V i e w p o i n t | 09 Sep 2025 08:03:19 ET │ 41 pages China Industrials and SMID Barbell Baskets for 2H25E Post 1H25 Results CITI'S TAKE We have 49 companies that have reported 2Q25 or 1H25 results in our coverage. Of those, 39% / 24% / 37% (Fig 32-36) were beats / in-line / misses vs consensus, compared with 2H24 results having a split of 20% / 39% / 41%. In other words, there was a shift towards more results beats during 1H25, which was probably due to lower expectations after US reciprocal tariffs and l ...