香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 Global Chinese Business Club 環球華商俱樂部 茲提述本企業日期為二零二六年一月二十二日有關本集團計劃透過進入金融 服 務 領 域 以 達 致 業 務 多 元 化 的 自 願 公 告。 承董事局命 環球華商俱樂部 主席及執行董事 周振林 董 事 局 欣 然 宣 佈，本 公 司 已 訂 立 買 賣 協 議 以 收 購 一 家 於 英 屬 處 女 群 島 註 冊 成 立 的 公 司（「目標公司」）已 發 行 股 本 合 共33%（「收購事項」）。目 標 公 司 全 資 擁 有 一 家 於 香 港 註 冊 成 立 的 公 司（「持牌證券公司」），該 公 司 獲 證 券 及 期 貨 事 務 監 察 委 員 會 發 牌，可 從 事 第1類（證 券 交 易）受 規 管 活 動。因 此，於 收 購 事 項 完 成 後， 本集團已收購持牌 ...

鑄帝控股集團有限公司 （於 開 曼 群 島 註 冊 成 立 之 有 限 公 司） （股 份 代 號：1413） 自願性公告 有關康養基礎設施 戰略合作之諒解備忘錄 本 公 告 乃 由 鑄 帝 控 股 集 團 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」） 自 願 作 出，旨 在 向 股 東 及 潛 在 投 資 者 提 供 本 集 團 業 務 發 展 舉 措 的 最 新 資 料。 本 公 司 董 事 會（「董事會」）欣 然 宣 佈，於2026年3月18日（交 易 時 段 後），本 公 司 全 資 附 屬 公 司 鑄 帝 工 程（深 圳）有 限 公 司（「該附屬公司」）與 融 易 超 越（深 圳）建 設 工 程 有 限 公 司（「融易超越」）訂 立 一 份 有 關 戰 略 合 作 的 不 具 法 律 約 束 力 諒 解 備 忘 錄（「諒解備忘錄」），據 此，各 訂 約 方 同 意 建 立 長 期 戰 略 合 作 關 係，專 注 於 在 中 華 人 民 共 和 國 投 資 及 建 設 康 養 基 礎 設 施（「康養基礎設施」）。此 次 合 作 標 誌 著 本 集 團 正 式 進 入 康 ...

Core Viewpoint - Kewaunee Scientific Corporation's shares have declined significantly following mixed financial results for the third quarter of fiscal 2026, indicating a negative market reaction to the company's performance [1][2]. Financial Performance - Net sales for the fiscal third quarter increased by 3.3% year over year to $69.4 million, up from $67.2 million, reflecting modest growth [2]. - Net earnings attributable to the company fell approximately 49% to $0.7 million from $1.35 million in the prior-year period, with diluted earnings per share dropping to 23 cents from 45 cents [2]. - Pre-tax earnings rose by 25.8% to $1.6 million, but the decline in net income was attributed to higher taxes and non-controlling interests [2]. Segment Performance - The domestic segment, the largest contributor, reported sales of $51 million, down 2% year over year, with net earnings declining to $2.29 million from $2.88 million [3]. - The international segment experienced strong growth, with sales increasing by 21.4% to $18.4 million and net earnings rising to $1.26 million from $0.48 million [4]. - Order backlog decreased to $183.2 million from $221.6 million a year earlier, indicating softening demand visibility [4]. Management Commentary - Management noted that the third quarter is typically the weakest due to seasonal effects, compounded by geopolitical and economic uncertainties [5]. - Despite challenges, management highlighted year-over-year sales growth and the resilience of the diversified portfolio, aided by the addition of Nu Aire's products [6]. Financial Position - Cash and cash equivalents decreased to $10.3 million from $17.2 million at the beginning of the fiscal year, reflecting ongoing investments [7]. - Long-term debt significantly declined to $42.3 million from $60.7 million, improving the debt-to-equity ratio to 0.68 from 0.99 [8]. Strategic Outlook - Strategic priorities include disciplined capital allocation, reinvestment in operations, and pursuing complementary acquisitions to expand product offerings and geographic reach [9]. - The company aims to accelerate debt reduction following the Nu Aire acquisition while maintaining flexibility for shareholder returns [10]. Other Developments - The acquisition of Nu Aire, completed in November 2024, continues to influence financial performance, including integration-related costs [11]. - Management expects Nu Aire to contribute meaningfully to growth and EBITDA over time, particularly in containment and airflow solutions [12].

