25 June 2025 | 7:10PM HKT Ocumension (1477.HK): China Healthcare Corporate Day 2025 — Key takeaways: Confident on OT-101, BD negotiation; FY25 sales to double Presenters: Tim Ruan - Chief Financial Officer Bottom line: Mgmt highlighted: 1) confidence on OT-101 (low dose atropine) with BD under negotiation, and 2) Yutiq supply to resume, FY25 guidance reiterated. Ziyi Chen +852-2978-0526 | ziyi.chen@gs.com Goldman Sachs (Asia) L.L.C. Linhai Zhao, Ph.D. +852-3966-4059 | linhai.zhao@gs.com Goldman Sachs (Asia) ...

We hosted Shandong Weigao's CFO and IR team with investors on June 25 at our China Healthcare Corporate Day 2025. Bottom line: Mmgt noted 1) its full-year revenue growth guidance of 10–15% y/y remains unchanged. 1H25 may exhibit slower momentum, while management remains confident in a stronger 2H rebound due to a more favorable base (1H/2H24 revenue split at Rmb6.64bn/6.45bn) and accelerated new product contribution. 2) The ramp-up of new products is progressing as planned, particularly in perioperative car ...

24 June 2025 | 5:17PM EDT USA: Powell Reiterates That FOMC Is Well Positioned to Wait for Further Clarity Before Changing the Policy Stance BOTTOM LINE: In his prepared remarks before the House Financial Services Committee, Chair Powell reiterated that the FOMC was "well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance." When asked whether the FOMC could cut rates in July, Powell noted that "he wouldn't want to point to a particu ...

25 June 2025 | 2:27AM HKT CATL (300750.SZ) Unlocking value through unit GP expansion; reinstate on A-share and initiate H-share at Buy | 300750.SZ | 12m Price Target: Rmb323.00 | Price: Rmb245.92 | Upside: 31.3% | | --- | --- | --- | --- | | 3750.HK | 12m Price Target: HK$343.00 | Price: HK$303.00 | Upside: 13.2% | 3. Robust earnings growth: We project a robust 25% EPS CAGR from 2024-2030E, driven by a combination of volume growth and unit GP expansion. Catalysts: 1) Positive quarterly earnings that indicat ...

Presenters: Sophia Dong - Investor Relations Director Bottom line: Management highlighted encouraging ex-China development progress of out-licensed assets including B7H3 ADC, B7H4 ADC and oral GLP-1. Product sales guidance of double-digit growth in 2025 was re-iterated, and key product Ameile targets peak sales of Rmb8bn with upsides from combination therapy. We expect potential deal-making opportunities to come from early-stage ADC (EGFR/cMET, CDH6, CDH17), KRAS G12Di and next-generation disease modifiers ...

Investment Rating - The investment rating for Genscript Biotech Corp. is "Buy" with a 12-month price target of HK$27.34, indicating an upside potential of 84.5% from the current price of HK$14.82 [8]. Core Insights - Management highlighted that ProBio revenues are expected to bottom out, driven by the LaNova deal, with a projected revenue of US$95 million in FY24, reflecting a 13% year-over-year decline [5]. - The protein segment is anticipated to become the second growth engine for the life science group, with a significant increase in revenue contribution from 23% in 2023 to nearly 30% [6]. - The company expects a steadily improving bottom line, with share buybacks and dividends under consideration as profitability improves starting from 2025 [6]. Summary by Sections ProBio Performance - ProBio revenues are projected to recover, with management confident that the revenue is bottoming out due to factors such as improved funding for biotech clients and stabilizing pricing in China [5]. - The LaNova/Merck deal is expected to contribute significantly, with US$235 million booked in the first half and an additional US$75 million milestone expected in 2H25 [5]. Life Science Group Growth - The life science group has shown steady growth of 10-20% over the years, with gene synthesis having a total addressable market (TAM) of US$1-2 billion, while customized protein synthesis is expected to have a TAM 10 times larger [6]. - The company is reallocating resources to enhance growth in the protein synthesis sector, which is expected to be a major growth driver in the coming years [6]. Financial Outlook - Excluding the impact from Legend deconsolidation, the adjusted net profit for the ex-Legend businesses is expected to reach US$60 million in FY24, with consistent profitability anticipated starting in 2025 [6]. - Management expects the EBITDA break-even point for ProBio to be achieved when revenues reach US$150-200 million, with Bestzyme remaining at break-even until 2027 [6].

China Solar: Tracking profitability inflection May rush installation spike suggests deeper demand pullback into 2H25 Our China Solar Profitability Tracker follows monthly supply/demand and inventory dynamics by sub-sector, and the spot prices/input costs implied cash GP & EBITDA margin trends for companies under our coverage. Key highlights in June MTD: Sector view: We continue to expect capacity cuts in 2025E-26E (average 17% of end-24 capacity cut across main value chain) due to cash burn and market acces ...

