INVESTOR PRESENTATION Q4 2025 INVESTOR PRESENTATION INVESTOR PRESENTATION Q4 2025 Q4 2025 1 NOTES REGARDING THIS PRESENTATION This presentation contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements relating to the expected performance of our business, future financial results, strategy, long-term growth and overa ...

Core Insights - FedEx Corp. is focusing on strengthening its position as a leading industrial network to enhance global economic power, prioritizing premium growth in high-margin sectors, scaling digital and AI capabilities, and transforming its network for profit improvement and shareholder value creation [1][2]. Financial Targets - The company has set ambitious financial targets for 2029, aiming for approximately $98 billion in revenue with a compound annual growth rate (CAGR) of about 4%. Operating income is targeted at around $8 billion, reflecting a GAAP CAGR of approximately 17% and a non-GAAP CAGR of about 14% [3]. - The operating margin is expected to reach around 8%, with GAAP margins increasing by approximately 270 basis points and non-GAAP margins by about 200 basis points. The return on invested capital (ROIC) is projected to be around 11%, up by approximately 200 basis points [3]. Strategic Priorities - FedEx will concentrate on high-margin verticals, particularly in premium B2B and specialized B2C segments, targeting industries such as healthcare, automotive, aerospace, data centers, and premium e-commerce [6]. - The company plans to leverage its extensive data processing capabilities and physical network to enhance digital infrastructure, AI, and automation, aiming to improve customer value and unlock new revenue streams [6]. - Ongoing network transformation will include modernizing air and surface networks, enhancing flexibility, asset utilization, and reducing costs while improving customer experience [6]. - The company aims to achieve ongoing efficiency gains through the One FedEx operating model, supported by the DRIVE process [6]. Segment Outlook - In the U.S. Domestic segment, FedEx targets a 10% operating margin by 2029, driven by Network 2.0 and One FedEx initiatives, along with disciplined pricing and growth in B2B and premium B2C volumes [7]. - The International segment aims for an 8% operating margin by 2029, with key growth drivers including improved European performance and premium cross-border and intercontinental lanes [8]. InPost Acquisition - FedEx, in collaboration with Advent International, A&R Investments, and PPF Group, has reached a conditional agreement to take InPost private at €15.60 per share, expected to close in the second half of 2026. This investment is anticipated to be accretive to FedEx's earnings in the first year [9]. Recent Performance - FedEx expects its third fiscal quarter adjusted earnings per share to exceed consensus estimates due to successful execution during the Peak season [10]. FedEx Freight Spin-Off - The planned spin-off of FedEx Freight into a new publicly traded company is on track for June 1, 2026, with the completion of a $3.7 billion senior notes issuance to support this transition [11].

Core Insights - Strategy Inc. has outperformed many Wall Street giants since adopting a Bitcoin-focused strategy, ranking just behind Nvidia in terms of performance [1] - The company has achieved a 1,173% gain since adopting Bitcoin as its primary treasury reserve asset, with an annualized return of 60% [2] - Bitcoin itself has risen 674% during the same period, with an annualized gain of 45% [3] Performance Comparison - Over the past year, Strategy has lost 52% of its value, while competitors like Nvidia, Tesla, Microsoft, and Alphabet have generated positive returns [4] - The performance of Strategy's stock is often viewed as a leveraged proxy for Bitcoin, which can lead to significant losses when Bitcoin's price declines [4] - The company's market valuation is currently at $49.21 billion, with Bitcoin holdings valued at over $62 billion, indicating that the stock is trading at a discount to its net asset value [5] Recent Market Activity - As of the latest trading session, Strategy shares closed at $157.33, reflecting a 5.77% decrease [6] - The stock has shown a weaker price trend across short, medium, and long-term periods [6]

