高盛美股招股说明书(2025-07-22版)

securities will pay the contingent coupon payment due for that subsequent calculation day plus all previously unpaidcontingent coupon payments (without interest on amounts previously unpaid). If the stock closing price of the underlyingstock is less than the coupon threshold price on every calculation day, you will not receive any contingent coupons throughout (equivalent to a contingent coupon rate of at least 23.50% per annum)nAutomatic Call.If the stock closing price of the underlying stock on any of the quarterly calculation days from October 2025to April 2026, inclusive, is greater than or equal to the starting price, the securities will be automatically called for the faceamount plus a final contingent coupon payment and any previously unpaid contingent coupon paymentsnPotential Loss of Principal.If the securities are not automatically called prior to stated maturity, you will receive the faceamount at stated maturity if,and only if, the stock closing price of the underlying stock on the final calculation day is greaterthan or equal to the downside threshold price.If the stock closing price of the underlying stock on the final calculation day isless than the downside threshold price, you will lose more than 20%, and possibly all, of the face amount of your securities. nNo exchange listing; designed to be held to maturityThe estimated value of your securities at the time the terms of your securities are set on the pricing date is expectedto be between $925 and $955 per $1,000 face amount. For a discussion of the estimated value and the price at which Goldman Sachs & Co. LLC (“GS&Co.”) would initially buy or sell your securities, if it makes a market in the securities,see page PS-11.The securities have more complex features than conventional debt securities and involve risks not associated withconventional debt securities. You should read the disclosure herein to better understand the terms and risks of your Per Security$1,000.00up to $15.75$984.25TotalSee “Supplemental Plan of Distribution; Conflicts of Interest” on page PS-26. services in connection with the distribution of the securities to other securities dealers.Neitherthe Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these coupon payment in respect of any of those calculation days. In addition, if the stock closingprice of the underlying stock is less than the coupon threshold price on all calculation days,you will not receive any contingent coupon payments over the term of the securities. Quarterly, on the third business day following each calculation day (as each such calculation day may be Payment Dates:providedthat the contingent coupon payment date with respect to the final calculation day will be the statedmaturity date.Automatic Call:If the stock closing price of the underlying stock on any call date is greater than or equal to the starting price,the securities will be automatically called, and on the related call settlement date you will be entitled toreceive a cash payment per security in U.S. dollars equal to the face amount plus a final contingent couponpayment and any previously unpaid contingent coupon payments. The securities will not be subject toautomatic call until the October 2025 calculation day.If the securities are automatically called, they will cease to be outstanding on the related call settlement date PS-3 40058JQC2 PS-4 Principal at Risk Securities Linked to the Common Stock of Advanced Micro Devices, Inc. dueJuly 30, 2026Additional Information about the Issuer, the Guarantor and the Securities You should read this pricing supplement together with WFS product supplement no. 5 dated February 14, 2025, the prospectussupplement dated February 14, 2025 and the prospectus dated February 14, 2025 for additional information about the securities.Information included in this pricing supplement supersedes information in the product supplement, prospectus supplement andprospectus to the extent it is different from that information. Certain defined terms used but not defined herein have the meanings setforth in the product supplement, prospectus supplement or prospectus. affiliates, references to “The Goldman Sachs Group, Inc.”, our parent company, mean only The Goldman Sachs Group, Inc. and do notinclude its subsidiaries or affiliates and references to “Goldman Sachs” mean The Goldman Sachs Group, Inc. together with itsconsolidated subsidiaries and affiliates, including us. You may access the product supplement, prospectus supplement and prospectus on the SEC website www.sec.gov as follows (or if suchaddress has changed, by reviewing our filing for the relevant date on the SEC website): WFS Product Supplement No. 5 dated February 14, 2025:https://www.sec.gov/Archives/edgar/data/886982/000095017025021592/wfs_par_2025_shelf.htm Prospectus Supplement dated February 14, 2025:https://www.sec.gov/Archives/edgar/data/886982/000119312525027380/d891153d424b2.htm https://www