楼市的这轮调整，最受打击的无疑是那些硬伤显著的房产。 1. 建筑安全隐患 ①远离城市核心区的"新区" 随着楼市的降温，曾经被宣传为未来发展的新城区和配套设施建设，已经开始面临停滞或放缓的局面。没有了政策的扶持，原本被看好的新区逐渐变得冷 清，甚至有些郊区荒芜到令人不寒而栗。住在这些地方，生活变得异常困难，吃个饭、买个生活用品都成了问题。尤其是到了晚上，许多小区的亮灯率低得 惊人，仿佛进入了一座废弃的城市，那种阴沉的氛围，让人不禁感到毛骨悚然。 ②房龄超20年的老小区 房龄超过20年的老小区无疑是楼市中的"硬伤"代表。正如人随着年龄增长会出现各种健康问题，老旧小区也面临着各式各样的困境。小区内绿化和道路的破 损，户型设计的过时，水电网络频繁出现故障，几乎家家户户都面临漏水或者漏电的困扰，给住户的生活带来了极大的不便。尤其是没有电梯的楼房，底层 住户虽然可以忍受爬楼的困扰，但住得高的住户则面临着极大的挑战，尤其是老人和孩子，爬楼的风险增加了摔跤等安全隐患。 这些老旧小区随着缺陷的愈加突出，其市场价格自然不断下降。在上海等大城市，尽管二手房市场有所回升，但"老破小"和"老破大"依然是降价的主力军。 比如一套原本10 ...

Core Insights - The article compares Procter & Gamble (PG) and Colgate-Palmolive (CL), highlighting their market positions, financial performance, and strategic priorities within the consumer-packaged goods (CPG) industry [1][2]. Procter & Gamble (PG) - PG operates in over 180 countries with a market capitalization close to $400 billion, offering a diverse product lineup including Tide, Pampers, Gillette, and Olay, which provides a competitive advantage [3]. - In Q3 fiscal 2025, PG reported earnings per share (EPS) of $1.54, meeting analyst expectations, while maintaining or growing market share in seven of its ten core categories [4]. - The company focuses on premiumization and innovation, launching high-performance products and investing in advertising rather than discount promotions, which supports long-term brand strength [5]. - PG anticipates approximately $200 million in after-tax headwinds from commodity costs and foreign exchange in fiscal 2025, alongside projected tariff-related costs of $1-$1.5 billion annually [6]. - The company plans to return $16-17 billion to shareholders through dividends and buybacks, demonstrating a commitment to long-term value creation [7]. Colgate-Palmolive (CL) - CL is a leader in oral care with a 41% share of the global toothpaste market and a 32% share in manual toothbrushes, while also expanding into pet nutrition and skincare [9][10]. - In Q1 2025, CL reported sales exceeding $4.91 billion, beating estimates despite a 3% year-over-year decline, with an EPS of 91 cents also surpassing expectations [11]. - The company expects $200 million in incremental tariff impacts in 2025 but is mitigating these through supply-chain flexibility and productivity gains, having invested $2 billion in U.S. supply-chain upgrades over the past five years [12]. - CL maintains a focus on advertising ROI and AI-driven analytics to optimize spending while continuing to innovate and premiumize its offerings [13]. - The company is positioned to deliver sustainable shareholder value through its strong balance sheet and disciplined execution, despite short-term pressures [14][26]. Financial Estimates - For fiscal 2025, PG's sales and EPS are expected to grow by 0.4% and 3%, respectively, with EPS estimates down by 1.2% in the past week [15]. - CL's sales and EPS estimates suggest year-over-year growth of 0.6% and 1.4%, with EPS estimates down by 0.5% recently [18]. - Both companies have experienced downward estimate revisions, but CL's revisions are less severe compared to PG [20]. Price Performance & Valuation - Year-to-date, PG shares have declined by 3.1%, while CL stock has gained 1.4% [21]. - PG is trading at a forward P/E multiple of 23.06X, below its five-year median of 23.65X, indicating a potentially undervalued position [23]. - CL's forward P/E multiple is at 24.47X, above its five-year median of 24.1X, reflecting its solid fundamentals and growth strategy [24]. Conclusion - PG's extensive global presence and diversified brand portfolio provide a foundation for long-term revenue stability, though it faces geopolitical and market-specific challenges [25]. - CL's strong brand equity and adaptability position it as an attractive investment option, particularly with lower tariff risks and solid fundamentals [27].

