Merger Announcement - Piedmont Lithium Inc. announced an update regarding the proposed merger with Sayona Mining Ltd, aiming to create a leading lithium business[5] - The merger was initially announced on November 19, 2024, indicating a strategic move to enhance market position in the lithium sector[5] - The press release detailing the merger update was issued on April 10, 2025, reflecting ongoing developments in the company's strategic initiatives[5]

Financial Performance - Fourth quarter net sales were $241.5 million, a decrease of 3.6% compared to the prior year period[5] - Fiscal year net sales totaled $680.6 million, down 2.8% from fiscal 2024, primarily due to a 9.3% decrease in omni-channel comparable net sales[6] - Net income for the fourth quarter increased to $35.3 million, or $2.13 per diluted share, representing a 14.1% increase compared to the prior year[9] - Net income for the thirteen weeks ended February 2, 2025, was $35.31 million, up from $30.95 million in the prior year, marking an increase of 14.5%[27] - Net income for the fifty-two weeks ended February 2, 2025, was $11,556,000, a decrease of 51.6% compared to $23,861,000 for the fifty-three weeks ended February 4, 2024[29] Profitability Metrics - Gross profit for the fourth quarter was $145.8 million, with a gross margin of 60.4%, an increase of 70 basis points year-over-year[5] - Gross profit for the same period was $145.78 million, representing a gross margin of 60.5%, compared to a gross profit of $149.64 million and a gross margin of 59.8% in the prior year[27] - Operating income increased to $47.60 million for the thirteen weeks ended February 2, 2025, compared to $40.38 million in the prior year, reflecting a growth of 17.5%[27] - EBITDA for the fifty-two weeks ended February 2, 2025, was $28,359,000, down 33.3% from $42,679,000 for the fifty-three weeks ended February 4, 2024[31] - Adjusted EBITDA for the fifty-two weeks ended February 2, 2025, was $47,787,000, a decrease of 11.6% compared to $54,020,000 for the fifty-three weeks ended February 4, 2024[31] Expenses and Costs - Total operating expenses decreased by 10.1% in the fourth quarter, leading to an operating income of $47.6 million, with an operating margin of 19.7%[9] - Selling, general and administrative expenses decreased to $67.62 million for the thirteen weeks ended February 2, 2025, compared to $76.30 million in the prior year, a reduction of 11.4%[27] - Cash paid for taxes increased to $8,447,000 for the fifty-two weeks ended February 2, 2025, from $1,810,000 for the fifty-three weeks ended February 4, 2024[29] - Equity-based compensation for the fifty-two weeks ended February 2, 2025, was $8,009,000, compared to $4,461,000 for the fifty-three weeks ended February 4, 2024[31] Assets and Liabilities - Cash and cash equivalents as of February 2, 2025, were $83.7 million, a decrease from $87.0 million as of February 4, 2024[13] - Total current assets increased to $246.60 million as of February 2, 2025, compared to $214.45 million as of February 4, 2024, reflecting a growth of 15%[25] - Total liabilities rose to $315.90 million as of February 2, 2025, compared to $264.68 million as of February 4, 2024, indicating an increase of 19.4%[25] - The company reported a decrease in accumulated earnings to $25.85 million as of February 2, 2025, down from $34.40 million in the prior year[25] Future Outlook - The company expects fiscal 2026 net sales to be in the range of $700 million to $750 million[14] - Adjusted EBITDA for fiscal 2026 is projected to be between $48 million and $60 million[14] - Adjusted EBITDA guidance for fiscal 2026 is not provided due to the uncertainty of future charges and costs, which include equity-based compensation expenses[18] Strategic Initiatives - The company added 27 new showrooms during fiscal 2025, bringing the total showroom count to 257[6] - The company continues to focus on enhancing long-term shareholder value through strategic investments and operational improvements[21] Cash Flow and Investments - Net cash provided by operating activities for the fifty-two weeks ended February 2, 2025, was $38,977,000, down 48.9% from $76,441,000 for the fifty-three weeks ended February 4, 2024[29] - The net cash used in investing activities for the fifty-two weeks ended February 2, 2025, was $21,517,000, a decrease from $29,211,000 for the fifty-three weeks ended February 4, 2024[29] - The company repurchased common stock amounting to $19,929,000 during the fifty-two weeks ended February 2, 2025[29]

