Financial Data and Key Metrics Changes - PLDT's service revenue grew by 2% year-on-year to PHP 194.7 billion, driven by Fiber Mobile data and Enterprise ICT [9] - Gross revenue rose by 3% to PHP 208.4 billion, with EBITDA expanding by 4% to PHP 108.5 billion [9][10] - EBITDA margin remained strong at 52%, indicating sustained profitability despite ongoing investments [10][19] - Telco Core income increased by 2% to PHP 35.1 billion, reflecting earnings stability [10][19] Business Line Data and Key Metrics Changes - Individual segment revenues rose by 2% to PHP 83.5 billion, with Mobile Data increasing by 5% year-on-year [12] - Home segment revenues reached PHP 60.7 billion, with Fiber-only revenues growing by 6% to PHP 56 billion [14] - Enterprise revenues grew by 3% to PHP 48.4 billion, with ICT services up 15% to PHP 35 billion [17] Market Data and Key Metrics Changes - Active data users reached 41.3 million, with average monthly mobile data usage per user growing by 5% [12] - PLDT's ARPU of PHP 1,488 remains above industry average, with over 75% of new activations opting for premium plans [15] Company Strategy and Development Direction - PLDT is focused on expanding revenues, managing costs, and improving cash flow generation in 2025 [10] - The company aims to leverage 5G expansion and AI-driven marketing strategies to enhance customer engagement and revenue generation [13][50] - PLDT is committed to sustainability, with a goal of running data centers on at least 40% renewable energy by 2030 [72] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resilience and steady revenue growth despite competitive pressures [36] - The company is focused on cost efficiency while ensuring CapEx is directed towards high-impact areas [36] - Management indicated that they are not yet comfortable providing specific guidance for 2025 core income but expect increases in revenues and profitability [123] Other Important Information - PLDT's net debt-to-EBITDA stands at 2.52 times, with a target to reduce it to 2.0 times in the mid-term [23] - The company retained its investment-grade ratings from S&P and Moody's, reflecting prudent debt management [25] - Maya Bank has shown significant growth, with a customer base increase of 71% year-on-year to 5.4 million [28] Q&A Session Summary Question: What is PLDT's stance on the Konektadong Pinoy Act? - PLDT supports the government's effort to provide open access and requests equal treatment with data transmission providers [79][81] Question: What initiatives are driving customer retention in the Home segment? - PLDT Home focuses on competitive offers, increasing speeds, and improving service quality to maintain a low churn rate of 1.7% [92] Question: How did PLDT drive higher ARPU in Q4 while peers saw a decline? - PLDT achieved higher ARPU through improved sales and marketing infrastructure and effective 5G rollout [99] Question: What is the reason for subscriber losses in prepaid during Q4? - The decline was due to a year-end cleanup of subscribers [127] Question: Can you elaborate on the GPU-as-a-Service offering? - The GPU-as-a-Service offering is in early stages, with discussions ongoing with enterprises to explore use cases [132]

Financial Data and Key Metrics Changes - Total revenue for Q4 2024 increased by 17% to $61.2 million compared to $52.4 million in the prior year [8] - Service revenue rose by 18%, primarily driven by wholesale capacity revenue, while commercial IoT increased by 8% due to higher average subscribers and ARPU [8] - Adjusted EBITDA for Q4 2024 increased by 21% to $30.4 million, with an adjusted EBITDA margin of 54%, up 190 basis points from 52% in 2023 [9][11] Business Line Data and Key Metrics Changes - The Commercial IoT business achieved record annual service revenue in 2024, reflecting growth from existing and new customers [10] - The company expects revenue for 2025 to be between $260 million and $285 million, representing a 9% year-over-year growth at the midpoint [15] Market Data and Key Metrics Changes - The company ended 2024 with $391.2 million in cash, with significant cash inflows from updated service agreements totaling $913 million [12][13] - The company anticipates that the extended MSS network will double total revenue in its first full year of service, reaching $500 million [16] Company Strategy and Development Direction - The company successfully completed its uplisting to the NASDAQ Global Select Market and implemented a 1 for 15 reverse stock split to enhance stock liquidity [5][6] - The focus is on expanding product offerings, including the launch of a QA device and further development of the XCOM RAN terrestrial solution [11][16] - The company aims to maintain 100% of terrestrial, MSS, and other revenue while allocating 85% of network capacity for satellite services to its wholesale customer [37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning within satellite and terrestrial connectivity markets, highlighting significant growth opportunities [22] - The company is focused on balancing growth investments while maintaining healthy margins, with expectations for adjusted EBITDA margins to improve over time [19][58] Other Important Information - The company has achieved a major milestone in partnership with Parsons Corporation, demonstrating a software-defined communication solution using its lower orbit constellation [38] - The company completed the first 5G data call on its Band n53 spectrum, achieving download speeds of 100 megabits per second [39] Q&A Session Summary Question: Can you explain the capabilities of the Aurora satellites? - The Aurora satellites have beam forming capabilities, allowing for controlled power and signal direction [45] Question: What is the timeline for the launch of the new satellites? - No specific update on the launch timing was provided [47] Question: Can you provide updates on the XCOM RAN and customer progress? - The company is focused on cost reduction and is awaiting customer decisions on rollout [54] Question: What are the expectations for EBITDA margins? - EBITDA margins are expected to face short-term pressures but should improve over the next 12 to 18 months [58] Question: When will the 2-way IoT become material to the numbers? - The company expects to start seeing material contributions from the 2-way IoT in 2025, with a ramp-up beginning this year [70][73] Question: Can you provide more details on the new satellite constellation? - The new constellation will work in conjunction with existing satellites, providing optionality for future expansions [115] Question: What are the use cases for the 2-way communication? - Use cases include remote asset control and monitoring, enabling commands to be sent back to devices [120][122]

