Summary of Hengrui Medicine (600276.SS) R&D Day Takeaway Company Overview - **Company**: Hengrui Medicine (600276.SS) - **Industry**: Pharmaceuticals, specifically focusing on oncology, metabolism, and respiratory treatments Key Points Pipeline Strategy - Hengrui aims to develop **best-in-disease treatments** by leveraging its resources as a large pharmaceutical company [4] - The oncology pipeline includes: - A **one-stop solution** for breast cancer treatment covering various subgroups with drugs like HER2 TKI, HER2 ADC, CDK4/6i, SERD, and PARPi [4] - Enrollment of **95,000+ patients** in clinical trials for adjuvant therapy across six cancer indications [4] - Research on **10+ indications** for SHR-A1811 (HER2 ADC) and SHR-A2101 (Nectin-4 ADC) in phase 1 [4] - Development of **precision treatments** for pancreatic cancer targeting mutations such as KRAS and MTAP [4] Metabolism Portfolio - Hengrui is addressing obesity with a comprehensive solution that includes: - **HRS-9531** (GLP-1/GIP injection) with a filed NDA, targeting patients with BMI 35+ [4] - **HRS-9531 oral peptide** in phase 2, aiming for better tolerability [4] - **HRS-7535** (oral GLP-1 small molecule) in development as a cost-effective option [4] - **HRS-4729** (GLP-1/GIP/GCGR injection) in phase 1, focusing on weight loss and liver fat reduction [4] Respiratory Pipeline - Hengrui has established a pipeline for respiratory diseases, including: - **SHR-1905** (twice-yearly TSLP mAb) in phase 3 for type 1 and type 2 inflammation [5] - **HRS-9821** (PDE3/4i) in phase 1, offering convenient powder inhalation [5] Global Expansion Strategy - Hengrui is pursuing a **collaboration strategy** for global expansion while building its clinical operation capabilities [6] - Significant progress noted in the **NewCo Kailera** for the GLP-1 portfolio, including: - Completion of phase 1 bridging study for HRS-9531 in Australia and plans for a phase 3 global trial by the end of 2025 [6] - Establishment of a leadership team and hiring of over **150 employees** for operations [6] - Raising **US$600 million** to fund the global phase 3 trial and portfolio expansion [6] Financial Outlook - **Price Target**: Rmb76.11 with a current price of Rmb61.62, indicating an upside of **23.5%** [8] - **Market Cap**: Rmb393.1 billion / $55.6 billion [8] - **Revenue Forecast**: Expected to grow from Rmb27,984.6 million in 2024 to Rmb41,883.6 million by 2027 [8] - **Key Risks**: - Slower ramp-up of innovative drugs post NRDL listing [6] - Potential failure in key late-stage R&D programs [6] - Higher-than-expected R&D and administrative expenses for global expansion [6] - Greater-than-expected price cuts for generics and innovative drugs [6] Technological Advancements - Continuous upgrading of technology platforms, including: - Development of **RIPTAC** for addressing drug resistance [7] - Enhancements in **siRNA** and peptide platforms for better patient compliance [7] - Exploration of innovative linkers and payloads for targeted delivery [7] Conclusion Hengrui Medicine is strategically positioned in the pharmaceutical industry with a robust pipeline across oncology, metabolism, and respiratory treatments. The company's focus on global expansion through collaborations and technological advancements presents significant growth potential, albeit with inherent risks associated with R&D and market dynamics.

Asia Pacific Equity Research 04 December 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. China Battery & Materials 2026 target revised up; December production outlook: CATL the only manufacturer seeing m/m growth J.P. Morgan Securities (Asia Pacific) Li ...

