【导读】深夜，黄金白银闪崩暴跌！科技股又跳水了，仅剩存储芯片暴涨；中概股大跌 中国基金报记者 泰勒 大家好，今晚继续关注一下海外的市场表现！ 贵金属闪崩，伦敦黄金、白银现货价格直线下挫，分别大跌2.71%和7.06%。 华安黄金 ETF联接 C 博时黄金 ETF 联接 C 相关 更多基金 > 录等 -0.03% -0.03% 新闻 大V 资料 关联 容讲 分析 011 买黄金 评论 功能 00:17 ::!! 令 西 今开: 23142.87 昨收:23066.47 52周最高: 24019.99 52周最低: 14784.03 35.36 万球友关注 交易中 02-12 11:06:16 美东时间 、 伦敦银 (现货白银) CFD く 期 XAG 78.12 -5.93 -7.06% (2) ... 02-13 00:17:00 今开 最高 持仓量 84.54 84.86 i 振幅 8.08% 最低 78.07 84.05 昨结算 美元指数 96.9174 -0.0073% > 分时 五日 日K 月K 田 ◎ 商家 均价:83.09 最新:78.12 -5.93 -7.06% 90.03 7.11% 0.0 ...

Financial Data and Key Metrics Changes - Consolidated revenue for Q4 2025 was $98.7 million, up 6% year-over-year, with all three segments contributing [9] - Q4 gross profit was $24.1 million, up 14% year-over-year, supported by a favorable mix [9] - Adjusted EBITDA for Q4 was $11.1 million, down 14% year-over-year, while total consolidated adjusted EBITDA for fiscal 2025 was $50.6 million, which was $3.6 million above guidance and represented a 45% increase from fiscal 2024 [10][11] Business Segment Data and Key Metrics Changes - Tucows Domains reported Q4 revenue of $66.4 million, a modest increase from $65.7 million, with gross profit rising 4% to $19.2 million [12] - Wavelo achieved Q4 revenue of $11.7 million, a 19% increase year-over-year, with gross profit up 7% to $6.6 million [14] - Ting Internet's Q4 revenue was $18.5 million, up 18% year-over-year, with gross profit improving to $1.6 million from a loss of $1.2 million in Q4 2024 [14] Market Data and Key Metrics Changes - Domains under management and transactions are normalizing at a modestly lower level due to a customer taking their business in-house, but margins remain healthy due to a diverse reseller base [5] - Wavelo's performance was driven by renewing its inaugural customer and aligning incentives, indicating a strong market position [6] Company Strategy and Development Direction - The company aims to transition into a capital-light business with a lean operating model, focusing on recurring revenue and strong customer retention [22][24] - The strategy includes leveraging technical expertise and operational capabilities to build technology services that benefit from shared infrastructure [23] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the complexity of the current operating environment but expressed confidence in the company's ability to execute and innovate [4] - The outlook for fiscal 2026 includes an Adjusted EBITDA range of $47 million-$49 million for Tucows Domains and $14.5 million-$15.5 million for Wavelo, with corporate expectations of -$6 million to -$9 million [18][19] Other Important Information - The company ended the quarter with cash and restricted cash of $64.2 million, down from $73.2 million in Q4 of the previous year [16] - Corporate net debt, excluding Ting, was $189.5 million, with compliance maintained under the TCX syndicated facility [16] Q&A Session Summary - There was no live Q&A session; however, shareholders and analysts were invited to submit questions via email, with responses to be posted on the company's website [2][27]

Core Viewpoint - The article highlights the strong market position and growth potential of Jiantao Laminates, a leading manufacturer of copper-clad laminates, driven by robust demand in the PCB industry and advancements in high-end applications like AI servers [4][5]. Group 1: Company Overview - Jiantao Laminates, established in 1988, is a global leader in the copper-clad laminate manufacturing industry with a vertically integrated supply chain [4]. - The company has maintained the largest market share in the copper-clad laminate sector for 20 consecutive years, with over 60 factories worldwide [4]. Group 2: Market Demand - The PCB industry is experiencing steady growth, with a projected global market value of $94.661 billion by 2029, reflecting a compound annual growth rate (CAGR) of 5.2% from 2024 to 2029 [5]. - The rapid development of AI servers is expected to significantly increase the demand for high-end PCB products, particularly high-frequency and high-speed copper-clad laminates [5]. Group 3: Market Share and Product Range - In 2024, Jiantao Laminates is projected to hold a 14.4% share of the global copper-clad laminate market, ranking first among competitors [6]. - The company offers a range of products, including economical paper-based laminates and