Investment Rating - The investment rating for Giant Biogene Holding is "Buy" with a 12-month price target of HK$71, representing an upside of 31.7% from the current price of HK$53.90 [12]. Core Insights - Despite recent uncertainties, Giant Biogene has reiterated its FY25 guidance, expecting sales and net income to grow by 25-28% and 21-24% year-on-year, respectively, with projected figures of RMB6.9-7.1 billion in sales and RMB2.5-2.6 billion in net income [1][3]. - The company is focusing on customer acquisition and retention through enhanced marketing strategies, including increased sample gifts and differentiated product bundles [10]. - Management anticipates a gradual recovery in KOL livestreaming, which has been a significant factor in recent sales pullbacks, and plans to enhance consumer trust through transparency initiatives [1][10]. Summary by Sections Financial Performance - FY25 guidance remains unchanged with sales expected to be between RMB6.9-7.1 billion and net income between RMB2.5-2.6 billion, reflecting a year-on-year growth of 25-28% and 21-24% respectively [1][3]. - The stock is currently trading at 20x 2025E PE based on the company's guidance, which is considered attractive given the expected recovery in the latter half of FY25 [2]. Sales Drivers - The company has reported strong performance in offline sales channels, with 1H25 growth exceeding initial expectations, and minimal impact from recent allegations on overall sales [9][10]. - Specific sales initiatives include increasing sample gifts and providing exclusive benefits to enhance customer loyalty [10]. Market Position and Strategy - Giant Biogene is actively working on improving brand perception through transparency initiatives, public welfare activities, and partnerships with medical institutions [10]. - The approval processes for medical aesthetics (MA) are proceeding smoothly and are not expected to be affected by recent uncertainties [10].

24 June 2025 | 10:37PM HKT China Medical System Holdings (0867.HK): China Healthcare Corporate Day 2025 — Key Takeaways: Highlighted drivers beyond Key Takeaways Highlighted topline growth albeit divestiture of Dermavon: the company emphasized that positive sales growth in 2026 could be achieved after the spin-off of Dermavon, a subsidiary focusing on dermatology diseases. The previous guidance of double-digit sales growth for 2025 remain unchanged as the spin-off is expected to complete by YE25, driven by: ...

We hosted WuXi XDC's Head of IR & PR with investors on Jun 24 at our China Healthcare Corporate Day 2025. Bottom line: mgmt reiterated 1) high visibility of FY25 revenue growth guidance of over 35% y/y, backed with strong client demand in ADC development, particularly from emerging China Biotech companies; 2) technological leadership in ADC and bio-conjugates, e.g. diversified technology platform for DAR, payload, linker, etc., and the advantage of new molecule development; 3) on-track capacity expansion wi ...

24 June 2025 | 2:11PM CST China Automobiles EVs - no inflection in sight Bottom line: After reassessing the S/D balance of the China NEV industry, we see no inflection in sight (see more details here). Our assessment shows: Industry capex trend and capacity addition Capacity is still expanding, but at slower pace. China NEV capacity is still expanding but at a slower pace vs. 2023/2024, we expect 2.5mn units of net adds (+13% yoy) in 2025E. On the back of expectations for declining industry capex in 2025E-2 ...

24 June 2025 | 2:17PM CST China Solar Lower for longer Bottom line: Profitability inflection to be pushed out due to slower demand growth and long run normalized earnings to stay low, but still on track to reach a cyclical bottom in 2025E. We believe China's solar industry is on track to reach a cyclical bottom in 2025E with improving supply/demand balance on back of larger capex cut by Group 1 players, but mid-to-long run normalized profitability will likely stay low in our view, given demand growth slowdo ...

