Summary of Key Points from the Conference Call Companies Involved - **Innovent Biologics (1801 HK)** - **Akeso (9926 HK)** Core Insights and Arguments Innovent Biologics - Innovent is positioned as a significant player in the China biopharma sector, focusing on oncology and GLP-1 therapies [4][8] - The company has 16 drugs on the market and approximately 4,000 commercial staff, with expectations to achieve IFRS net-income break-even by 2025 [8] - Projected sales for 2027 could reach RMB 20 billion based on company guidance [8] - Key upcoming events include: - Approval of IBI112 (IL-23p19 inhibitor) for psoriasis in 2H25 [5] - Phase 3 data readout for IBI343 (CLDN18.2 ADC) in 2H25 [5] - Data readout for IBI362 (GLP-1/GCGR) in 2H25/1H26 [5] - IBI363 (PD-1/IL-2α-bias) has shown promising data, with peak sales forecasted at RMB 7 billion in China and RMB 10 billion ex-China [16][8] - The GLP-1 drug mazdutide (IBI362) is expected to capture approximately 11% of the China GLP-1 market, with potential peak sales of RMB 50 billion [8] - Risks include potential pricing cuts, pipeline development setbacks, and competition in the weight loss drug market [8] Akeso - Akeso is recognized as a leading bispecific antibody company in China, having launched the first bispecific drug, AK104 (PD-1/CTLA-4), in 2022 [33][36] - Forecasted peak sales for AK104 in China are around RMB 6 billion, with potential expansions into various cancer indications [36] - AK112 (PD-1/VEGF bispecific) has been out-licensed to Summit Therapeutics, with expected peak sales of over RMB 5 billion in China and over USD 2.5 billion in the US [36] - Upcoming key events for Akeso include: - Sales data for AK104 and AK112 in 1H25 [34] - Detailed data readout for AK112 in various trials in 2H25/1H26 [34] - Concerns exist regarding AK112's commercialization potential in the US due to previous trial results, but there is optimism for improved outcomes with longer follow-up [40] - AK104's efficacy in trials has not been fully appreciated by the market, and a global development plan announcement could enhance investor interest [41][44] Additional Important Content - Innovent's pipeline includes a diverse range of assets across oncology, cardiovascular, autoimmune, and ophthalmology, which supports its growth strategy [12] - Akeso's sales forecasts indicate a strong growth trajectory, with total product sales expected to reach RMB 16.1 billion by 2034 [45] - Both companies face risks related to pipeline development and market competition, which could impact their future performance [8][34]

Scott Silver - Specialist Sales - European TMT AC (44-20) 7134-0412 scott.silver@jpmorgan.com J.P. Morgan Securities plc Europe Specialist Sales 01 July 2025 J P M O R G A N ASML Buyside Survey Hi, We are conducting a buyside survey of investor expectations ahead of results on Wed 16thof July. Let me know your thoughts and will share the results next week. Click here to take the survey. Best, Scott European Tech Hardware & Payments Sandeep Deshpande AC (44-20) 7134-5276 sandeep.s.deshpande@jpmorgan.com J.P. ...

