Core Insights - LexisNexis Risk Solutions has appointed Amy Simon as Head of Labor and Workforce Solutions to enhance support for state agencies in delivering services and maintaining public trust [1][3] - Simon's role will focus on implementing advanced data, identity, and fraud prevention solutions to improve public service and benefit delivery [2][3] - The appointment comes at a critical time as state workforce agencies face increased public demand and the need to modernize outdated systems [3][4] Leadership and Experience - Amy Simon is recognized for her expertise in workforce innovation and public policy, having previously held executive roles at the U.S. Department of Labor and founded Simon Advisory [1][4] - She has experience overseeing a $10 billion portfolio related to workforce investment and unemployment insurance, which positions her well to lead initiatives at LexisNexis [4] - Simon has actively engaged in discussions on pandemic unemployment fraud and has provided strategic counsel to various stakeholders in the workforce ecosystem [4] Strategic Focus - The company aims to strengthen its leadership team and provide next-generation support to government agencies, particularly in the context of evolving workforce needs [6] - Simon's personal experience with pandemic fraud underscores the importance of effective service delivery technology in supporting vulnerable populations [5] - LexisNexis Risk Solutions is committed to helping state agencies combat fraud while ensuring efficient service for benefit recipients [5]

Market Capitalization Summary - New Oriental has a market capitalization of 15.76 billion [2] - TAL Education has a market capitalization of 10.69 billion [2] - Vipshop has a market capitalization of 9.44 billion [2] - MINISO has a market capitalization of 2.10 billion [2] - Zai Lab has a market capitalization of 4.50 billion [2] Stock Performance - New Oriental's stock decreased by 0.22 (-1.10%) [2] - TAL Education's stock decreased by 0.11 (-2.28%) [2] - Vipshop's stock decreased by 0.40 (-1.73%) [2] - MINISO's stock increased by 0.51 (+2.67%) [2] - Zai Lab's stock decreased by 0.04 (-0.13%) [2] Additional Company Insights - Huami Technology's market capitalization is 1.82 billion with a stock decrease of 1.09 (-7.94%) [3] - Cheetah Mobile has a market capitalization of 1.72 billion with a stock decrease of 0.38 (-6.35%) [3] - Tuniu has a market capitalization of 1.25 billion with a stock decrease of 0.63 (-6.60%) [3]

Core Viewpoint - The comparison between Yelp (YELP) and RELX PLC (RELX) indicates that YELP presents a better value opportunity for investors at this time due to its stronger earnings outlook and favorable valuation metrics [1][3]. Valuation Metrics - Yelp has a forward P/E ratio of 16.41, while RELX has a significantly higher forward P/E of 30.45 [5]. - Yelp's PEG ratio is 0.82, indicating a more favorable valuation relative to its expected earnings growth, compared to RELX's PEG ratio of 3.38 [5]. - Yelp's P/B ratio stands at 3.1, contrasting sharply with RELX's P/B ratio of 32.45, further highlighting Yelp's superior valuation [6]. Earnings Outlook - Yelp currently holds a Zacks Rank of 2 (Buy), suggesting a positive earnings outlook, whereas RELX has a Zacks Rank of 4 (Sell), indicating a weaker earnings outlook [3]. - The strong improvement in Yelp's earnings outlook compared to RELX is a significant factor for value investors [3][6]. Value Grades - Yelp has received a Value grade of A, while RELX has a Value grade of D, underscoring Yelp's position as the more attractive value option based on various valuation metrics [6].