Financial Performance - ITT reported preliminary Q1 2025 revenue of over $900 million, flat on a GAAP and organic basis, driven by strength in pumps aftermarket and connectors, offset by lower aerospace demand[6]. - The company anticipates earnings per share (EPS) between $1.29 and $1.35, with adjusted EPS ranging from $1.43 to $1.45[6]. - ITT's operating margin for Q1 2025 was reported at 16.5%, with an adjusted operating margin of 17.4%[25]. - Net cash from operating activities is estimated to be between $107 million and $117 million, with free cash flow projected at $70 million to $80 million[30]. - Organic revenue growth for Q1 2025 was $871.5 million, showing a slight increase of 0.4 million compared to the previous year[22]. - Organic orders growth for Q1 2025 was $959.7 million, reflecting a 2.5% increase compared to the prior year[22]. Orders and Guidance - Orders for Q1 2025 totaled $1.0 billion, reflecting a growth of 7% or 2% on an organic basis[6]. - ITT will discuss its full year outlook and further details on its Q1 financial results during a conference call on May 1, 2025[3]. Share Repurchase and Acquisitions - The company plans to repurchase up to $500 million of its shares, with $875 million remaining under the existing $1 billion share repurchase authorization[4]. - The company maintains its commitment to executing further acquisitions while preserving its investment grade credit rating[4].

Financial Performance - Net revenues for the fourth quarter reached $6.0 billion, an increase of 6.7% year-over-year[3]. - For the three months ended February 28, 2025, net sales and operating revenues increased to $6,003.1 million, up from $5,626.6 million in the same period of 2024, representing a growth of 6.7%[27]. - Net earnings for the three months ended February 28, 2025, were $89.9 million, representing a significant increase of 78.8% from $50.3 million in the same period of 2024[33]. - Net earnings for 2025 increased to $500,556, up from $479,204 in 2024, representing a growth of approximately 6.5%[47]. - Basic net earnings per share for the three months ended February 28, 2025, were $0.58, compared to $0.32 in the same period of 2024[42]. Gross Profit and Expenses - Total gross profit was $667.9 million, up 13.9%, with gross profit per retail used unit reaching a record $2,322, an increase of $71 per unit[3][9]. - Gross profit for the three months ended February 28, 2025, was $667.9 million, a 13.9% increase from $586.2 million in the prior year[28]. - Used vehicle gross profit per unit rose to $2,322, an increase of 8.8% compared to $2,251 in the same quarter of 2024[29]. - Total SG&A expenses for the three months ended February 28, 2025, were $610.5 million, a 5.1% increase from $580.9 million in the same quarter of 2024[30]. - SG&A expenses rose by 5.1% to $610.5 million, but as a percentage of gross profit, it decreased by 770 basis points to 91.4%[11]. CarMax Auto Finance - CarMax Auto Finance (CAF) income increased by 8.2% to $159.3 million, driven by growth in net interest margin percentage[12]. - CarMax Auto Finance (CAF) income for the three months ended February 28, 2025, was $159.3 million, up from $147.3 million in the same period of 2024, reflecting an increase of 8.6%[32]. - The weighted average contract rate for loans was 11.1% for the three months ended February 28, 2025, down from 11.5% in the same period of 2024[32]. - The net penetration rate for loans remained stable at 42.3% for both the three months ended February 28, 2025, and 2024[32]. - CarMax Auto Finance originated over $8 billion in receivables during fiscal 2025, contributing to a nearly $18 billion portfolio[37]. Store Expansion and Operations - Two new store locations were opened in Mays Landing, New Jersey, and Visalia, California, bringing the total to 250 stores[15]. - For fiscal 2026, the company plans to open six new store locations and four stand-alone reconditioning/auction centers, with capital expenditures expected to be approximately $575 million[16]. - CarMax has 250 store locations and over 30,000 associates, maintaining its position as the largest retailer of used autos in the U.S.[37]. Cash Flow and Investments - Net cash provided by operating activities rose to $624,439 in 2025, compared to $458,617 in 2024, marking an increase of about 36.2%[47]. - Capital expenditures for 2025 were $467,939, slightly higher than $465,307 in 2024, indicating a stable investment level[47]. - The company reported a net cash used in financing activities of $(453,537) in 2025, compared to a net cash provided of $307,787 in 2024, indicating a shift in financing strategy[47]. - The net cash used in investing activities was $(461,002) in 2025, slightly lower than $(466,998) in 2024, indicating a consistent investment approach[47]. Recognition and Workforce - The company has been recognized for 21 consecutive years as one of the Fortune 100 Best Companies to Work For®[37].

