Core Viewpoint - QuantaSing Group Limited is restructuring its business to focus on product-driven growth in the pop toy sector, which includes terminating its individual online learning services and rebranding to "Here Group Limited" with a new ticker symbol "HERE" pending shareholder approval [1][3][6]. Business Restructuring - The company has entered into a VIE termination agreement to end its contractual arrangements with Beijing Feierlai and Beijing Chuangyuqizhi, ceasing its individual online learning services in China and overseas [2]. - As part of the restructuring, QuantaSing will transfer its equity interests in Beijing Feierlai, Beijing Chuangyuqizhi, QS International, and Rare River to a third-party buyer for a total consideration of RMB162 million and US$2.5 million, with the buyer assuming net liabilities as of June 30, 2025 [2]. Rebranding to Here Group Limited - The company plans to change its name to "Here Group Limited" and its ticker symbol to "HERE," which has been approved by the board of directors and is subject to shareholder approval [3][6]. Extraordinary General Meeting - An extraordinary general meeting is scheduled for November 6, 2025, to seek shareholder approval for the name change and amendments to the company's articles of association [4][5]. Company Overview - QuantaSing, through its Here brand, focuses on creating collectible pop toys that engage collectors globally, emphasizing innovative design and storytelling [8].

Core Insights - HSBC Holdings PLC and Barclays PLC are focusing on streamlining operations to enhance efficiency and concentrate on core businesses [1][2] HSBC Overview - HSBC is implementing a $1.5 billion cost-saving plan aimed at organizational simplification by 2026, with expected total severance and upfront charges of $1.8 billion [3] - The bank is winding down non-core operations in various regions while maintaining a focused presence in Asia and the Middle East, including divestments in multiple countries [4] - HSBC is expanding its wealth management business in Asia, particularly in China and India, through acquisitions and branch openings [5][6] - Despite these initiatives, HSBC's revenue generation has been subdued due to a challenging macroeconomic environment and weak loan demand [7] Barclays Overview - Barclays is simplifying operations and focusing on core businesses, including the sale of its stake in Entercard Group for $273 million and a collaboration with Brookfield to enhance its payment acceptance business [8] - The bank has made several acquisitions and divestments to bolster its lending capacity and mortgage business, including the acquisition of Tesco's retail banking business and the sale of $1.1 billion in credit card receivables [9] - Barclays has achieved gross savings of £1 billion in 2024 and aims for total gross efficiency savings of £2 billion by the end of 2026 [10] Performance Comparison - Year-to-date, Barclays' stock has increased by 52.8%, outperforming HSBC's 39.4% gain and the industry's 39.7% rally [12] - In terms of valuation, HSBC has a price/tangible book (P/TB) ratio of 1.30X, while Barclays has a lower P/TB ratio of 0.79X, indicating that Barclays is relatively inexpensive [14] Earnings Estimates - The Zacks Consensus Estimate for HSBC's 2025 earnings suggests a 7.4% year-over-year increase, while Barclays' estimates indicate growth of 22.3% for 2025 [17][21] - Analysts have revised HSBC's earnings estimates upward, indicating more optimism regarding its growth potential compared to Barclays [23] Investment Outlook - Barclays' restructuring efforts and capital redeployment are expected to lead to sustained profitability, while HSBC's strategic pivot to Asia may yield significant long-term gains [22] - HSBC's disciplined exit strategy and cost-saving plan are anticipated to improve returns, making it a more attractive investment option compared to Barclays [23][24]

Financial Data and Key Metrics Changes - Total revenue for Q4 fiscal year 2025 reached RMB 617.8 million, with a net income of RMB 108 million, resulting in a net profit margin of 17.5% [17][18] - Sales and marketing expenses improved significantly to 47.6% of revenue from 69.2% in the previous quarter [17][18] - Gross profit for the quarter was RMB 467.6 million, with a gross margin of 75.7%, down from 85.9% in the same period last year [19] Business Line Data and Key Metrics Changes - Revenue from the property business totaled RMB 65.8 million, accounting for 10.6% of total revenue [18] - Individual online learning services generated revenues of RMB 456.9 million, down from RMB 906.7 million in Q4 2024 [18] - Revenues from enterprise services were RMB 35.7 million, compared to RMB 56.6 million a year ago, due to a reduction in marketing services [18] Market Data and Key Metrics Changes - The company held over RMB 1 billion in cash and cash equivalents, providing a strong foundation for transitioning into the property business [6] - Online GMV exceeded RMB 18 million in August, which is over nine times that of April [10] Company Strategy and