V i e w p o i n t | 13 Jun 2025 16:32:37 ET │ 15 pages Laopu Gold (6181.HK) An opportunity to capitalize if gold price stays high CITI'S TAKE The gold price rally since April has significantly narrowed Laopu's product price premium over mass market positioned gold jewelries, making its high- end product appear more attractive. The unprecedented advantage of Laopu, illustrated by our proprietary price comparison chart, helps it broaden customer base rapidly. If the gold price stays at the current high level, ...

16 June 2025 | 3:19PM HKT Hengrui Medicine (600276.SS): ADA 2025: Encouraging data sets from GLP-1 portfolio; Expect initial launch in 2026 On June 13, abstracts from the American Diabetes Association's 85th Scientific Sessions (ADA 2025, June 20-23) have been released. Among China players with data updated for GLP-1 related assets, we highlighted Hengrui with fresh data points for both oral tablet and injection formulation of HRS9531 (GLP-1/GIP), for which the ex-China rights have been licensed-out to a Ne ...

China Consumer Trip Takeaways Key Takeaways June 11, 2025 11:03 AM GMT Haidilao International Holding Ltd | Asia Pacific Store openings: GPM: Might be lower in 2025 vs. 2024, due to higher raw material costs and more consumer benefits, partly offset by hedging measures. 1H25 GPM should still be flat yoy. Staff cost ratio: To remain stable yoy in 2025. Marketing: Haidilao continues to carry out company-level marketing activities, but it has also started to conduct regional and store level initiatives (e.g. r ...

12 June 2025 | 11:01PM HKT Sunny Optical (2382.HK): May shipment: Handset lens -5% MoM, Vehicle lens -7% MoM; Camera modules -4% MoM; Neutral Verena Jeng +852-2978-1681 | verena.jeng@gs.com Goldman Sachs (Asia) L.L.C. Ting Song +852-2978-6466 | ting.song@gs.com Goldman Sachs (Asia) L.L.C. Exhibit 1: Sunny Optical monthly shipment YoY by product -100% -50% 0% 50% 100% 150% 200% Feb-16 Aug-16 Feb-17 Aug-17 Feb-18 Aug-18 Feb-19 Aug-19 Feb-20 Aug-20 Feb-21 Aug-21 Feb-22 Aug-22 Feb-23 Aug-23 Feb-24 Aug-24 Feb-25 ...

June 11, 2025 02:31 PM GMT Laopu Gold | Asia Pacific China Consumer Trip Takeaway Key Takeaways New product: Multi-color enamel Hulu necklaces (launched on May 30) have high recognizability for Laopu brand and is being well received among core customers. Antique products: Currently accounts for 20% of total sales (average ASP at >Rmb100k vs. jewelry at ~Rmb30k), and aims to achieve higher mix with more new product launches in the future. Price hike timing: Could be after 618 festival, but exact timing unkno ...

Investment Rating - The report maintains an "Overweight" rating for Kingsoft Cloud with a target price of $18.50 for KC US and HKD 10.00 for 3896 HK [1][2][16] Core Insights - Kingsoft Cloud's stock price has increased by 140% since the release of its Q3 2024 results, outperforming the Chinese internet index fund which rose by 8% during the same period [1][12] - The company's strategic shift towards artificial intelligence and its integration within the Xiaomi and Kingsoft Group ecosystems are yielding positive financial results [1][12] - The growth prospects for Kingsoft Cloud's AI revenue are considered more certain compared to many other AI stocks due to its unique relationships and increasing demand for GPU computing power [1][12] - The introduction of third-party computing providers is expected to negatively impact Kingsoft Cloud's profit margins due to the complexities in supply chain management [1][12] Summary by Sections Investment Thesis - Kingsoft Cloud's AI revenue has shown significant growth, with total AI revenue rising from RMB 360 million in Q3 2024 to RMB 474 million in Q4 2024 (approximately 500% year-on-year) and RMB 530 million in Q1 2025 (228% year-on-year) [3][12] - The company has achieved three consecutive quarters of triple-digit year-on-year growth in AI revenue, which has improved overall profitability, with adjusted EBITDA margins increasing from 2% in Q1 2024 to 16% in Q1 2025 [3][12] Financial Projections - Revenue forecasts for 2025 have been raised to RMB 9,355 million, reflecting a 17% increase from previous estimates [4][16] - Adjusted net loss for 2025 is projected to be RMB 874 million, revised from RMB 602 million due to the new computing procurement model [4][12] - The target price is based on a 4x EV/Sales multiple for 2025, positioned between the average multiples of U.S. single-business cloud service providers (5.9x) and small-cap SaaS stocks (3.8x) [8][12] Valuation - The target price for Kingsoft Cloud is set at $18.50 based on a 4x EV/Sales multiple for 2025, reflecting a positive adjustment in valuation due to the company's narrative shift [1][8][12] - The report indicates that Kingsoft Cloud's valuation should be adjusted upwards due to the positive changes in the company's narrative and financial performance [1][12]

J P M O R G A N Asia Pacific Equity Research 05 June 2025 Akeso AK104 approval in 1L CC with catalysts ahead Akeso announced today that AK104, a PD-1/CTLA-4 bispecific antibody, has received approval in China for the first-line treatment of persistent, recurrent, or metastatic cervical cancer (CC). This treatment is to be used in combination with platinum-based chemotherapy, with or without bevacizumab, marking the third approved indication of AK104. Despite the market's focus on AK112, we believe AK104 is ...