Financial Data and Key Metrics Changes - The company reported adjusted funds from operations (AFFO) of $71.8 million or $0.36 per share for Q1 2025, benefiting from recent investments and lower operating expenses [21] - The company maintained its 2025 AFFO guidance range at $1.45 to $1.49 per share, reflecting approximately 3% growth at the midpoint [9][23] - The pro forma leverage at the end of the quarter was 5.0 times net debt, with approximately $826 million available on the revolving credit facility [22] Business Line Data and Key Metrics Changes - The company invested $103.9 million in new property acquisitions, build-to-suit developments, and revenue-generating CapEx, with a weighted average initial cash cap rate of 7.2% [16] - The committed build-to-suit developments pipeline stands at approximately $305.9 million, with an expected initial cash cap rate in the 7s and straight-line yields in the mid-8s to mid-9s [6][13] - The company has $132.9 million of acquisitions under control and $4.5 million of commitments to fund revenue-generating CapEx with existing tenants [16] Market Data and Key Metrics Changes - The company reported 99.1% occupancy and 99.1% rent collection for the first quarter, indicating a resilient and diversified portfolio [9] - The company has minimal near-term rollover concerns, with only 1% of its annual base rent (ABR) remaining to be addressed for 2025 [17] Company Strategy and Development Direction - The company focuses on a differentiated strategy that includes a robust pipeline of build-to-suit projects, aiming to add at least $500 million in additional developments to its committed schedule [11][42] - The company emphasizes the importance of maintaining a flexible balance sheet and proactive portfolio management to navigate macroeconomic uncertainties [9][10] - The company is expanding its developer relationships to enhance its build-to-suit pipeline, with a recent partnership with Prologis for a $78.2 million project [7][50] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the risks presented by the current macroeconomic environment, including potential tariffs and consumer spending trends, but expressed confidence in the company's ability to manage these challenges [8][10] - The management team remains optimistic about the long-term growth potential, citing a strong pipeline and disciplined execution as key drivers for shareholder value [5][8] Other Important Information - The company has a watch list focusing on consumer-centric tenants and is closely monitoring the performance of certain tenants, including Zips and Stanislaus Surgical [18][20] - The company plans to maintain its dividend at $0.29 per share, payable to holders of record as of June 30, 2025 [23] Q&A Session Summary Question: How is the company monitoring credit risk related to industrial exposure and tariffs? - The management team is taking a top-down and bottom-up approach to assess individual tenants and industries affected by tariffs, emphasizing that manufacturing is not uniform and some tenants are well-positioned to manage these challenges [25][27] Question: What is the guidance for bad debt this year? - The company started the year with a bad debt guidance of 125 basis points and plans to maintain this figure, reassessing after Q2 [30][33] Question: What is the company's exposure to Claire's and how are they managing it? - The company owns Claire's sole distribution facility in the U.S., representing about 78 basis points of exposure, and is optimistic about their ability to navigate tariff-related challenges [36][39] Question: What is the status of the build-to-suit pipeline? - The company remains committed to its goal of $500 million in build-to-suit developments and is actively pursuing additional developer partnerships to enhance its pipeline [41][42] Question: How does the company plan to fund its existing build-to-suit pipeline? - The company has ample capacity on its credit facility and does not intend to seek permanent financing for its current projects, focusing on self-funding through its portfolio [46][48] Question: What is the nature of the relationship with Prologis? - The relationship with Prologis is expected to yield repeat business, with ongoing discussions about future projects, highlighting the importance of strong developer relationships [49][78]