Summary of Geely Automobile Holdings Conference Call Company Overview - **Company**: Geely Automobile Holdings - **Industry**: China Autos & Shared Mobility - **Current Stock Rating**: Overweight [4] - **Price Target**: HK$21.00, representing a 32% upside from the current price of HK$15.96 [4] Key Financial Highlights - **Revised Full-Year Volume Guidance**: Increased by 11% to 3 million units from 2.71 million units, primarily driven by Geely Galaxy [2] - **Sales Performance**: - **Geely Brand (including Galaxy)**: Sold 1.2 million units in 1H25, a 57% increase YoY, exceeding the previous target of 2 million units [2] - **ZEEKR Tech Group**: Sold 245,000 units in 1H25, a 14% increase YoY, with a full-year target of 710,000 units [2] - **Overseas Sales**: 184,000 units in 1H25, down 8% YoY, trailing the full-year target of 467,000 units [2] - **June Sales**: 236,000 units sold, a 42% increase YoY, with 1.4 million units sold in 1H25, up 47% YoY [6] Product and Market Insights - **Geely Galaxy**: Contributed 39% of total sales volume and approximately 85% of the year-to-date increment [2] - **Upcoming Models**: Anticipated launches in 2H25 include the A7 and M9, targeting NEVs in the sub-Rmb150k segment [3] - **Brand Integration**: Monitoring potential scale benefits and cost savings to counteract price pressures in the mass market segment [3] Risks and Considerations - **ZEEKR Group Privatization**: Potential privatization remains a near-term concern [3] - **Market Demand**: A notable slowdown in domestic vehicle demand could impact performance [9] - **NEV Business Losses**: Expanding losses in Geely's NEV businesses amid price competition is a risk [9] - **Overseas Sales Competition**: Increased competition and protectionism may affect overseas sales [9] Financial Projections - **Revenue Estimates**: - 2025: Rmb285,192 million - 2026: Rmb350,643 million - 2027: Rmb377,926 million [4] - **EBITDA Estimates**: - 2025: Rmb21,211 million - 2026: Rmb28,457 million - 2027: Rmb32,366 million [4] - **Earnings Per Share (EPS)**: Projected to increase from Rmb1.68 in 2025 to Rmb2.40 in 2027 [4] Conclusion Geely Automobile Holdings is positioned for growth with a revised sales target and strong performance in the first half of 2025. However, the company faces challenges from market dynamics and competition, particularly in the NEV sector. Monitoring upcoming product launches and market conditions will be crucial for assessing future performance.

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **global commodities market**, with a focus on **oil**, **agricultural commodities**, and **metals**. Core Insights and Arguments Oil Market Insights - There is a **21% risk of major supply disruption** in Gulf energy production flows, with potential crude prices reaching **$120-130** per barrel [5] - The current stability in oil prices is attributed to energy infrastructure being largely spared from direct attacks, with oil tanker transit through the **Strait of Hormuz** remaining steady [5] - Brent oil prices are averaging just under **$67** per barrel, aligning with forecasts for **2Q25** [5] - Oil is expected to trade in the **low-to-mid $60 range** for the remainder of **2025**, assuming the risk premium dissipates [5] - The US has outlined red lines for actions that would trigger a decisive response, which Iran's leadership historically seeks to avoid [5] Agricultural Market Outlook - Agricultural markets are trading below producer gross margins, indicating a **negative risk premium** across grain, sugar, and cotton markets [6] - The **BCOM Agri Index** is down **4% YTD**, reflecting a multi-year decline in global agricultural commodity availability through **2025/26** [6] - The upcoming **USDA acreage and stocks reports** are expected to be market-moving, with a heavy investor short across row crops [9] Metals Market Insights - Weakness in **gold jewelry demand** is noted, but it is not expected to significantly impact overall gold prices, which are forecasted to reach **$4,000/oz** [11] - The **copper market** is experiencing a slowdown in demand trends, particularly in China, with a **5% output slowdown** in steel production observed [17] - The **US oil-focused rig count** has declined by **six**, indicating a structural downtrend in activity, particularly in the **Niobrara** and **Anadarko Basin** [10] Inventory and Demand Trends - Global oil demand expanded by **400 kbd** in May, while observable liquid inventories built by **2.8 mbd** [20] - OECD oil product inventories are starting to build, indicating a shift in market dynamics [7] - Total liquid inventories globally have increased by **9 mb** in the third week of June, marking the highest rate of build in **13 months** [9] Other Important Insights - The geopolitical landscape, particularly tensions involving Iran, is influencing market dynamics and risk premiums across energy markets [3][19] - The **natural gas market** remains stable despite geopolitical tensions, with current price levels sufficient to meet revised storage targets [11] - The **global commodity market open interest** has stabilized at recent highs, but contract-based flows have declined by **20%** week-over-week [12] This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future outlook of the global commodities market.