Development Direction - The company is transforming from a traffic-driven to a product-driven business model, focusing exclusively on high-growth property business [4][5] - A potential business restructuring is underway to divest all non-property businesses, allowing concentration of resources on the property market [5][14] - The strategy includes strengthening IP creation, driving agile execution, and delivering sustainable returns to shareholders [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of the property market and the company's ability to scale its IP portfolio [22][23] - The company expects revenues from the property business to be in the range of RMB 100 million to RMB 110 million for Q1 FY 2026 and RMB 750 million to RMB 800 million for the full fiscal year 2026 [22][23] Other Important Information - The company has established a joint venture with Juehua Entertainment to leverage cross-industry resources for IP promotion and engagement [51][53] - The company plans to open three to five flagship stores by the end of the year, enhancing brand visibility and community engagement [12][35] Q&A Session Summary Question: Recent revenue run rate and confirmed order backlog - Management noted that the growth rate of the Makuku IP has been explosive, with sales of Cinnodle exceeding 300,000 boxes, indicating strong future performance [26][28] Question: Details on Last One's equity arrangements - The acquisition of Last One involves a mix of shares and long-term incentives, with a commitment to long-term collaboration and value creation [30] Question: Revenue guidance and market expectations - Management stated that the guidance for FY25 and FY26 was based on a prudent assessment of market conditions, with expectations for continued growth driven by strong product performance [32][34] Question: Pipeline for the education segment restructuring - Management confirmed a strong pipeline for the restructuring process, indicating confidence in the property business's performance [38][40] Question: Product strategy and new categories - The company has a structured roadmap for IP launches and is exploring new product categories, including smaller figures and plush products [44][48]

Core Insights - X4 Pharmaceuticals is undergoing a strategic restructuring that includes a 50% workforce reduction, expected to yield annualized cost savings of approximately $13 million [1][2][4] Corporate Updates - John Volpone has been appointed as Chief Operating Officer while retaining his role as President, overseeing daily operations and business execution [7] - Dr. Adam Craig, the Executive Chairman, will have oversight over clinical development [7] - The restructuring will lead to the exit of several key executives, including the Chief Legal & Compliance Officer, Chief Operating Officer, and Chief Commercial Officer [7] Clinical Development Focus - The restructuring aims to sharpen operational focus and align resources with the long-term strategy to successfully complete the 4WARD Phase 3 trial for chronic neutropenia [1][4] - X4 Pharmaceuticals is advancing mavorixafor, an orally available CXCR4 antagonist, in its clinical trials [5]

Industry Overview - The Zacks Foreign Banks Industry is focused on overseas banks operating in the U.S., supervised by the Federal Reserve, and offers a range of financial services to both individual and corporate clients [3] - The industry is undergoing significant restructuring efforts, with banks divesting non-core operations to concentrate on profitable markets and enhance their revenue mix [4] Key Themes Influencing the Industry - Restructuring Efforts: Foreign banks are actively restructuring their businesses to focus on core operations, which is expected to elevate expenses in the short term but drive long-term growth [4] - Relatively Lower Interest Rates: Global central banks have lowered interest rates, which is anticipated to benefit foreign banks' net interest income (NII) and margins, leading to improved loan demand and revenue growth [5] - Uneven Global Economic Recovery: The post-COVID-19 economic recovery has been inconsistent, affecting banks' profitability due to weak growth in their home markets [6] Industry Performance - The Zacks Foreign Banks Industry ranks 62 out of over 250 Zacks industries, placing it in the top 25% and indicating strong near-term performance potential [7][8] - The industry has outperformed the S&P 500 and the broader finance sector, with a collective stock surge of 68.7% over the past two years compared to 44.6% for the S&P 500 and 48.9% for the Zacks Finance Sector [11] Valuation Metrics - The industry has a trailing 12-month price-to-tangible book ratio (P/TBV) of 2.53X, significantly lower than the S&P 500's 13.04X, indicating a relative discount in valuation [15][18] Company Highlights HSBC - HSBC has $3.21 trillion in assets and is focusing on expanding operations in Asia, particularly in wealth management [21] - The bank plans to redeploy $1.5 billion from non-core activities into its core strategy and has been divesting operations