Financial Data and Key Metrics Changes - In 2025, Adecoagro experienced a year-over-year decrease of 2% in sales and a 38% decline in adjusted EBITDA due to lower commodity prices and increased costs [10][11] - The acquisition of Profertil is expected to increase the company's size from $1.5 billion in recurring revenues to above $2 billion, with potential adjusted EBITDA rising to $700 million [9][12] - Net debt reached $1.5 billion, with a net leverage ratio increasing to 3.3 times compared to 1.2 times in 2024 [14] Business Line Data and Key Metrics Changes - The sugar, ethanol, and energy business saw adjusted EBITDA drop to $292 million, impacted by lower global sugar prices despite improved ethanol prices [16][17] - The fertilizer business faced significant downtime, resulting in a decline in net sales and adjusted EBITDA, but is expected to recover in 2026 as operations normalize [18][19] - The food and agriculture business maintained sales levels year-over-year due to higher volumes sold, but adjusted EBITDA was negatively affected by rising costs [19] Market Data and Key Metrics Changes - Urea prices have increased by 30%-40% due to international conflicts, positioning Adecoagro to benefit from higher margins as most costs are fixed [25] - The sugar market is under pressure, with Brazil maximizing ethanol production, which may lead to a future increase in sugar prices as supply decreases [80] Company Strategy and Development Direction - Adecoagro aims to be the lowest cost producer across its segments, focusing on efficiency and diversification to navigate commodity price volatility [5][11] - The company plans to simplify its business structure into three segments: sugar, ethanol, and energy; fertilizers; and food and agriculture [4][8] - Future growth avenues include expanding urea production capacity and exploring organic growth opportunities within its existing business lines [53] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenging agribusiness environment in 2025 but remains optimistic about recovery and growth potential, particularly in the fertilizer segment [5][11] - The company expects a full recovery in adjusted EBITDA for the fertilizer business in 2026, driven by normalized operations and favorable market conditions [18] - Management is confident in the long-term prospects of the food and agriculture business, especially with potential tax reductions in Argentina [60] Other Important Information - The acquisition of Profertil was financed through a combination of cash, long-term debt, and equity issuance, marking a significant return to public markets since 2011 [13] - The company plans to distribute $35 million in cash dividends for 2026, reflecting its commitment to shareholder returns [15][44] Q&A Session Summary Question: Insights on the fertilizer market and its impact on margins - Management indicated that higher urea prices will directly enhance margins due to fixed costs, with expectations of continued high prices throughout the year [25][26] Question: Outlook for sugar and ethanol costs - Management anticipates a 10%-15% reduction in costs due to improved efficiencies and fixed fertilizer prices [28][30] Question: Commercialization strategy for fertilizers and ethanol - The strategy focuses on maximizing domestic sales in Argentina while pricing at import parity, with expectations of increased ethanol production due to rising gasoline prices [37][39] Question: Future growth avenues post-deleveraging - Management sees potential in expanding sugarcane crushing and urea production capacity, with no immediate plans for partnerships in the food and agriculture segment [49][53] Question: Production costs for urea and ammonia - The expected cash cost of producing urea is projected to be between $180-$190 per ton, with confidence in maintaining low production costs [61][62]