Summary of India-US Trade Deal Conference Call Industry Overview - The conference call discusses the potential contours of a trade deal between India and the United States, focusing on various sectors including manufactured goods, agriculture, and services. Key Points and Arguments Trade Deal Framework - A pre-July 09 trade deal could serve as a broad framework until a comprehensive agreement is finalized before the QUAD summit in October/November [1] - The deal aims to reinforce India-US trade ties and target a bilateral trade volume of USD 500 billion by 2030 [3] Tariffs on Manufactured Goods - Uncertainty exists regarding whether the deal will feature "zero-for-zero" tariffs or retain the current 10% baseline US tariff on Indian exports [9] - The weighted average tariff on US goods in India is approximately 11%, with significant variations across categories, such as food attracting tariffs of 30-80% [4] Agricultural Products - Negotiations on agricultural products are expected to be complex, with India's tariffs on US agricultural goods averaging 30-80% [12] - The US seeks greater market access for its agricultural products, while India aims to protect its agricultural sector, which supports about 60% of its population [12] Energy and Defense Imports - India is expected to increase its imports of energy and defense products from the US, with mineral oil and fuel imports from the US already surging by 67% in value terms [13] - The deal may also facilitate US private sector participation in India's nuclear energy sector [13] Services Trade - Discussions related to services trade are ongoing but are likely to be part of a broader Free Trade Agreement (FTA) rather than the immediate tariff deal [16] - Digital trade issues and technology partnerships are anticipated to be sensitive topics, particularly concerning American tech companies [16] Non-Tariff Barriers - The US may request India to remove some non-tariff barriers to provide better access for US firms in Indian markets [14] - India's existing trade agreements, such as with the UK, have included reductions in non-tariff barriers, which may set a precedent for the US deal [14] Currency Considerations - Currency issues are unlikely to be a significant part of the trade deal due to India's negative Net International Investment Position (NIIP) and the volatility of the Indian Rupee [22] Future Outlook - The initial trade deal is expected to be a broad framework, with more detailed negotiations to follow [19] - A comprehensive version of the deal could be finalized before the QUAD leaders' summit, with India aiming to convert it into a Bilateral Trade Agreement for greater certainty over tariff rates [19] Additional Important Points - The potential impact of the trade deal on India's macroeconomic environment will depend on whether the US imposes lower tariffs than those on India's Asian peers [22] - The complexity of agricultural negotiations may also involve specific products like maize, soybeans, and dairy, which have significant implications for Indian farmers [18] This summary encapsulates the critical aspects of the India-US trade deal discussions, highlighting the complexities and potential outcomes of the negotiations.

Asia Pacific Equity Research 01 July 2025 China SMid Insurance Key investor feedback post the initiation; ZhongAn remains top investor focus See page 4 for analyst certification and important disclosures, including non-US analyst disclosures. J.P. Morgan 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 onl ...

Summary of Key Points from the Conference Call Company and Industry Overview - The conference call primarily discusses **Google** and its sustainability efforts, particularly in relation to electricity and water usage in the context of the **hyperscaler** industry, which includes major tech companies like **Microsoft** and **Meta** [2][8]. Core Insights and Arguments 1. **Electricity Usage Growth**: Google's electricity use surged by **27% year-over-year** in 2024, reaching approximately **32 terawatt-hours (TWh)**, with a **25% increase in North America** and a **32% increase internationally** [2][8]. 2. **Hyperscaler Demand**: The report indicates that hyperscalers are on track for their **7th consecutive year** of **25%+ year-over-year electricity demand**, driven by increasing AI inference demand [2][8]. 3. **Data Center Capacity**: Assuming an **85% average data center utilization**, the collective increase in electricity usage by Google, Microsoft, and Meta implies an additional **2.3 gigawatts (GW)** of data center capacity needed [2][8]. 4. **Carbon-Free Energy Goals**: Google aims to achieve **100% 24/7 carbon-free energy** by **2030**. In 2024, it managed to meet **66%** of its electricity demand with carbon-free energy, a slight increase from **64%** in 2023 [8][11]. 5. **Regional Performance**: In 2024, **9 out of 20 grid regions** achieved over **80% carbon-free energy**, with the U.S. at **70%**, while the Middle East/Africa and Asia Pacific lagged at **5%** and **12%**, respectively [8][9]. 6. **Water Usage Increase**: Google's water withdrawal and consumption rose by **28%** and **27% year-over-year**, totaling approximately **11 billion gallons** and **8 billion gallons**, respectively [15][17]. 7. **Power Use Effectiveness (PUE)**: Google's global average PUE ratio remained low at **1.09x** in 2024, compared to **1.10x** in 2023, indicating efficient energy use in data centers [14][17]. Additional Important Insights 1. **Challenges in Achieving Carbon-Free Energy**: Google acknowledged various market barriers to sourcing carbon-free energy, particularly in Asia Pacific and parts of the U.S., including constrained transmission grids and higher costs for clean energy [11][12]. 2. **Trade-offs in Cooling Methods**: Google emphasized the balance between water use and electricity use in cooling data centers, noting that water is the most efficient cooling method in many regions [17][18]. 3. **Future Projections**: The U.S. Department of Energy forecasts that direct water use by data centers could increase by **17-33% annually** by **2028**, excluding indirect water use related to electricity generation [17][18]. This summary encapsulates the critical points discussed in the conference call, highlighting Google's sustainability efforts and the broader implications for the hyperscaler industry.

