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 全部或任何部分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。 （於開曼群島註冊成立之有限公司） （股份代號：444） 更新公告 茲提述本公司日期為2025年5月30日、2025年8月29日 及2025年11月28日的公告 （「該等公告」），內 容 有 關 不 發 表 意 見 的 更 新。除 文 義 另 有 所 指 外，本 公 告 所 用 詞 彙 與 該 等 公 告 中 所 界 定 者 具 有 相 同 涵 義。 除本公司日期為2025年12月31日的季度更新公告及本公司日期為2026年2月3日 的 公 告 中 所 披 露 者 外，概 無 與 不 發 表 意 見 相 關 的 其 他 重 大 更 新。 就 本 集 團 的 手 錶 分 銷 業 務 而 言，華 貴 手 錶 業 持 續 面 臨 非 必 需 消 費 支 出 疲 弱 及 宏 觀 經 濟 不 確 定 性 的 挑 戰，導 致 消 費 需 求 持 續 疲 軟。預 ...

Feb 23 (Reuters) - Bharti Airtel will invest 200 billion rupees ($2.2 billion) in its financial ‌arm over the next few years, ‌India's second-largest mobile carrier by number of users said ​on Monday, as it steps up its push into digital lending. The capital will be infused into its subsidiary, Airtel Money, which received a ‌non-banking financial company (NBFC) ⁠license from the Reserve Bank of India on February 13. Airtel's expansion comes ⁠as competition intensifies in India’s non-bank lending secto ...

Core Insights - Mondragon Assembly has acquired ATP Engineering & Packaging to enter the food packaging market, focusing on equipment for picking and case-packing processes [1][3] - ATP has been in operation for around 30 years, specializing in packaging machinery and complete line solutions, with annual sales of approximately €12 million ($14.1 million) [2][5] - The acquisition allows Mondragon Assembly to leverage ATP's established client relationships and technical expertise while providing ATP with enhanced resources and international presence [3][4] Company Overview - ATP operates in various industries, including food, hygiene, cosmetics, and household goods, offering automatic packaging systems and engineering services for plant logistics [2] - Mondragon Assembly recorded a turnover of €120 million in 2025, with nearly 80% of its revenue generated from international markets and employs over 650 people globally [5] Strategic Implications - The acquisition is part of Mondragon Assembly's diversification strategy, aiming to create a lasting legacy of innovation and sustainable prosperity [4]

Core Insights - Medallion Financial is optimistic about significant growth in home-improvement loans, projecting a mid-teens percentage increase in 2026, which is notably higher than recent years [1][4] - The company has been involved in home-improvement lending since 2012, but experienced a 2% decline in total home-improvement loans in 2025, totaling $810.2 million [2] - Medallion has appointed Joel Cannon as senior vice president of sales and marketing to lead its home-improvement lending efforts, leveraging his experience from Regions Financial [3][5] Company Performance - Medallion's total assets are reported at $3 billion, with home-improvement loans now comprising a significant portion of its portfolio [3][8] - The company reported a fourth-quarter net income of $12.2 million for 2025, a 20% increase from the same period in 2024, and a full-year net income of $43 million, up from $35.9 million in 2024 [9] - The legacy portfolio of taxi medallion loans has decreased to $4.3 million, representing less than 1% of total loans, indicating a shift away from traditional taxi lending [10] Strategic Direction - Medallion is focusing on its existing business lines, particularly home-improvement and recreational vehicle lending, which now constitutes over 60% of its loan portfolio [8] - The company has seen a substantial increase in strategic partnership loan originations, totaling $771.6 million in 2025, up from $203.6 million in 2024 [9] - While the CEO has indicated that acquisitions are not a priority, he has not ruled out the possibility of a sale if a significant premium offer arises [10]

