As filed with the Securities and Exchange Commission on December 22, 2025 Registration No. 333-290996 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Graphjet Technology (Exact name of registrant as specified in its charter) Cayman Islands 3620 N/A (State or other jurisdiction of incorporation or organization) (Primary standard industrial classification code number) (I.R.S. Employer Identification Num ...

Core Insights - Amicus Therapeutics (FOLD) shares reached a 52-week high of $11.14 on December 15, currently trading at $10.88, with a significant 87.6% increase over the past six months compared to the industry's 21% growth [1][4][9] Company Performance - The stock's rally is driven by investor optimism regarding Amicus' marketed products, particularly Galafold (migalastat) and the combination therapy Pombiliti (cipaglucosidase alfa) + Opfolda (miglustat), which are experiencing steady sales growth [2][20] - Galafold generated sales of $371.5 million in the first nine months of 2025, reflecting a 12% year-over-year increase, and is a key revenue driver for the company [7][9] - Pombiliti + Opfolda sales reached $77.5 million in the same period, marking a 61.5% year-over-year growth, indicating strong market uptake [9][13] Market Position and Competition - Amicus has successfully resolved patent litigation with Teva Pharmaceuticals, ensuring Galafold's market protection until January 2037, which is expected to safeguard sales from generic competition [10][11] - Despite the success of Galafold, the company's heavy reliance on this drug for revenue poses a risk, especially with increasing competition from established players like Sanofi and Takeda in the Fabry and Pompe disease markets [14][15][16] Valuation and Financial Estimates - Amicus is currently trading at a price-to-sales (P/S) ratio of 5.64, which is above the industry average of 2.46, but below its five-year mean of 8.99 [17] - The Zacks Consensus Estimate for 2025 earnings per share (EPS) has increased from 31 cents to 36 cents, while estimates for 2026 have decreased from 70 cents to 67 cents [18] Future Outlook - The company is expected to continue benefiting from strong sales of Galafold and incremental contributions from Pombiliti + Opfolda, indicating potential for growth [20] - Despite concerns regarding reliance on Galafold and competition, recent developments and improving earnings estimates suggest strong upside potential for Amicus [21][22]