Summary of Damai Entertainment Holdings Ltd Conference Call Company Overview - **Company**: Damai Entertainment Holdings Ltd - **Industry**: Greater China Media - **Stock Rating**: Overweight - **Price Target**: HK$1.20 - **Market Capitalization**: US$3.435 billion - **Current Share Price**: HK$0.90 Key Financial Highlights - **F1H26 Total Revenue**: Rmb4.0 billion, up 33% year-over-year (YoY) and 11% half-over-half (HoH) [2][10] - **GAAP Net Profit**: Rmb520 million, exceeding profit alert of >Rmb500 million [2] - **IP Revenue Growth**: +105% YoY, surpassing forecasts by 2% and 6% [2] - **Live Content Business Revenue Growth**: +13%, beating forecasts by 1% and consensus by 10% [2] Core Insights - **IP Expansion**: Damai is positioned as a key gateway for global IPs entering the Chinese market, with a solid multiyear growth outlook [2][4] - **Sanrio's Performance**: Sanrio's brand demand remains strong in China, ranking second only to Disney, with a purchase interest of 35% and a repurchase rate of 61% [9][14] - **Alifish's Diversification**: Alifish's reliance on Sanrio is decreasing, with Sanrio expected to contribute about 30% of FY26 IP revenue [9][17] - **China's Sub-Licensing Market**: The market is under-penetrated but projected to double to Rmb280 billion by 2030, with licensing spending currently at only 0.1% of consumer spending [9][24] Financial Projections - **Revenue Forecasts**: F2026-27 IP revenue forecasts increased by 5% due to strong growth momentum, while film-related revenue forecasts decreased by 2% [36] - **Normalized Net Profit Forecasts**: Expected to fall by 11-13% for F2026-28 [37] Valuation Metrics - **SOTP Valuation**: 15x EV/EBITDA for Damai business and 30x EV/EBITDA for Alifish business [4][40] - **Implied P/E**: 25x for F2027e, with a PEG ratio of 0.8 [4][40] Market Trends - **Consumer Behavior**: 83% of consumers plan to expand purchases across various categories, indicating sustained demand for IP products [30] - **Growth Drivers**: The growth of China's IP derivative market is supported by young consumers seeking uniqueness rather than brand premiums [26] Risks and Considerations - **Concentration Risks**: While Alifish's revenue concentration on Sanrio is manageable, the company is diversifying its IP portfolio to mitigate risks [19][21] - **Market Penetration**: The potential for growth in the sub-licensing market is significant, but current spending levels are low compared to global averages [24][34] Conclusion Damai Entertainment Holdings Ltd is well-positioned for growth in the expanding Chinese IP market, supported by strong financial performance and a diversified IP portfolio. The company’s strategic partnerships and market positioning as a gateway for global IPs enhance its investment appeal.

Summary of Zhongtong Express Conference Call Company Overview - Zhongtong Express is a leading player in the express delivery industry, holding a significant market share of 22.9% as of 2023, which places it in the first tier of the market, ahead of competitors like YTO Express by 4% [2][3]. Key Points and Arguments Market Position - Zhongtong maintains a strong market leadership position, significantly outperforming other competitors in the express delivery sector [2]. - The company has a notable single-package profitability, with 2023 figures showing its profitability per package is nearly double that of YTO Express, indicating superior net profit margins [2][3]. Customer Satisfaction and Pricing Power - Customers are willing to pay a premium for Zhongtong's services, reflecting high service quality and customer satisfaction. This positions Zhongtong as a leader in service rankings among franchise-based express companies [2][3]. Cost Control and Operational Efficiency - In terms of core cost control, Zhongtong reported a total cost per package of 0.7 yuan in 2023, lower than YTO Express (0.75 yuan) and Yunda (over 0.8 yuan). This efficiency is attributed to refined management practices and economies of scale [2][3]. Industry Dynamics and Policy Impact - The express delivery industry has entered a new phase of intense price competition since April 2023, particularly affecting low-end services. Despite this, Zhongtong's market share and business growth have not met investor expectations, as competitors like Shentong and Jitu have gained market share more rapidly [5]. - A new anti-involution policy will be implemented starting August 2025, aimed at curbing low-end price competition. This is expected to allow leading companies like Zhongtong and YTO to regain market share, with projections indicating they will be among the fastest-growing companies in the fourth quarter [6][7]. E-commerce Returns and Reverse Logistics - Zhongtong has shown rapid growth in the e-commerce returns segment, projected to become the second-largest player in this field by 2025, with profitability levels returning to industry-leading status, closely trailing SF Express [8]. Social Security Policy Impact - The implementation of the social security payment policy will have significant implications for the express delivery industry. Zhongtong, benefiting from economies of scale, will have the lowest social security cost per package, enhancing its competitive position and potentially increasing pricing power [9]. Long-term Opportunities - In the long term, Zhongtong's capital expenditures are expected to decrease by over one-third in the next three years, providing opportunities for increased dividends or share buybacks. The company is also well-positioned in the heavy cargo segment, which is crucial given the labor shortages during peak seasons [10]. Additional Important Insights - Zhongtong's extensive network coverage and infrastructure, including a large fleet of transport vehicles and automated sorting centers, further bolster its cost control and operational efficiency [6]. - The company's sustained growth over the past five years is evidenced by strong financial metrics, market share, and customer satisfaction, solidifying its competitive advantage in the industry [6][10].

