Group 1 - The company believes that domestic potassium chloride supply will be tight in the first half of 2025, with fertilizer demand expected to rise as autumn approaches, potentially driving prices up [1] - In the first half of the year, the average sales cost of potassium chloride was 996 yuan/ton, a year-on-year decrease of 7.36%. The company is optimizing costs through various measures, including enhancing production operations and improving resource extraction efficiency [1] - The company is steadily advancing its Laos potassium mine project, with a recent kickoff meeting for research on underground mining systems held in July [1] Group 2 - The company is actively communicating with regulatory authorities regarding the renewal of the mining license for the Chaerhan Salt Lake and is awaiting approval from the Ministry of Natural Resources [2] - Lithium production for the first half of the year reached 5,170 tons, with sales of 4,470 tons, resulting in a net profit of approximately 48.52 million yuan. The company believes the impact of lithium production suspension on overall performance is limited [2] - The company has initiated the first phase of the Xizang Mami Cuo project, with an estimated construction period of 9 to 12 months [2] Group 3 - The company's strategic goal is to become a world-class mining group by 2027, focusing on potassium and lithium resources to enhance resource reserves, production capacity, and development technology [3] - The company is addressing competition issues with its controlling shareholder, with a 60-month timeframe for resolution through various methods such as asset injection or restructuring [3]

Core Viewpoint - O-I Glass reported a significant earnings beat in Q2 2025, with adjusted EPS of $0.53, surpassing analyst expectations of $0.41, despite a slight decline in revenue year-over-year [1][2]. Financial Performance - Adjusted EPS (non-GAAP) reached $0.53, a 20.5% increase from $0.44 in Q2 2024 [2] - Revenue (GAAP) was $1.71 billion, down 1.3% from $1.73 billion in Q2 2024 [2] - Segment operating profit was $225 million, a decrease of 3.4% from $233 million in Q2 2024 [2] - Segment operating profit in the Americas increased by 27.4% to $135 million, while Europe saw a decline of 29.1% to $90 million [2] Business Overview and Strategy - O-I Glass is a leading producer of glass packaging for the food and beverage industry, focusing on sustainability and efficiency [3] - The "Fit to Win" initiative aims to enhance profitability through restructuring and operational improvements, achieving $145 million in cost reductions in H1 2025 [4][5] Regional Performance - The Americas experienced a 38% increase in segment operating profit, supported by a 4% rise in sales volumes [5] - Europe faced a 29% drop in segment operating profit due to a 9% decline in sales volumes and increased competition [6] Strategic Changes - The company discontinued the MAGMA technology program, redirecting focus to the "Best at Both" strategy, which aims to produce premium containers at lower costs [8] - O-I Glass plans further capacity rationalizations, including the indefinite suspension of one furnace and the closure of a plant in the Americas [9] Cost Management - Energy management is crucial for controlling costs, with most contracts locked in at pre-disruption rates [10] - The company continues to execute cost control measures at the corporate level, despite higher incentive expenses [11] Future Outlook - Full-year 2025 adjusted EPS guidance raised to $1.30 to $1.55, indicating a potential 60% to 90% increase over FY2024 [12] - Free cash flow target maintained at $150 million to $200 million, despite anticipated restructuring charges of $140 million to $150 million [12]

Group 1 - The company expects a revenue of approximately RMB 1.9 billion for the first half of 2025, representing a year-on-year decrease of about 18.9% [1] - The net loss is projected to be between RMB 80 million to 100 million, significantly narrowing from a loss of RMB 274 million in the same period of 2024, with a reduction range of approximately 63.2% to 70.5% [1] - The company attributes the reduction in losses to cost optimization efforts, including digital supply chain enhancements and improved operational efficiency through logistics upgrades [1] Group 2 - The company ensures stable cash flow and good financial health while implementing operational management strategies, including restaurant network renewal and resource reallocation [2] - The company is deepening its instant delivery service ecosystem to drive high-quality business expansion and improve operational efficiency [2] - The company is strategically expanding its prepaid consumption model and collaborating with leading anime IPs to attract younger consumers and revitalize the brand [2]