Core Viewpoint - The meeting emphasizes the importance of implementing the new development philosophy in the information and communication industry during the "15th Five-Year Plan" period, focusing on both opportunities and challenges while ensuring user rights and promoting innovation [2][3]. Group 1: Achievements and Future Directions - The meeting highlighted the collaborative efforts of various departments and localities that have led to steady growth and improvement in the information and communication sector during the "14th Five-Year Plan" [1]. - It is essential to accurately grasp the historical position of development during the "15th Five-Year Plan" and align with national goals of strengthening the country and national rejuvenation [3]. Group 2: Strategic Focus Areas - The meeting outlined several strategic focuses, including the promotion of 6G technology research and development, the integration of industrial internet and artificial intelligence, and the enhancement of network infrastructure [3]. - Emphasis was placed on maintaining a fair competitive environment and improving market access and regulatory frameworks to support sustainable industry growth [3]. Group 3: Governance and Leadership - The meeting called for strengthening the Party's leadership in the industry, ensuring that political and organizational advantages translate into developmental strengths [4]. - There is a focus on applying legal thinking to ensure healthy and orderly industry development, alongside deepening reforms and innovations in regulatory mechanisms [4].

Core Viewpoint - The establishment of the Southeast Asia Academy of the Global Teacher Development Institute at Hainan Normal University marks a significant step in enhancing teacher education cooperation in the Southeast Asia region [1] Group 1: Event Overview - The seminar titled "Building a New Ecology for Teacher Development in Southeast Asia" was held in Haikou on December 25, attended by over 200 experts and scholars from various universities, including institutions from Malaysia and Hong Kong [1] - The Global Teacher Development Institute is led by the Ministry of Education and consists of 21 universities and organizations, with Hainan Normal University being one of the initial construction units [1] Group 2: Discussion Topics - Experts discussed various cutting-edge topics such as the construction of international Chinese wisdom education, the professional development system for teachers in Malaysia, and the impact of artificial intelligence and automation on education [1] - A collaborative exchange meeting was held to discuss innovative cooperation mechanisms among teacher training institutions, sharing of quality course resources, and pathways for joint teacher training [1] Group 3: Agreements and Initiatives - Participants reached multiple agreements on establishing a regional teacher training alliance, creating an online teaching platform, and promoting mutual exchanges between teachers and students [1]

Company Overview - Cellebrite DI Ltd. is a global provider of digital intelligence solutions, enabling legally sanctioned investigations across law enforcement and enterprise sectors [5] - The company utilizes proprietary technology to assist clients in collecting, analyzing, and managing digital evidence from a wide range of devices and sources [5] - Cellebrite's market position is supported by a comprehensive product suite and a broad international presence, serving critical investigative needs in both public and private sectors [6] Financial Performance - As of December 9, 2025, Cellebrite's share price was $18.34, with a market capitalization of $4.48 billion [4] - The company reported revenue of $455.9 million and net income of $76.3 million for the trailing twelve months (TTM) [4] - Cellebrite experienced an 18% revenue growth in its latest quarter, with most sales being sticky and recurring [11] Market Position and Competitive Advantage - Cellebrite is the leading end-to-end digital forensics platform, utilized by public safety departments across all 50 states, all 15 U.S. Cabinet-level executive departments, and 72 Fortune 100 companies [10] - The platform addresses a significant need, as 68% of investigative teams admit they cannot review and analyze all their data on time, offering significant time-saving benefits through its emerging AI capabilities [10] Investment Activity - Norwood Investment Partners initiated a new equity position in Cellebrite, acquiring 230,671 shares valued at $4.27 million as of September 30, 2025 [2] - This new position accounts for 3.7% of Norwood's reportable assets under management, which total $116.27 million across 15 positions [2][3]

AI与生物智能的对比 - AI擅长高速计算和学习，处理海量数据，速度远超人类大脑 [4] - AI拥有理论上无限的记忆能力，可以无损存储知识 [4] - AI能够实现无缝即时通讯，打破语言和距离的限制 [5] - 生物智能拥有情感、意识和主观体验，这是人类独有的 [5] - 人类擅长以创造力和直觉解决模糊问题 [6] AI的局限性 - AI无法真正感受喜悦或悲伤，即使通过代码模拟同理心 [6] - AI无法像人类一样理解抽象概念，缺乏直觉和创造力 [3][7] - AI的每一次突破都源于人类的创造力，其目的是服务于人类 [7] AI与人类的合作 - AI不会取代人类，而是与人类合作，成为强大的伙伴 [2] - AI可以分析数据提出新的科学理论，人类则提供创造性的见解来解释其意义 [9] - AI可以作为助手来增强人类的潜力，推动人类进步 [10] 行业发展方向 - 行业应拥抱AI，但不能将其误认为人类的替代品 [11] - 生物智能引导数字智能，未来的发展将仅受人类想象力的限制 [11] - 行业发展的关键在于如何与AI协作，实现优势互补 [9]