[H1 2025 Performance Highlights and Outlook](index=1&type=section&id=Results%20for%20the%20Six%20Months%20to%2030%20June%202025) RELX achieved strong H1 2025 growth across all segments, driven by analytics and AI, and maintains a positive full-year outlook [Financial Highlights](index=1&type=section&id=First%20half%20highlights) RELX reported strong H1 2025 growth with underlying revenue up 7% to £4,741 million and adjusted operating profit up 9% to £1,652 million, alongside a 7% interim dividend increase H1 2025 Key Financial Metrics | Metric | H1 2025 | H1 2024 | Change | Underlying/Constant Currency Growth | | :--- | :--- | :--- | :--- | :--- | | Revenue (£m) | 4,741 | 4,641 | +2% | +7% (Underlying) | | Adjusted Operating Profit (£m) | 1,652 | 1,583 | +4% | +9% (Underlying) | | Adjusted EPS (p) | 63.5 | 59.5 | +7% | +10% (Constant Currency) | | Reported Operating Profit (£m) | 1,490 | 1,431 | +4% | N/A | | Reported EPS (p) | 52.9 | 52.6 | +1% | N/A | | Interim Dividend (p) | 19.5 | 18.2 | +7% | N/A | - The company completed three acquisitions for a total of **£262 million** and executed **£1,000 million** of its **£1,500 million** share buyback program[5](index=5&type=chunk) - Net debt to EBITDA ratio stood at **2.2x**, with adjusted cash flow conversion at **100%**[5](index=5&type=chunk)[8](index=8&type=chunk) [Full Year 2025 Outlook](index=1&type=section&id=Full%20year%20outlook) The company reaffirms its positive full-year outlook, expecting continued strong underlying growth in revenue, adjusted operating profit, and adjusted EPS - RELX expects another year of strong underlying growth in revenue and adjusted operating profit[3](index=3&type=chunk) - The company anticipates strong growth in adjusted earnings per share on a constant currency basis for the full year[3](index=3&type=chunk) [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO Erik Engstrom noted H1 2025 growth with a higher quality profile across all segments, driven by a strategic shift to analytics and AI - The CEO noted a higher quality growth profile in H1 2025, with strong performance across all four business areas[4](index=4&type=chunk) - The long-term growth trajectory is driven by the shift towards higher-growth analytics and decision tools[4](index=4&type=chunk) - Artificial intelligence, combined with leading content and data, is a key driver of customer value and future growth[4](index=4&type=chunk) [Operating and Financial Review](index=2&type=section&id=Operating%20and%20financial%20review) This section details RELX's H1 2025 financial performance, including profitability, cash flow, debt, dividends, and corporate responsibility [Group Financial Summary](index=2&type=section&id=RELX%20FINANCIAL%20SUMMARY) RELX achieved 7% underlying revenue growth to £4,741 million and 9% underlying adjusted operating profit growth to £1,652 million in H1 2025, improving margins and adjusted EPS H1 2025 Financial Performance (Adjusted) | Metric | 2025 | 2024 | Underlying Growth | | :--- | :--- | :--- | :--- | | Revenue (£m) | 4,741 | 4,641 | +7% | | Adjusted Operating Profit (£m) | 1,652 | 1,583 | +9% | | Adjusted Operating Margin (%) | 34.8 | 34.1 | +70 bps | | Adjusted EPS (p) | 63.5 | 59.5 | +10% (Constant Currency) | H1 2025 Financial Performance (Reported) | Metric | 2025 | 2024 | Change in GBP | | :--- | :--- | :--- | :--- | | Revenue (£m) | 4,741 | 4,641 | +2% | | Operating Profit (£m) | 1,490 | 1,431 | +4% | | Profit Before Tax (£m) | 1,283 | 1,295 | -1% | | Net Profit (£m) | 976 | 985 | -1% | | EPS (p) | 52.9 | 52.6 | +1% | [Profitability Analysis](index=11&type=section&id=Profitability%20Analysis) The group's adjusted operating margin improved by 70 basis points to 34.8%, with a lower adjusted effective tax rate and increased adjusted net profit - The overall adjusted operating margin improved by **70 basis points** to **34.8%**, and the EBITDA margin improved by **50 basis points** to **40.2%**[38](index=38&type=chunk) - The adjusted effective tax rate was **22.5%**, down from **23.0%** in H1 2024[40](index=40&type=chunk) - Adjusted net profit attributable to shareholders increased by **5%** to **£1,171 million**[43](index=43&type=chunk) [Cash Flow Analysis](index=12&type=section&id=Cash%20flows) Adjusted cash flow increased 10% to £1,652 million with 100% conversion, while capital expenditure rose to £255 million, leading to higher free cash flow Cash Flow