Offshore corrected 6% while A-shares fell 1.5%; Premier Li addressed opening plenary of Summer Davos Forum

Research evidence excerpt

Offshore corrected 6% while A-shares fell 1.5%; Premier Li addressed opening plenary of Summer Davos Forum

Goldman Sachs China Weekly Kickstart

Exhibit 7: Aggregate revenue growth for the All Exhibit 8: Mixed margin profile across the Exhibit 9: Foreign sales exposure of Chinese listed

China universe accelerated to 4% in 1Q26 vs. +1% in “involuted” sectors in 1Q26 universe rose further to 18% despite tariff

2025 headwinds

All China revenue-5% growth by sector (% yoy) 30% 45% Net margin All China companies' overseas revenue

Min-Max (past 10Y) 1Q26 1Q25 24% Overseas revenue as % of total 23.5% 20% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 20252017 2018 2019 2020 202125%2022 2023 35%

15% 1Q26

20% Involuted Non-involuted 22% Overseas revenue as % of total (ex Financials)

10% 15% 25% sectors sectors 20.6%

20% 19.2%

5% 10% 15%

0% 5% 18% 17.6%

0% 5% 16%

-5% 0.6pp annual

-5% -5% 14% increase -10%

12% -15% Care Svcs. China Utilities Energy Estate Svcs Steel Brokers Tech. Explr Ports Dairy Equip Equip Retail Retail Equip Goods Metals 10% All Materials Banks Disc. & Airlines & Brokers Textiles Cement Svcsna ex fin. Gas Refining Equip Raw Info. & Autos Computer Constr Gas Auto Services Auto Grid Cons. Real Drug Health Solar Bev IT Comm x-fin) E-commerce MiningCoal Insurance Power TCM Aquaculture Pharma Agrochem EquipComm TransitRail Parts White Comm. Special General 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 and General General Housing Semiconductors Chemicals Battery Mat Industrial x fin) Shipping Oil /Electricity Apparel Chemical

Source: Wind, FactSet, Bloomberg, Goldman Sachs Global Investment Source: Wind, FactSet, Goldman Sachs Global Investment Research Source: Wind, FactSet, Goldman Sachs Global Investment Research

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