AI Tools and Technologies - The company launched an initial set of generative AI tools in its PC flagship browser in March 2023, expanding to other mobile and PC browsers[36]. - The company launched various generative AI tools and services throughout 2023 and 2024, including the Aria browser AI[50]. - The company opened a green energy-powered AI data cluster in Iceland in 2024, featuring a NVIDIA DGX SuperPOD, indicating significant investment in technology infrastructure[87]. - The company has key partnerships with Google and OpenAI to enhance its AI capabilities, which are crucial for its growth strategy[110]. - Opera's browser AI, Aria, connects to multiple LLM models and allows users to select from approximately 2,000 local LLM variants[196]. Financial Performance and Revenue - Revenue generated from customers and monetization partners in Russia accounted for 5.2%, or $20.7 million, of total revenue in 2023[61]. - Approximately 5.7% of the company's revenue in 2023 and 3.4% in 2024 was generated from monetizing the user base in Russia, indicating potential future revenue growth challenges due to the ongoing crisis[62]. - Revenue from customers in Ireland accounted for 44.1%, 41.1%, and 38.5% in 2022, 2023, and 2024, respectively[107]. - Revenue generated from users' search activity accounted for 42.3%, 40.9%, and 38.7% in 2022, 2023, and 2024, respectively[108]. - Annualized ARPU increased by 37% from Q4 2023 to Q4 2024, driven by strong growth in advertising and search revenues[183]. User Engagement and Growth - Opera reported an average of 296 million monthly active users (MAUs) in Q4 2024, with 268 million from its browser products[173]. - The Opera News platform achieved 368 million average MAUs in Q4 2024, including 27 million from standalone news apps[177]. - The Opera GX gaming browser reached 34 million MAUs in Q4 2024, highlighting its growth in the gaming segment[176]. - The company experienced a 9.9% increase in its total user base in Western markets from Q4 2023 to Q4 2024, while emerging markets saw an 8.5% decrease[183]. - Opera Mini averaged 113 million users worldwide during Q4 2024, with over 79 million MAU in its Android version alone[194]. Legal and Regulatory Risks - The company is exposed to risks related to AI technologies, including potential reputational harm and legal liabilities[40]. - The company has been subject to intellectual property infringement claims, which could be costly and time-consuming to defend[31]. - The company is subject to various legal and regulatory risks when expanding into diverse and fragmented markets[44]. - The company faces risks related to litigation, including intellectual property claims, which have increased as its products and services have grown in complexity[65]. - The company is subject to various laws and regulations regarding user privacy and data protection, particularly in the European Economic Area, which could impact business operations[97]. Competition and Market Position - The company faces intense competition from major players like Google, Apple, and Microsoft, which may affect its market position[34]. - The company’s ability to compete effectively depends on various factors, including the usefulness and reliability of its products compared to competitors[38]. - The company relies on third-party distribution channels, including Google Play and Apple's App Store, which may change unilaterally and affect product availability[117]. Investment and Capital Needs - The company may require additional capital for future growth and investments, which may not be available on favorable terms[55]. - The company has invested in OPay, a fintech company focused on financial inclusion in emerging markets, particularly Nigeria and Egypt[51]. - The carrying amount of the investment in OPay was $258.3 million as of December 31, 2024, with unrealized fair value gains of $89.8 million in 2023 and $5.0 million in 2024[86]. Operational Challenges - The company is affected by macroeconomic and geopolitical conditions, including the unpredictable impacts of the war in Ukraine[26]. - The ongoing war in Ukraine has resulted in significant volatility in financial markets and has affected the company's operations and future financial performance[60]. - The company may face service interruptions due to reliance on third-party data centers and cloud services, which could impact user experience and revenue[119]. - The company may need to invest substantially to improve performance and prevent service disruptions[105]. Cybersecurity and Data Protection - Cybersecurity threats, including data breaches and hacking attempts, pose significant risks to the company's operations and