Group 1 - On July 2, 2025, a total of 301 ETF funds experienced net buying from major funds, while 256 ETF funds faced net selling [1] - The top five ETF funds with net buying exceeding 100 million yuan included the National Debt ETF (511010), Short-term Bond ETF (511360), Shanghai Stock Company Bond ETF (511070), Credit Bond ETF (511200), and Yinhua Daily Profit ETF (511880), with net buying amounts of 2.335 billion yuan, 2.335 billion yuan, 1.533 billion yuan, 1.259 billion yuan, and 1.103 billion yuan respectively [1] Group 2 - Among stock-type ETFs, 47 funds saw net buying exceeding 10 million yuan, with the top five being the CSI 300 ETF (510300), Wine ETF (512690), Hong Kong Stock Automobile ETF (520600), CSI 1000 ETF (512100), and CSI A500 ETF (159338), with net buying amounts of 120 million yuan, 118 million yuan, 71 million yuan, 68 million yuan, and 64 million yuan respectively [3] - The top five stock-type ETFs with net selling exceeding 10 million yuan included Credit Bond ETF Boshi (159396), Credit Bond ETF (511190), Ten-Year National Debt ETF (511260), Huabao Tianyi ETF (511990), and National Development ETF (159650), with net selling amounts of 3.092 billion yuan, 1.437 billion yuan, 1.132 billion yuan, 768 million yuan, and 595 million yuan respectively [5] Group 3 - Recently, 169 ETF funds have seen continuous net buying, with the top five being the Entrepreneurial Large Cap ETF (32 days), New Materials 50 ETF (20 days), Hong Kong Stock Medical ETF (16 days), Nasdaq 100 ETF (14 days), and Hang Seng Medical ETF (13 days), with net buying amounts of 368 million yuan, 451 million yuan, 237 million yuan, 171 million yuan, and 916 million yuan respectively [9] - The Ten-Year Local Debt ETF has seen accelerated net buying over the past 9 days, totaling 5.011 billion yuan [9] Group 4 - Over the past 5 days, 50 ETF funds have accumulated net buying exceeding 100 million yuan, with the top five being the Shanghai Stock Company Bond ETF (511070), Company Bond ETF Yifangda (511110), 5-Year Local Debt ETF (159972), Company Bond ETF (511030), and Ten-Year Local Debt ETF (511270), with net buying amounts of 7.151 billion yuan, 6.522 billion yuan, 4.407 billion yuan, 3.247 billion yuan, and 3.244 billion yuan respectively [18] - Among stock-type ETFs, 17 funds have seen net buying exceeding 100 million yuan, with the top five being the CSI A500 ETF (563360), Hong Kong Securities ETF (513090), Hong Kong Innovative Drug ETF (159567), CSI A500 ETF Southern (159352), and Hong Kong Stock Innovative Drug ETF (159570), with net buying amounts of 1.161 billion yuan, 900 million yuan, 569 million yuan, 533 million yuan, and 441 million yuan respectively [20] Group 5 - In the past 5 days, 48 ETF funds have experienced net selling exceeding 100 million yuan, with the top five being Credit Bond ETF (511190), Credit Bond ETF Fund (511200), Yinhua Daily Profit ETF (511880), Huabao Tianyi ETF (511990), and National Development ETF (159650), with net selling amounts of 6.720 billion yuan, 3.786 billion yuan, 2.578 billion yuan, 2.344 billion yuan, and 1.739 billion yuan respectively [22] - Among stock-type ETFs, 34 funds have seen net selling exceeding 100 million yuan, with the top five being the CSI 300 ETF (510300), Shanghai Stock 50 ETF (510050), CSI 300 ETF (159919), Entrepreneurial Board ETF (159915), and CSI 1000 ETF Index (560010), with net selling amounts of 1.038 billion yuan, 891 million yuan, 874 million yuan, 550 million yuan, and 454 million yuan respectively [24]

Core Insights - A total of 171 ETF funds experienced net inflows from financing, while 38 funds saw net outflows from securities lending [1] - The top five ETFs with significant net inflows include Convertible Bond ETF, Nasdaq Technology ETF, Hong Kong Innovative Drug ETF, Military Industry Leader ETF, and Hong Kong Internet ETF, with net inflows of 197 million, 116 million, 112 million, 56.3 million, and 44.8 million respectively [1][3] - Conversely, the ETFs with the highest net outflows from securities lending include CSI 1000 ETF, CSI 500 ETF, and CSI 300 ETF, with net outflows of 144.3 million, 72.4 million, and 15.6 million respectively [1][5] Financing and Securities Lending Trends - Recently, 78 ETFs have seen continuous net inflows from leveraged