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Report Industry Investment Rating - No information provided on the industry investment rating Core Viewpoints - Maintain buy on FAEACO 12.814 Perp due to its decent risk - return profile, larger cushion against the covenanted adj. net gearing ratio, and expected cash inflow from project deliveries in Australia and the UK [2] - Maintain buy on MEITUA 3.05 10/28/30 and MEITUA 0 04/27/28 (CB) as Meituan's overall credit profile remains robust with a strong net cash position, despite near - term headwinds [9] Summary by Related Catalogs Trading Desk Comments - Last Friday, there was small better buying on JP/AU financial names and TW lifers; balanced two - way flows on Chinese AMCs 2 - 5yr notes which closed 1 - 2bps tighter; MEITUAs were unchanged to 3bps wider [2] - In FRN space, PBs were buying Chinese banks, leasing, and SEA names, while AM flippers were taking profit; FAEACO 12.814 Perp dropped 5.6pts; LASUDE 26 increased 0.5pt; CWAHK 26 - 30 edged 0.1 - 0.5pt firmer [2] - In Chinese properties, VNKRLE 27 - 29 lowered 0.8 - 1.3pts; LNGFOR 29 was 1.7pts lower; ROADKG 28 edged 0.6 - 0.9pt higher; AMs were buying ZHHFGR and selling CPDEV [2] - Yankee AT1s were 0.1pt firmer, Japanese AT1s and insurance subs were largely stable, ACPM 5 1/8 Perp was 0.6pt higher; in SE Asia, some bonds were unchanged to 0.5pt higher [2] - This morning, BBLTB senior and JP financials tightened 1 - 2bps; VNKRLE 27 - 29 recovered 0.5 - 1.2pts; some bonds were 0.6 - 1.1pts higher, while others were 0.7 - 1.0pt lower [4] - MEITUAs were unchanged to 3bps wider post 3Q25 results announcement last Friday and unchanged this morning; IDASALs were unchanged this morning [4] Macro News Recap - Last Friday, S&P (+0.54%), Dow (+0.61%), and Nasdaq (+0.65%) were higher; UST yield was higher, with 2/5/10/30 year yield at 3.47%/3.59%/4.02%/4.67% [7] Desk Analyst Comments on Meituan - Meituan's 3Q25 adj. EBITDA dropped to negative RMB14.8bn due to the price war in China's food delivery market, with intense competition weighing on profitability [8] - The aggressive price war has eroded sector - wide margins, and the pressure is expected to persist until the competitive landscape becomes more rational, possibly through regulatory intervention [8] - Meituan's overall credit profile remains robust with a net cash position of RMB90.0bn as of Sep'25, which should cushion near - term earnings impact; near - term pressure on MEITUAs is expected, but further volatility presents better entry opportunities [9] Meituan's Financial Performance - Meituan's 3Q25 total revenue increased 2% yoy to RMB95.5bn, with core local commerce segment revenue decreasing 2.8% yoy to RMB67.4bn and turning into an operating loss of RMB14.1bn; new initiative segment revenue rose 15.9% yoy to RMB28.0bn, but segment loss increased 24.5% yoy to RMB1.3bn [12] - In 3Q25, selling and marketing expenses increased 90.1% yoy to RMB34.3bn, and R&D expenses increased 31.0% to RMB6.9bn; Meituan reported an operating loss of RMB19.7bn and negative adj. EBITDA of RMB14.8bn [13] - Meituan expects losses in the core local commerce segment and at the consolidated level to continue in 4Q25; the operating loss in the new initiative segment is expected to widen in 4Q25 for overseas expansion [13] - Meituan's liquidity position remained solid with a net cash position of RMB90.0bn as of Sep'25, down from RMB106.7bn as of Dec'24, and it had an average net cash position of RMB70.6bn in the past five years [14] Offshore Asia New Issues - No offshore Asia new issues were priced today [17] - Agricultural Bank of China Limited Tokyo Branch has a pipeline issue of 3 - year tenor with a coupon of SOFR + 100 and an issue rating of A1/-/- [18] News and Market Color - Last Friday, 70 credit bonds were issued onshore with an amount of RMB59bn; in Nov'25, 2,133 credit bonds were issued with a total amount of RMB2,286bn, a 17.8% yoy increase [22] - China Jinmao pledged a Shanghai property asset valued at RMB4.8bn as collateral for RMB9.9bn of syndicated loans [22] - China Water Affairs 1HFY26 EBITDA dropped 18.6% yoy to HKD2.2bn [22] - eHi Car 3Q25 fleet utilization rate rose 4.9 pct pt to 72.3% [22] - Seazen issued RMB616mn ABS backed by a Shanghai shopping mall [22] - HD Hyundai Heavy and its partner failed to win Poland's KRW8tn submarine project [22] - Mineral Industri Indonesia repurchased USD95.8mn of IDASAL 6.53 11/15/28 [22] - Melco Resorts Finance 9M25 operating revenue was up 14% yoy, and Studio City 9M25 operating revenue was up 10% yoy [22] - A Hong Kong tycoon seeks to sell some Rosewood Hotels [22] - Vedanta Resources is looking to raise USD600mn bank loan for refinance and secure INR20bn via INR - denominated NCDs at its subsidiary [22] - Vanke provided its entire stake in its property management arm as loan collateral to its controlling shareholder [22]

Core Insights - The animal health industry is facing challenges that require companies to innovate and adapt strategically [1] - Zoetis Inc. (NYSE:ZTS) is under scrutiny from KeyBanc Capital Markets regarding its product lineup and market positioning [2] - KeyBanc initiated coverage on Zoetis, highlighting ongoing challenges from its osteoarthritis (OA) pain monoclonal antibody (mAb) products and increased competition [3] Company Performance - Zoetis is experiencing headwinds from its OA pain mAb products, which have faced criticism on social media for potential side effects [4] - Despite these challenges, Zoetis is recognized for its history of innovation and is considered a high-quality company with revenue growth rates above the industry average and historically high profit margins [5] - The company reported third-quarter sales of $2.4 billion, reflecting a 1% year-over-year increase, slightly below the consensus estimate of $2.41 billion [6] Market Positioning - KeyBanc has assigned a Sector Weight rating to Zoetis until there is significant improvement in its OA pain mAb products or new high-revenue product launches [6] - Zoetis shares are currently trading at approximately 17.5x forward P/E, which is a discount compared to its two-year average of around 27x [6] - Growth in parasiticides, diagnostics, and dermatology portfolios was offset by a decline in mAb products for OA pain [7]