Summary of Graham Corporation Conference Call Company Overview - **Company Name**: Graham Corporation - **Industry**: Defense, Energy, Process, and Space - **Core Products**: Mission-critical vacuum systems and heat transfer systems for various industries including petrochemical, refining, and defense [2][3] Key Points Business Model and Strategy - Graham has a diversified portfolio with a 50/50 split between defense and commercial sectors, providing stability and visibility with over two years of backlog [3][4] - The company has invested approximately $42 million in capital expenditures (CapEx) to enhance its operations, targeting a return on invested capital (ROIC) greater than 20% [4][12] - The defense segment accounts for about 60% of the portfolio, focusing on nuclear submarines and aircraft carriers, with 80% of work being sole source [4][5] Financial Performance - Revenue increased by 21% in the latest quarter, driven primarily by a 31% growth in the defense sector [22][23] - Adjusted EBITDA rose to $6 million, a 50% increase year-over-year, with a year-to-date increase of 30% [25] - The company aims for low- to mid-teen EBITDA margins (13%-15%) by fiscal year 2027 [26] Backlog and Growth - The backlog reached a record $516 million, with 85% related to defense contracts, providing long-term visibility for investments [28] - The book-to-bill ratio for the first nine months of the year is 1.6, indicating strong demand in defense and space sectors [27][29] Recent Developments - Graham recently acquired FlackTek for $35 million, enhancing its capabilities in mixing technology, which is expected to open new market opportunities [18][19] - The company is focusing on operational improvements, including a new Navy facility that will reduce product lead times from two years to one year [12][14] Market Dynamics - The company is experiencing sluggishness in its legacy energy and process business due to geopolitical tensions and lower gas prices, but is offsetting this with growth in defense and new energy sectors [27] - Graham is also exploring opportunities in space cooling, leveraging its cryogenics experience to meet increasing demand for power density in space applications [47][48] Cultural and Operational Changes - There is a cultural shift within the company towards a growth-oriented mindset, with improved employee engagement and a focus on continuous improvement [60][61] - The company is transitioning from a legacy ERP system to a modern one, which is expected to enhance operational efficiency [60] Additional Insights - The company is working on developing commercially available products that can command higher margins, moving away from the constraints of build-to-print contracts [39][40] - Graham's legacy business still constitutes a significant portion of revenue, but the company is positioning itself for future growth through innovation and market expansion [63][64] This summary encapsulates the key points discussed during the conference call, highlighting Graham Corporation's strategic direction, financial performance, and market opportunities.

Group 1 - Schneider National's acquisition of Cowan Systems is proving beneficial as the company navigates weak demand in the trucking industry, which has persisted for over three years [3] - The company is focusing on growing its dedicated business segment, particularly in specialty equipment, which now constitutes a majority of its pipeline [4] - Schneider is experiencing strength in specific verticals such as food and beverage, home improvement, and automotive, contributing to a more durable business model [4] Group 2 - In Q4, Schneider National reported a 14% year-over-year decline in income from operations, totaling $36.5 million, due to weak freight conditions and lower volumes [6] - Despite the overall profitability decline, revenues in the truckload segment increased by 9% year-over-year to $49.9 million, driven by the acquisition of Cowan Systems [6] - The company has set its full-year 2026 guidance to range between 70 cents and $1 [6]

Core Viewpoint - Altria's shares declined after reporting flat earnings due to falling cigarette sales and increased competition from unauthorized disposable e-cigarettes [1][3] Financial Performance - Altria's fourth-quarter revenue decreased by 2% to $5.8 billion, primarily due to lower cigarette sales [2] - The adjusted net income was reported at $1.30 per share, which was below Wall Street's expectations of $1.32 per share [3] Market Dynamics - The company faces challenges from unauthorized disposable e-cigarettes that are cheaper and available in various flavors, impacting traditional cigarette sales [2] - Altria's on! pouches market share fell to approximately 13%, down about 5 percentage points from the previous year [5] Competitive Landscape - The U.S. pouch market is led by Zyn from Philip Morris International, which holds over two-thirds of the market share [6] - Altria is experiencing pricing competition from Philip Morris, including promotional sales for Zyn [6] Strategic Initiatives - Altria is working on diversifying its business into next-generation products like e-cigarettes and nicotine pouches, although it is not a market leader in these areas [4] - The company plans to implement pricing strategies and introductory promotions as it expands its nicotine pouches nationally later this year [6][7]