user trust[98]. - The company has not suffered material costs from cybersecurity incidents to date, but future breaches could adversely impact user willingness to use its services[100]. - The company is exposed to potential claims regarding open source software, which could lead to litigation and additional costs[92]. Corporate Governance and Shareholder Rights - The company qualifies as a "controlled company" under Nasdaq rules, which may exempt it from certain corporate governance requirements, potentially affecting public shareholders[143]. - Shareholders of the company have limited rights to inspect corporate records under Cayman Islands law, which may hinder their ability to obtain necessary information[152]. - The company's memorandum and articles of association contain anti-takeover provisions that could limit shareholders' opportunities to sell shares at a premium[150]. Miscellaneous - The company launched MiniPay, a non-custodial stablecoin wallet built on the Celo blockchain, in September 2023[36]. - The company adopted a recurring semi-annual cash dividend program, with the first dividend of $0.40 per ADS paid on June 30, 2023, and subsequent dividends declared for January 3, 2024, July 2, 2024, and January 6, 2025[136]. - The company has extended its search distribution agreement with Google until December 31, 2026, and renewed its agreement with Yandex effective January 1, 2025[210].

Revenue Performance - Revenue for Q2 FY2025 increased to $10.9 million, up from $1.3 million in Q1 FY2025, representing a growth of 738%[3] - SemiLEDs reported a gross profit of $1.0 million for Q2 FY2025, compared to $260 thousand in Q1 FY2025[12] Profitability Metrics - GAAP net income attributable to SemiLEDs stockholders for Q2 FY2025 was $388 thousand, or $0.05 per diluted share, compared to a net loss of $547 thousand, or $(0.08) per diluted share in Q1 FY2025[3] - GAAP gross margin for Q2 FY2025 decreased to 9%, down from 21% in Q1 FY2025[4] - Operating margin for Q2 FY2025 was 1%, compared to negative 52% in Q1 FY2025[4] Cash and Assets - Cash and cash equivalents increased to $2.4 million at February 28, 2025, from $1.2 million at the end of Q1 FY2025[4] - Total current assets rose to $18.2 million as of February 28, 2025, compared to $5.5 million at the end of Q1 FY2025[10] Liabilities - Total liabilities increased to $19.6 million as of February 28, 2025, compared to $8.8 million at the end of Q1 FY2025[10] Research and Development - Research and development expenses for Q2 FY2025 were $279 thousand, up from $221 thousand in Q1 FY2025[12] Future Outlook - The company anticipates revenue growth opportunities in the LED industry and plans to capitalize on market trends[7]

Enrollment and Revenue - For the fiscal year ended December 31, 2024, the company had 4,781 students enrolled, with 58.7% in portfolio training programs[22] - Net revenues for the fiscal years ended December 31 were RMB206.8 million, RMB221.6 million, and RMB268.1 million ($36.7 million) for 2022, 2023, and 2024 respectively, indicating a growth of approximately 21% from 2023 to 2024[22] - For the fiscal year ended December 31, 2024, the Company reported net revenues of RMB268,060,162, with subsidiaries contributing RMB268,055,926 and the VIE contributing RMB4,236[66] - The total cost and expenses for the same period were RMB311,279,249, resulting in a loss from operations of RMB43,044,156[66] - The net loss attributable to ATA Creativity Global for the year ended December 31, 2024, was RMB36,097,777[67] - For the fiscal year ended December 31, 2023, the Company reported net revenues of RMB221,618,968, with total cost and expenses amounting to RMB263,145,737, leading to a loss from operations of RMB41,495,904[66] - The net loss attributable to ATA Creativity Global for the year ended December 31, 2023, was RMB33,660,245[67] - Net revenues for the year ended December 31, 2022, were RMB 206,820,874[68] - Total cost and expenses amounted to RMB 263,423,953, resulting in a loss from operations of RMB 56,586,564[68] - The net loss attributable to ATA Creativity Global was RMB 47,892,909 for the year ended December 31, 2022[68] Regulatory Environment - The company is subject to evolving PRC laws and regulations, which could impact its ability to offer securities and conduct business operations[24] - The company has obtained legal opinions confirming the necessary permissions and approvals for its operations, but future changes in regulations may require additional licenses[29] - The company is subject to evolving regulations regarding private education institutions, which may require additional licenses in the future[36] - The CAC and the State