Summary of the Conference Call Transcript Industry Overview - The report focuses on the **China Consumer Appliances** industry, highlighting a significant decline in retail sales and market consolidation among leading brands [2][3][4]. Key Points and Arguments 1. **Retail Sales Decline**: - October omnichannel white goods retail sales fell by **29-36% YoY**, compared to a decline of **20-35% in September**. This decline is attributed to a high base in 2024 and fading domestic trade-in subsidies [2][3]. - The expectation is for continued double-digit YoY retail sales declines in November and December 2025 [2]. 2. **Market Share Dynamics**: - Industry leaders **Midea**, **Haier**, and **Gree** gained market share in October from tier-2 brands like **AUX** and **Hisense**, indicating ongoing industry consolidation during a downcycle [2][3]. - Midea and Haier increased their offline air conditioner (AC) value share by **1ppt** and **3ppt** YoY, respectively [3]. 3. **Price Trends**: - Offline average selling prices (ASPs) for ACs, washing machines (WMs), refrigerators, and range hoods fell by **12%**, **10%**, **12%**, and **5%** YoY, respectively. This decline is primarily due to a high base from trade-in subsidies in 2024 and increased competition [3][4]. 4. **Roborock's Performance**: - **Roborock** gained market share in robot vacuum cleaners (RVCs) and wet-dry vacuum cleaners despite an overall market decline. Its online sales for RVCs grew by **177% YoY**, while its market share increased by **21ppt** YoY to **30%** [4]. - Concerns were raised about Roborock's profitability due to high marketing investments and self-subsidies, which may negatively impact margins in Q4 2025 [4]. 5. **Small Kitchen Appliances**: - Online sales growth for small kitchen appliances decelerated to **5-10% YoY** in October 2025, with ASPs rising by **4-15% YoY** [5]. Additional Important Insights - The report indicates that the decline in retail sales is expected to persist, with industry leaders likely to continue gaining share due to brand segmentation strategies [3]. - The overall market for RVCs saw a **35% YoY** drop in online retail sales value in October, reflecting a high base from the previous year [4]. - The report emphasizes the importance of monitoring ASP trends and market share shifts as indicators of competitive dynamics within the consumer appliances sector [3][4]. Conclusion - The China Consumer Appliances industry is experiencing significant challenges with declining sales and price pressures, but leading brands are managing to consolidate their positions. Roborock's growth in a declining market highlights the potential for strategic investments to yield long-term benefits despite short-term profitability concerns.

Core Insights - Inspire Medical Systems reported strong third quarter results, driven by robust adoption of the Inspire V system and operational discipline [1] - The company experienced significant growth in patient volume and positive clinical feedback, contributing to an expanding customer base both in the U.S. and internationally [1] - CEO Tim Herbert expressed enthusiasm regarding the performance of the Inspire V system and the positive reception of its simplified procedure and comfort settings [1] Financial Performance - Revenue for Q3 was $224.5 million, exceeding analyst estimates of $220.2 million, representing a 10.5% year-on-year growth [6] - EPS (GAAP) was $0.34, significantly beating analyst estimates of -$0.19 [6] - Adjusted EBITDA reached $44.08 million, surpassing analyst expectations of $24.72 million, with a margin of 19.6% [6] - The company reaffirmed its full-year revenue guidance at $905 million and EPS guidance at $0.95, both exceeding analyst estimates [6] Market Dynamics - Sales volumes increased by 13.6% year-on-year, although this was a decrease from the 23.8% growth in the same quarter last year [6] - Market capitalization stands at $2.38 billion [6] - CEO Tim Herbert indicated expectations for accelerated growth in 2026 following the rollout of Inspire V, with formal guidance to be provided in January [6] Strategic Initiatives - The company is focusing on transitioning high-volume centers to Inspire V by year-end, while some centers may continue using Inspire IV for specific reasons [6] - Inspire Medical Systems is implementing targeted initiatives to engage ENT surgeons and expand provider capacity, with early results anticipated to be more evident in 2026 [6] - The management team is monitoring competitive dynamics closely, noting that competition is still in early stages and has not significantly impacted growth [6]

Core Insights - Starbucks Corp. has agreed to sell a 60% stake in its China business to Boyu Capital for $4 billion to enhance its operations in the country [1][2] - The partnership aims to navigate challenges posed by local competitors and changing consumer preferences in China [2][3] Company Strategy - Starbucks has approximately 8,000 stores in China and aims to grow this number to over 20,000 in the future [5] - The company has faced increased competition from domestic brands like Luckin Coffee, which offers lower-priced alternatives [3] - Recent strategies include launching free "study rooms" and expanding the menu to include more local preferences, such as sugar-free options and teas [7] Financial Performance - In the fourth quarter, comparable store sales in China increased by 2%, marking the first positive growth in over a year [5] - The estimated total value of Starbucks' retail operations in China is projected to exceed $13 billion [5] - Starbucks shares saw a slight increase of less than 1% in after-hours trading, but the stock has fallen approximately 11% this year [6] Investment Background - Boyu Capital, established in 2011, focuses on private equity investments across various sectors, including consumer and retail [4] - The decision to partner with Boyu Capital follows a competitive bidding process where five potential suitors were considered [3]

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