Investment Rating - The report maintains a "Buy" rating for New Oriental-S (09901.HK) [1][3] Core Insights - The company's core business profitability is improving, and a new shareholder return plan demonstrates confidence in future performance [1][3] - The report adjusts the Non-GAAP net profit forecasts for FY2026 and FY2027 down to $580 million and $630 million respectively, with an expectation of $690 million for FY2028 [3] - The current stock price corresponds to a PE ratio (Non-GAAP) of 12, 11, and 10 times for FY2026 to FY2028 [3] Financial Performance Summary - FY2025Q4 total net revenue reached $1.24 billion, a year-on-year increase of 9.4%, while excluding self-operated products and live e-commerce, total revenue was $1.09 billion, up 18.7% year-on-year [8] - The operating cash inflow for FY2025Q4 was $399 million, with capital expenditures of $65.9 million [8] - The company expects a 2% to 5% year-on-year growth in net revenue for FY26Q1 and a 5% to 10% growth for FY2026 [8] - The core business showed robust performance, with revenue from overseas exam preparation and consulting growing by 14.6% and 8.2% respectively, and domestic exam preparation for adults and college students increasing by approximately 17.0% [8] - Non-GAAP net profit for FY2025Q4 was $98.08 million, a year-on-year increase of 59.4%, indicating significant improvement in core education business profitability [8] Financial Forecasts - Total revenue projections for FY2024A to FY2028E are $4.314 billion, $4.900 billion, $5.372 billion, $5.854 billion, and $6.277 billion respectively, with year-on-year growth rates of 43.89%, 13.60%, 9.63%, 8.96%, and 7.24% [1][9] - The forecasted Non-GAAP net profits for FY2024A to FY2028E are $464 million, $517 million, $577 million, $632 million, and $685 million, with growth rates of 79.15%, 11.44%, 11.57%, 9.60%, and 8.38% respectively [1][9] - The report highlights a significant increase in operating profit for Non-GAAP, which is projected to reach $688.83 million by FY2028 [9]

同时，呷哺集团方面称，通过优化餐厅布局结构，包括关闭低效餐厅、新增重点聚焦高潜力区域的餐厅 等举措提升运营效率；预计对关闭及持续亏损餐厅的资产减值损失计提金额较2024年同期大幅下降约 64.1%。 （文章来源：证券日报） 8月4日早间，呷哺呷哺餐饮管理（中国）控股有限公司（以下简称"呷哺集团"）在港交所公告，集团预 期上半年收入约为人民币19亿元，同比减少约18.9%；净亏损约为人民币0.8亿元至1.0亿元之间，亏损 较2024年同期大幅收窄，降幅介乎约63.2%至70.5%之间。 对于亏损减少，呷哺集团方面表示，公司致力于成本优化，以数字化供应链驱动结构性降本增效，依托 采集优势，打通供应商协同链路；持续升级新型物流枢纽及标准化流程，优化配送路径网络，实现运营 效率提升与综合成本下降。 ...

Core Viewpoint - Company expects a significant reduction in net loss for the first half of the year, despite a decline in revenue, due to cost optimization and operational efficiency improvements [2][4]. Financial Performance - Estimated revenue for the first half of the year is approximately 1.9 billion yuan, a year-on-year decrease of about 18.9% [2]. - Expected net loss ranges from 80 million to 100 million yuan, a substantial decrease of 63.2% to 70.5% compared to a net loss of 274 million yuan in the same period last year [2]. - Cumulative losses over the past four years (2021-2024) amount to approximately 1.246 billion yuan, with the total loss expected to exceed 1.3 billion yuan when including the first half of this year [4]. Operational Strategy - The company has implemented several strategies to improve operational efficiency, including cost optimization, enhancing delivery network paths, and restructuring restaurant layouts [2]. - The company plans to open 65 new restaurants and close 138 underperforming locations in 2024, focusing on high-potential areas [2]. - The asset impairment loss related to closed and continuously loss-making restaurants is expected to decrease by approximately 64.1% year-on-year [2]. Market Position - The company's stock price has been declining, currently trading at 0.75 HKD, down 3.85%, with a total market capitalization of 815 million HKD [4].