Administration for Market Regulation issued new rules for personal information protection certification, effective June 1, 2023, impacting data transfer regulations[42] - The Company believes it is not required to obtain permission from the CSRC for its Nasdaq listing, but future compliance with evolving regulations remains uncertain[44] - The CSRC's Overseas Offering and Listing Measures, effective March 31, 2023, require filings for new overseas offerings but exempt completed listings prior to this date[45] - The Company has not received any inquiries or regulatory objections from the CAC regarding compliance with personal information protection laws as of the report date[42] - The Company has not received any notice requiring it to undergo cybersecurity reviews as of the report date[46] - The Company has not received any inquiries, notices, warnings, sanctions, or regulatory objections from the CAC or any other regulatory authority regarding personal information protection compliance[175] - The company believes it currently does not require permission from the PRC government for its operations, but future regulatory changes could impose new compliance requirements[194] Financial Performance and Cash Flow - The company relies on dividends and distributions from its PRC subsidiaries for cash requirements, subject to foreign exchange restrictions[48] - Internal controls are in place for cash flow management, although written cash management policies have not been established[50] - Cash and cash equivalents increased significantly from RMB 1,068,177 in 2023 to RMB 4,608,462 in 2024[71] - The company reported cash and cash equivalents at the end of 2024 amounting to RMB 36,523,995, down from RMB 60,167,232 at the end of 2023, indicating a decrease of approximately 39.4%[75] - For the fiscal year ended December 31, 2024, net cash provided by operating activities was RMB (3,345,170) compared to RMB 8,751,473 in 2023, indicating a significant decrease in operational cash flow[75] - The net cash used in operating activities for the year ended December 31, 2022, was RMB (14,613,887), highlighting a trend of increasing cash outflows from operations over the years[77] - The company received RMB 9,934,336 from inter-company cash flows in 2024, while cash paid to inter-companies was RMB (2,540,662), indicating active inter-company financial transactions[75] Operational Challenges and Risks - The company may face challenges in generating sufficient net income to sustain continued expansion[92] - A decline in market acceptance for creative arts-related international education services could negatively impact revenue growth[99] - The ability to attract students to portfolio training services without significantly decreasing course fees is critical for maintaining revenue and profitability[100] - The outbreak of COVID-19 and similar public health developments may disrupt business operations and adversely affect financial results[97] - The company faces risks related to geopolitical uncertainty and economic slowdown, which could discourage student enrollment[92] - The company faces increasing competition from established brands and new entrants, which may negatively affect revenues and market share[123] - The company has limited insurance coverage for business disruptions and litigation, exposing it to substantial costs in case of incidents[121] - Unauthorized use of the company's intellectual property by third parties is a significant risk, with potential adverse effects on business and reputation[127] - The company is subject to potential legal claims regarding intellectual property infringement, which could result in substantial legal expenses and disrupt business operations[128] Corporate Structure and Governance - The company operates primarily through its PRC subsidiary Huanqiuyimeng, which provides most of its educational services[28] - The VIE structure allows the company to consolidate its operations under U.S. GAAP, despite the VIE having no business operations of its own as of the report date[23] - The company relies on contractual arrangements with the VIE, which may not provide the same level of operational control as direct ownership[96] - The VIE is 90% owned by the Chairman and 10% by the President, with contractual arrangements enabling the company to direct the VIE's activities[215] - The shareholders of the VIE may have conflicts of interest with the company, potentially breaching existing contractual arrangements, which could adversely affect the company's ability to control the VIE[223] - The contractual arrangements with the VIE are governed by PRC laws, which may complicate enforcement and resolution of disputes[222] Compliance