Financial Data and Key Metrics Changes - The company reported adjusted funds from operations (AFFO) of $71.8 million or $0.36 per share for the quarter, benefiting from recent investments and lower operating expenses [20][23] - The company maintained its 2025 AFFO guidance range at $1.45 to $1.49 per share, reflecting approximately 3% growth at the midpoint [9][10] Business Line Data and Key Metrics Changes - The company invested $103.9 million in new property acquisitions, build-to-suit developments, and revenue-generating capital expenditures, with a weighted average initial cash cap rate of 7.2% and a weighted average straight-line yield of 8.3% [16][20] - The committed build-to-suit developments pipeline stands at approximately $305.9 million, with an expected initial cash cap rate in the 7s and straight-line yields in the mid-8s to mid-9s [5][12] Market Data and Key Metrics Changes - The company has approximately $132.9 million of acquisitions under control and $4.5 million of commitments to fund revenue-generating CapEx with existing tenants [16] - The company reported 99.1% occupancy and 99.1% rent collection for the first quarter, indicating a resilient and diversified portfolio [9] Company Strategy and Development Direction - The company emphasizes a differentiated strategy focused on disciplined growth, with a goal of adding at least $500 million in additional build-to-suit developments to its committed schedule [10][11] - The company is expanding its developer relationships, recently partnering with Prologis for a $78.2 million project, which is expected to enhance its pipeline and growth opportunities [6][14] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the macroeconomic uncertainties, including potential tariffs and consumer spending trends, but expressed confidence in the company's ability to manage risks [8][9] - The company remains vigilant in monitoring tenant credit risks, particularly in consumer-centric industries, while maintaining a diversified portfolio to mitigate impacts from individual credit events [17][18] Other Important Information - The company amended its $1 billion revolving credit facility, extending the maturity date to March 2029 and reducing the all-in borrowing rate by 10 basis points [21][22] - The company ended the quarter with pro forma leverage of 5.0 times net debt and approximately $826 million available on its revolving credit facility, providing ample capacity for future investments [22][23] Q&A Session Summary Question: How is the company monitoring credit exposure in the industrial sector due to tariffs? - The company is taking both top-down and bottom-up approaches to assess individual tenants and industries affected by tariffs, emphasizing that manufacturing is not uniform and varies by tenant [25][26] Question: What is the guidance for bad debt this year? - The company started the year with a bad debt guidance of 125 basis points and plans to maintain that figure, reassessing after Q2 and into Q3 [29][32] Question: What is the exposure to Claire's and how is the company managing it? - The company owns Claire's sole distribution facility in the U.S., which accounts for 78 basis points of exposure, and is actively monitoring their logistics and inventory sourcing due to tariff impacts [34][36] Question: Can you provide an update on the build-to-suit pipeline? - The company remains confident in its goal of $500 million in build-to-suit developments for the year, with a robust pipeline despite some macroeconomic uncertainties [39][40] Question: How does the company plan to fund its existing build-to-suit pipeline? - The company has ample capital available and does not intend to put permanent financing on any of the current deals, focusing on controlling its own destiny [43][46] Question: What is the nature of the relationship with Prologis? - The relationship with Prologis is expected to yield repeat business, with ongoing discussions for future projects, highlighting the value of their partnership [76][78]

Financial Data and Key Metrics Changes - The company reported a revenue growth of 16% in Q1, significantly above expectations, primarily due to favorable timing of material receipts [22][24] - Adjusted EBITDA for the quarter was $82 million, representing a 17% growth year-over-year, with an adjusted EBITDA margin of 10.3%, reflecting a slight year-over-year margin expansion of 10 basis points [24][26] - First quarter net earnings were $50 million, with diluted EPS of $0.19, marking a 7273% increase, while adjusted net earnings were $54 million, with adjusted diluted EPS of $0.20, up 42% [26][30] Business Line Data and Key Metrics Changes - The Advanced Sensing and Computing (ASC) segment saw a revenue growth of 18%, while the Integrated Mission Systems (IMS) segment's revenue increased by 11% [23][24] - ASC adjusted EBITDA increased by 2%, but the margin declined by 130 basis points due to negative contract adjustments and increased costs from a sole source supplier [25][26] - IMS adjusted EBITDA rose by 38%, with margin expansion of 260 basis points, driven by favorable contract adjustments and increased volume from the Columbia Class program [25][26] Market Data and Key Metrics Changes - The company secured nearly $1 billion in bookings during the quarter, resulting in a book-to-bill ratio of 1.2, marking the thirteenth consecutive quarter with a book-to-bill above one [6][20] - The backlog increased to $8.6 billion, reflecting growth on both a year-over-year and sequential basis [7][20] - Domestic growth was highlighted, while international growth faced some headwinds due to timing of deliveries [35][36] Company Strategy and Development Direction - The company is focused on enhancing its role in national defense initiatives, particularly in layered air defense, counter UAS, and shipbuilding [11][12] - The company is investing in its Charleston facility to support shipbuilding and is exploring opportunities in electric propulsion and unmanned naval platforms [17][18] - The company is also advancing its AI capabilities to enhance threat detection and situational awareness in combat vehicles [18][19] Management's Comments on Operating Environment and Future Outlook - Management noted a dynamic operating environment but expressed confidence in maintaining a book-to-bill ratio above one for 2025 [10][11] - The global threat environment remains elevated, which is expected to sustain demand for defense spending [11][12] - The company anticipates the FY '26 President's Budget Request will provide clarity on funding allocations for key priorities [11][12] Other Important Information - The company initiated a dividend payment and stock repurchases as part of its capital return initiatives [8][20] - The company is actively engaged in M&A opportunities, viewing them as a top priority for capital allocation [78][79] - The company has implemented economic price adjustment clauses in contracts to mitigate risks associated with price volatility of raw materials [81][82] Q&A Session Summary Question: Can you talk about material receipts and international growth? - The material acceleration impacted revenue holistically across the board, with domestic growth being the primary contributor while international growth faced some headwinds [35][36] Question: What are the margin expectations for ASC? - The ASC segment is expected to have a lower gross margin prospectively, but adjustments made in Q1 should mitigate some impacts moving forward [41] Question: How do you see your share of the defense budget evolving? - The company expects to grow ahead of the defense budget, aligning with the administration's priorities in shipbuilding and force protection [56][58] Question: What is the opportunity in the European defense market? - There is a substantial near-term opportunity in areas like counter-drone systems and advanced sensing programs, although competition may evolve over time [66] Question: How is the company positioned for Navy opportunities? - The company is engaged in discussions to increase its role in shipbuilding and is positioned to support the Navy's increased throughput needs [70][71] Question: What is the outlook for interest expense? - The company anticipates a lower interest burden for the full year due to improved cash position and linearity [111]

