Wuxi Lead H/A Asia Pacific Equity Research 23 March 2026 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. See page 74 for analyst certification and important disclosures, including non-US analyst disclosures. J.P. Morgan does and seeks to do business with com ...