and Legal Risks - The company may incur substantial costs and resources to enforce contractual arrangements if the VIE's shareholders fail to perform their obligations[222] - The legal system in the PRC presents uncertainties that could limit the company's ability to enforce contractual arrangements with the VIE, affecting financial consolidation[222] - The company may face material and adverse tax consequences if the PRC tax authorities determine that the contractual arrangements were not entered into on an arm's length basis, leading to potential adjustments in the VIE's income[226] - The company faces uncertainty in obtaining necessary government approvals for future loans or capital contributions to PRC subsidiaries, which may restrict business strategy execution[158] Strategic Initiatives and Future Outlook - The company is exploring acquisition opportunities in the international education sector to broaden its service spectrum[21] - The company is considering expanding its online courses and services, which may require an internet content provision license under PRC law[23] - The company is focusing on developing and expanding its small-sized class model and online-merge-offline model to improve margins[110] - The company has established 20 training centers in China as of April 3, 2025, with plans for further expansion[108] - The company relies on maintaining strong relationships with overseas schools and institutions to enhance its brand and service offerings[112] - The company is monitoring the evolving regulatory environment and may change its business model or dispose of certain services to ensure compliance with new regulations[182]

Financial Performance - For the year ended December 31, 2024, Li Auto Inc. reported third-party revenues of RMB 144,459,946 thousand, an increase from RMB 123,851,332 thousand in 2023, representing a growth of approximately 16.6%[47]. - The net income attributable to shareholders of Li Auto Inc. for 2024 was RMB 8,032,350 thousand, compared to RMB 11,704,133 thousand in 2023, indicating a decrease of about 31.5%[47]. - As of December 31, 2024, total assets for Li Auto Inc. were RMB 162,349,078 thousand, up from RMB 179,328,302 thousand in 2023, reflecting a decrease of approximately 9.5%[49]. - The company reported a total of RMB 65,901,123 thousand in cash and cash equivalents as of December 31, 2024, compared to RMB 57,210,590 thousand in 2023, showing an increase of about 15.5%[49]. - Li Auto Inc. had total liabilities of RMB 91,028,696 thousand as of December 31, 2024, a decrease from RMB 158,585,601 thousand in 2023, representing a reduction of approximately 42.5%[49]. - The share of income from subsidiaries and VIEs for 2024 was RMB 7,821,521 thousand, down from RMB 11,716,065 thousand in 2023, indicating a decline of about 33.3%[47]. - The company reported third-party expenses of RMB 22,637,024 thousand for 2024, compared to RMB 20,089,874 thousand in 2023, marking an increase of approximately 12.6%[47]. - The total shareholders' equity for Li Auto Inc. as of December 31, 2024, was RMB 71,320,382 thousand, a slight decrease from RMB 71,320,382 thousand in 2023[49]. - The company’s long-term investments amounted to RMB 922,897 thousand as of December 31, 2024, compared to RMB 705,560 thousand in 2023, reflecting an increase of approximately 30.8%[49]. - For the year ended December 31, 2023, net cash provided by operating activities was RMB 50,693,521 thousand, a significant increase from previous years[52]. - The company reported net cash used in investing activities of RMB 41,137,169 thousand for the year ended December 31, 2024[52]. - Total revenues for 2023 reached RMB 123.85 billion, a significant increase of 174% compared to RMB 44.11 billion in 2022[57]. - Vehicle sales contributed RMB 120.29 billion to total revenues in 2023, up from RMB 44.11 billion in 2022, reflecting a growth of 173%[57]. - Gross profit for 2023 was RMB 27.50 billion, representing a gross margin of approximately 22.2%[57]. - Net income for 2023 was RMB 11.81 billion, a turnaround from a net loss of RMB 2.03 billion in 2022[57]. - Research and development expenses for 2023 totaled RMB 10.59 billion, an increase of 56% from RMB 6.78 billion in 2022[58]. - Cash and cash equivalents as of December 31, 2023, amounted to RMB 91.33 billion, up from RMB 40.42 billion at the end of 2022[59]. - Total assets increased to RMB 143.47 billion in 2023, compared to RMB 86.54 billion in 2022, marking a growth of 65%[59]. - The company provided guidance for 2024, expecting total revenues to reach RMB 144.46 billion, indicating a growth of approximately 16% year-over-year[57]. - The weighted average