恒瑞医药 20251205 摘要 恒瑞医药坚持创新和国际化双轮驱动战略，聚焦肿瘤、代谢、心血管、 自免及退行性疾病等领域，通过技术创新和"借船出海"策略拓展国际 市场，自 2023 年以来已达成 12 笔对外许可交易，总金额近 280 亿美 元。 公司通过建立和迭代细胞治疗、核酸药物、基因治疗及蛋白降解剂等新 兴技术平台，并注重创新模块的基本功，组合成差异化的治疗方案，例 如在代谢领域开发 PCSK9 抑制剂和长效小分子疗法。 恒瑞医药在肿瘤治疗领域构建四位一体的协同创新疗法，包括免疫治疗 （PD-1、细胞因子、细胞治疗）、靶向化疗（ADC、多肽-核素连接）、 支持治疗和精准治疗（KRAS 抑制剂），并探索融合不同技术平台以实 现更高效的肿瘤免疫反应。 在代谢疾病领域，恒瑞已有多个糖尿病口服产品上市，并计划于 2026 年推出减重药 9,531，该产品临床数据显示出良好的疗效和安全性，公 司正致力于解决现有减重药的副作用和依从性问题，并研究新型给药方 式。 Q&A 恒瑞医药未来的发展战略是什么？ 恒瑞医药近年来在研发投入和国际化方面取得了哪些成就？ 截至目前，恒瑞医药累计投入研发费用已超过 500 亿人民币， ...

Summary of Pop Mart International Group Conference Call Company Overview - **Company**: Pop Mart International Group - **Industry**: Art Toy Culture and Retail - **Listing**: Listed on the Hong Kong stock exchange in December 2020 - **Key IPs**: Labubu, Molly, Skullpanda, Crybaby, Dimoo - **Retail Presence**: Operates 401 stores in mainland China and 120 stores outside mainland China as of end-2024 [10][10] Key Points from the Conference Call Product Strategy - **Sales Performance**: Sales this year have significantly exceeded expectations, but management is focused on long-term development [2][2] - **Internal Optimization**: Management is addressing weaknesses from rapid growth by optimizing organizational structure, channel operations, IP management, and supply chain capabilities [2][2] - **New Product Launches**: Q4 is the peak season, with new product series for top IPs planned for gradual weekly releases. However, the launch of Labubu 4.0 has been postponed to next year due to challenges from its popularity [2][2][2] Marketing and Capital Allocation - **Experiential Marketing**: The company is enhancing IP influence through flagship stores and immersive marketing strategies, such as character performances at theme parks and events like Macy's Thanksgiving Day Parade [3][3] - **Interactive Engagement**: Future marketing will explore more interactive forms of IP engagement to enhance consumer experience [3][3] Supply Chain Management - **Supply Chain Optimization**: The supply chain has been optimized to a high level, but management aims to improve delivery speed through enhanced logistics and local warehousing [4][4] - **Demand Forecasting**: Sales data will inform more accurate demand forecasting, and marketing plans will be prepared earlier for key festivals [4][4] Financial Projections and Valuation - **Price Target**: The updated price target is HK$380.0, down from HK$435 due to higher beta assumptions [5][5] - **Revenue Growth**: Projected revenues are expected to grow from Rmb4,617 million in 2022 to Rmb86,042 million by 2029 [6][6] - **Profitability Metrics**: EBIT margin is projected to increase from 14.8% in 2022 to 46.1% by 2029, with net earnings expected to rise from Rmb573 million to Rmb30,693 million over the same period [6][6] Risks and Challenges - **Industry Risks**: Key risks include a slowdown in China's economy, increased competition from internet firms, regulatory scrutiny of the blind box format, and fashion risk in existing IPs [11][11] - **Company-Specific Risks**: Risks include failure to attract consumers with new IPs, challenges in expanding into low-tier cities, and profitability pressures from investments in new initiatives [12][12] Market Metrics - **Current Stock Price**: HK$224.80 as of November 28, 2025 - **Market Capitalization**: HK$302 billion (approximately US$38.8 billion) [7][7] - **Forecast Stock Return**: Expected price appreciation of 69.0% and a dividend yield of 2.1%, leading to a total forecast stock return of 71.1% [9][9] Conclusion Pop Mart International Group is positioned for significant growth in the art toy market, with a strong focus on optimizing internal capabilities and enhancing consumer engagement through innovative marketing strategies. However, the company faces various risks that could impact its long-term success.