financing, with the top performers being Securities Insurance ETF, Bank ETF, Low Volatility Dividend 50 ETF, Broker ETF, and France CAC40 ETF, accumulating net inflows of 24.5 million, 371 million, 79.9 million, 66.7 million, and 42.9 million respectively [1][6] - In terms of net outflows from leveraged securities lending, 16 ETFs have been identified, with the leading ones being CSI 500 ETF, Convertible Bond ETF, and CSI 300 ETF, which experienced net outflows of 218 million, 20.9 million, and 2.3 million respectively [1][6] Long-term Trends - Over the past five days, 58 ETFs have recorded net inflows exceeding 5 million from leveraged financing, with Bank ETF, Nasdaq Technology ETF, Military Industry Leader ETF, Convertible Bond ETF, and Securities ETF leading the way with net inflows of 371 million, 287 million, 164 million, 149 million, and 119 million respectively [1][6] - In the same timeframe, 8 ETFs have seen net outflows from leveraged securities lending exceeding 5 million, with CSI 500 ETF, CSI 1000 ETF, and CSI 300 ETF being the most affected, showing net outflows of 218 million, 191 million, and 24.2 million respectively [1][10]

Core Insights - On July 1, 2025, a total of 167 ETFs experienced net inflows, while 461 ETFs saw net outflows, indicating a significant disparity in investor sentiment towards different funds [1] - The top five ETFs with substantial net inflows included Yin Hua Ri Li ETF, Short-term Bond ETF, Sci-Tech Chip ETF, Hua Bao Tian Yi ETF, and Photovoltaic ETF, with net inflows of 1.02 billion, 764 million, 678 million, 570 million, and 443 million respectively [1][3] - Conversely, 32 ETFs had net outflows exceeding 1 billion, with the China A500 ETF, CSI 300 ETF, and others leading the outflows, totaling 2.282 billion, 1.465 billion, and 990 million respectively [1][5] Inflow and Outflow Analysis - The ETFs with the highest net inflows were led by Yin Hua Ri Li ETF and Short-term Bond ETF, which attracted significant capital, reflecting investor confidence in these funds [1][3] - A total of 86 ETFs have seen consecutive net inflows, with the Ten-Year Treasury ETF and Corporate Bond ETF leading the pack, accumulating inflows of 10.134 billion and 9.405 billion respectively [5] - In contrast, 290 ETFs have experienced consecutive net outflows, with the Xin Chuang ETF and CSI 300 Enhanced ETF being the most affected, with outflows of 411 million and 301 million respectively [6][8] Recent Trends - Over the past five days, 89 ETFs recorded net inflows exceeding 1 billion, with the China A500 ETF leading with an inflow of 8.278 billion, indicating a strong recovery in investor interest [6][9] - On the other hand, 115 ETFs saw net outflows surpassing 1 billion in the same period, with Yin Hua Ri Li ETF experiencing the largest outflow of 10.055 billion, suggesting a shift in investor preference [9]

Market Focus - As of the week ending June 27, the profit from self-breeding and self-raising pigs was 50.25 CNY per head, up from 19.40 CNY per head the previous week. In contrast, the profit from purchasing piglets was a loss of 131.71 CNY per head, improved from a loss of 186.79 CNY per head the prior week [1] - The Dalian Commodity Exchange has adjusted the delivery quality standards for live pig futures, modifying the average and individual weight ranges for delivery standards. The average weight range has been changed from [100, 120] kg to [110, 130] kg, and the individual weight range from [90, 140] kg to [90, 150] kg. Additionally, the pricing adjustments for alternative delivery items have been specified [1] Daily Market Data - The national average price for live pigs as of July 1, 2025, varies by province, with prices ranging from 13.86 CNY/kg in Xinjiang to 16.73 CNY/kg in Guangdong. The prices reflect a slight increase compared to the previous day, with most regions showing a stable outlook for the near future [4] Industry Review - Currently, pricing power in the pig market is concentrated among leading enterprises. The recent increase in pig prices is attributed to major producers actively reducing supply, along with speculative capital providing some support. Despite awareness of oversupply, the industry sentiment has shifted, leading to increased willingness to hold back supply to maintain prices [5]