Financial Data and Key Metrics Changes - In 2025, Adecoagro experienced a year-over-year decrease of 2% in sales and a 38% decline in adjusted EBITDA due to lower commodity prices and increased costs [10][11] - The acquisition of Profertil is expected to increase recurring revenues from $1.5 billion to over $2 billion, with adjusted EBITDA potential rising from $400 million to $700 million [9][10] - Net debt reached $1.5 billion, with a net leverage ratio increasing to 3.3 times compared to 1.2 times in 2024 [14] Business Line Data and Key Metrics Changes - The sugar, ethanol, and energy business saw adjusted EBITDA drop to $292 million, impacted by lower global sugar prices despite improved ethanol margins [17][18] - The fertilizer business faced significant downtime, resulting in a decline in net sales and adjusted EBITDA year-over-year, but is expected to recover in 2026 [19][20] - The food and agriculture business maintained revenue levels due to higher volumes sold, but adjusted EBITDA was negatively affected by rising costs and uneven yields [20] Market Data and Key Metrics Changes - Urea prices have increased by 30%-40% due to international conflicts, positioning Adecoagro to benefit from higher margins as most costs are fixed [26] - The Americas are heavily reliant on urea imports, with South America importing 10 million tons annually, creating a favorable market for local producers like Adecoagro [38] Company Strategy and Development Direction - The company aims to focus on being the lowest cost producer across its segments, leveraging the acquisition of Profertil to enhance cash generation and reduce earnings volatility [3][4] - A strategic shift to three business segments—sugar, ethanol, and energy; fertilizers; and food and agriculture—aims to simplify operations and improve financial performance [5][8] - Future growth avenues include expanding urea production capacity and exploring organic growth opportunities within existing business lines [55] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging agribusiness environment in 2025 but expressed confidence in navigating the cycle through efficiency and cost management [5][6] - The company anticipates a full recovery in the fertilizer business and expects low double-digit growth in sugar cane crushing volumes for 2026 [18][19] - Management remains optimistic about the food and agriculture business, citing improvements in domestic consumption and potential tax reductions in Argentina [60] Other Important Information - The acquisition of Profertil was financed through a combination of cash, long-term debt, and equity issuance, marking a significant return to public markets since 2011 [13] - The company plans to distribute $35 million in cash dividends for 2026, subject to shareholder approval [15][45] Q&A Session Summary Question: Insights on the fertilizer market and its impact on margins - Management indicated that higher urea prices would directly enhance margins due to fixed costs, with expectations of producing 1.3 million tons annually [26][27] Question: Outlook for sugar and ethanol costs - Management expects a 10%-15% reduction in costs due to improved efficiencies and fixed fertilizer prices, despite potential increases in labor and diesel costs [29][30] Question: Commercialization strategy for fertilizers and ethanol - The strategy focuses on maximizing domestic sales in Argentina while pricing at import parity, with expectations of increased ethanol production due to rising gasoline prices [38][39] Question: Future growth avenues post-deleveraging - Management sees opportunities in expanding sugarcane crushing and potentially increasing urea production capacity, with no immediate plans for partnerships in the food and agriculture segment [49][55] Question: Production costs and market dynamics for urea - The cash cost of producing urea is estimated to be between $180-$190 per ton, with confidence in maintaining a low-cost production model [61][62]

Financial Data and Key Metrics Changes - Net sales for Q1 fiscal 2026 were $19 million, slightly below the previous year's record first quarter due to a large project anomaly last year [4] - Gross profit margin improved by 250 basis points to 32.3% from 29.8% year-over-year [20] - Operating income tripled to $177,000 compared to $56,000 in the previous year [5][20] - Adjusted EBITDA increased by 22% to nearly $1.1 million, representing 5.6% of net sales [5][21] - Consolidated net loss was $50,000 or $0.00 per diluted share, compared to a net loss of $245,000 or $0.02 per diluted share in Q1 2025 [21] Business Line Data and Key Metrics Changes - Strong performance in the custom cable segment helped offset delays in integrated systems, showcasing the effectiveness of diversification [14] - The backlog increased significantly to $18.6 million, up from $12.4 million, indicating strong future demand [6] Market Data and Key Metrics Changes - The company is expanding its presence in new verticals such as wireline, cable, and edge data centers, addressing unmet needs at the edge of networks [8] - The customer roster includes well-known names across various sectors, although specific names were not disclosed for competitive reasons [9] Company Strategy and Development Direction - The company has transitioned from being a vendor to a solutions provider, focusing on technology-forward products that meet diverse customer needs [6] - The strategy includes targeting new markets and enhancing operational efficiencies to reduce reliance on cyclical capital spending [7][18] - A capital-light approach has been adopted to increase operating leverage and improve financial health [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in executing strategic priorities and anticipates revenue growth to accelerate in the latter half of the year [10] - The company is well-positioned to capture growth opportunities while managing risks, thanks to a diversified portfolio and disciplined operations [19] Other Important Information - The company has improved its free cash flow and reduced net debt by $4.8 million compared to Q1 2025 [10][22] - Inventory management remains prudent, with inventory levels consistent at $13.8 million [22] Q&A Session Summary Question: What is the growth trajectory for fiscal 2026? - Management expects a similar quarter-to-quarter growth trajectory as last year, with an acceleration anticipated in Q2 [25][26] Question: How sustainable are the gross margin improvements? - Management feels confident about maintaining gross margins above 30%, driven by effective pricing and product mix [29][30] Question: What is the composition of the backlog? - The backlog includes a healthy mix of products, with significant contributions from integrated systems and custom cabling [31][32] Question: Any updates on Direct Air Cooling product interest? - There is significant growth and customer interest in the Direct Air Cooling product, particularly in edge data center applications [34][35]

