The 720: China Banks, US CPI, Ebara, Shengyi Tech, Wynn Macau upgrade, Coupang, Wuliangye, China Cosmetics, Ninebot

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The 720: China Banks, US CPI, Ebara, Shengyi Tech, Wynn Macau upgrade, Coupang, Wuliangye, China Cosmetics, Ninebot

Goldman Sachs The 720

stage for meaningful GMV growth improvement by the fourth quarter. We believe the

core thesis remains intact, with Product Commerce demand recovery and peaking

Developing Offerings losses driving a substantial earnings rebound into 2027. Eric Cha

China Cosmetics – 2Q26 Preview Sees Accelerated Growth but Mixed Margins. We

expect our cosmetics coverage to demonstrate accelerated topline momentum in 2Q26,

spearheaded by Mao Geping and Forest Cabin, though margins remain divergent with

online returns trending lower. We lower our industry base multiple to 20X to reflect

intense competition and weaker earnings visibility, driving 10-27% cuts to our 12m TPs

across the sector. We maintain Buy ratings on Mao Geping, Giant Biogene, Forest Cabin,

and Shanghai Jahwa given their solid brand momentum and recovery trajectories, while

staying Neutral on Proya and Botanee, and Sell on Bloomage. Valerie Zhou

Ninebot – 2Q26 Preview: Revenue Acceleration and Easing Margin Pressure – Buy. We

expect sequential revenue growth acceleration in 2Q to 27% yoy driven by strong

momentum in robotic lawn mowers and 2B scooters. We foresee year-over-year margin

pressure narrowing notably, with net profits declining 5% versus a 55% drop in 1Q26,

supported by a favorable product mix and a decreased FX-denominated trade balance.

We fine-tune our 2026–2028 EPS forecasts by -1% to -3% to reflect revised cost and FX

assumptions, but expect sequential improvements into the second half as domestic

electric two-wheeler demand recovers and cost inflation eases. 12m TP of Rmb62.

Nicolas Yi

Results | Wuliangye, Swellfun