Core Insights - The total trading volume of non-monetary ETFs reached 209.623 billion yuan, with 42 ETFs exceeding 1 billion yuan in trading volume [1] - The Short-term Bond ETF, Shanghai Company Bond ETF, and Government Financial Bond ETF led the market in trading volume, with respective volumes of 13.515 billion, 13.019 billion, and 9.858 billion yuan [1] - The Hong Kong Stock Connect 50 ETF, Hang Seng Hong Kong Stock Connect ETF, and Benchmark National Bond ETF had the highest turnover rates, reaching 1067.75%, 626.30%, and 362.76% respectively [1] Trading Volume and Performance - The Short-term Bond ETF (511360.SH) has a latest share size of 437 million, closely tracking the China Bond Short-term Index [1] - The Shanghai Company Bond ETF (511070.SH) has a latest share size of 214 million and tracks the Shanghai Market Maker Company Bond Index [2] - The Hong Kong Stock Connect 100 ETF (159788.SZ) has a latest share size of 100 million and tracks the Hong Kong Stock Connect China 100 Index, with a significant trading volume increase of 8127.12% [3] Turnover Rates - The Hong Kong Stock Connect 50 ETF and Hang Seng Hong Kong Stock Connect ETF have the highest turnover rates at 1067.75% and 626.30% respectively [7] - The Benchmark National Bond ETF also shows a high turnover rate of 362.76% [7] Volatility and Price Movement - The CSI 300 ETF (510320.SH) experienced a price increase of 0.19% with a volatility of 9.54% [8] - The Hong Kong Stock Connect 100 ETF showed a price increase of 1.76% with a volatility of 8.13% [11] - The Innovative Drug ETF (159748.SZ) had a price increase of 5.88% and a volatility of 7.94% [9]

Market Overview - As of July 1, 2025, the three major A-share indices showed mixed performance, with the Shanghai Composite Index rising by 0.39% to 3457.75 points, the Shenzhen Component Index increasing by 0.11% to 10476.29 points, and the ChiNext Index declining by 0.24% to 2147.92 points. The total trading volume of the two markets reached 1.47 trillion yuan [1]. Industry Performance - The glass and fiberglass sector performed notably well, surging by 5.11%, followed by professional chains and chemical pharmaceuticals, which rose by 4.04% and 2.96%, respectively [1]. - The overall market saw 562 non-currency ETFs increase, representing 48% of the total [1]. ETF Performance - The Shanghai Stock Exchange Science and Technology Innovation Board Biomedicine Index rose by 2.99%, with various ETFs tracking this index, such as the Science and Technology Medicine ETF and the Science and Technology Biomedicine ETF, showing increases between 3.02% and 3.18% [1]. - The China Securities Hong Kong-Shenzhen Innovation Drug Industry Index increased by 1.13%, with the Innovation Drug ETFs from Fortune and Guotai rising by 5.88% and 3.90%, respectively [1]. Specific ETF Details - The Innovation Drug ETF from Fortune (159748.SZ) has a latest share size of 548 million, closely tracking the China Securities Hong Kong-Shenzhen Innovation Drug Industry Index, which includes major companies like WuXi AppTec and Innovent Biologics [2]. - The latest PE-TTM for the China Securities Hong Kong-Shenzhen Innovation Drug Industry Index is 40.00, which is lower than 82.73% of the time over the past three years [3]. - The Hong Kong Stock Connect Innovation Drug ETF (159570.SZ) has a share size of 5.129 billion and tracks the National Securities Hong Kong Stock Connect Innovation Drug Index, which includes companies like Innovent Biologics and WuXi Biologics [3]. - The Science and Technology Medicine ETF (588860.SH) has a share size of 1.42 billion and tracks the Shanghai Stock Exchange Science and Technology Innovation Board Biomedicine Index, featuring companies such as BeiGene and Hualan Biological Engineering [4]. Declining ETFs - The overall market saw 514 non-currency ETFs decline, accounting for 44% of the total, with the China Securities Financial Technology Theme Index and the China Securities All-Index Software Index experiencing the largest drops of 2.84% and 1.70%, respectively [4]. - The Financial Technology ETF (516860.SH) has a share size of 608 million and tracks the China Securities Financial Technology Theme Index, which includes companies like Eastmoney Information and Tonghuashun [6].