香 港 交易 及 結 算 所 有限 公 司 及 香港 聯 合 交 易 所有 限 公 司 對 本公 佈 的 內 容概 不 負 責， 對 其 準 確 性或 完 整 性 亦不 發 表 任 何 聲明 ， 並 明 確 表示 概 不 就 因本 公 佈 全部 或 任 何 部 分內 容 而 產 生或 因 依 賴 該 等內 容 而 引 致 的任 何 損 失 承擔 任何責任。 JIN MI FANG GROUP HOLDINGS LIMITED 今 米 房 集 團 控 股 有 限 公 司 （ 於開曼群島註冊成立的有限公司） （股份代號：8300） 自願性公佈 業務最新資訊 本 公 佈 由 今 米 房 集 團 控 股 有 限 公 司（「 本 公 司 」， 連 同 其 附 屬 公 司 ， 統 稱 為 「本集團」）自願作出，旨在讓本公司股東（「股東」）及潛在投資者知悉本集團 的最新業務發展。 本公司董事（「董事」）會（「董事會」）欣然公佈，本集團最近已於香港成立一 間 非 全 資 附 屬 公 司 ， 名 為 今 米 房 餐 飲（ 香 港 ）有 限 公 司（「 今 米 房 餐 飲 香 港」），旨在於香港發展火鍋餐飲業務。 經 考 慮火 ...

Core Viewpoint - Country Garden Services Holdings Company Limited has released its performance forecast for 2025, indicating a projected revenue growth of 9.6% to 10.2% year-on-year, despite a temporary pressure on net profit due to strategic adjustments. The company's core business fundamentals remain robust, with healthy cash flow and increased shareholder returns, demonstrating the effectiveness of its "proactive shift" strategy [2][5]. Revenue Growth and Core Business Resilience - For 2025, Country Garden Services anticipates an unaudited consolidated revenue of approximately RMB 48.2 billion to RMB 48.5 billion, reflecting a year-on-year increase of 9.6% to 10.2%. This growth is primarily driven by stable revenue from property management services, community value-added services, and the "three supplies and one industry" business [5]. - The company's unaudited gross profit is expected to be around RMB 8.2 billion to RMB 8.7 billion, remaining relatively stable year-on-year. Notably, the proportion of revenue from related parties has continued to decline, maintaining at 1.1% in the first half of 2025 compared to 2024, which helps mitigate the overall gross margin pressure [5]. Short-term Net Profit Pressure and Strategic Shift - Due to prolonged customer payment cycles at its non-wholly-owned subsidiary, Country Garden Full National Environmental Technology Group Co., Ltd., the company is experiencing short-term net profit pressure. This has led to a strategic contraction of certain business areas and a full impairment of goodwill amounting to approximately RMB 969 million [6][7]. - The projected unaudited net profit for 2025 is estimated to be between RMB 450 million and RMB 650 million, with attributable net profit ranging from RMB 500 million to RMB 700 million. However, the impairment of goodwill will not affect the attributable core net profit, which is expected to remain between RMB 2.4 billion and RMB 2.7 billion [7]. Healthy Cash Flow and Investor Recognition - Country Garden Services has maintained a healthy and sufficient cash flow, with an estimated net cash from operating activities of no less than RMB 2.4 billion for 2025. By December 31, 2025, the total amount of bank deposits, including cash and cash equivalents, is expected to be no less than RMB 17.7 billion [8]. - The board of directors has set a cash dividend target for 2025 at 60% of the attributable core net profit, with a minimum of RMB 1.5 billion for the 2026 dividend. Additionally, the company has repurchased approximately 8.8 million shares for no less than RMB 500 million, enhancing shareholder returns and reflecting management's confidence in the company's intrinsic value and future prospects [8].