Summary of Yunfeng Financial Conference Call Company Overview - **Company**: Yunfeng Financial - **Core Business**: An innovative fintech company with major shareholders including Yunfeng Financial Holdings and American Mutual Insurance. It operates under two main licenses: a virtual asset license and a long-term insurance and MPF trustee qualification [3][4][5]. Financial Performance - **H1 2025 Financial Results**: - Annualized new premiums reached HKD 22.22 billion, a year-on-year increase of 107% [2][5]. - New business value was HKD 6.07 billion, up 81% year-on-year [2][5]. - Net profit attributable to shareholders was HKD 4.86 billion, reflecting a 142% increase [2][5]. - Total assets amounted to HKD 105 billion, with total intrinsic value at HKD 22.4 billion [2][5]. Strategic Initiatives - **Web3 Development**: - Upgraded trading platform to support transactions of Bitcoin, Ethereum, and other virtual assets [2][6]. - Exploring on-chain real-world assets (RWA) and launched virtual asset fund management services [2][6]. - Strategic investment of 10,000 Ethereum to lock in costs for future RWA projects [2][6][9]. Ecosystem and Partnerships - **Ecosystem Support**: - Strong backing from shareholders like Yunfeng Fund and American Mutual Insurance, creating synergistic effects [2][7]. - Collaboration with Ant Bank as a key distribution partner to promote insurance products [2][7]. Management Team - **Management Stability**: - Experienced management team including CEO Huang Xin, COO Liu, and CFO Chen, all in key roles since 2015 [2][8]. - Dr. Jiang Guofei, former president of Ant Group, joined to enhance Web3 initiatives [2][8]. Investment Strategy - **Investment Portfolio**: - American Mutual Insurance maintains a diversified portfolio, with approximately 85% in fixed-income assets and 97% rated as investment grade [4][14]. - Plans to allocate 10%-15% of client funds into virtual assets, aligning with global cryptocurrency investment logic [19]. Market Position and Advantages - **Market Advantages**: - Hong Kong's market allows global clients to open policies easily, catering to mainland Chinese clients seeking overseas asset allocation [12]. - Established distribution channels with over 3,000 agents and a 50-year history in the market [12]. Web3 and Future Trends - **Web3 Advantages**: - Web3 technology reduces costs and enhances efficiency by eliminating intermediaries, leading to faster transactions [15][16]. - Anticipated exponential growth in on-chain clients and asset scale due to regulatory support in the U.S. [16]. RWA Tokenization - **RWA Tokenization Outlook**: - Demand for on-chain products is strong, with expectations for increased investor interest by 2026 as regulatory clarity improves [18]. - Current offerings include various on-chain conditions and products, with a focus on real-world assets like gold [18]. Regulatory Considerations - **Regulatory Landscape**: - Insurance funds can invest in virtual assets within limits, with a focus on maintaining a majority in fixed-income products [19]. - The strategy aims for controlled risk while exploring potential long-term returns from virtual asset investments [19]. Conclusion - **Future Plans**: - No immediate plans to acquire more Ethereum, with current holdings sufficient for RWA projects [20]. - Future needs will be communicated to the market, ensuring clarity and preparedness for any adjustments [20].