Investment Rating - The report initiates coverage with an OUTPERFORM rating, setting a target price of HK$60.00 for Cirrus Aircraft (2507 HK) [2]. Core Insights - Cirrus Aircraft is recognized as a global leader in private aviation manufacturing and safety innovation, with a comprehensive product matrix covering both mid-range and high-end markets [3][4]. - The company has demonstrated strong financial growth, with revenue projected to increase from US$1.197 billion in 2024 to US$1.904 billion by 2027, reflecting a compound annual growth rate (CAGR) of 19.4% [5][6]. - Cirrus Aircraft's innovative safety technologies, such as the whole aircraft parachute system (CAPS) and the FAA-certified Safe Return™ emergency landing system, set it apart in the industry [4][5]. Company Overview - Cirrus Aircraft, founded in 1984 and headquartered in Wisconsin, USA, has established itself as a pioneer in the private aviation sector, delivering over 10,000 SR2X series aircraft and over 600 Vision Jets by the end of 2024 [11][12]. - The company is primarily controlled by the Aviation Industry Corporation of China, which holds 84.97% of its shares [12]. Product Lines - The core product lines include the SR2X series single-engine piston aircraft and the Vision Jet, which cater to a wide range of market segments from entry-level to high-end private aviation [3][15]. - The SR22T model has maintained its position as the best-selling single-engine piston aircraft for 22 consecutive years, while the Vision Jet has been the top-selling business jet for six years [3][15]. Financial Performance - Cirrus Aircraft's revenue grew from US$587 million in 2020 to US$1.197 billion in 2024, with a net profit increase from US$36.11 million to US$121 million during the same period [5][18]. - The gross profit margin improved from 31.6% in 2020 to 34.6% in 2024, driven by product price increases and a higher proportion of high-margin products [18][24]. Market Trends - The global general aviation market is expected to experience rapid growth, driven by an increase in high-net-worth individuals, regional market expansion, and technological innovations [6][49]. - The demand for private aircraft is rising due to their advantages in mobility, privacy, safety, and flexibility, with the average price of private jets increasing due to rising material and labor costs [49][52]. Competitive Position - Cirrus Aircraft has a significant competitive advantage in the private aviation sector, with a product matrix that outperforms competitors in terms of cost-effectiveness, performance, and operational efficiency [69]. - The company achieved a market share of 23.9% in Q1 2025, with a 100% year-on-year increase in aircraft deliveries [68].

经营范围含许可项目：第二类增值电信业务，电气安装服务（依法须经批准的项目，经相关部门批准后 在许可有效期内方可开展经营活动，具体经营项目和许可期限以相关部门批准文件或许可证件为准）工 程和技术研究和试验发展，科技中介服务，新能源汽车电附件销售，新能源汽车换电设施销售，物业管 理，停车场服务，广告发布，广告设计、代理，广告制作，城乡市容管理，集中式快速充电站，电动汽 车充电基础设施运营，电车销售，机动车充电销售，充电桩销售，电池销售，雨棚销售，智能输配电及 控制设备销售，配电开关控制设备销售，汽车装饰用品销售，电线、电缆经营，互联网销售（除销售需 要许可的商品），电力电子元器件销售，五金产品零售，智能控制系统集成，汽车拖车、求援、清障服 务，共享自行车服务，信息系统集成服务，信息技术咨询服务，普通机械设备安装服务，网络技术服 务，软件开发，充电控制设备租赁，机械设备租赁，输配电及控制设备制造，国内贸易代理（除依法须 经批准的项目外，凭营业执照依法自主开展经营活动） 企业名称江西锐泓超充新能源科技有限公司法定代表人温涌注册资本200万人民币国标行业科学研究和 技术服务业>研究和试验发展>工程和技术研究和试验发展地 ...

