'L (00631) reported a net profit after tax (including minority interests) of RMB 1.78 billion, which was within the previously announced profit range of RMB 1.6 billion to RMB 1.85 billion. After excluding one-off impairment losses, the adjusted net profit attributable to shareholders was RMB 1.85 billion, remaining flat compared to the same period last year. The firm continues to favor SANY INT'L's growth strategy, which is driven by ongoing business diversification. It maintained a "Buy" rating on the stock but lowered the target price from HK$20.6 to HK$19.5. During the earnings conference call, management highlighted large mining trucks, microgrids, and lithium batteries as key growth areas for the coming years. CMB International reduced its 2026 profit forecast by 6%, primarily due to a downward revision in the sales volume assumptions for roadheaders.