V i e w p o i n t | 10 Sep 2025 08:43:35 ET │ 13 pages Asia Economics Yuanliu Hu AC +852-2501-2746 yuanliu.hu@citi.com Johanna Chua AC +852-2501-2357 johanna.chua@citi.com See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations. Citi Research is a division of Citigroup Global Markets Inc. (the "Firm"), which does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of inte ...