in various countries [24][25] - HSBC's shares have increased by 6% in the past six months, with a Zacks Rank of 1 (Strong Buy) [27] UBS - UBS, with $1.67 trillion in assets, is enhancing its operations through partnerships and acquisitions, including the recent acquisition of Credit Suisse [30][31] - The company aims to reduce its Non-Core and Legacy risk-weighted assets by over $6 billion by the end of 2026 [32] - UBS shares have risen 19% in the past six months, also holding a Zacks Rank of 1 [34] Barclays - Barclays has total assets of £1,598.7 billion ($2,192.3 billion) and is focused on improving efficiency through cost-saving initiatives, targeting £2 billion in gross efficiency savings by 2026 [37][39] - The company has divested several non-core businesses and aims to simplify operations [40] - Barclays shares have gained 24.5% in the past six months, currently holding a Zacks Rank of 3 (Hold) [41]

Financial Data and Key Metrics Changes - The company reported total net revenues of $37.2 million for Q2 2025 and $76.1 million year-to-date, with adjusted EBITDA of $7.9 million for the first half of the year, indicating a focus on operational efficiency [8][22] - Product gross profit for Q2 2025 was $27.3 million or 73.5%, an increase from 70.8% in Q2 2024, while year-to-date gross profit was $57.8 million or 75.9%, up from 73.2% in the same period last year [19][20] - The company incurred a net loss of $2.4 million for Q2 2025, compared to a net loss of $9.2 million in Q2 2024, and reported a net income of $300,000 for the first half of 2025, a significant improvement from a net loss of $12.4 million in the same period last year [21][22] Business Line Data and Key Metrics Changes - Combined net revenues from OPONVI and ZINRALF totaled $10.7 million for Q2 2025, reflecting a year-over-year growth of 55.5% for the quarter and 70.5% year-to-date compared to the same periods in 2024 [10][11] - Zenerlef adoption showed a 6.3% increase in demand units over Q1 2025, with total ordering accounts exceeding 700 by June [11][12] - Oponvi demand units grew by 19% in June, while net revenue grew by 9% over Q1, indicating strong market performance despite inventory adjustments [14][36] Market Data and Key Metrics Changes - The oncology franchise generated combined net revenues of $26.5 million for Q2 2025, maintaining market share in a competitive environment [16] - The transition from a C code to a permanent J code for Zenerlef, effective October 1, is expected to streamline reimbursement processes and improve access across payers [9][29] Company Strategy and Development Direction - The company successfully completed a new financing round, enhancing its financial flexibility and positioning for strategic initiatives [7] - A restructuring of the sales force was implemented to better align teams with product focus, aiming to drive growth in the second half of the year [18][43] - The company is exploring creative strategies to drive continued growth in the oncology supportive care market [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive innovation and expand commercial initiatives, supported by strong product demand growth [8][10] - The management noted that while immediate impacts from the J code for Zenerlef may not be seen, it is expected to facilitate reimbursement and adoption in the long term [29][48] - The company maintained its net revenue guidance of $153 million to $163 million for 2025 and revised adjusted EBITDA guidance to a range of $9 million to $13 million [22] Other Important Information - The company entered into a refinancing agreement that includes a new credit facility and the issuance of senior convertible notes, which will strengthen its balance sheet [22][23] - Cash and short-term investments as of June 30, 2025, were reported at $40.6 million [21] Q&A Session Summary Question: Details on the Zenerlef 400 mg transition and Q2 revenue impact - The transition began at the end of Q4 2024, with inventory normalization expected to complete by July 1, 2025 [26][27] Question: Impact of the J code on reimbursement and adoption - The J code is expected to simplify reimbursement processes and improve adoption over time as commercial payers align with Medicare practices [28][29] Question: Zenerlef sales force reorganization and its impact - The sales force was restructured to focus on specific products, enhancing engagement with targeted accounts [33][34] Question: Aponvi demand and revenue growth - The growth in demand was primarily due to wholesaler inventory adjustments, with expectations for normalization in the second half of the year [36][37] Question: Overall share count after recent transactions - The pro forma common share count is approximately 183 million shares [50] Question: Rate on the senior credit facility and cash addition to the balance sheet - The overall rate on the senior credit facility is slightly above 10%, with an expected addition of $11 to $12 million to the balance sheet after expenses [52][53]