Summary of Key Points from the Conference Call Industry Overview - The analysis focuses on seven significant global manufacturing industries in China, including air conditioners, solar modules, lithium batteries, electric vehicles, power semiconductors (IGBT), steel, and construction machinery, which collectively represent 25% of China's GDP growth in 2024 and 7% of exports [1][15][57]. Core Insights and Arguments - **Capacity Imbalance**: The state of overcapacity in China remains largely unchanged, with five out of the seven industries holding more capacity than global demand. This has led to challenging supply structures characterized by fragmentation and flattened cost curves [1][16]. - **Domestic Demand Stimulation**: A sizable stimulatory domestic demand has temporarily alleviated the capacity imbalance, particularly in electric vehicles, where pulled-forward consumption represented 16% of the domestic market [1][26][27]. - **Cyclical Risks**: The "Rule-of-Three" framework indicates a delayed trough inflection and negative cyclical risks ahead, primarily dependent on the pace of demand stimulation exhaustion [2][31]. - **Sector-Specific Insights**: - **Solar**: Currently at a cyclical bottom, closest to an inflection point, but negative demand outlook suggests inflection is not imminent [3][32]. - **Electric Vehicles**: Weakest profit profile and steepest cost curve, requiring consolidation during the downcycle [3][32]. - **Top Producers**: In sectors like air conditioners, lithium batteries, and construction machinery, the relative cost position of top producers remains strong compared to others [3][32]. Additional Important Content - **Capacity Utilization**: Average capacity utilization across the seven sectors is projected to be 63% in 2025, which is 4-5% higher than previous estimates. However, a decline of 3-6% is expected by 2026-28 due to supply-demand imbalances [23][24]. - **Capex Trends**: Significant cuts in capital expenditures (capex) have been observed, particularly in the solar industry (45-52% cuts for 2025-2026) and power semiconductors (30% cuts). In contrast, lithium batteries and electric vehicles have seen mild upward revisions in capex [45][49]. - **Global Supply Position**: China maintains a dominant position in global supply, accounting for 86% of solar modules, 80% of lithium batteries, and 74% of air conditioners as of 2024. However, the expansion of ex-China capacity may lead to redundant supply risks [57][58]. Conclusion - The overall outlook indicates that while temporary demand stimulation has provided some relief, the underlying issues of overcapacity and fragmented supply structures persist. The cyclical risks remain negative, and the path to long-term consolidation is complicated by the current market dynamics and the need for further capacity exits [16][31][32].