high-performance FR-4 epoxy glass fiber laminates, catering to various sectors such as consumer electronics, computing, and automotive electronics [6]. Group 4: Pricing Power and Cost Management - Jiantao Laminates has strong pricing power and cost pass-through capabilities, with less than 30% of sales coming from its top five customers, indicating a diversified customer base [7]. - The current tight supply in the copper-clad laminate industry, combined with rising copper prices, is expected to drive both prices and profitability upward [7]. Group 5: Strategic Expansion - The company is strategically expanding its upstream raw material production, including low-dielectric glass fiber, to meet the growing demand in high-end communication fields such as 5G and AI servers [8]. - A new copper foil production facility in Guangdong is set to enhance capacity and respond to the increasing demand for thick copper foils driven by data centers and cloud computing [8].

Financial Data and Key Metrics Changes - Consolidated revenue for Q4 2025 was $98.7 million, up 6% year-over-year, with all three segments contributing [10] - Q4 gross profit was $24.1 million, up 14% year-over-year, supported by a favorable mix [10] - Adjusted EBITDA for Q4 was $11.1 million, down 14% year-over-year, while total consolidated adjusted EBITDA for fiscal 2025 was $50.6 million, which was $3.6 million above guidance and represents a 45% increase from fiscal 2024 [11][12] Business Segment Data and Key Metrics Changes - Tucows Domains revenue grew to $66.4 million in Q4 2025 from $65.7 million, with a 4% increase in gross profit to $19.2 million [13] - Wavelo's Q4 revenue was $11.7 million, a 19% increase year-over-year, with adjusted EBITDA of $3.4 million [14][16] - Ting Internet reported Q4 revenue of $18.5 million, up 18% year-over-year, with an adjusted EBITDA loss of $0.9 million, an improvement from a $1.5 million loss in Q4 2024 [16] Market Data and Key Metrics Changes - Domains under management and transactions are normalizing at a modestly lower level due to a customer taking their business in-house [5] - The wholesale channel revenue rose 2% year-over-year to $57 million, supported by strong growth in value-added services [13] Company Strategy and Development Direction - The company aims to transition into a capital-light business with a lean operating model, focusing on recurring revenue and strong customer retention [24][25] - The leadership approach emphasizes customer-centric execution, operational excellence, and financial rigor in decision-making [22][23] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the complexity of the current operating environment and expressed confidence in the company's ability to navigate changes [4] - The outlook for fiscal 2026 includes an adjusted EBITDA range of $47 million-$49 million for Tucows Domains and $14.5 million-$15.5 million for Wavelo, with corporate adjusted EBITDA expected to be between -$6 million and -$9 million [20][21] Other Important Information - The company ended the quarter with cash and restricted cash of $64.2 million, down from $73.2 million in Q4 of last year [18] - Corporate net debt, excluding Ting, was $189.5 million, with compliance maintained under the TCX syndicated facility [18] Q&A Session Summary - There was no live Q&A session; however, shareholders and analysts were invited to submit questions via email, with responses to be posted on the company's website [2][28]

Financial Data and Key Metrics Changes - Twilio reported record revenue of $1.4 billion in Q4 2025, representing a 14% year-over-year increase on a reported basis and 12% on an organic basis [5][13] - For the full year, revenue reached $5.1 billion, reflecting a 14% reported growth and 13% organic growth [13] - Non-GAAP income from operations for Q4 was $256 million, up 30% year-over-year, while full-year non-GAAP income from operations was $924 million, a 29% increase [16][17] - Free cash flow for Q4 was $256 million, and for the full year, it was $945 million, up 44% year-over-year [5][14] Business Line Data and Key Metrics Changes - Voice revenue growth accelerated to the high teens in Q4, driven by strong adoption of voice AI, which saw revenue growth above 60% year-over-year [14][16] - Messaging revenue growth was solid, particularly during Cyber Week, contributing to an overall