Financial Data and Key Metrics Changes - Sales for the second quarter were $212 million, exceeding the outlook of $206 million, with foreign exchange contributing approximately $3 million to this overachievement [11][19] - Adjusted EBITDA margin was 18.6%, above expectations, despite being impacted by unfavorable product mix and tariff effects [11][12] - Cash from operations reached near-record levels of $37 million, marking a 10% improvement over the previous year [11][26] - Net debt decreased by $67 million year-over-year, improving the net debt to adjusted EBITDA leverage ratio to 2.6 times [12][28] Business Line Data and Key Metrics Changes - Hydraulic sales declined by 3% year-over-year, reflecting weakness in industrial and mobile end markets, although agriculture showed signs of stabilization [23] - Electronics segment sales were down 4% year-over-year, with significant declines in the recreational market [24] - Hydraulics gross profit and gross margin grew by 4% and 220 basis points year-over-year, respectively, due to lower material and direct labor costs [23] - Electronics gross profit declined by 18%, with a 530 basis point drop in gross margin primarily due to higher freight and duties costs [24] Market Data and Key Metrics Changes - EMEA region sales grew by 5% year-over-year, while sales in The Americas and APAC declined [20] - APAC electronics segment sales increased by 27% year-over-year, driven by the health and wellness end market [20] - The overall sales comparables remain negative year-over-year, but profitability improved sequentially with increased sales volume [20] Company Strategy and Development Direction - The company is refocusing its go-to-market strategy and prioritizing capital allocation to improve return on invested capital (ROIC) [12][14] - A definitive agreement was signed to sell Custom Fluid Power for approximately $54 million, which is expected to improve margin rates within the Hydraulics segment [12][14] - The company aims to achieve a sub-two times leverage ratio to enhance capital allocation flexibility [12] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the recovery in various markets, including agriculture and health and wellness, with expectations for growth in the second half of the year [31][34] - The company anticipates third-quarter sales in the range of $208 million to $215 million, representing a potential 9% increase year-over-year [35] - Management acknowledged ongoing external challenges, including tariff changes and stagnant interest rates, but remains focused on long-term growth prospects [34][39] Other Important Information - The company has made significant progress in cash management, achieving a trailing twelve months free cash flow conversion rate of 291% [26] - The strategic divestiture of Custom Fluid Power is expected to provide greater flexibility for capital deployment decisions [39] - The company is committed to improving margins across all business lines and evaluating opportunities within its product portfolio [40] Q&A Session Summary Question: Market Inflections and Customer Engagement - Management noted growth in health and wellness and signs of recovery in agriculture, with expectations for all main businesses to grow in the second half of the year [46][48] Question: Non-Core Business Considerations - The divestiture of Custom Fluid Power was strategic, as it did not align with the core business, and no immediate non-core divestitures are planned [50][53] Question: Margin Expectations for the Second Half - Management did not provide specific segment margin guidance but indicated expectations for revenue growth in hydraulics and electronics, with potential margin uplift [62][64] Question: Competitive Positioning in the US - The company highlighted its competitive advantage due to its US manufacturing footprint, which allows for better pricing strategies and differentiation in the market [77][80] Question: Organizational Structure Changes - Management is focused on restructuring to improve efficiency and has made progress in aligning teams with brand and product focus [84][86] Question: Update on Water Guru Partnership - The partnership is expected to ramp up, with initial product launches completed, but significant revenue impact is not anticipated until 2026 [96] Question: Impact of Interest Rate Changes - A reduction in interest rates would be beneficial, particularly for consumer discretionary segments, but the company is prepared to grow without relying on this [98][99]