Conversion | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Adjusted Operating Profit (£m) | 1,652 | 1,583 | | Adjusted Cash Flow (£m) | 1,652 | 1,498 | | Adjusted Cash Flow Conversion (%) | 100 | 95 | - Capital expenditure was **£255 million**, representing **5.4%** of revenue, driven by investment in new products[47](index=47&type=chunk) - Free cash flow before dividends was **£1,146 million**, up from **£1,007 million** in the prior year[48](index=48&type=chunk) [Debt and Liquidity](index=13&type=section&id=Debt%20and%20Liquidity) Net debt rose to £7,443 million with a 2.2x net debt to EBITDA ratio, while the company maintained strong liquidity with new debt issuance and an undrawn facility - Net debt stood at **£7,443 million** as of June 30, 2025, an increase of **£880 million** from December 31, 2024[52](index=52&type=chunk) - The ratio of net debt (including pensions) to EBITDA for the twelve months to June 30, 2025 was **2.2x**[55](index=55&type=chunk) - In March 2025, the Group issued **$1.5 billion** in new term debt and has access to an undrawn **$3 billion** committed bank facility maturing in 2027[57](index=57&type=chunk) [Dividends and Share Repurchases](index=14&type=section&id=Dividends%20and%20share%20repurchases) The Board declared a 7% interim dividend increase to 19.5 pence per share and repurchased £1,000 million of shares in H1 2025 - An interim dividend of **19.5 pence** per share was declared, an increase of **7%** over the prior year[60](index=60&type=chunk) - In H1 2025, **25.5 million** shares were repurchased for a total consideration of **£1,000 million**[61](index=61&type=chunk) [Corporate Responsibility](index=15&type=section&id=Corporate%20responsibility) RELX maintained its AAA MSCI ESG rating and top Sustainalytics ranking, focusing on UN SDGs, AI principles, and environmental targets - RELX has maintained a **AAA MSCI ESG rating** for ten consecutive years and is ranked first in its sector by Sustainalytics[9](index=9&type=chunk)[63](index=63&type=chunk) - 2025 objectives include updating Responsible AI Principles, implementing new environmental targets, and enhancing supplier code of conduct compliance[64](index=64&type=chunk) [Business Area Analysis](index=4&type=section&id=BUSINESS%20AREA%20ANALYSIS) This section provides a detailed review of the performance and strategic drivers for each of RELX's four core business segments [Risk](index=5&type=section&id=Risk) The Risk segment achieved strong 8% underlying revenue growth to £1,748 million and 9% underlying adjusted operating profit growth, driven by financial crime and fraud solutions Risk Segment H1 2025 Performance | Metric | H1 2025 | H1 2024 (Restated) | Underlying Growth | | :--- | :--- | :--- | :--- | | Revenue (£m) | 1,748 | 1,667 | +8% | | Adjusted Operating Profit (£m) | 660 | 621 | +9% | | Adjusted Operating Margin (%) | 37.8 | 37.3 | +50 bps | - Growth drivers include Financial Crime Compliance, digital Fraud & Identity solutions, and strong new sales[15](index=15&type=chunk) - The full-year outlook is for continued strong underlying revenue growth, with underlying adjusted operating profit growth slightly exceeding revenue growth[16](index=16&type=chunk) [Scientific, Technical & Medical](index=6&type=section&id=Scientific%20%2C%20Technical%20%26%20Medical) The STM segment reported good growth with 5% underlying revenue and 7% underlying adjusted operating profit increases, driven by higher-value analytics and tools STM Segment H1 2025 Performance | Metric | H1 2025 | H1 2024 (Restated) | Underlying Growth | | :--- | :--- | :--- | :--- | | Revenue (£m) | 1,323 | 1,282 | +5% | | Adjusted Operating Profit (£m) | 491 | 472 | +7% | | Adjusted Operating Margin (%) | 37.1 | 36.8 | +30 bps | - Growth is driven by the evolution towards higher value-add analytics and decision tools. Generative AI capability is being extended across the majority of the revenue base[18](index=18&type=chunk)[19](index=19&type=chunk) - The full-year outlook is for continued good underlying revenue growth, with underlying adjusted operating profit growth slightly exceeding revenue growth[20](index=20&type=chunk) [Legal](index=7&type=section&id=Legal) The Legal segment saw accelerated growth with 9% underlying revenue and 11% underlying adjusted operating profit increases, fueled by Lexis+ AI and legal analytics Legal Segment H1 2025 Performance | Metric | H1 