Financial Data and Key Metrics Changes - DXP's sales grew 11.9% to $2 billion in fiscal 2025, with gross profit margins expanding 67 basis points to 31.5% [5][12] - Adjusted EBITDA reached a record $225.3 million, with an 11.2% margin, marking the first year of sustained 11%+ adjusted EBITDA margins [15][26] - Operating income increased 21.7% year-over-year to $176.9 million, and diluted earnings per share improved to $5.37, up from $4.22 in fiscal 2024 [5][26] Business Line Data and Key Metrics Changes - Innovative Pumping Solutions (IPS) sales grew 26.4% year-over-year to $390.3 million, driven by strength in energy and water-related project activity [8][18] - Service Centers experienced 11% total sales growth, including 9.8% organic growth, reflecting diverse end markets [10][18] - Supply Chain Services saw a modest decline of 1.4% year-over-year due to reduced activity at certain energy-related sites [11][21] Market Data and Key Metrics Changes - Energy represented 22% of DXP sales, followed by water and wastewater at 15%, general industry at 15%, chemical at 10%, and food and beverage at 7% [6][10] - Geographic regions with notable sales growth included Ohio River Valley, Southeast, Texas Gulf Coast, and California [11][20] Company Strategy and Development Direction - The company focuses on diversification of end market exposure while building scale in competitive markets [6][10] - DXP completed 6 acquisitions in 2025, contributing $96 million in sales, and continued to execute on its share repurchase program, returning $17 million to shareholders [8][16] - The company aims to maintain margin discipline while driving organic growth and executing strategic acquisitions [13][26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about demand across energy, water, and industrial markets, while remaining mindful of inflation dynamics and supply chain variability [13][22] - The company anticipates a strong 2026, with expectations for new bookings and continued growth in backlog [19][35] Other Important Information - DXP generated $94.3 million in cash from operating activities, translating into $54 million of free cash flow during fiscal 2025 [12][32] - The company successfully refinanced its debt, improving flexibility and reducing borrowing costs by 50 basis points [29][30] Q&A Session Summary Question: Can you share daily sales trends by month for Q4 and Q1 thus far? - Management provided monthly sales data, indicating an average of $8.5 million per day in Q4, with January at $6.9 million per day, typically the slowest month of the year [38] Question: Will there be a meaningful margin difference comparing Q4 with Q1? - Management noted that water continues to be accretive to margins, and recent acquisitions should positively impact Q1 margins [39] Question: What are the positive dynamics developing in energy for the second half of the year? - Management acknowledged a decline in Q4 energy-related backlog but noted increased quoting activity, suggesting potential for a stronger second half in 2026 [45][46]

Core Viewpoint - Jiangxi Tungsten Equipment (江钨装备) experienced a trading halt on February 25, 2026, with a closing price of 18.74 yuan, marking a 9.98% increase and a total market capitalization of 18.552 billion yuan [1] Group 1: Company Developments - The company is undergoing a strategic transformation and business restructuring, planning to acquire three tungsten/tantalum-niobium enterprises to enhance its industry chain layout, with an expected combined net profit of 130 million yuan by 2025, which will improve overall competitiveness and profitability [2] - The controlling shareholder, Jiangxi Tungsten Holdings, has committed to subscribing for 20%-40% of the new shares, indicating confidence in the company's development and boosting market expectations [2] Group 2: Business Diversification - The company has introduced new tungsten and tantalum-niobium product lines, reducing risks associated with a single business and entering emerging fields such as hard alloys and semiconductor materials, thus achieving business diversification [2] - The targeted companies operate in strategic emerging industries encouraged by national policies, allowing the company to benefit from favorable policy environments [2] Group 3: Market Conditions - The rare metals sector has shown active performance recently, with some stocks in the same concept and sector experiencing significant gains, contributing to a sector-wide effect that supported Jiangxi Tungsten Equipment's trading halt [2] - Technical indicators, such as the MACD forming a golden cross and the stock price breaking through key resistance levels, have attracted technical investors, further driving the stock price increase [2] - On February 25, there was a notable net buying of large orders, indicating significant involvement from main funds, which was a crucial factor in the stock's trading halt [2]