Group 1 - The 2025 Dongfang Caifu Private Equity Forum was successfully held in Guiyang, Guizhou, focusing on the theme "Technology Innovation Leading New Economy, Digital Intelligence Driving New Development" [1] - The integration of technology and digital intelligence is key to shaping a new financial landscape and fostering new growth and momentum [1] - Dongfang Caifu's General Manager Zheng Likun emphasized the company's commitment to leveraging technology and digital intelligence to enhance wealth management and drive high-quality development [1] Group 2 - Chen Guo, Deputy Director and Chief Strategist of Dongfang Caifu Securities Research Institute, expressed an optimistic outlook for the Chinese stock market in 2026, anticipating a continued influx of micro incremental capital [2] - Wu Weizhi, Chairman and Chief Investment Officer of Zhongou Ruibo, discussed the current "slow bull" phase of A-shares, highlighting the resilience of the stock market due to early policy interventions and manufacturing advantages [2] - Dr. Cao Wei, Chief Scientist and AI Director at Dongfang Caifu, presented on how AI is transforming financial research, moving from a supportive tool to a core driver of business transformation [2] Group 3 - A roundtable discussion featured industry experts discussing the investment logic of technology innovation in areas such as artificial intelligence, new energy, and biomedicine, and how digital intelligence is reshaping the investment process [3] - Experts in asset management discussed the role of AI as a core driver of quantitative strategy evolution and the challenges of building sustainable competitive advantages in a context of strategy homogenization and scale expansion [3]

Core Insights - Wabtec has acquired Frauscher Sensor Technology Group for an enterprise value of €675 million ($783.9 million) in cash, enhancing its capabilities in railway sensing systems [1] - The acquisition aligns with Wabtec's long-term growth strategy, focusing on innovation, productivity, safety, and reliability in the railway sector [4] Company Overview - Frauscher, founded in 1987 and based in Austria, employs over 700 people across 15 countries and specializes in train detection, wayside object control solutions, and axle counting systems [1][2] - The company is expected to generate nearly €145 million in revenue in 2025, indicating its significant market presence [2] Strategic Implications - Wabtec's CEO, Rafael Santana, emphasized that the acquisition will enhance value for customers, shareholders, and employees, and will strengthen Wabtec's Digital Intelligence business by adding complementary railway signaling technologies [3] - The combination of Wabtec's Digital Intelligence portfolio with Frauscher's products is expected to open opportunities in a high-potential market, driving sustained growth and profitability [3][5] Market Positioning - The acquisition supports Wabtec's international growth strategy, particularly in Europe and India, where Frauscher has a notable presence [2] - Wabtec aims to provide innovative solutions to optimize rail operations, addressing the growing transportation demands globally [5]

Core Viewpoint - Bitcoin has experienced significant volatility and is currently facing a downturn, marking the first negative year since 2023, which raises concerns for investors [1] Industry Insights - Bitcoin has been in existence for 15 years and has undergone 15 major drawdowns, but it has consistently rebounded to new all-time highs, indicating a normal cycle for an emerging asset class [3] - The involvement of Wall Street has contributed to reduced volatility in Bitcoin, which has seen its volatility decrease from 80% to around 50% over the years [5] - Bitcoin is currently about 1.5 times as volatile as the S&P index but also performs 1.5 times better, suggesting a maturing asset class [6] Company Performance - The company has achieved a 70% annual growth rate over the past five years, while Bitcoin has grown at 50% annually during the same period [9] - The company is well-capitalized with over $50 billion in equity and is considered a financial powerhouse within the crypto economy [10] - The company raises capital through selling digital credit or equity to invest in Bitcoin, which is expected to appreciate at 30% annually over the next 20 years [11] - The company offers credit instruments with a 10% dividend yield, which is tax-deferred, creating a strong business model as long as Bitcoin appreciates by at least 1.25% annually [12] - The company's structure is designed to withstand an 80-90% drawdown in Bitcoin prices, maintaining operational stability [13]