growth of 18% for the year [15][16] - Software add-on revenue grew over 20% year-over-year, with Verify leading the growth at more than 25% for two consecutive quarters [15][16] Market Data and Key Metrics Changes - The number of large deals closed (over $500,000) increased by 36% year-over-year in Q4 [7] - Twilio's multi-product customer count grew by 26% year-over-year, indicating a shift towards selling solutions rather than just products [8] - During Cyber Week, Twilio sent 6.99 billion messages, a 34.5% year-over-year increase, and handled 1.07 billion calls, up 58% year-over-year [9] Company Strategy and Development Direction - Twilio aims to become a foundational infrastructure layer in the age of AI, focusing on delivering essential infrastructure for communications powered by contextual data and automation [6][12] - The company is transitioning from selling features to selling solutions, as evidenced by the growth in multi-product adoption and strategic partnerships [8][12] - Twilio's innovation strategy is centered around AI, with plans to launch new products that enhance customer engagement and trust [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining momentum into 2026, with a robust innovation roadmap and a focus on creating amazing experiences for brands [12][24] - The company anticipates reported revenue growth of 11.5%-12.5% and organic growth of 8%-9% for the full year 2026, reflecting broad-based trends [21][23] - Management acknowledged the impact of increased carrier fees on margins but emphasized that these fees do not affect the ability to generate profit dollars [22][24] Other Important Information - Twilio completed $198 million in share repurchases in Q4 and $855 million for the full year, representing 90% of 2025 free cash flow [18][19] - The company achieved its first full year of GAAP profitability, with GAAP income from operations of $158 million [14][17] Q&A Session Summary Question: What drove the voice strength in Q4? - Management noted broad adoption of voice across customer cohorts, with significant contributions from self-service and ISV channels [27][28] Question: Can you provide visibility on Q1 guidance? - Management expressed confidence in Q1 guidance, citing strong growth across products and sales channels [30][31] Question: What is driving messaging growth excluding A2Ps? - Management indicated broad-based strength across products, with messaging performing well [41][42] Question: What is the outlook for RCS adoption? - Management highlighted rapid growth in RCS, emphasizing its potential for marketing-oriented use cases [46][48] Question: How does Twilio differentiate from competitors? - Management attributed success to differentiated technology, strong developer experience, and continuous innovation [51][52] Question: Where is the stronger growth coming from in voice AI? - Management indicated that both enterprise and voice AI companies are contributing to growth, with enterprise expected to drive more durable volume [59][60]

Financial Data and Key Metrics Changes - Twilio reported record revenue of $1.4 billion in Q4 2025, representing a 14% year-over-year increase on a reported basis and 12% on an organic basis [5][13] - For the full year, revenue reached $5.1 billion, reflecting a 14% reported growth and 13% organic growth [13] - Non-GAAP income from operations for Q4 was $256 million, up 30% year-over-year, while for the full year, it was $924 million, a 29% increase [14][17] - Free cash flow in Q4 was $256 million, and for the full year, it was $945 million, up 44% year-over-year [5][14] - The company achieved its first full year of GAAP profitability with $158 million in GAAP income from operations [14] Business Line Data and Key Metrics Changes - Voice revenue growth accelerated to the high teens in Q4, driven by strong growth from voice AI customers, which saw revenue growth above 60% year-over-year [14][16] - Messaging revenue growth was solid, aided by high volumes during Cyber Week and the holiday season [14] - Software add-on revenue grew over 20% year-over-year, with Verify growing more than 25% for the second consecutive quarter [15] - Self-serve revenue grew 21% for the full year, while ISV revenue grew 24% [15] Market Data and Key Metrics Changes - The number of large deals closed (over $500,000) increased by 36% year-over-year