Asia Pacific Equity Research 30 May 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. Sany Heavy Industry - A Fireside Chat Takeaways: Steering quality cyclical growth We hosted a fireside chat with Sany Heavy (Sany) on May 29, affirming our positive view ...