24 June 2025 | 8:36PM HKT China Retail Addressing investor questions on blind box regulation Michelle Cheng +852-2978-6631 | michelle.cheng@gs.com Goldman Sachs (Asia) L.L.C. Xinyu Ruan +852-2978-7347 | xinyu.ruan@gs.com Goldman Sachs (Asia) L.L.C. Carol Chen +852-2978-7999 | carol.chen@gs.com Goldman Sachs (Asia) L.L.C. Molly Dai Share prices for diversified retailer names in our coverage, Pop Mart/Bloks/Miniso/Shanghai M&G, declined by 5% on Jun 20 on average vs. CSI 300/HSI +0%/+1%, following People's Da ...

23 June 2025 | 7:07AM EDT US Economics Analyst Salvaging the Soft Data: How Companies Say They Are Responding to Tariffs (Walker / Mericle) Jan Hatzius +1(212)902-0394 | jan.hatzius@gs.com Goldman Sachs & Co. LLC Alec Phillips +1(202)637-3746 | alec.phillips@gs.com Goldman Sachs & Co. LLC David Mericle +1(212)357-2619 | david.mericle@gs.com Goldman Sachs & Co. LLC Ronnie Walker +1(917)343-4543 | ronnie.walker@gs.com Goldman Sachs & Co. LLC Manuel Abecasis +1(212)902-8357 | manuel.abecasis@gs.com Goldman Sac ...

S/D model update on silicon wafer, SiC substrate, GaN. China capacity and implications to global players As a global team, we review and refresh our S/D model across (1) silicon wafers, (2) SiC substrate, (3) GaN devices, and (4) IGBT (Exhibits 8, 10, 12, 32). Key conclusions: (1) Chinese in China: Local coverage (local production/ local demand) of 12-inch silicon wafer/ 6-inch SiC substrate to grow from 41%/ 80% in 2024 to 54%/ 87% in 2027E. (2) Pricing: 8-inch silicon wafer ASP to decline 10% CAGR in 2024 ...

Investment Rating - The report assigns a Neutral rating to Tesla Inc. with a 12-month price target of $285, indicating a potential downside of 18.3% from the current price of $348.68 [16][19]. Core Insights - The launch of Tesla's robotaxi operations is seen as a significant step towards addressing the autonomous vehicle (AV) rideshare market, with an estimated market size of approximately $7 billion in the U.S. by 2030 [13]. - Initial user feedback on the robotaxi rides has been largely positive, highlighting smooth driving experiences, although some navigation issues were reported [4][6]. - The comparison with Waymo indicates that Tesla's operational area and service hours are currently more limited, which may affect its competitive positioning in the AV market [7][10]. Summary by Sections Robotaxi Launch Performance - Initial rides have shown a good degree of drive smoothness, with users noting features like a customer support button and personalized preferences [4][6]. - A navigation error was reported where a vehicle incorrectly used a left turn lane, raising concerns about the technology's readiness [6][10]. Comparison with Waymo - Tesla's robotaxi operates in a smaller area and has limited hours (6 am to midnight) compared to Waymo's 24/7 service in a larger operational area [7][10]. - Pricing for Tesla's rides is set at a flat fee of $4.20, while Waymo's pricing varies like traditional Uber rides [7]. Scaling and Future Outlook - The presence of a Tesla employee in the vehicle and the reported navigation issues suggest that scaling will be slow in the near term [10]. - Regulatory developments will be crucial for the speed of scaling, with Texas recently signing a bill requiring permits for robotaxi operations [11]. - The report includes a discounted cash flow (DCF) analysis for Tesla's robotaxi business, indicating a wide range of potential value per share depending on scaling and margin differentiation [14][16].

23 June 2025 | 10:50PM HKT China: GS Economic Indicators Update: June (Song) Please find an update of our proprietary economic indicators below. The data behind our proprietary economic indicators can be downloaded here. (Methodology notes available in the appendix.) GS Proprietary Economic Indicators in April Source: Goldman Sachs Global Investment Research, NBS, CEIC Andrew Tilton +852-2978-1802 | andrew.tilton@gs.com Goldman Sachs (Asia) L.L.C. Hui Shan +852-2978-6634 | hui.shan@gs.com Goldman Sachs (Asi ...