Core Insights - Barclays is expected to report second-quarter 2025 results with year-over-year increases in revenues and earnings, driven by strong investment banking performance and a solid balance sheet, despite rising credit impairment charges and operating expenses [1][9]. Financial Performance Expectations - The Zacks Consensus Estimate for Barclays' second-quarter earnings is 50 cents per share, indicating a 19.1% increase from the previous year [2]. - The consensus estimate for sales is $9.35 billion, reflecting a 17.2% year-over-year growth [2]. Investment Banking and Trading Revenues - Global mergers and acquisitions exceeded expectations in Q2 2025, with a resurgence in deal-making activities following initial market volatility due to tariff announcements [3]. - The IPO market saw significant growth, contributing to increased equity and debt underwriting fees for Barclays [4]. - Client activity and market volatility were robust, leading to strong performance in Barclays' trading business [5]. Net Interest Income and Expenses - Barclays' net interest income is expected to improve due to stabilized funding costs and increased loan demand amid mixed global interest rate adjustments [6]. - Cost-control measures have led to improved efficiency, with manageable expenses anticipated in the upcoming quarter [7]. Strategic Developments - Barclays has entered a long-term strategic partnership with Brookfield Asset Management to enhance its payment acceptance business, with an investment of approximately £400 million [10][11]. - This partnership aims to unlock long-term value, with Brookfield potentially acquiring a 70% ownership interest after three years [12]. - Barclays will retain a 20% ownership interest and continue to use the "Barclaycard Payments" brand for at least 10 years [13]. Earnings Prediction Model - The quantitative model indicates that Barclays may not conclusively beat earnings expectations this time due to a lack of a positive Earnings ESP [14]. - The company currently holds a Zacks Rank 2 (Buy) [15]. Peer Performance - ICICI Bank reported a net income of $1.5 billion for Q1 fiscal 2025, up 15.5% year-over-year, driven by increased net interest income and loan growth [16]. - Deutsche Bank reported second-quarter earnings of $1.75 billion, a significant recovery from a loss in the previous year, aided by increased revenues and lower expenses [17].

Financial Data and Key Indicators Changes - In Q2 2025, sales declined by 8% quarter-over-quarter (QoQ) to KRW 87 trillion, representing a 17% year-over-year (YoY) decline due to the seasonal off-peak period for smartphones and the termination of the LCD TV business [3][4] - Operating profit posted a loss of KRW 116 billion, influenced by the stronger Korean won and the end of the LCD TV business [3] - Cumulative sales for the first half of the year amounted to KRW 11.652 trillion, with an operating loss of KRW 82.6 billion, although operating loss improved by KRW 480.5 billion YoY [4] - Net income turned positive at KRW 89.8 billion, driven by improved foreign exchange gains and non-operating income [4] - EBITDA for Q2 stood at KRW 1.054 trillion, maintaining an EBITDA margin of approximately 19% for the seventh consecutive quarter [4] Business Line Data and Key Indicators Changes - Q2 shipment area decreased by 26% QoQ due to the termination of the LCD TV business, aligning with guidance of a mid-twenty percent decrease [5] - Average Selling Price (ASP) per square meter increased by 32% QoQ to $10.56, attributed to the exit from the LCD TV business [5] - TV revenue accounted for 20% of total sales, down two percentage points QoQ, while mobile and others declined to 28% due to weak panel shipments [6] - The automotive segment grew to 10% of total revenue, with the OLED portion increasing to 56% [7] Market Data and Key Indicators Changes - The smartphone business showed a meaningful shipment growth of over 20% YoY, with expectations to outperform last year's full-year performance [26] - The medium panel IT OLED segment is expected to address new high-end market demand, while the demand for medium-sized panel products is projected to grow slightly [30] - Large OLED panel shipments are expected to reach the mid-six million range, an increase over the previous year, with continuous growth in both panel shipments and set sales [34] Company Strategy and Development Direction - The company is committed to restructuring around OLED technology, focusing on technological differentiation, product quality enhancement, and cost innovation [10][11] - Investment in new OLED technology is planned, with a total investment amount of KRW 1.26 trillion over the next two years [19] - The company aims to solidify its leadership in the premium market with a diverse OLED panel lineup and improve profitability through cost improvements [13] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing macroeconomic uncertainties but expressed confidence in performance improvement in the second half of the year [11][22] - The company expects a steep rebound in performance driven by expansion across both large and small OLED panel businesses [11] - Management emphasized the importance of establishing a cost structure that ensures stable profitability despite external changes [35] Other Important Information - Cash and cash equivalents at the end of Q2 amounted to KRW 1.666 trillion, with a debt ratio of 268% and net debt to equity ratio at 155%, both showing significant decreases [7][8] - CapEx for the year is expected to be in the low KRW 2 trillion range, similar to last year, with a focus on investment efficiency [15] Q&A Session Summary Question: OLED technology investment