Zoomlion’s net profit in 2025 grew 36% YoY to RMB4.8bn, which is 2% above our estimates and in-line with Bloomberg consensus. The result implies net profit 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-year payout ratio of 72%. We continue to like Zoomlion’s aggressive overseas expansion plan on the back of full range of products. Our TP for Zoomlion A/H are unchanged at RMB12.0/HK$9.2 (based on 2026E target P/E multiple of 18.6x for A-share and 30% discount for H-share). Maintain BUY.