2025 | H1 2024 (Restated) | Underlying Growth | | :--- | :--- | :--- | :--- | | Revenue (£m) | 900 | 852 | +9% | | Adjusted Operating Profit (£m) | 188 | 175 | +11% | | Adjusted Operating Margin (%) | 20.9 | 20.5 | +40 bps | - Growth was driven by the shift to higher-growth legal analytics, with the Lexis+ AI platform continuing its successful trajectory[22](index=22&type=chunk)[23](index=23&type=chunk) - The full-year outlook is for continued strong underlying revenue growth, with underlying adjusted operating profit growth exceeding revenue growth[24](index=24&type=chunk) [Exhibitions](index=8&type=section&id=Exhibitions) The Exhibitions segment achieved strong 8% underlying revenue growth, surpassing pre-pandemic levels, with a 9% increase in underlying adjusted operating profit and improved margins Exhibitions Segment H1 2025 Performance | Metric | H1 2025 | H1 2024 | Underlying Growth | | :--- | :--- | :--- | :--- | | Revenue (£m) | 581 | 601 | +8% | | Adjusted Operating Profit (£m) | 234 | 223 | +9% | | Adjusted Operating Margin (%) | 40.3 | 37.1 | +320 bps | - Underlying revenue growth of **+8%** reflects an improved growth profile, now established above pre-pandemic levels. Reported revenue was impacted by disposals and event cycling[26](index=26&type=chunk) - The full-year outlook is for continued strong underlying revenue growth with an improvement in adjusted operating margin over the prior full year[28](index=28&type=chunk) [Business Area Reporting Changes](index=9&type=section&id=Business%20area%20reporting%20changes) RELX now reports print activities separately and moved a healthcare portfolio to Risk, restating prior period comparatives for transparency - Print and print-related activities are now managed and reported separately to improve transparency, as print revenue has declined to **4%** of the group total[29](index=29&type=chunk)[31](index=31&type=chunk) - A small commercial healthcare product portfolio was moved from Scientific, Technical & Medical to the Risk segment[31](index=31&type=chunk) - Prior period comparatives have been restated to reflect these reporting changes, with details provided on page 24 of the report[32](index=32&type=chunk) [Principal and Emerging Risks](index=16&type=section&id=Principal%20and%20emerging%20risks) This section outlines RELX's key risks, including technology, data privacy, geopolitical, operational, and corporate challenges [Summary of Key Risks](index=16&type=section&id=Summary%20of%20Key%20Risks) RELX identifies principal risks such as data privacy, intellectual property, cybersecurity, geopolitical conditions, customer acceptance, and talent retention - **Technology & Data Risks:** - **Data Privacy:** Changes in legislation could impact the ability to collect and use personal data - **Intellectual Property:** Proprietary rights could be challenged or infringed, including by AI technologies - **Cyber Security:** Systems face risks of unauthorized access, which could compromise data and disrupt operations - **Technology Resilience:** Dependence on electronic platforms creates risk from significant failure or interruption[66](index=66&type=chunk)[67](index=67&type=chunk)[73](index=73&type=chunk) - **Market & Operational Risks:** - **Geopolitical & Economic Conditions:** Demand may be impacted by factors like war, sanctions, inflation, and interest rates - **Customer Acceptance:** Failure to adapt to changing technology and customer demands could adversely affect revenue - **Primary Research Publishing:** Rapid changes in payment models (e.g., Open Access) could impact the STM business - **Face-to-face Events:** Exhibitions are susceptible to economic cycles, pandemics, and travel disruptions[68](index=68&type=chunk)[69](index=69&type=chunk)[71](index=71&type=chunk) - **Corporate & Financial Risks:** - **Acquisitions:** Inability to generate anticipated benefits from acquisitions could lead to impairment charges - **Talent:** Inability to recruit and retain skilled employees, particularly in technology, could affect business performance - **Treasury:** Results are subject to currency fluctuations, particularly the US dollar, and changes in funding conditions - **Ethics:** Breaches of ethical standards or laws could damage reputation and financial condition[72](index=72&type=chunk)[79](index=79&type=chunk)[81](index=81&type=chunk) [Condensed Consolidated Financial