Core Insights - Johnson Controls is celebrating its 140th anniversary, marking a significant milestone in its history of innovation and leadership in the building technology sector [1][2][3] Company Achievements - The company has a rich history of achievements, including the introduction of the first automatic sprinkler and room thermostat, and currently holds nearly 8,000 patents [1][2] - Johnson Controls has invested billions of dollars in engineering, research, and development to enhance its product offerings and services [2] Product and Service Portfolio - Johnson Controls offers one of the largest portfolios of heating, ventilation, and air conditioning (HVAC) equipment and controls globally, along with fire protection and smart security solutions [1][4] - The company is focused on serving a diverse range of customers, including data centers, advanced manufacturing, education, hospitals, and pharmaceutical labs [1][4] Future Outlook - The CEO emphasized the company's commitment to accelerating technology-based innovation and continuous improvement, aiming to transform the industry for the next 140 years [4] - Johnson Controls is integrating IoT, AI, and machine learning into its services, providing enhanced real-time analytics to create smarter buildings [4][7] Digital Transformation - The company is leveraging its OpenBlue digital offering to deliver comprehensive solutions for various industries, including healthcare, schools, and manufacturing [7] - Johnson Controls aims to simplify its portfolio while enhancing customer service, ultimately helping customers save money, energy, and time [4]

Expect to place approximately $8.5 billion of projects into service in 2025, tracking to roughly 15 per cent under budget Announced $2.4 billion of new natural gas and nuclear power generation growth projects CALGARY, Alberta, May 01, 2025 (GLOBE NEWSWIRE) -- TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) released its first quarter results today. François Poirier, TC Energy’s President and Chief Executive Officer commented, "As natural gas and electricity are forecasted to drive the major ...

Financial Performance - Hepsor's consolidated sales revenue for Q1 2025 was €8.2 million, a significant increase from €2.3 million in Q1 2024, representing a growth of approximately 257% [1] - The Group's net loss for Q1 2025 was €0.1 million, improved from a net loss of €1.0 million in Q1 2024, with the net loss attributable to the owners of the parent at €0.2 million compared to €0.9 million in the previous year [1] Dividend Proposal - The Management Board proposes to distribute €1.0 million in dividends to shareholders in 2025, equating to €0.26 per share, which results in a dividend yield of 6.9% based on the share price as of March 31, 2025 [2] Development Projects - In Q1 2025, Hepsor handed over 42 homes to customers, a notable increase from 12 homes in the same period of 2024, with 26 homes delivered in Tallinn and 16 in Riga [4] - The Annenhof Mājas development project in Latvia saw 60% of its apartments sold by the end of March 2025, indicating strong customer interest [3] - The construction of StokOfiss 34, a multifunctional commercial building in Riga, is progressing, with lease agreements signed for 47% of the total rental area as of March 31, 2025 [5] Future Plans - Hepsor plans to start construction on four new residential development projects in 2025, including 49 new homes at Manufaktuuri 12 in Tallinn and a total of 227 new homes in Riga [8][9] - A shareholders' agreement was signed in April 2025, resulting in the sale of a 50% stake in Hepsor SOF OÜ to the EfTEN Special Opportunities Fund, which will acquire five properties valued at €9.0 million [7] Financial Position - As of March 31, 2025, total assets amounted to €83.9 million, a decrease from €96.8 million in the same period of 2024 [10] - Current liabilities were reported at €24.7 million, down from €44.7 million a year earlier, while total liabilities stood at €62.3 million [10]