8月4日，呷哺呷哺发布公告，预计截至2025年6月30日止6个月的收入约为19亿元，较截至2024年6月30 日止6个月的收入减少约18.9%。同时，预计净亏损介于0.8亿元至1亿元之间，相较于2024年同期的净亏 损2.74亿元，降幅介于63.2%至70.5%之间。 对于亏损减少，呷哺呷哺归因于公司持续致力成本优化，以数字化供应链驱动结构性降本增效，依托采 集优势，打通供应商协同链路；持续升级新型物流枢纽及标准化流程，优化配送路径网络，实现运营效 率提升与综合成本下降。 此外，通过优化餐厅布局结构，包括关闭低效餐厅、新增餐厅重点聚焦高潜力区域等举措综合提升餐厅 运营效率，预计对关闭及持续亏损餐厅的资产减值损失计提金额较去年同期大幅下降约64.1%。 责任编辑：王翔 ...

Core Viewpoint - The company expects a significant reduction in net loss for the six months ending June 30, 2025, despite a decrease in revenue compared to the same period in 2024 [1] Financial Performance - Revenue is projected to be approximately 1.9 billion RMB, representing a decrease of about 18.9% compared to the same period in 2024 [1] - The net loss is estimated to be between 80 million to 100 million RMB, a substantial improvement from a net loss of 274 million RMB in 2024, reflecting a reduction of approximately 63.2% to 70.5% [1] Cost Optimization Strategies - The company attributes the expected reduction in net loss to ongoing cost optimization efforts, including digital supply chain initiatives aimed at structural cost reduction and efficiency improvement [1] - The company is leveraging collective procurement advantages to enhance supplier collaboration [1] - Upgrades to logistics hubs and standardized processes are being implemented to optimize delivery routes, thereby improving operational efficiency and reducing overall costs [1] Restaurant Operations - The company is optimizing restaurant layout by closing underperforming locations and opening new restaurants in high-potential areas to enhance operational efficiency [1] - The expected impairment losses related to the closure of underperforming restaurants and ongoing losses are projected to decrease significantly by approximately 64.1% compared to the same period in 2024 [1]

Core Insights - The company reported a revenue of 49.34 billion yuan for H1 2025, with a year-over-year increase of 1.44%, and a net profit of 2.077 billion yuan, up 3.01% year-over-year [1] - In Q2 2025, the company achieved a revenue of 24.502 billion yuan, down 2.60% year-over-year, and a net profit of 949 million yuan, down 8.25% year-over-year [1] Regional Performance - Domestic revenue was 25.25 billion yuan, down 0.31% year-over-year, while overseas revenue reached 20.45 billion yuan, up 12.34% year-over-year [2] - Europe saw a revenue increase of 22.7%, with air conditioning business up 34.5% and washing machines up 38.9% [2] - The Americas experienced a revenue growth of 26.2%, with home air conditioning up 19.3%, washing machines up 71%, and central air conditioning up 59% [3] - The Middle East reported a revenue increase of 22.8%, with home air conditioning up 28.9% and washing machines up 21.7% [4] - The Asia-Pacific region had a revenue growth of 14.5%, with home air conditioning up 12.3% and washing machines up 9% [5] - The ASEAN region saw significant growth, with open-door refrigerator sales up 46%, washing machine revenue up 55%, and central air conditioning up 26% [5] Product Category Performance - HVAC revenue was 23.69 billion yuan, up 4.07% year-over-year, with a gross margin of 27.12%, down 1.56% [6] - Refrigeration and washing machine revenue was 15.39 billion yuan, up 4.76% year-over-year, with a gross margin of 18.74%, up 2.12% [6] - Other main revenue was 6.61 billion yuan, up 8.89% year-over-year, with significant contributions from the three electric companies [6] Profitability - The company's gross margin for H1 2025 was 21.48%, up 0.2 percentage points year-over-year, while the net profit margin was 6.06%, down 0.17 percentage points [7] - In Q2 2025, the gross margin was 21.55%, up 0.6 percentage points year-over-year, and the net profit margin was 5.53%, down 0.4 percentage points [7] Management Changes - Mr. Hu Jianrong resigned from his positions as director and president, along with his roles in the strategic and ESG committees [7] - Ms. Gao Yuling was appointed as the new president, and Mr. Yin Bitong was elected as a representative director [7] Investment Outlook - The company is projected to achieve revenues of 98.542 billion yuan, 104.012 billion yuan, and 112.266 billion yuan for 2025-2027, with year-over-year growth rates of 6.2%, 5.6%, and 7.9% respectively [8] - Net profits are expected to be 3.691 billion yuan, 4.171 billion yuan, and 4.587 billion yuan for the same period, with growth rates of 10.3%, 13%, and 10% respectively [8] - The company is considered undervalued with a projected PE ratio of 9.6, 8.5, and 7.7 for 2025-2027 [8]

