Goldman Sachs has issued a warning that the conflict involving Iran could reignite U.S. inflation by driving up oil prices. Should supply disruptions occur, Brent crude is projected to reach $105 per barrel in March and $115 in April, with worst-case scenarios nearing historical peaks. A 10% increase in oil prices could raise overall inflation by 0.2 percentage points. Rising fertilizer and metal costs may also push food prices up by approximately 1.5%. Goldman Sachs currently forecasts an inflation rate of 3.1% by the end of 2026, with a 30% risk of recession. While the possibility of U.S. interest rate cuts remains, further spikes in oil prices would diminish that likelihood.

In other developments, the Philippines has declared a national energy emergency in response to energy challenges stemming from Middle East conflicts. President Marcos announced a "whole-of-government" approach to stabilize energy supply, support key sectors such as transport, agriculture, and SMEs, and shield the public from the impact of oil supply disruptions. Macquarie noted that even if tensions ease following a presidential announcement, oil prices are expected to find a floor between $85 and $90 per barrel and naturally rebound to around $110 until normal transit resumes through the Strait of Hormuz.

In market trends, WTI crude futures settled at $88.39 per barrel, up 0.30%. U.S. stocks closed lower overnight: the Dow Jones fell 84.41 points to 46,124.06, down 0.18%; the S&P 500 dropped 24.63 points to 6,556.37, down 0.37%; and the Nasdaq Composite declined 184.87 points to 21,761.89, down 0.84%. Large-cap tech stocks were broadly lower, with Oracle down over 4% and Google down over 3%. Optical communication stocks gained, with Applied Optoelectronics up nearly 19%, Lumentum up over 10%, and Corning up over 8%. Popular U.S.-listed Chinese stocks were mixed, with the Nasdaq Golden Dragon Index down 0.43%. The Hang Seng Index ADR rose proportionally, closing at 25,092.04, up 28.33 points or 0.11% from the Hong Kong close. COMEX gold futures for the front month rose $67.60, or 1.53%, to $4,474.9 per ounce.

In corporate highlights, China Telecom reported 2025 revenue of RMB 5,296 billion, with service revenue at RMB 4,854 billion, up 0.7% year-on-year. EBITDA was RMB 1,439 billion, up 2.1%. Profit attributable to shareholders was RMB 331.85 billion, up 0.5% from 2024. Basic earnings per share were RMB 0.36, with a final dividend of RMB 0.0908 per share. Capital expenditure was RMB 804 billion, and free cash flow was RMB 447 billion. The company recognized impairment losses of RMB 62.34 billion for 2025.

Nongfu Spring announced 2025 total revenue of RMB 525.53 billion, up 22.5% year-on-year. Gross profit was RMB 318.08 billion, up 27.7%. Profit attributable to owners of the parent was RMB 158.68 billion, up 30.9%. Basic earnings per share were RMB 1.411, with a proposed final dividend of RMB 0.99 per share.

Xuanzhu Biotech-B announced that final analysis results from the BRIGHT-2 Phase III clinical study of piroxiclib combined with fulvestrant for HR+/HER2- advanced breast cancer were published in the top-tier international journal JAMA Oncology. The study, led by Academician Xu Binghe from the Chinese Academy of Medical Sciences Cancer Hospital, involved 64 hospitals across China. Results showed clinically meaningful and durable benefits for patients.

Haidilao reported annual revenue of RMB 432.25 billion, up 1.1% year-on-year. Restaurant operating revenue was RMB 390.64 billion, down 4.45%. Profit attributable to owners was RMB 40.5 billion, down 13.98%. Basic earnings per share were RMB 0.75, with a final cash dividend of HKD 0.384 per share.

Yihai International reported revenue of RMB 66.13 billion, up 1.1% year-on-year. Profit attributable to shareholders was RMB 8.54 billion, up 15.5%. Earnings per share were RMB 0.88, with a proposed final dividend of HKD 0.5968 per share.

China Oilfield Services reported revenue of RMB 502.82 billion, up 4.1% year-on-year. Profit attributable to owners was RMB 38.42 billion, up 22.47%. Earnings per share were RMB 80.51 fen, with a proposed final dividend of RMB 0.2825 per share.

Huaren Pharmaceutical reported revenue of RMB 2,695.74 billion, up 4.62% year-on-year. Profit attributable to shareholders was RMB 40.45 billion, up 20.73%. Earnings per share were RMB 0.64, with a final dividend of RMB 0.122 per share.

Wanhua International reported revenue of USD 280.26 billion, up 8.04% year-on-year. Profit attributable to shareholders was USD 15.67 billion, down 2.79%. Basic earnings per share were USD 12.21 cents, with a proposed final dividend of HKD 0.41 per share. Processed meat sales volume was 3.054 million metric tons.

Hesai-W reported net revenue of RMB 10.01 billion for the fourth quarter of 2025, up 39% year-on-year. Net profit was RMB 1.53 billion, up 4.2%. Basic net earnings per ordinary share were RMB 0.98. For the full year, the company turned a profit with net income of RMB 4.36 billion.

H&H International Holdings reported revenue of RMB 143.54 billion, up 10% year-on-year. Profit attributable to owners was RMB 1.96 billion, turning from a loss to a profit. Basic earnings per share were RMB 0.31, with a proposed final dividend of HKD 0.16 per share.

Xiaomi-W reported annual revenue of RMB 4,572.87 billion, up 25% year-on-year. Gross profit was RMB 1,018.06 billion, up 33%. Adjusted net profit was RMB 391.66 billion, up 43.8%, reaching a record high. Profit attributable to owners was RMB 416.43 billion, up 76.02%. Basic earnings per share were RMB 1.62.

Ping An Good Doctor reported total revenue of RMB 54.68 billion, up 13.7% year-on-year. Gross profit was approximately RMB 17.72 billion, up 16.3%. Profit attributable to owners was approximately RMB 3.8 billion, up 366%. Adjusted net profit was RMB 4.14 billion, up 161.3%. Paid users reached nearly 35 million, up 11.4%.

CIMC Enric reported revenue of approximately RMB 263.26 billion, up 6.3% year-on-year. Profit attributable to equity holders was approximately RMB 11.35 billion, up 3.7%. Basic earnings per share were RMB 0.561, with a proposed final dividend of HKD 0.31 per share.

Nexteer reported revenue of USD 45.84 billion, up 7.21% year-on-year. Profit attributable to equity holders was USD 1.02 billion, up 65.27%. Earnings per share were USD 0.041, with a proposed final dividend of USD 0.0183 per share.

Kaisa Group expects to record a profit attributable to owners of not less than RMB 500 billion for 2025, compared to a loss of RMB 285 billion in 2024. The turnaround is mainly due to gains from offshore debt restructuring. Excluding this impact, a loss is expected, primarily due to decreased revenue and increased provisions for property project impairments.

WuXi Biologics reported record-high revenue and net profit for 2025. Revenue was RMB 218 billion, up 16.7% year-on-year. Profit attributable to owners was RMB 49 billion, up 46.3%. Gross profit was RMB 100 billion, up 30.9%, with a gross margin of 46%, up 5 percentage points. The company signed 209 new projects in 2025, two-thirds of which were bispecific antibodies and ADCs. Total project count reached 945, with complex molecules exceeding 50%. Bispecific/multispecific antibody projects became a core growth driver, with revenue contribution up 120%. Across its CRDMO services, research business saw record upfront and total payments, development business supported 156 IND applications, and manufacturing business served 74 Phase III and 25 commercial projects.