and future performance - The company is shifting focus from LCD to OLED, with a KRW 1.26 trillion investment planned for new OLED technology over two years [19][20] - Performance improvement is expected to continue, with a commitment to turning a profit for the full year of 2025 [22][23] Question: Smartphone business outlook and tablet OLED panel shipments - The smartphone business is expected to grow, with a meaningful shipment increase planned for the second half [26] - Tablet OLED shipments are anticipated to increase YoY, despite a sluggish global IT market [27][28] Question: Medium panel LCD business strategy and profitability - Demand for medium-sized panels is expected to grow slightly, with a focus on B2B and high-end areas to improve profitability [30][31] Question: Large OLED panel sales outlook and monitor opportunities - Large OLED panel shipments are on track to meet original plans, with expected growth in both panel shipments and set sales [34][35]

Financial Data and Key Indicators Changes - In Q2 2025, sales declined by 8% quarter-over-quarter (QoQ) to KRW 87 trillion, representing a 17% year-over-year (YoY) decline due to the seasonal off-peak period for smartphones and the termination of the LCD TV business [5][6] - Operating profit posted a loss of KRW 116 billion, influenced by the stronger Korean won exchange rate and the end of the LCD TV business [5] - Cumulative sales for the first half of the year amounted to KRW 11.652 trillion, with an operating loss of KRW 82.6 billion, although operating loss improved by KRW 480.5 billion YoY [6] - Net income turned positive at KRW 89.8 billion, driven by improved foreign exchange gains and non-operating income [6] - EBITDA for Q2 stood at KRW 1.054 trillion, maintaining an EBITDA margin of approximately 19% for the seventh consecutive quarter [6] Business Line Data and Key Indicators Changes - Q2 shipment area decreased by 26% QoQ due to the termination of the LCD TV business, aligning with guidance of a mid-twenty percent decrease [7] - Average selling price (ASP) per square meter increased by 32% QoQ to $10.56, attributed to the exit from the LCD TV business [7] - TV revenue accounted for 20% of total sales, down two percentage points QoQ, while mobile and others declined to 28% due to weak panel shipments [8] - The IT segment recorded 42% of total sales, reflecting an increase driven by higher LCD IT panel shipments [8] - The automotive segment grew to 10% of total revenue, with the OLED portion of total revenue increasing to 56% [9] Market Data and Key Indicators Changes - Cash and cash equivalents at the end of Q2 amounted to KRW 1.666 trillion, with a significant decrease in essential operating capital [9] - The debt ratio stood at 268%, with net debt to equity ratio at 155%, representing significant decreases of 40 percentage points and 19 percentage points QoQ, respectively [10] Company Strategy and Development Direction - The company is committed to restructuring around OLED technology, enhancing product quality, and reducing costs to strengthen core competitiveness [12][13] - Plans include expanding performance across both large and small/medium OLED panel businesses, with a focus on technological differentiation [13] - The company aims to solidify its leadership in the premium market with a diverse OLED panel lineup and improve profitability through cost innovations [15][16] Management Comments on Operating Environment and Future Outlook - Management acknowledged ongoing macroeconomic uncertainties and trade environment volatility but expressed confidence in performance improvement in the second half of the year [12][13] - The company expects a steep rebound in performance driven by broader profit improvements across OLED panel businesses [13] - Management emphasized the importance of maintaining a strong financial structure and achieving debt reduction targets ahead of schedule [13] Other Important Information - The company announced a KRW 1.26 trillion investment in new OLED technology, to be executed over the next two years [21][22] - CapEx for the year is expected to be in the low KRW 2 trillion range, similar to last year, with a focus on investment efficiency [17] Q&A Session Summary Question: Future business performance related to OLED technology - The company is shifting away from LCD to focus on OLED, with a significant investment in new OLED technology to maintain a technological gap with competitors [20][21] Question: Outlook for smartphone business and panel shipments - The smartphone business is expected to show expanded performance, with a meaningful shipment growth of over 20% YoY [28] Question: Recovery in IT demand and operational plans for medium panel LCD business - Demand for medium-sized panel products is expected to grow slightly, with a focus on B2B and high-end areas to improve profitability [31][33] Question: Full year outlook for large OLED panel sales - Large OLED panel shipments are expected to reach the mid-six million range, with continuous growth in both panel shipments and set sales [35][36]