【CNMO科技消息】水泥是现代建筑不可或缺的材料，但其生产过程却带来了巨大的环境负担——全球 约8%的二氧化碳排放源自水泥制造。为了寻找更加环保的替代方案，美国蒙大拿州立大学的工程师们 开发出了一种基于真菌的新型混凝土替代材料，为可持续建筑带来了新的希望。 这项创新成果属于工程活性材料（ELMs）领域，即将活体生物与非生物材料结合，创造出具有独特性 能的新型材料。此前，ELMs面临的最大挑战是寿命短暂，但蒙大拿州立大学的这款真菌混凝土替代品 能在至少四周内保持代谢活性，成为目前最持久的候选材料之一。 该材料的核心是快速生长的真菌Neurospora crassa，其形成的菌丝网络构建了坚固的骨架结构。研究人 员随后引入了一种名为Sporosarcina pasteurii的细菌，促使材料内部发生微生物诱导碳酸盐沉积 （MICP）过程，将原本松散的基材转变为类似水泥的坚固物质。 相关研究分析 更为关键的是，真菌骨架为内部结构设计提供了极高的自由度。研究团队模拟了人类皮质骨内部的复杂 几何结构，从而在保证强度和韧性的同时，为材料带来潜在的自愈合能力。这种灵活的架构设计，为未 来建筑材料的智能化和可持续性开辟了新方 ...

Financial Data and Key Metrics Changes - Seagate reported a 31% year-on-year increase in revenue and an 81% growth in non-GAAP gross profit dollars for Q3 2025 [5][13] - Non-GAAP EPS was $1.90, which is at the top end of the guidance range, despite a 7% sequential decline in revenue [13][20] - Non-GAAP gross margin expanded by 70 basis points sequentially to 36.2% and over 1,000 basis points year-on-year [16][20] Business Line Data and Key Metrics Changes - Nearline revenue represented approximately 90% of mass capacity volume, with shipments of 120 exabytes, down 5% sequentially but up 55% year-on-year [15] - Mass capacity revenue declined sequentially by $145 million to $1.7 billion, representing a 48% increase year-on-year [14] - Legacy product sales totaled $254 million, down 8% sequentially, reflecting expected seasonal trends [15] Market Data and Key Metrics Changes - Cloud nearline revenue and exabytes were up nearly 10% sequentially, almost doubling year-over-year amid a tight supply environment [8] - Demand for mass capacity storage aligns with the cloud CapEx investment cycle and ongoing data center infrastructure build-out to support AI transformations [8][10] - Nearline exabyte demand looks strong through calendar 2025, with visibility of demand extending into the first half of calendar 2026 [10] Company Strategy and Development Direction - The company is focusing on managing controllable factors while executing its aerial density-driven technology roadmap [7] - Seagate's HAMR-based Mosaic drives are positioned as the industry's only three terabyte per disk products, with shipments expected to ramp in the second half of calendar 2025 [7][12] - The company aims to transform its business model to prioritize profits and cash generation while capitalizing on the growth in data generation and value [23] Management's Comments on Operating Environment and Future Outlook - Management expects minimal impact from tariffs on fourth-quarter financial performance and is monitoring the situation closely [6][20] - The demand environment remains intact, particularly among global cloud customers, despite potential tariff measures affecting customer buying decisions [7][20] - The company anticipates free cash flow generation to improve sequentially through the rest of the calendar year [19][20] Other Important Information - The company returned $152 million to shareholders through dividends and ended the quarter with liquidity of $2.1 billion [19] - The debt balance was $5.1 billion at the end of March, with a net leverage ratio of 2.1 times [19] Q&A Session Summary Question: Understanding upside in revenue despite supply constraints - Management confirmed that the guidance for June would have remained the same a month ago, indicating predictability built through the build-to-order process [29][30] Question: Progress on HAMR qualifications and contributions - Management stated that HAMR is growing well, with one major CSP qualification almost complete and more in progress [35][36] Question: Visibility on customer demand and pricing - Management noted that build-to-order models provide visibility into demand, and they expect to negotiate higher prices as they transition to higher capacity products [42][43] Question: Impact of tariffs on financial model - Management indicated that passing through tariff-related costs would be a last resort, and they are focused on maintaining margins to reinvest in the business [50][52] Question: Expectations for revenue growth and gross margin in the back half of the year - Management expressed confidence in revenue growth and profitability, with no reason to change expectations based on current visibility [58][60]