Information](index=20&type=section&id=Condensed%20consolidated%20financial%20information) This section presents RELX's H1 2025 condensed financial statements, including income, balance sheet, cash flow, and explanatory notes [Financial Statements](index=20&type=section&id=Financial%20Statements) H1 2025 reported net profit was £979 million on £4,741 million revenue, with total assets of £14,325 million and net cash from operating activities of £1,414 million - **Income Statement:** Reported net profit for H1 2025 was **£979 million**, slightly down from **£986 million** in H1 2024[84](index=84&type=chunk) - **Statement of Financial Position:** As of June 30, 2025, total assets were **£14,325 million** and total equity was **£2,194 million**[91](index=91&type=chunk) - **Cash Flow Statement:** Net cash from operating activities was **£1,414 million** for H1 2025, compared to **£1,259 million** in H1 2024[89](index=89&type=chunk) [Notes to the Financial Statements](index=26&type=section&id=Notes%20to%20the%20condensed%20consolidated%20financial%20information) Notes detail the basis of preparation, segment analysis, EPS, dividends, net debt, and pensions, with an effective tax rate of 23.7% - **Basis of Preparation:** The financial information is prepared in accordance with UK adopted IAS 34 and is unaudited but has been reviewed. Comparatives have been restated for business area reporting changes[94](index=94&type=chunk)[95](index=95&type=chunk) - **Segment Analysis:** Revenue is primarily generated from North America (**£2,837 million**), followed by Europe (**£956 million**) and the Rest of the World (**£948 million**). Subscriptions account for **£2,565 million** of revenue and transactional for **£2,176 million**[106](index=106&type=chunk)[108](index=108&type=chunk) - **Dividends:** An interim dividend of **19.5 pence** per share was declared on July 23, 2025, with an expected total cost of **£357 million**[115](index=115&type=chunk) [Supplementary Financial Information](index=37&type=section&id=Supplementary%20Financial%20Information) This section provides reconciliations of Alternative Performance Measures to IFRS and presents summary financials in USD and EUR [Alternative Performance Measures (APMs)](index=37&type=section&id=Alternative%20performance%20measures) This section reconciles non-GAAP measures to IFRS, explaining how APMs like 'underlying growth' track core operational performance - Provides detailed reconciliations from reported figures to adjusted figures, such as Operating Profit (**£1,490 million**) to Adjusted Operating Profit (**£1,652 million**)[130](index=130&type=chunk) - Adjusted EPS for H1 2025 was **63.5 pence**, derived from an adjusted net profit of **£1,171 million**[133](index=133&type=chunk) - The definition of 'Underlying Growth' has been refined following the change in segmental reporting to exclude print and print-related revenue[134](index=134&type=chunk)[135](index=135&type=chunk) [Summary Financials in USD and EUR](index=40&type=section&id=Summary%20financial%20information%20in%20US%20dollars%20and%20euros) The report includes a simple translation of sterling-based financials into US dollars and euros for informational purposes H1 2025 Key Metrics in USD and EUR | Metric | H1 2025 (USDm) | H1 2025 (EURm) | | :--- | :--- | :--- | | Revenue (USDm) | 6,163 | 5,642 | | Adjusted Operating Profit (USDm) | 2,148 | 1,966 | | Adjusted Net Profit (USDm) | 1,522 | 1,393 | - Adjusted earnings per American Depositary Share (ADS) for H1 2025 was **$0.826**[139](index=139&type=chunk) [Governance and Investor Information](index=42&type=section&id=Governance%20and%20Investor%20Information) This section covers the independent review report, directors' responsibility statement, and general investor information for RELX [Independent Review Report](index=42&type=section&id=Independent%20review%20report%20to%20RELX%20PLC) Ernst & Young LLP reviewed the H1 2025 condensed financial statements, finding them prepared in accordance with UK adopted IAS 34 - The auditor's review concluded that the condensed financial statements appear to be prepared in accordance with UK adopted International Accounting Standard 34[147](index=147&type=chunk) - The review was conducted in accordance with ISRE 2410 (UK), which is substantially less in scope than a full audit; therefore, no audit opinion is expressed[148](index=148&type=chunk) [Directors' Responsibility