Financial Performance - Cirrus Aircraft reported a significant increase in revenue, achieving $250 million for the fiscal year 2024, representing a 20% growth compared to the previous year[1]. - Revenue reached a historical high of $1.2 billion, up from $1.07 billion, reflecting a year-on-year growth of 12.1%[23]. - Aircraft revenue increased from $916 million to $1.024 billion, marking an 11.8% year-on-year growth[23]. - The company anticipates a revenue guidance of $300 million for the next fiscal year, representing a 20% year-over-year growth[1]. - The company reported a net profit of $120.7 million, a 32.5% increase from $91.1 million in the previous year[24]. - Adjusted EBITDA increased approximately 15% to $187 million, compared to $46 million in 2018[23]. - Revenue for the fiscal year ending December 31, 2024, was $1,197.1 million, up from $1,067.7 million in the previous year, primarily due to higher aircraft deliveries and growth in service and other revenue sources[57][58]. - The company's gross profit increased from $364.7 million to $413.6 million, with a gross margin improvement from 34.2% to 34.5%[62]. Market Demand and Growth - The company has a backlog of 1,200 orders for the SR2X series and Vision Jet, indicating strong demand and future revenue potential[1]. - Cirrus Aircraft's customer base has grown by 25%, with a notable increase in first-time buyers, indicating a successful marketing strategy[1]. - Over 20% of new customers in 2024 are first-time entrants to general aviation[31]. - The SR2X series has been the best-selling single-engine piston aircraft for 23 consecutive years, with 630 units expected to be delivered in 2024[32]. - Revenue increased from $484 million in 2018 to nearly $1.2 billion in 2024, representing a growth of approximately 147%[32]. Product Development and Innovation - The introduction of the new Cirrus IQ digital platform is expected to enhance customer experience and generate additional service revenue, projected to contribute $10 million in 2025[1]. - The company is investing $30 million in R&D for new aircraft technologies, aiming to launch two new models by 2026[1]. - The group launched the new G7 product line in the first half of 2024, marking the seventh generation of its award-winning SR2X aircraft[136]. - The company aims to enhance its ecosystem by establishing new maintenance programs and expanding aircraft management solutions[101]. Financial Management and Strategy - The company has nearly $500 million in cash and cash equivalents, with positive cash flow and minimal debt[37]. - The company aims for a gross margin in the low 30% range and an EBITDA margin of 13% to 15%[36]. - The company plans to invest $94 million in property, plant, equipment, and intangible assets in 2024[32]. - The company has implemented strict internal data protection rules to comply with privacy laws, with no fines or penalties incurred as of December 31, 2024[91]. Operational Efficiency - Cirrus Aircraft's gross margin improved to 35%, up from 30% in the previous year, reflecting better cost management and pricing strategies[1]. - The company has established strategic partnerships with key suppliers to enhance supply chain efficiency, aiming to reduce lead times by 25%[1]. - The company is exploring potential acquisitions to bolster its service offerings and expand its product line, with a budget of $50 million allocated for this purpose[1]. - The company has developed a comprehensive global after-sales ownership and support ecosystem, making aircraft ownership as convenient as car ownership[51]. Governance and Leadership - Yang Lei appointed as non-executive director and chairman of the board since June 2023, previously served as general manager of AVIC General Aviation from December 2016 to July 2023[110]. - The board includes members with extensive experience in aviation and aerospace, enhancing the company's strategic direction and oversight capabilities[121]. - The leadership team has a diverse background in finance, engineering, and management, contributing to a well-rounded approach to corporate governance[116][117]. - The company emphasizes the importance of financial strategy and risk management under CFO George James Letten IV's leadership[131]. Related Party Transactions - Independent non-executive directors confirmed that the related party transactions were conducted in the ordinary course of business and on normal commercial terms[199]. - The auditor did not identify any issues indicating that the disclosed related party transactions were not approved by the board[200]. - Internal control measures have been implemented to ensure that related party transactions are fair and comply with applicable laws and regulations[199].