Financial Data and Key Metrics Changes - Earnings per share for Q2 2025 were $0.62, with EBITDA reported at $715 million, showing sequential improvement due to less downtime and lower feedstock costs [14][21] - Cash returns to shareholders exceeded $500 million, with an increase in ordinary dividends and continued share repurchases [14][20] - The company is targeting approximately $200 million in reductions in working capital for 2025, alongside fixed cost reductions of $200 million [11][12] Business Line Data and Key Metrics Changes - The Olefins and Polyolefins Americas segment generated EBITDA of $318 million, a more than 25% improvement from Q1, attributed to higher integrated polyethylene margins and less downtime [22] - The Intermediates and Derivatives segment reported EBITDA of $290 million, an increase of $79 million, driven by improved margins for styrene and propylene oxide [27] - The Advanced Polymer Solutions segment maintained EBITDA at $40 million, despite challenges in automotive markets and a slight decline in volumes [30] Market Data and Key Metrics Changes - North American polyethylene industry saw domestic sales rebound to the highest volumes since 2022, with producer inventories declining by three days of sales during Q2 [23][35] - In Europe, lower naphtha and LPG feedstock costs improved margins, while capacity rationalizations are enhancing supply-demand balances [25][36] - In Asia, near-term capacity additions are pressuring regional supply-demand balances, but there is cautious optimism regarding China's stimulus programs [36] Company Strategy and Development Direction - The company is focusing on growing and upgrading core businesses, with a strategic emphasis on low-cost feedstocks in North America and the Middle East, and increasing access to circular and renewable feedstocks in Europe [6][8] - The planned sale of European assets is expected to reduce recurring CapEx and other costs, aligning with the strategy to optimize the portfolio [41] - The company is delaying selected growth investments until market conditions improve, preserving options for profitable growth [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current cycle, emphasizing a disciplined approach to capital allocation and cash management [55][39] - The company anticipates improved cash flow generation in the second half of 2025, with a target of achieving 80% cash conversion for the full year [68] - There is cautious optimism regarding potential price increases in polyethylene due to improved domestic demand and low global inventories [48][72] Other Important Information - The company is on track to achieve a run rate of $600 million in incremental cash flow for 2025, exceeding the original target of $500 million [12][38] - The construction of the Muretic One chemical recycling plant in Germany is progressing well, aimed at meeting the demand for circular plastics [9][17] - The company is closely monitoring evolving tariffs and global trade flows, evaluating risks and opportunities presented by these dynamics [38] Q&A Session Summary Question: Sequential lift in O and P Americas and potential price increases - Management expects an $85 million improvement in Q3 due to less downtime and improved olefins margins, with potential for price increases if tariff uncertainties are resolved [44][45][48] Question: Safety of dividends amid cash flow challenges - The company confirmed the Q3 dividend of $1.37 per share, emphasizing strong liquidity and a commitment to maintaining dividends while managing cash flow [51][54] Question: Clarification on 2026 CapEx forecast - The 2026 CapEx forecast of $1.4 billion does not include the potential benefit from the European asset sale, which will be realized post-transaction [57][60] Question: Expectations for cash flow generation in 2025 - Management anticipates improved cash flow generation in the second half of 2025, with a target of $3 billion in EBITDA, driven by disciplined working capital management [64][68] Question: Dynamics in the Intermediates and Derivatives segment - The segment is expected to remain relatively flat in Q3, with no material improvements anticipated due to market conditions and scheduled turnarounds [78][82]