Statement](index=45&type=section&id=Directors'%20responsibility%20statement) The directors confirm the condensed financial information and interim management report provide a true and fair view of the company's position - The directors affirm the fairness and accuracy of the condensed financial statements and the interim management report[157](index=157&type=chunk) [Investor Information](index=46&type=section&id=Investor%20information) This section provides general information about RELX's global operations, market capitalization, and key financial calendar dates - RELX is a global provider of information-based analytics, employing over **36,000** people with a market capitalization of approximately **£71 billion**[160](index=160&type=chunk)[161](index=161&type=chunk) - Key upcoming dates include the interim dividend payment on September 11, 2025, and a Q3 trading update on October 23, 2025[162](index=162&type=chunk)

Financial Data and Key Metrics Changes - Underlying revenue growth was 7% and underlying adjusted operating profit growth was 9% in the first half of 2025 [2][13] - Adjusted earnings per share growth was 10% at constant currency, with a 7% increase in the GBP interim dividend [3][14] - Group adjusted operating margin improved to 34.8%, reflecting strong operating results [13][19] Business Line Data and Key Metrics Changes - In Risk, underlying revenue growth was 8% and underlying adjusted operating profit growth was 9%, driven by AI-enabled analytics and decision tools [4][6] - In Scientific, Technical, and Medical (STM), underlying revenue growth was 5%, with developing momentum supported by new product introductions [5][6] - In Legal, underlying revenue growth improved to 9%, with adjusted operating profit growth at 11% [6][7] - Exhibitions delivered underlying revenue growth of 8%, with margins significantly above pre-pandemic levels [8][9] Market Data and Key Metrics Changes - Total group revenue growth at constant currency was 4%, impacted by portfolio effects and print exposure reduction [16][17] - In Sterling, total revenue growth was 2%, affected by the strength of Sterling against the U.S. Dollar [16] Company Strategy and Development Direction - The strategic direction remains focused on the transition from print to electronic formats, with print revenue now at 4% [10][11] - The company aims to sustain strong long-term growth in Risk, STM, Legal, and Exhibitions, while managing cost growth below revenue growth [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strong underlying revenue growth and adjusted operating profit growth for the full year [24] - Positive momentum is expected across the group, with strong new sales and renewals in various segments [28][29] Other Important Information - Cash conversion was strong at 100%, with net debt at just under $7.5 billion and a leverage ratio of 2.2 times [21][23] - The company completed three acquisitions totaling £262 million and deployed £1 billion for share buybacks in the first half [14][22] Q&A Session Summary Question: Impact of NIH's open access policy on revenues - Management noted that while the NIH's policy change is significant, it is unlikely to impact the overall growth trajectory, which remains strong [28][29] Question: Rationale for partnership with Harvey in Legal - The partnership aims to enhance customer value through integrated tools and seamless interactions, focusing on customer needs [29][30] Question: Connection between cash flow conversion and print segmentation - Management clarified that the strong cash conversion was due to normal timing of receipts and payments, not directly related to print segmentation changes [32] Question: Demand patterns in the legal industry - Management indicated that while demand growth has been strong, the focus remains on adding value through new tools rather than on industry growth rates [75] Question: Incremental growth and margin contribution from digital tools in exhibitions - Management stated that digital offerings are integral to overall growth, but specific contributions are hard to quantify [73][76] Question: Future M&A strategy and leverage considerations - The company is open to acquisitions that enhance organic development but primarily focuses on organic growth opportunities [77][78]