Global Economics Comment: Assessing the Economic Impacts of the War in the Middle East (Briggs/Peters) 23 June 2025 | 9:33AM EDT Assessing the Economic Impacts of the War in the Middle East +1(212)902-0394 | jan.hatzius@gs.com Goldman Sachs & Co. LLC Joseph Briggs +1(212)902-2163 | joseph.briggs@gs.com Goldman Sachs & Co. LLC Sarah Dong +1(212)357-9741 | sarah.dong@gs.com Goldman Sachs & Co. LLC Megan Peters +44(20)7051-2058 | megan.l.peters@gs.com Goldman Sachs International c45a43530f604d12bcb9a82b5aa6b9f ...

Investment Rating - The report maintains a cautious outlook on China's real GDP growth due to demographic, debt, and de-risking challenges, while acknowledging potential upside risks from faster AI adoption [7][8]. Core Insights - China achieved a growth target of "around 5%" in 2024, primarily driven by exports and related manufacturing investments [5]. - The 2025 growth forecast is set at 4.6%, slightly above consensus, with inflation forecasts below consensus (CPI at 0.0% and PPI at -2.4%) [8][10]. - The report anticipates a widening fiscal deficit by 2.4 percentage points of GDP in 2025 compared to 2024, with total social financing stock growth expected to rise to 9.5% [8][10]. Summary by Sections Economic Growth Forecasts - The report outlines that China's GDP growth is projected at 4.6% for 2025, with domestic demand contributing 4.5% and consumption at 4.9% [10]. - Exports of goods are expected to decline by 2.4% in nominal USD terms, while imports are projected to decrease by 4.2% [10]. Inflation and Monetary Policy - CPI is forecasted to be 0.0% and PPI at -2.4% for 2025, indicating low inflationary pressures [8][10]. - The report suggests further cuts in the reserve requirement ratio (RRR) and policy rates in Q4 2025 [8]. Fiscal Policy and Government Debt - The augmented fiscal deficit is expected to reach 13.0% of GDP in 2025, reflecting increased government spending [10][60]. - China's total government debt is projected to be RMB166 trillion, which is 131% of GDP [69]. Trade and External Factors - Elevated US tariffs on Chinese goods are anticipated to negatively impact GDP growth, although exports to other countries may provide some offset [8]. - The report notes that the US effective tariff rate on China has dropped, which may reduce the drag on GDP growth [15]. Policy Measures - Ongoing and planned policy easing measures are expected to support technology and high-quality growth, with specific programs aimed at boosting consumption and investment [63].

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies within the advertising sector Core Insights - The report emphasizes the significant impact of AI on industry profit pools, particularly in the advertising sector, suggesting a shift in focus from individual tasks to existing profit pools that AI is likely to disrupt [12] - It highlights that AI is expected to lower costs and improve efficiencies in advertising, potentially leading to substantial shifts in how advertising budgets are allocated [19][41] - The report identifies several multi-billion dollar profit pools that AI could disrupt, including the shift of ad spend from traditional to digital channels, automating ad creative generation, consolidating ad tech intermediaries, and impacting the ad agency ecosystem [19][41][67] Summary by Sections AI Impact on Advertising - The report discusses how AI is being implemented across various areas in digital advertising, including content creation, optimization engines, and campaign execution, with major players like Google and Meta leading the way [16][21] - It notes that AI tools are democratizing advertising, allowing smaller advertisers to adopt sophisticated strategies and driving better targeting and returns [21][34] Profit Pools Disruption - The report outlines four key profit pools that AI has the potential to disrupt: 1. Accelerating the shift of ad spend from traditional to digital channels (~$170 billion opportunity) 2. Automating the ad creative generation process (~$114 billion) 3. Consolidation of ad tech intermediaries (~$25 billion) 4. Potential impact on the ad agency ecosystem (~$161 billion) [19][41][67] Current State of AI in Advertising - The report indicates that digital advertising is the subsector furthest along in AI product development and end-user adoption, with significant advancements in AI tools like Google's Performance Max and Meta's Advantage+ [16][23] - It highlights the increasing adoption rates of these AI tools among US advertisers, suggesting a long runway for growth in ad spend on these platforms [27][30] Future Opportunities - The report identifies new growth opportunities enabled by AI, such as improving return on ad spend, democratizing advertising, and introducing new ad formats [67] - It emphasizes that AI's ability to automate tasks and analyze data will reshape workflows and redistribute profit pools significantly within the advertising industry [37][39]