number of diluted shares increased to 2.12 billion in 2023 from 1.94 billion in 2022[57]. - The company generated net income of RMB 11.8 billion and RMB 8.0 billion (US$1.1 billion) in 2023 and 2024, respectively, after incurring a net loss of RMB 2.0 billion in 2022[84]. - The company had net cash provided by operating activities of RMB 7.4 billion, RMB 50.7 billion, and RMB 15.9 billion (US$2.2 billion) in 2022, 2023, and 2024, respectively[84]. Regulatory and Compliance Issues - The PRC government has implemented regulations that may require Li Auto Inc. to undergo a cybersecurity review for future capital markets activities overseas[38]. - The PCAOB has determined it can inspect registered public accounting firms in mainland China and Hong Kong, affecting Li Auto Inc.'s compliance status under the HFCAA[34]. - Li Auto Inc. may need to obtain additional licenses or permits for its business operations in the future due to evolving PRC regulations[37]. - Under PRC laws, dividends from PRC subsidiaries can only be paid out of accumulated profits, which are subject to a 25% statutory tax rate[41]. - The Cybersecurity Review Measures require network platform operators with over one million users to undergo a cybersecurity review before foreign public offerings, creating uncertainties for companies listed on foreign exchanges[172]. - As of the date of the annual report, no detailed implementation rules have been issued regarding the classification of critical information infrastructure operators, leading to potential compliance challenges[174]. - The Data Security Regulations mandate national security reviews for network data processors affecting national security, but lack clarity on what constitutes such an impact[175]. - Companies may face increased compliance costs and operational burdens due to evolving data protection laws in various jurisdictions, including the EU's General Data Protection Regulation[178]. - The company is uncertain about the full impact of the Cybersecurity Review Measures on its operations despite being listed on Nasdaq and the Hong Kong Stock Exchange[237]. Operational Challenges - The company faces significant competition in the Chinese automotive market, particularly from BYD, which has a dominant market share in the NEV segment priced under RMB 200,000 (US$27,400)[74]. - The company relies heavily on a limited number of vehicle models for revenue, which may adversely affect future sales if these models do not meet market expectations[76]. - The company has limited experience in BEV production and sales, which poses challenges in predicting future revenues and managing expenses[69]. - The company may face risks related to supply chain disruptions and delays in technology development, which could impact vehicle delivery and quality[77]. - The company’s pricing model targets the premium segment, which may exceed the budget of certain consumers, potentially affecting sales[80]. - The company faces significant operational challenges in international markets, including compliance with local regulations and the need for substantial capital investment for brand promotion and establishing sales networks[121]. - A global semiconductor chip shortage from October 2020 to the end of 2022 disrupted automotive manufacturing, affecting the company's production and deliveries[126]. - The company may face challenges in attracting and retaining talent with international perspectives, which is crucial for managing local operations effectively[122]. - The company has significant capital expenditures planned for expanding manufacturing capacities and developing new technologies, which could strain financial resources[125]. - A global shortage in the supply of battery packs may disrupt operations and adversely affect financial condition, with potential price increases impacting vehicle demand[127]. - The company faces challenges in managing growth effectively, which could materially affect business and financial condition[134]. - The company is facing legal proceedings, including two putative securities class actions filed in May 2024, which could materially impact its business and financial condition[210]. - The ongoing macroeconomic challenges, including inflation and geopolitical tensions, could adversely affect the company's operations and results[211]. Supply Chain and Production Risks - The company relies on third-party suppliers for key components, with some being single-source suppliers, which may lead to supply chain disruptions and increased costs[95]. - The reliance on third-party suppliers for battery cells poses risks, particularly with CATL, which supplies a majority of battery packs[127]. - The company