Financial Data and Key Metrics Changes - Underlying revenue growth was 7% and underlying adjusted operating profit growth was 9% in the first half of 2025 [1][11] - Adjusted earnings per share grew by 10% at constant currency, with a 7% increase in the GBP interim dividend [2][12] - The adjusted operating margin improved to 34.8% [11][17] - Cash conversion was strong at 100%, with leverage at 2.2 times [12][20] Business Line Data and Key Metrics Changes - In Risk, underlying revenue growth was 8%, with adjusted operating profit growth of 9% driven by AI-enabled analytics [3][4] - SCM, excluding print, saw 5% underlying revenue growth and 7% adjusted operating profit growth [4][5] - Legal experienced a 9% growth in underlying revenue, with adjusted operating profit growth of 11% [5][6] - Exhibitions delivered 8% underlying revenue growth and 9% adjusted operating profit growth, with margins significantly above pre-pandemic levels [7][8] Market Data and Key Metrics Changes - Total group revenue growth at constant currency was 4%, impacted by portfolio effects and print exposure reduction [14][15] - In Sterling, total revenue growth was 2% due to the strength of Sterling against the U.S. Dollar [14] Company Strategy and Development Direction - The strategic focus remains on the transition from print to electronic formats, with print revenue declining from 64% to 4% over 25 years [8] - The company aims to sustain strong long-term growth in Risk, STM, Legal, and Exhibitions, with a focus on higher growth analytics and decision tools [9][12] - Continuous process innovation is emphasized to manage cost growth below revenue growth, resulting in a higher growth profile with improving returns [9] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strong underlying revenue growth and adjusted operating profit growth for the full year [21] - Positive momentum is noted across the group, with expectations for strong growth in adjusted earnings per share on a constant currency basis [21] Other Important Information - The company completed three acquisitions totaling £262 million in the first half and deployed £1 billion for share buybacks [12][19] - The focus on print-related activities has been reduced, with expectations for profit from print to decline in the high single digits annually [15][16] Q&A Session Summary Question: Impact of NIH's open access policy on revenues - Management noted that while they are aware of the NIH's policy change, it is not expected to significantly impact the overall revenue trajectory, which remains strong [23][25] Question: Rationale for partnership with Harvey - The partnership aims to enhance customer value through collaboration on legal tools, focusing on seamless integration with existing services [26][27] Question: Connection between cash conversion and print segmentation - Management clarified that the strong cash conversion was due to timing of receipts and payments, not directly related to changes in print segmentation [29] Question: Future growth in Legal and STM - Management indicated that while Legal has shown positive momentum, it is unlikely to reach a 10% growth rate this year, with a focus on long-term growth objectives [42][48] Question: Exhibitions margin guidance - Management expects full-year margins to be lower than the first half due to seasonality but still anticipates decent improvement [39][57] Question: Changes in demand from U.S. universities - Management stated that there have been no significant changes in demand patterns from U.S. universities, maintaining a consistent outlook [68][69]

Financial Performance - RELX Group reported strong financial results in H1 2025, with underlying revenue growth of +7%[7, 30] and underlying adjusted operating profit growth of +9%[7, 30] - Adjusted EPS growth at constant currency was +10%[7, 30], and the interim dividend saw a growth of +7%[7] - The adjusted operating profit margin increased to 348%[30, 33] - Adjusted cash flow conversion was strong at 100%[30] Segment Performance - Risk segment revenue grew by +8%[10, 31] and adjusted operating profit by +9%[12, 32] - Scientific, Technical & Medical (STM) segment revenue grew by +5%[10, 31] and adjusted operating profit by +7%[15, 32] - Legal segment revenue grew by +9%[10, 31] and adjusted operating profit by +11%[18, 32] - Exhibitions segment revenue grew by +8%[10, 23] and adjusted operating profit by +9%[23, 32] Strategic Direction and Outlook - RELX expects continued strong underlying revenue growth and adjusted operating profit growth for the full year 2025[13, 16, 19, 23, 39] - The company is focused on developing sophisticated information-based analytics and decision tools[28] - Share buybacks amounted to £1 billion[30]

