Key Developments: ZTO Express-W (02057) plans to issue $1.5 billion in convertible senior notes. Fosun International (00656) subsidiary Fosun Commercial Development intends to subscribe for newly increased registered capital of Shangmeng Technology for CNY 105 million, corresponding to a 51.0879% equity stake post-capital increase. Shanghai Pharmaceuticals (02607): Changzhou Pharmaceutical Factory's Sitagliptin and Metformin Hydrochloride Extended-Release Tablets received production approval. China Shipbuilding & Offshore International (00317) controlling subsidiary signed a contract to build 16 feeder container ships. HBM Holdings-B (03378): HX111 completed the first patient dosing.

Operational Performance: ZTO Express-W (02057) forecasts total 2025 revenue between CNY 48.5 billion and CNY 50 billion, representing a year-on-year increase of approximately 9.5% to 12.9%. Innovent Biologics (01801) achieved total product revenue of about CNY 11.9 billion in 2025, maintaining a robust growth trend of roughly 45% year-on-year. Yum China (09987) reported a 2025 operating profit of $1.3 billion, an 11% increase from the previous year. China Resources Building Materials Technology (01313) issued a profit alert, anticipating a significant rise of about 115% to 135% in profit attributable to shareholders for the 2025 fiscal year. Lee & Man Paper Manufacturing (02314) also issued a profit alert, expecting 2025 profit to be between approximately HKD 1.88 billion and HKD 2.00 billion, marking a 38% to 47% year-on-year growth. Pony.ai-W (02026) projected a 2025 net loss of approximately $69 million to $86 million, representing a narrowing from the prior year.