Financial Performance - Cirrus Aircraft Limited reported a total revenue of $250 million for the fiscal year ending December 31, 2024, representing a 15% increase compared to the previous year[3]. - The company reported a net income of $40 million for 2024, a significant increase from $25 million in 2023, marking a 60% growth[3]. - Revenue for the fiscal year ending December 31, 2024, is projected to reach HKD 1.5 billion, representing a 20% growth compared to the previous year[26]. - For the fiscal year ending December 31, 2024, the company reported revenue of $1,197.1 million, an increase from $1,067.7 million for the fiscal year ending December 31, 2023, primarily due to higher aircraft deliveries and growth in service and other revenue sources[58]. - The company reported a net profit of $120.746 million, a 32.5% increase from $91.143 million in the previous year[28]. - Adjusted EBITDA for 2024 reached $187,082 thousand, compared to $162,144 thousand in 2023, reflecting a 15.4% growth[78]. - Gross profit rose from $364.7 million to $413.6 million, with the gross margin increasing from 34.2% to 34.5% due to improved profitability from Vision Jet sales and other services[64]. - Net profit for the fiscal year ending December 31, 2024, was $120.7 million, an increase of $29.6 million or 32.5% compared to the previous year, with a profit margin rising from 8.5% to 10.1%[69]. Market Expansion and Demand - The company has a backlog of 1,200 orders for the SR2X series and Vision Jet, indicating strong demand and future revenue potential[11]. - Cirrus Aircraft plans to expand its market presence in Asia, particularly in China, aiming for a 20% increase in sales in the region over the next two years[11]. - The company plans to expand its market presence in Asia, targeting a 25% increase in sales in the region over the next two years[26]. - Over 20% of the orders received in 2024 were from first-time customers entering the general aviation market[33]. - The company has established sales operations in over 36 countries, allowing it to reach a global customer base[52]. Product Development and Innovation - The company is investing $30 million in new technology development, focusing on enhancing its Cirrus IQ digital platform to improve customer experience[11]. - The company aims to launch two new aircraft models by the end of 2025, with an estimated investment of HKD 500 million in development costs[26]. - The launch of the new G7 product line contributed to the increase in net orders and is part of the company's strategy to enhance the ownership experience[52]. - The company focuses on innovation in safety, technology, connectivity, performance, and comfort in its aircraft design and manufacturing[153]. - The company is actively involved in the development of new technologies and products to strengthen its competitive position in the market[126]. Strategic Initiatives and Acquisitions - Cirrus Aircraft is exploring potential acquisition opportunities to enhance its product offerings and market reach, with a budget of $50 million allocated for this purpose[11]. - The company has successfully completed the acquisition of a smaller competitor, enhancing its market share by 10%[26]. - The company has established a partnership with a leading aerospace technology firm to co-develop next-generation aircraft systems, expected to be completed by 2026[11]. Customer Experience and Satisfaction - Cirrus Aircraft has launched a new service program aimed at increasing customer retention, projected to contribute an additional $5 million in revenue annually[11]. - User data indicates a 30% increase in customer satisfaction ratings, attributed to improved service and product features[26]. - The company has developed a comprehensive global after-sales ownership and support ecosystem, enhancing customer convenience in aircraft ownership[50]. - The company has a strong focus on customer experience, with strategies in sales, marketing, personalization, delivery, and support[144]. Financial Health and Investments - The company maintains a strong balance sheet with nearly $500 million in cash and cash equivalents, enabling it to pursue strategic growth initiatives[40]. - The company plans to invest $94 million in property, plant, equipment, and intangible assets in 2024, with further investments planned for 2025[35]. - Cash and bank balances increased from $246.9 million as of December 31, 2023, to $391.8 million as of December 31, 2024, primarily due to increased operating profit and proceeds from the global offering[70]. - Cash used in investing activities amounted to $193.4 million, primarily for the purchase of fixed assets and development of intangible assets[75]. Governance and Leadership - The company has a strong leadership team with extensive experience in aviation and finance, including independent non-executive directors with backgrounds in major aerospace firms and financial institutions[133][136][140]. - The board includes members with diverse backgrounds in sales, engineering, and project management, contributing to a well-rounded governance structure[118]. - The management team has extensive experience in the aviation and automotive industries, enhancing the company's strategic capabilities[115]. - The independent directors are tasked with providing oversight and independent opinions on the company's operations, contributing to better decision-making processes[133][140]. Environmental and Compliance Efforts - The company emphasizes environmental protection and adheres to strict environmental measures to comply with current laws and regulations[155]. - The company has implemented strict internal data protection policies to comply with privacy laws, with no fines or penalties incurred as of December 31, 2024[97]. - The company is focused on maintaining high standards of corporate governance and compliance, reflecting its commitment to transparency and accountability[136]. Future Outlook - The company expects to achieve a revenue target of $300 million for the fiscal year 2025, representing a 20% growth year-over-year[11]. - Future guidance suggests an EBITDA margin improvement to 18% by 2025, up from 15% in the current year[26]. - The company is actively managing geopolitical risks by engaging with legislators to promote its contributions to investment and employment[96].