Core Insights - The total number of mental health providers in the U.S. increased by 11.4% from January 2020 to January 2024, with Montana experiencing the highest increase at 209.6% due to recent legislative changes [3][4] - There is significant variation in patient-to-provider ratios across states, impacting access to mental health care [3][4] - Nearly 24% of providers with prescribing privileges had changes in their license or contact information from January 1 to March 31, 2025, which can affect patient access to care [5][6] Provider Density Trends - The analysis utilized data from LexisNexis® Provider Data MasterFile™ and U.S. Census population data to identify states with the greatest changes in mental health provider volume and ratios [2] - Nine states saw a decrease in the number of mental health providers, with Nevada experiencing the largest decline at -45.2% [3][7] - Montana's ratio of mental health providers per capita improved by 65.6%, while Nevada's ratio deteriorated by 96.2% [8] Policy Impact - States with strong mental health policies are witnessing improvements in provider ratios, which can alleviate clinician burnout and enhance patient access [4] - The need for up-to-date provider data is emphasized to reduce inefficiencies and improve patient care, especially in underserved areas [6]

Market Capitalization Summary - The market capitalizations of various companies are listed, with notable figures such as 141.00 billion for TAL Education and 88.92 billion for Vipshop [2] - Other significant market caps include 62.89 billion for NIO and 58.72 billion for Kingsoft Cloud [2] - The lowest market cap mentioned is 2.57 million for Xunlei [3] Stock Performance - TAL Education's stock decreased by 0.15 (-0.84%), while Vipshop's fell by 0.29 (-1.35%) [2] - NIO's stock saw a decline of 0.04 (-1.01%), whereas Kingsoft Cloud increased by 0.24 (+1.37%) [2] - Other companies like Huya and Yiren Digital also experienced stock fluctuations, with Huya decreasing by 0.08 (-2.23%) [2][3] Company Highlights - Companies such as JD.com and iQIYI are also included in the market cap list, with respective values of 23.77 billion and 24.05 billion [2] - The performance of companies like Lexin and Sohu shows mixed results, with Lexin decreasing by 0.08 (-0.94%) and Sohu decreasing by 0.17 (-1.81%) [2] - New entrants like Huami and Fangdd are noted for their smaller market caps, with Huami at 839.48 million [3]

Core Insights - LexisNexis Risk Solutions has launched a new commercial property risk assessment solution called LexisNexis Location Intelligence for Commercial, which enhances predictive modeling capabilities in the U.S. commercial insurance sector [1][3] Industry Challenges - The frequency and severity of severe weather events are increasing, contributing to over 65% of all U.S. property losses, which poses significant challenges for commercial insurers in underwriting, pricing, and portfolio management [2] Solution Features - The Location Intelligence for Commercial solution combines industry loss data, weather forensics, and granular property characteristics to create predictive modeling risk scores, enhancing the accuracy of risk assessments [3][4] - The solution utilizes proprietary claims information and neural network-driven risk propensity models to provide actionable insights directly into commercial insurance workflows [3][4] Competitive Advantage - The new solution can deliver over 20 times the predictive modeling lift compared to traditional models, allowing insurers to identify the 10% of properties that could account for 34% of weather-related losses in the upcoming year [6] - It integrates various data sources, including aerial imagery and comprehensive claims data, to create a more complete risk profile, moving beyond basic weather data [6] Operational Efficiency - The solution supports automation and efficiency by integrating seamlessly into underwriting and renewal workflows, enabling more targeted risk control strategies [6] - It promotes transparency in risk assessment, helping insurers adapt to regulatory changes and communicate effectively with business owners regarding their property risks [6]