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    Yiwen Zhang

    Vice President and Senior Equity Research Analyst at Leerink Partners

    Yiwen Zhang is a Vice President and Senior Equity Research Analyst at Leerink Partners, specializing in emerging oncology within the healthcare and biotechnology sectors. She leads coverage on a range of companies including Adaptimmune Therapeutics, Bicycle Therapeutics, Genmab A/S, Xencor, Immatics N.V., and Zai Lab, providing detailed performance forecasts and investment ratings as part of Leerink’s sector-leading research team. Zhang began her professional analyst career after earning a Ph.D., has held her role at Leerink Partners since at least 2023, and is recognized for her in-depth analysis and sector expertise, though specific investor performance metrics and third-party rankings are not publicly available. She is a registered representative with FINRA and holds standard industry securities licenses required for equity research professionals.

    Yiwen Zhang's questions to Bilibili (BILI) leadership

    Yiwen Zhang's questions to Bilibili (BILI) leadership • Q2 2025

    Question

    Yiwen Zhang of China Renaissance asked for a discussion on the types of AI applications on Bilibili's platform and their latest progress.

    Answer

    Management, through translator Juliet Yang, detailed that AI is already generating value in advertising (AIGC for creatives) and content recommendation, which has been vital for user growth. They highlighted three key areas of progress: 1) Using AI to analyze user comments to identify and promote high-quality content early. 2) Developing tools for AI-assisted creation of human-like, mid-to-long form video to help creators. 3) Enhancing ACG-related areas like virtual idols and companionship, with new products expected to launch soon.

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    Yiwen Zhang's questions to Bilibili (BILI) leadership • Q1 2025

    Question

    Yiwen Zhang of China Renaissance questioned the underlying drivers of Bilibili's strong advertising revenue growth in Q1 and the outlook for this segment.

    Answer

    Rui Chen, Chairman and CEO, attributed the 20% YoY ad revenue growth to the platform's high-value user base (average age 26) and its reputation for quality content. Performance-based ads grew over 30% YoY, boosted by AI-driven infrastructure upgrades and GenAI ad creation tools. Chen highlighted strong growth in key verticals like games, home appliances (+35% YoY), and a significant surge in AI-related ad revenue (+400% YoY). The company remains confident in maintaining above-industry growth.

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    Yiwen Zhang's questions to Mersana Therapeutics (MRSN) leadership

    Yiwen Zhang's questions to Mersana Therapeutics (MRSN) leadership • Q2 2025

    Question

    Yiwen Zhang, on behalf of Jonathan Chang at Leerink Partners, requested more details on the implementation and impact of the proteinuria mitigation strategies within the EMILY dose expansion cohorts.

    Answer

    President and CEO Dr. Martin Huber detailed that under 'Amendment 5,' patients are prospectively started on an ACE inhibitor or ARB. He highlighted that the most significant change allows for continued treatment despite isolated albuminuria (without changes in serum creatinine or albumin), which prevents the protocol-mandated interruptions seen previously. The upcoming data will demonstrate the effectiveness of this strategy.

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    Yiwen Zhang's questions to HUYA (HUYA) leadership

    Yiwen Zhang's questions to HUYA (HUYA) leadership • Q2 2025

    Question

    Yiwen Zhang from China Renaissance asked for details on the inaugural 'Delta Force' esports event, including feedback and its strategic importance.

    Answer

    Margaret Shi, Head of Capital Markets, explained that HUYA partnered with Tencent for the 'Delta Force Diamond Champions' summer season, showcasing the company's production and technology leadership with features like 4K ultra-HD and 120 FPS streaming. She added that the event was made more immersive by offering viewers exclusive in-game items, strengthening fan engagement.

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    Yiwen Zhang's questions to New Oriental Education & Technology Group (EDU) leadership

    Yiwen Zhang's questions to New Oriental Education & Technology Group (EDU) leadership • Q2 2025

    Question

    Yiwen Zhang of China Merchants Securities inquired about New Oriental's Q3 revenue guidance, questioning the reasons for the apparent deceleration to 20-23% in RMB terms and its implications for the rest of the year and the pace of learning center expansion.

    Answer

    Zhihui Yang, Executive President and CFO, explained the guidance is conservative due to three factors: macroeconomic uncertainty affecting high-end businesses, a larger revenue base making high growth percentages more difficult, and an approximate 3% negative impact from foreign exchange rates. He affirmed the full-year plan to expand learning centers by 20-25% remains, focusing on high-performing cities and operational efficiency.

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    Yiwen Zhang's questions to New Oriental Education & Technology Group (EDU) leadership • Q1 2025

    Question

    Yiwen Zhang of China Renaissance followed up on the company's margin performance, highlighting the 220 basis point year-over-year increase in adjusted operating margin. She asked for the key drivers behind this improvement and how they are expected to influence results for the remainder of the fiscal year.

    Answer

    Zhihui Yang, Executive President and CFO, attributed the margin expansion to three main factors: strong top-line growth across all business lines, increased operating leverage from the ramp-up of learning centers expanded last year, and effective company-wide cost controls. Looking ahead, he reiterated that while Q2 may face seasonal margin pressure, he is optimistic about margin expansion for the full fiscal year for the educational business, excluding East Buy.

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