Summary of China & ASEAN Data Centers Conference Call Industry Overview - The report focuses on the China and ASEAN data center sector, highlighting positive trends in order volume, capital expenditure (capex) expansion, and capital recycling strategies for companies like GDS and VNET [1][6][37]. Key Companies - **GDS Holdings (GDS)**: Target price set at US$43/HK$42 for ADR/H-share, reflecting a slight decrease from previous targets. Valuation of DayOne, a subsidiary, increased by 17% to US$10.5/HK$10.2 per GDS ADR/H-share [1][49]. - **VNET**: Maintained a target price of US$14, with a Buy rating [1][49]. Core Insights - **Order Volume and Demand**: Both GDS and VNET are expected to secure around 300MW of orders each in 2026, representing a significant increase in market share from 9% in 2025 to approximately 20% of incremental data center demand in China [6][10]. - **Capex Growth**: GDS's organic capex is projected to reach Rmb7 billion in 2026, up from Rmb4.8 billion in 2025, to support capacity expansion. VNET's capex is expected to exceed Rmb8 billion for 350-400MW capacity delivery [6][7]. - **Favorable Financing Environment**: The report notes a positive outlook for financing, with GDS and VNET expected to generate substantial operating cash flow (Rmb4 billion+ for GDS and Rmb3 billion+ for VNET in 2026) [7][10]. Financial Performance - **DayOne's Performance**: DayOne reported a significant year-over-year growth in revenue (+177%) and adjusted EBITDA (+358%), indicating strong operational execution and capacity expansion [53][59]. - **Capacity Expansion**: DayOne aims to reach approximately 1GW of committed capacity by the end of 2025, with ongoing projects in Thailand and other regions [53][54]. Market Trends - **Data Center Demand Growth**: The China data center market is projected to grow at a CAGR of 23% from 2024 to 2028, reaching 33GW by 2028 [10][12]. - **Utilization Rates**: GDS and VNET are expected to account for over 11% of data center demand in China by 2028, driven by above-industry utilization rates [17][12]. Regulatory Environment - New electricity tariffs in Malaysia may increase operational costs for data center operators, while stricter water consumption rules could benefit companies like DayOne that focus on higher-tier data centers [54][54]. Valuation Adjustments - GDS's valuation was adjusted to Rmb66 billion or US$37.4/HK$36.4 per ADR/H-share due to increased share count from recent offerings. DayOne's valuation was raised based on improved growth estimates [48][49]. Conclusion - The outlook for the China and ASEAN data center sector remains positive, with strong demand, increased capex, and favorable financing conditions. GDS and VNET are well-positioned to capitalize on these trends, supported by robust operational performance and strategic expansions.

Summary of Pop Mart International Limited Conference Call Company Overview - **Company**: Pop Mart International Limited - **Ticker**: 9992.HK - **Rating**: Underperform - **Price Target**: 225.00 HKD - **Market Cap**: 293,836 million HKD - **Annual Dividend Yield**: 0.4% Key Industry Insights - **Customer Base**: Approximately 59 million reported members, with divided investor perspectives on sustainability - **Survey Sample**: ~850 respondents across China to analyze purchasing behavior and engagement Core Findings 1. **Customer Engagement**: - The customer base shows shallow engagement, with 39% of respondents starting purchases within the past year and only 12% having purchased for over two years, indicating minimal sustainable collector development [1][15][16] 2. **Buyer Segmentation**: - Casual and impulse buyers represent 68% of the customer base, while collectors account for only ~6% [2][18] - 60% of respondents own fewer than 5 items, and 80% own under 11 items, confirming that Pop Mart functions as occasional discretionary spending rather than routine purchases [2][18] 3. **Acquisition and Portfolio Risk**: - LABUBU drives 38% of customer acquisition, indicating a heavy reliance on a single character, which poses a risk if its popularity declines [3][19][78] - 29% of respondents never purchased other IPs, suggesting vulnerability to abandonment if LABUBU's appeal wanes [3][19] 4. **Spending Intentions**: - 61% of respondents expect to increase spending, but 26% plan to decrease, with 13% intending to stop purchasing entirely within 12 months [11][23][100] - Growth expectations are modest, with 47% projecting a 10-20% increase, indicating reliance on Pop Mart's execution of new releases [11][23][100] 5. **Scarcity Strategy**: - 18% abandon purchases when items are unavailable, while 45% substitute within the ecosystem, indicating a reliance on cross-IP substitution rather than developing multi-IP preferences [12][24][118] - The blind box format retains 