Core Insights - Valero Energy Corporation (VLO) has outperformed Phillips 66 (PSX) over the past year, with a stock price increase of 32.7% compared to PSX's 15.9% gain [1] - Both companies are positioned to benefit from the current softness in crude oil prices, which is expected to enhance refining margins [4][6] Group 1: Valero Energy Corporation (VLO) - VLO's operational flexibility allows its refineries to adjust product yields based on market conditions, providing a strategic advantage [4] - The current market environment is expected to support strong refining margins, aiding VLO's profitability despite the cyclical nature of the refining industry [5] - VLO is more sensitive to refining margins and can benefit when crude prices are weak, making it attractive to investors who are comfortable with higher volatility [13] Group 2: Phillips 66 (PSX) - PSX's diversified business model across midstream, chemicals, and renewables provides greater stability and lower volatility in cash flows [6][7] - The company is focusing on streamlining its asset base through targeted divestitures and strategic acquisitions, such as the EPIC NGL acquisition, to enhance long-term earnings visibility [8] - PSX trades at a higher EV/EBITDA of 14.44X compared to VLO's 8.83X, indicating investor preference for its diversified model [12]

Company Overview - Haemonetics is a global leader in plasma apheresis, operating in a $1 billion addressable market that is expected to grow at least in the mid-single digits [3] - The company emphasizes its strong position in the plasma apheresis market, which provides a durable source of EBITDA, attractive return on invested capital, and robust free cash flow [3] Growth Strategy - To accelerate growth and reduce volatility, Haemonetics has decided to diversify into attractive med-surg markets while avoiding competition with therapeutic category leaders [4] - The company aims to acquire and grow a portfolio of scalable, therapeutically agnostic enabling technologies in various medical and surgical areas [4]

Financial Data and Key Metrics Changes - The company reported a record Q2 net revenue of $218 million, with an adjusted EBITDA of $8.4 million and a reported EPS loss of $0.02, reflecting a significant improvement in performance metrics [4][22]. - The net loss for the quarter was $43.5 million, a 49% improvement year-over-year compared to $85.3 million, with cash flow used in operations reduced to $8.5 million from $40.7 million last year [26][27]. Business Line Data and Key Metrics Changes - Cannabis net revenue increased to $67.5 million, driven by a 36% increase in international cannabis revenue and a 6% increase in Canadian adult-use cannabis [22][23]. - Beverage revenue totaled $50.1 million, impacted by headwinds in the craft beer segment, while distribution revenue grew by 26% year-over-year to $85.3 million [11][23]. - Wellness revenue remained flat year-over-year at $14.6 million, with challenges in the club retail channel being addressed [24]. Market Data and Key Metrics Changes - The international cannabis business saw a 51% sequential growth, reaching $20 million, marking one of the strongest quarters to date despite ongoing regulatory challenges [9][10]. - In Canada, the adult-use medical sales channel net of excise tax grew to $46 million, with recreational cannabis sales increasing by 6% [12][22]. Company Strategy and Development Direction - The company aims to leverage its strong balance sheet and cash position to capitalize on strategic opportunities in a rapidly evolving regulatory environment, particularly in the U.S. cannabis market [5][28]. - Tilray is focused on expanding its pharmacy reach in Germany and tripling its medical cannabis distribution footprint in fiscal 2026 [10][11]. - The company emphasizes the importance of modernizing Canadian cannabis regulations to maintain its competitive edge in the global market [14][15]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's trajectory for the second half of fiscal 2026 and beyond, citing a diversified platform and improving fundamentals [21][28]. - The company is prepared for potential regulatory changes in the U.S. and anticipates that cannabis rescheduling will lead to a federally compliant medical cannabis framework [7][8]. Other Important Information - The company operates more than 40 brands in over 20 countries and is a leader in various segments, including cannabis, craft beer, and wellness products [5][6]. - The company has a strong cash position of approximately $292 million, providing flexibility for strategic investments [5][27]. Q&A Session Summary Question: What can the industry do to improve the regulatory outcome regarding the intoxicating hemp ban? - Management is working with legislators to extend the deadline or modify regulations to allow for a regulated amount of milligrams to be sold nationally [33][34]. Question: Can you quantify how much supply was held back from the Canadian market? - Approximately $5 million worth of supply was held back, which will be redeployed into higher-margin international markets [37][38]. Question: How much of the Canadian adult-use cannabis growth was volume versus price mix? - The growth was primarily driven by demand and new distribution, with a slight market share gain despite challenges [45][46]. Question: What are the expectations for growth within the Canadian market? - Management anticipates mid- to high single-digit growth, focusing on premium products and new product launches [57][58]. Question: Can you provide more color on the CC Pharma business and its distribution reach? - The company aims to triple its distribution reach and is focused on leveraging its sales organization to sell more medical cannabis in Germany [67][68].