Summary of Planet Labs (PL) Update / Briefing July 01, 2025 Company Overview - **Company**: Planet Labs (PL) - **Industry**: Geospatial services and satellite imaging Key Points Industry Dynamics - The global geopolitical landscape is increasing demand for sovereign access to geospatial services, with governments recognizing the importance of timely and comprehensive earth data for security and strategic decision-making [4][19] - There is a growing need for advanced analytics to support peace and security efforts globally [4][19] Contract Wins and Partnerships - Planet Labs announced a significant contract with the German government valued at EUR 240 million, aimed at enhancing European peace and security through dedicated satellite services [5][17] - This contract includes access to PlanetScope and high-resolution data, along with AI-enabled solutions for improved situational awareness [5][6] - The company has secured four major awards since the last earnings call, including expansions with the U.S. Department of Defense and the U.S. Navy [11][12] - Planet's partnerships with Japan and Germany highlight its long-standing relationships and trust built over more than ten years [6][33] Product Offerings - Planet's solutions include Maritime Domain Awareness (MDA) and Global Monitoring Service (GMS), which provide critical intelligence and situational awareness for defense and intelligence customers [13][15] - MDA is rapidly adopted for its ability to monitor vast ocean areas daily, while GMS offers comprehensive insights into strategic locations worldwide [13][15] AI Integration - The integration of AI with Planet's daily scan capabilities is transforming the analysis of geospatial data, enabling proactive vigilance and anomaly detection at an unprecedented scale [12][37] - AI is expected to democratize access to geospatial capabilities, enhancing the value derived from satellite data [38][39] Financial Outlook - All five contracts discussed are expected to generate annual contract values in the eight figures, with two contracts reaching nine-figure scales [17][18] - The company is focused on delivering exceptional value and systematically expanding its market presence [17][18] Manufacturing and Capacity - Planet Labs is building satellites in-house, leveraging its expertise in scaling satellite production to meet customer demands [21][22] - The company has launched over 600 satellites to date, positioning itself uniquely to fulfill large-scale contracts [22][33] Future Growth and Strategy - Planet aims to expand its footprint with existing customers while exploring new opportunities with other government clients [34][35] - The company is well-positioned to support European countries as they enhance their defense capabilities in response to geopolitical pressures [32][33] Collaboration and Innovation - Planet is collaborating with Anthropic to fine-tune AI models using satellite data, enhancing the accuracy and scalability of satellite image analysis [46][49] - The partnership aims to protect proprietary image archives while leveraging AI to unlock new capabilities [49][50] Conclusion - Planet Labs is strategically positioned to meet the increasing demand for geospatial services amid a changing geopolitical landscape, with a strong focus on AI integration and expanding its customer base [52][53]

Greif Inc. Containerboard Divestment Conference Call Summary Company Overview - **Company**: Greif Inc. (GEF) - **Event**: Containerboard Divestment Conference Call - **Date**: July 01, 2025 Key Points Industry and Company Focus - **Divestment Announcement**: Greif announced the divestment of its containerboard business for **$1.8 billion** [4] - **Strategic Rationale**: The divestment aligns with Greif's "build to last" strategy, aimed at enhancing capital efficiency and focusing on high-margin packaging solutions [4][6] - **Remaining Portfolio**: Post-divestment, Greif will concentrate on its URB (Unbleached Recycled Board) business and polymer-based solutions, which are expected to grow faster than GDP [8][9] Financial Implications - **EBITDA and Cash Flow Goals**: Greif aims to achieve **$1 billion** in EBITDA and **$500 million** in free cash flow by 2027 [5] - **Debt Reduction**: 100% of the proceeds from the divestment will be used to pay down debt, positioning Greif with a leverage ratio below **2.0 times** [5][10] - **Cost Savings**: The divestment is expected to lower annual interest expenses by **$85 million** and recurring maintenance capital expenditures by **$25 million** [11] Market Position and Strategy - **Focus on Leadership**: Greif aims to maintain a number one or two position in its chosen markets, emphasizing that it was not a leader in the containerboard market [22][23] - **Growth Areas**: The company is targeting growth in high-margin sectors such as food and beverage, pharmaceuticals, and agrochemicals [9][12] - **Capital Allocation**: Greif will continue to prioritize safety and maintenance CapEx while also increasing shareholder returns through dividends and share repurchases [11][12] Future Outlook - **Growth Opportunities**: Greif is committed to pursuing high-return organic capital expenditures and strategic M&A opportunities within its targeted growth areas [12][41] - **EBITDA Growth Drivers**: The company has identified several drivers to achieve its EBITDA target, including volume growth and business optimization [13][14] - **Market Trends**: North America remains sluggish, particularly in metal markets, but acquired companies in the agricultural space are performing well [90][91] Additional Considerations - **Regulatory Approvals**: The transaction is subject to customary conditions, including regulatory approvals, which may affect the closing timeline [6] - **Synergies and Cost Structure**: Greif will work on optimizing support functions and addressing overhead costs post-divestment [37][65] - **Market Dynamics**: The company expects to be a net seller in the open market for OCC (Old Corrugated Containers) after the divestment, which may impact its business dynamics [61] Conclusion - Greif's divestment of its containerboard business marks a significant strategic shift aimed at enhancing shareholder value and focusing on high-growth, high-margin opportunities. The company is committed to maintaining financial discipline while pursuing growth in its remaining business segments.