in Q4 [7] - During Cyber Week, Twilio sent 6.99 billion messages, a 34.5% year-over-year increase, handled 1.07 billion calls (up 58% year-over-year), and processed 75.1 billion emails, a 14.6% increase year-over-year [9] Company Strategy and Development Direction - Twilio aims to be a foundational infrastructure layer in the age of AI, moving beyond just providing communication channels [6][12] - The company is focused on delivering essential infrastructure powered by contextual data and evolving automation, such as Voice AI, to help customers build personalized relationships [7][12] - A strategic partnership with AEG was signed to enhance real-time, personalized communications for live events [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to sustain momentum into 2026, supported by a robust innovation roadmap [12][23] - The company anticipates reported revenue growth of 11.5%-12.5% and organic revenue growth of 8%-9% for the full year 2026 [21] - Management noted that while pass-through fees from U.S. carriers will impact margin rates, they will not affect the ability to generate profit dollars [22] Other Important Information - Twilio's stock-based compensation as a percentage of revenue decreased to 11.3% in Q4, down 180 basis points year-over-year [18] - The company completed $198 million in share repurchases in Q4 and $855 million for the full year, representing 90% of 2025 free cash flow [18][19] Q&A Session Summary Question: What drove the voice strength in Q4? - Management noted broad adoption of voice across customer cohorts, with significant strength in self-service and ISV communities [27][28] Question: Can you provide visibility on the Q1 guidance? - Management expressed confidence in the Q1 guidance, citing broad-based strength across products and sales channels [30][31] Question: What is driving the growth in messaging? - Management indicated broad-based strength across multiple products, contributing to messaging growth [42] Question: How is Twilio positioned regarding RCS adoption? - Management acknowledged rapid growth in RCS, emphasizing its potential for marketing-oriented use cases and high open rates [46][48] Question: What differentiates Twilio from competitors? - Management highlighted Twilio's differentiated technology, strong developer experience, and continuous innovation as key competitive advantages [51][52]

Financial Data and Key Metrics Changes - The company reported record total revenues of $219.0 million for the full year 2025, a 22% increase from $179.5 million in 2024, and Q4 revenues of $62.4 million, up 25% year-over-year from $50.1 million [15][19] - Gross margin for Q4 was 77%, and operating margin was 24%, while for the full year, gross margin was 76% and operating margin was 21%, exceeding previous long-term targets [19][23] - Earnings per share (EPS) for the full year was $0.94, reflecting a 12% growth from $0.84 in the prior year [21] Business Line Data and Key Metrics Changes - Platform revenue for Q4 was $52.5 million, up 20% year-over-year, while volume-based revenue was $9.9 million, up 58% [16] - For the full year, platform revenue was $181.0 million, a 15% increase, and volume-based revenue was $38 million, up 70% year-over-year [17] - Recurring revenue for Q4 was $61.1 million, up 62% year-over-year, and for the full year, it was $205.1 million, a 41% increase [17] Market Data and Key Metrics Changes - The semiconductor industry is projected to exceed $1 trillion in revenue, with increasing complexity in manufacturing processes driving demand for AI-driven collaboration [4][12] - The company anticipates continued growth in 2026, consistent with a long-term target of 20% CAGR, driven by increased customer activity across various segments [12][23] Company Strategy and Development Direction - The company aims to evolve from an analytics platform provider to an AI-driven collaboration platform, enhancing its offerings to meet the needs of customers in the semiconductor industry [5][11] - Strategic acquisitions, such as secureWISE, and partnerships with companies like SAP are integral to expanding the company's capabilities and market reach [7][18] - The focus for the next phase includes establishing orchestration, analytics, and data components across the industry [11][23] Management's Comments on Operating Environment and Future Outlook - Management highlighted the accelerating need for AI-driven collaboration in the semiconductor industry, with expectations for increased customer activity in 2026 [12][23] - The company is optimistic about launching advanced memory solutions and expanding its eProbe machine installations, anticipating nearly doubling the number in the field [12][23] - Management expressed confidence in achieving revenue growth consistent with long-term targets, even without inorganic growth contributions [13][23] Other Important Information - The company ended 2025 with a backlog of $254 million and generated positive operating cash flow of approximately $24 million [18][22] - Capital expenditures for 2025 were approximately $33 million, primarily related to DirectScan systems, with expectations for similar spending in 2026 [22] Q&A Session Summary Question: Clarification on DirectScan systems shipped - The company confirmed that four DirectScan systems were shipped in 2025, with a total of six currently in the field [30] Question: CapEx spending and future expectations - Management indicated that CapEx spending in 2026 is expected to be managed evenly throughout the year, with potential variations [38] Question: SAP relationship and expectations - The company continues to see increased needs for orchestration and expects to build on its partnership with SAP to enhance customer engagement [42][44] Question: Balance sheet and debt levels - Management expressed comfort with current debt levels, indicating a focus on balancing CapEx spending while gradually paying down debt [46][49] Question: Revenue methodology and growth expectations - The company provided insights into its new revenue categorization, emphasizing the importance of volume-based revenue and cross-selling opportunities with secureWISE [52][56]

Financial Data and Key Metrics Changes - For Q4 2025, total revenue grew 13% to $751 million, with organic growth of 6.6% and M&A contributing over five percentage points to the top line [31] - Full year 2025 revenues surpassed $3 billion, up 21% year over year, driven by organic growth of 10.1% and significant contributions from M&A [4][32] - Adjusted EBITDA grew 19.2% to $967 million, with an adjusted EBITDA margin of 31.7%, slightly down from 32.2% in the prior year [4][32] - Adjusted earnings per share increased by 9.5% to $1.96 [4][32] Business Line Data and Key Metrics Changes - The property business experienced a modest decline, particularly in Q4 where pricing dropped 25%-35% for large accounts [16][17] - The casualty practice had a strong year, with significant price increases in high-hazard lines exceeding 10% [18] - The delegated authority business generated $1.4 billion in revenue, accounting for 47% of total revenue, up from $700 million and 35% two years ago [8] Market Data and Key Metrics Changes - The insurance market is currently experiencing significant volatility, with rapid shifts in market sentiment [6][7] - The company noted a trend of admitted carriers stepping back into certain segments, particularly on smaller accounts [16] - The overall market conditions are expected to lead to continued pricing declines in property for 2026 [17] Company Strategy and Development Direction - The company is focused on a diversified platform to deliver innovative solutions, emphasizing the importance of specialized expertise and top talent [7][8] - A three-year restructuring program called "Empower" is being launched to improve efficiency and create headroom for additional investment [10][36] - The company has authorized a $300 million share repurchase program, reflecting confidence in its long-term outlook [12][34] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about long-term growth in property despite near-term pricing pressures, citing factors like increasing populations in cat-affected areas [17] - The company anticipates high single-digit organic revenue growth for 2026, reflecting current market conditions and continued property pricing pressures [37] - Management emphasized the importance of AI as an enabler to improve efficiency and client relationships [47][49] Other Important Information - The company completed five acquisitions in 2025, contributing to its growth strategy [5][25] - The Empower program is expected to incur a cumulative special charge of approximately $160 million through 