cannot assure the quality of components from third-party suppliers, which may lead to quality issues with vehicles[96]. - Fluctuations in raw material prices, such as steel and aluminum, could adversely affect the company's financial condition[95]. - The company is subject to fluctuating raw material prices, particularly for aluminum and steel, which could increase costs and reduce profit margins[125]. - Export control measures by the U.S. government may affect the company's supply chain and technology development, particularly regarding semiconductor manufacturing[114]. Intellectual Property and Legal Risks - The company is subject to product liability claims, which could harm financial condition and brand reputation[144]. - Intellectual property infringement claims could result in substantial costs and negatively impact business operations[186]. - The company may incur significant costs and resource diversion due to potential litigation for intellectual property rights enforcement[190]. - The company faced a RMB 400,000 fine for failing to file prior notification of concentrations of undertaking for two past transactions[198]. - The company may face risks associated with strategic alliances and acquisitions, including sharing proprietary information and potential reputational harm[197]. Environmental and Social Risks - Climate change poses physical risks, including natural disasters that could disrupt operations and increase costs[179]. - Transition risks related to climate change regulations may lead to additional compliance costs and impact financial performance[180]. - The company has recognized the need for effective inventory management to avoid overstocking or understocking issues[128]. - The potential for adverse publicity from battery-related incidents could harm business and financial condition[148]. Corporate Governance and Structure - The company’s dual-class voting structure limits shareholder influence on corporate matters, which could deter potential change of control transactions[71]. - The company currently lacks arrangements to address potential conflicts of interest with VIE shareholders, relying on fiduciary duties under Cayman Islands and PRC laws[226]. - The registered shareholders of the VIEs may have conflicts of interest that could adversely affect the company's control and economic benefits from the VIEs[225]. - The company’s internal control over financial reporting was deemed effective as of December 31, 2024, by management and its independent auditor[201].

Financial Risks - As of December 31, 2024, approximately 28.6% of the company's total debt was variable rate funding, which could increase costs if interest rates rise[1] - Argentina's cumulative inflation over the past three years exceeded 100.0%, categorizing it as a hyperinflationary economy, which may adversely affect the company's financial position[2] - Depreciation of local currencies relative to the U.S. dollar increases costs for raw materials and debt obligations, negatively impacting financial results[3] - Significant fluctuations in local currencies may continue to affect the company's results and financial condition[4] Political and Social Risks - Political and social events, including upcoming elections in 2024 and 2025 in several countries, may introduce risks associated with changes in government and public policies[5] - Recent constitutional reforms in Mexico could create operational risks and affect the company's ability to conduct business[6] - The new U.S. administration's policies may lead to economic slowdown and increased operational costs, impacting demand for the company's products[7] Market and Economic Influences - The market value of the company's securities may be influenced by economic conditions in other countries, including the ongoing military conflict involving Russia and Ukraine[8] Equity and Capital Concerns - Holders of units and ADSs in the U.S. may face dilution of equity interests due to restrictions on preemptive rights in capital offerings[9] - The company may not file a registration statement with the SEC, limiting U.S. holders' ability to participate in future capital increases[10]

EXHIBIT 99.1 Brookfield Business Partners Reports 2024 Year End Results BROOKFIELD, News, Jan. 31, 2025 (GLOBE NEWSWIRE) -- Brookfield Business Partners (NYSE: BBU, BBUC; TSX: BBU.UN, BBUC) announced today financial results for the year ended December 31, 2024. "Our business had another successful year in 2024. We generated over $2 billion from our capital recycling initiatives, acquired two market-leading operations and achieved solid financial results," said Anuj Ranjan, CEO of Brookfield Business Partner ...