Investment Rating - The report maintains a Neutral rating for HUTCHMED (HCM) with a 12-month price target of $18 for the ADR listed in the US, indicating a potential upside of 32.4% from the current price of $13.60 [12][14]. Core Insights - Increased investor focus is expected on savolitinib following data presentations at ASCO, with the company highlighting severe under-detection of MET amplification when using NGS testing compared to FISH testing [1][2]. - The company’s internal unpublished data suggests that only about 30% of patients who test positive for MET amplification via FISH would also test positive using the NGS method [2]. - The global Phase 3 SAFRON study of savolitinib in combination with osimertinib will offer patients the option of two companion diagnostics: FISH and IHC methods [2]. Summary by Sections MET Amplification Testing - Testing for MET amplification is crucial for patient selection, with a cross-study analysis indicating that NGS testing severely under-detects the biomarker compared to FISH [2]. - The MARIPOSA-2 study detected MET amplification in 14% of patients using ctDNA NGS, while the SACHI study showed approximately 30% detection using tissue FISH [5]. Clinical Efficacy - The SACHI study demonstrated a median progression-free survival (PFS) of 8.2 months for the savolitinib plus osimertinib combination compared to 4.5 months for chemotherapy, with a statistically significant hazard ratio of 0.34 [5][6]. - For patients previously treated with a 3rd-generation EGFR TKI, the median PFS was 6.9 months for the combination arm versus 3.0 months for chemotherapy, also showing a significant difference [6]. Safety Profile - The SAVANNAH study indicated a promising PFS curve separation with a manageable safety profile, although adverse events leading to dose interruption of savolitinib occurred in approximately 48% of patients [9].

Investment Rating - The report maintains an "Overweight" rating on Zai Lab (ZLAB) shares, indicating a positive outlook on the stock's performance relative to its peers [2][4]. Core Insights - The ZL-1310 ASCO phase 1a/1b update demonstrates a compelling efficacy and safety profile, highlighting its differentiated potential in treating extensive-stage small cell lung cancer (ES-SCLC) [4]. - The 1.6 mg/kg cohort shows a 79% unconfirmed overall response rate (ORR) and a 100% disease control rate (DCR) in patients with one prior line of therapy, suggesting strong efficacy [4]. - The report anticipates that Zai Lab will initiate a pivotal trial in second-line SCLC later this year, which could further validate the drug's potential [4]. - The report estimates that assuming approximately $500 million in net sales/royalties to Zai Lab, this could add mid-single digits to the valuation of ZLAB shares [4]. Summary by Sections Efficacy and Safety Profile - The ZL-1310 trial data indicates a 67% unconfirmed ORR and a 97% DCR in the overall population of 33 patients [4]. - The safety profile is described as clean, with no discontinuations and Grade 3+ treatment-related adverse events (TRAEs) at 6%, primarily consisting of anemia (2%) and neutropenia (4%) [4]. Competitive Landscape - The report notes that Imdelltra (tarlatamab) has a ~40% ORR in relapsed/refractory ES-SCLC, positioning ZL-1310 favorably in comparison [4]. Future Outlook - Zai Lab's existing commercial franchise and upcoming product launches, along with a growing internal pipeline including ZL-1310, support the reiterated Overweight rating [4].

Investment Rating - The report maintains a "Buy" rating for Miniso, with a 12-month price target of $23.10 for ADR and HK$45.00 for H-share, indicating an upside potential of 34.5% and 33.7% respectively [14][17]. Core Insights - Miniso is expected to experience sequential sales growth acceleration, with management confident in margin improvement and a peak in DTC-related expenses in the first half of the year [1][2]. - Same-store sales growth (SSSG) turned positive in May for Miniso China, and positive trends were also observed in the US and other overseas markets [1][7]. - The company plans to enhance its product offerings, focusing on both intellectual property (IP) products and value-for-money lifestyle products, with localized designs for overseas markets [1][10]. - Management aims to expand to over 1,000 stores in the US market, targeting a 20% operating profit margin in the mid to long term, despite potential short-term volatility [1][11]. Summary by Sections Sales Growth and Guidance - For Q2 2025, Miniso China is expected to achieve low teens percentage sales growth, while Miniso Overseas and Top Toy are projected to grow by 25%-30% and 70%-80% year-over-year respectively [8]. - If the SSSG recovery trend continues, operating profits are likely to turn positive in Q3, with full-year adjusted operating profits targeted at RMB 3.6 billion to RMB 3.8 billion [8]. Product Strategy - The company is enhancing its IP product quality and focusing on localized designs for international markets, while also improving the merchandising of value-for-money products [10][12]. - A dedicated zone for top-selling products has been added to increase conversion rates, and inventory management will be prioritized to avoid stockouts of best-sellers [11]. Market Performance - Year-to-date, Miniso China's SSSG has shown improvement, with positive trends in the US market and other overseas markets noted in April and May [7][11]. - The US market has seen the opening of approximately 20 new stores, primarily in plaza locations, achieving double-digit operating profit margins despite being in a low season [11]. Long-term Outlook - Miniso is positioned to become a leading global IP retailer, with catalysts for share price growth including accelerated store expansion, improved SSSG, and higher contributions from IP products [14]. - The market currently underappreciates Miniso's potential adjusted net income compound annual growth rate (CAGR) of nearly 20% from 2024 to 2026, excluding contributions from Yonghui [14].