2028, with anticipated annual savings of $80 million by 2029 [11][37] Q&A Session Summary Question: Can you elaborate on the organic growth guidance for 2026? - Management noted that property pricing declines are expected to continue, impacting overall growth guidance, which is now set at high single digits for 2026 [41][42] Question: How does the company view AI's impact on the brokerage sector? - Management views AI as an ally that will enhance efficiency and client service, emphasizing the importance of relationships and trust in the brokerage business [46][48] Question: What is the outlook for the construction segment? - The construction segment remains strong, with a robust pipeline, although macroeconomic pressures have caused delays in project timelines [51][54]

Financial Data and Key Metrics Changes - Total revenue decreased by approximately $3 million or 2.7% to approximately $108.5 million for the quarter ended December 31, 2025, compared to $111.5 million in the prior year period [4] - Operating income increased by approximately $2.7 million or 352.9% to $3.5 million for the first quarter, compared to approximately $800,000 in the prior year period [9] - Adjusted EBITDA for the first quarter was approximately $7.8 million, an increase of approximately $2 million or 35.7% compared to $5.7 million in the prior year period [10] Business Line Data and Key Metrics Changes - Retail-Flooring segment revenue for the first quarter was approximately $25.3 million, down $6.4 million or 20.2% compared to $31.7 million in the prior year period, primarily due to changes in store footprint and softness in the housing market [5] - Flooring Manufacturing segment revenue for the first quarter was approximately $28.9 million, a decrease of approximately $300,000 or 1.1% compared to approximately $29.2 million in the prior year period [6] - Steel Manufacturing segment revenue for the first quarter was approximately $31.9 million, a decrease of approximately $1.4 million or 4.3% compared to approximately $33.3 million in the prior year period [7] Market Data and Key Metrics Changes - The decline in revenue was primarily attributable to a $7.1 million decline in the Retail-Flooring and Steel Manufacturing segments, partially offset by a $4.1 million increase in the Retail-Entertainment and Flooring Manufacturing segments [4] - Retail-Entertainment segment revenue for the first quarter was approximately $23.6 million, an increase of approximately $2.3 million or 11% compared to $21.3 million in the prior year period [4] Company Strategy and Development Direction - The company is rolling out a comprehensive strategy to integrate AI across business units to modernize operations and improve efficiency [11] - By applying AI alongside robotics and data analytics, the company aims to reinforce cost discipline that supports its long-term strategy [12] Management's Comments on Operating Environment and Future Outlook - Management noted that the portfolio companies continued to strengthen their operating disciplines and optimize cost structures despite sustained softness in new home construction and home refurbishment markets [3] - The company delivered a solid first quarter marked by meaningful operating improvements across the businesses, despite a challenging housing market backdrop [11] Other Important Information - Gross profit was approximately $35.4 million for the first quarter, essentially unchanged compared to the prior year period, but gross margin increased by 90 basis points to 32.6% [8] - General and administrative expense decreased approximately $2.2 million or 7.4% to approximately $27.8 million, driven by targeted cost reduction initiatives [9] Q&A Session Summary Question: Are there any questions from the participants? - There were no questions from the participants during the Q&A session [13]

业务聚焦教育科技：公司主营B2B智能教育IT解决方案，包括SaaS订阅、应用开发等，但行业竞争激 烈，营收规模较小。 市场环境 低流动性放大波动：该股日均成交额常低于10万美元，换手率多低于1%，少量资金即可引发价格大幅 变化（如2025年12月15日成交额激增2651%）。 板块表现分化：所属软件服务板块近期整体下跌（2026年2月12日板块跌幅1.47%），但个股受特定消 息或资金行为驱动。 经济观察网 根据截至2026年2月13日的公开信息，网班科技（NTCL.US）近期股价异动主要与以下因素 相关： 股票近期走势 短期波动显著：2026年2月12日，股价单日上涨8.57%，报收0.38美元，成交额1.42万美元，换手率 0.18%。此前的2026年1月7日、1月2日及2025年12月15日，股价分别快速上涨6.07%、10.01%和 39.71%，显示低流动性下易受短期资金影响。 公司基本面 业绩持续亏损：2025财年上半年（截至2025年3月31日）总营收365万美元，同比下降3.0%；净亏损扩 大至489.8万美元，主要因运营费用增长94.7%（达548.8万美元）。毛利率从15.5%降至8.4% ...