65% positive sentiment, but many find it "fun but frustrating," suggesting a need for improvement in customer experience [12][24] Financial Metrics - **Reported EPS**: - F24A: 2.36 RMB - F25E: 7.91 RMB - F26E: 10.21 RMB - **EPS Growth**: - F24A: 191.4% - F25E: 235.1% - F26E: 29.1% [8] Purchase Behavior Insights 1. **Purchase Frequency**: - 21% of respondents have made only a single purchase, indicating low habitual purchasing [56][58] - Only 16.55% purchase monthly or more frequently, suggesting limited engagement [56][58] 2. **Annual Spending**: - 68.80% of customers spend less than ¥500 annually, translating to around 6-7 items yearly [61][65] - This aligns with low ownership levels and infrequent purchases, indicating shallow customer engagement [61][65] 3. **Influence of Channels**: - In-store browsing (64.18%) and social media content (54.96%) are the top drivers for purchasing decisions, highlighting the importance of product discovery [68][71] Future Considerations - **Churn Risk**: The data suggests Pop Mart operates with a "leaky bucket," requiring continuous new customer acquisition to offset attrition [100][101] - **Product Development**: Success hinges on the ability to innovate and maintain a strong IP pipeline to drive customer engagement and spending [106][107] Conclusion - Pop Mart's current customer base is characterized by shallow engagement and a heavy reliance on a single IP, LABUBU. The company faces significant challenges in converting casual buyers into committed collectors and must focus on product innovation and customer retention strategies to ensure sustainable growth.

Summary of JiHong Co., Ltd. Conference Call Company Overview - **Company**: JiHong Co., Ltd. - **Industry**: E-commerce and Packaging Key Points Financial Performance - In Q3 2025, JiHong's e-commerce revenue reached 3.26 billion RMB, a year-on-year increase of over 40%, accounting for more than 65% of total revenue [2][11] - Overall revenue for Q3 2025 was 5.03 billion RMB, with a profit of 210 million RMB, reflecting a year-on-year profit growth of over 70% [3][11] - Packaging business revenue was 1.77 billion RMB, showing a year-on-year growth of over 14% [2][11] Regional Growth - Northeast Asia saw revenue growth exceeding 35%, while revenue from Europe and the U.S. doubled, contributing over 25% to total revenue [3][11] - Southeast Asia accounted for approximately 18% to 20% of e-commerce revenue, and the Middle East contributed 8% to 10% [3][11] Self-Brand Strategy - The self-brand strategy, initiated in 2022, focuses on the Japanese market with three main brands showing over 100% revenue growth in Q3 2025 [5][6] - The company aims for total self-brand revenue to reach 1.5 billion RMB in three years, leveraging premium pricing and repeat purchases to offset social e-commerce shortcomings [5][6] AI Technology Utilization - AI significantly enhances cross-border e-commerce efficiency through product selection, data analysis, and advertising optimization, leading to a doubling of order volume without increasing staff [2][9][10] - The AI advertising assistant, GKing, automates ad placement, achieving over 85% adoption of its recommendations [10] Inventory Management - JiHong employs a combination of order-based procurement and rolling inventory management, achieving a sell-out rate of 98% and keeping overall inventory below 4% of sales [2][12] Packaging Business Expansion - The packaging segment benefits from increased demand for ready-to-eat retail and food-grade packaging, with new factories in Suzhou and the UAE expected to boost capacity significantly by 2026 [4][19][20] - Projected packaging revenue for 2025 is 2.4 billion RMB, with a target of 2.8 to 3.0 billion RMB for 2026 [20] Risk Management - The company actively diversifies risks by expanding into Belt and Road countries to mitigate the impact of currency fluctuations and international relations [4][13] - Different regions exhibit significant variations in average order value, with Southeast Asia around 150 RMB, Japan and Korea at 220-250 RMB, and higher in the Middle East and Europe [14] Shareholder Actions - The recent share reduction by the major shareholder is a normal arrangement for debt repayment and is not expected to impact stock prices significantly [4][16] Organizational Structure - JiHong's operations are divided into independent teams for packaging and e-commerce, with a partner plan to incentivize team members [17][22] Advertising Cost Management - Advertising costs are monitored across major platforms, with a focus on maintaining profitability despite the potential decline in advertising returns [23] Future Outlook - The company anticipates improved profit margins as self-brands grow and marketing investments stabilize, focusing on revenue growth and market share expansion [15][22]