24 July 2025 | 4:54PM CST +86(21)2401-8738 | cecilia.tang@goldmansachs.cn Goldman Sachs (China) Securities Company Limited Goldman Sachs 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 interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see t ...