Group 1 - Khaveen Investments is a Macroquantamental Hedge Fund managing a globally diversified investment portfolio across various asset classes, countries, sectors, and industries [1] - The investment approach combines top-down and bottom-up methodologies, integrating global macro, fundamental, and quantitative strategies [1] - The firm focuses on transformative fields such as Artificial Intelligence, Cloud Computing, 5G, Autonomous & Electric Vehicles, FinTech, Augmented & Virtual Reality, and the Internet of Things [1] Group 2 - The firm serves accredited investors globally, including High Net Worth Individuals, Corporates, Associations, and Institutions [1] - Specialized expertise in cutting-edge technologies is a core component of the firm's investment strategy [1]

Financial Data and Key Metrics Changes - Service revenue grew 2% year-on-year to PHP 194.7 billion driven by Fiber Mobile data and Enterprise ICT [9] - Gross revenue rose by 3% to PHP 208.4 billion [9] - EBITDA expanded by 4% to PHP 108.5 billion, with an EBITDA margin of 52% [10][19] - Telco Core income increased by 2% to PHP 35.1 billion, reinforcing earnings stability [10][19] - Reported income surged 21% to PHP 32.3 billion, up PHP 5.7 billion year-on-year [20] Business Line Data and Key Metrics Changes - Individual segment revenues rose by 2% to PHP 83.5 billion, with Mobile Data up by 5% [12] - Home revenues hit PHP 60.7 billion, with Fiber-only revenues growing by 6% to PHP 56 billion [14] - Enterprise revenues grew 3% to PHP 48.4 billion, with ICT services up 15% to PHP 35 billion [17] Market Data and Key Metrics Changes - Active data users reached 41.3 million, with average monthly mobile data usage per user growing by 5% [12] - PLDT's ARPU of PHP 1,488 remains at a premium to the industry [15] - Maya Bank's customer base grew 71% year-on-year to 5.4 million [28] Company Strategy and Development Direction - Focus on expanding revenues, managing costs, and improving cash flow generation in 2025 [10] - Strategic investments in network leadership, AI-driven marketing, and digital transformation [36] - Commitment to sustainability with a target of running data centers on at least 40% renewable energy by 2030 [72] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining profitability amid competitive pressures [10] - Anticipated continued growth in mobile data and enterprise ICT segments [36] - Plans to enhance customer experience and retention through improved service and innovative offerings [92] Other Important Information - CapEx for 2024 totaled PHP 78.2 billion, with guidance for 2025 between PHP 68 billion and PHP 73 billion [21][22] - Net debt-to-EBITDA currently stands at 2.52 times, with a target to reduce it to 2.0 times in the mid-term [23] - PLDT retained investment-grade ratings from S&P and Moody's [25] Q&A Session Summary Question: What is PLDT's stand on the Konektadong Pinoy Act? - PLDT supports the government's effort to provide open access and requests equal treatment with data transmission providers [79][81] Question: What initiatives are driving customer retention in the Home segment? - PLDT Home focuses on competitive offers, increasing speeds, and improving service to maintain a low churn rate of 1.7% [92] Question: Can you clarify the 11% increase in Fixed Line from 2023 to 2024? - The increase is attributed to bundled products, with voice services growing as part of these bundles [115] Question: Any preliminary guidance for 2025? - Management is not comfortable providing specific guidance for core income for 2025 but expects increases in revenues and profitability [123] Question: Why did PLDT see subscriber losses on prepaid in the fourth quarter? - The losses were due to a year-end cleanup of subscribers [127] Question: What has demand been like for GPU-as-a-Service? - Demand is growing, and PLDT is in discussions with enterprises to explore use cases for this service [133]

以下文章来源于IC Research ，作者CINNO IC Research . IC Research是CINNO旗下专注半导体产业研究子品牌。基于多年深度观察与数据积累，提供专业的产 业咨询与定制报告，为企业未来发展规划、战略布局、投资并购、IPO咨询等提供全方位服务，陪伴企 业成长的全周期。 "从全球视角来看，2024年半导体行业正处于后疫情时代的调整期。尽管人工智能、5G和物联网 等新兴技术驱动长期需求增长，但短期内全球经济放缓和地缘政治紧张局势对行业投资产生了抑 制作用。中国作为全球最大的半导体消费市场，其投资动态不仅影响本土产业格局，也对全球供 应链的稳定性产生深远影响。" 一、中国半导体产业投资趋势分析：2024年投资总额下降，设备领域逆势增长 为1 , 11 6亿人民币和9 4 5 . 1亿人民币，占比1 6 . 3%和1 3 . 8%。尽管中国在半导体制造和设计领域持 续 发 力 ， 但 全 球 需 求 疲 软 、 技 术 壁 垒 以 及 国 际 供 应 链 重 组 等 多 重 因 素 对 投 资 信 心 造 成 了 一 定 压 力。 图 示: 2 0 2 4年中国半导体产业投资项目分布 ...

Financial Data and Key Metrics Changes - In Q4 2024, total revenue reached $48.1 million, representing a year-over-year increase of over 33% [38] - For the full year 2024, revenue was $191.2 million, reflecting a year-over-year growth of 14.3% [41] - Non-GAAP gross margin for Q4 2024 improved to 37.4%, up 260 basis points from Q3 2024 and nearly 200 basis points from Q4 2023 [42] - Adjusted EBITDA for Q4 2024 was $5.4 million, more than double the prior year quarter, with an adjusted EBITDA margin of 11.2% [44] - The company ended 2024 with $56 million in total debt and a cash position of $40 million, significantly improved from the start of the year [46] Business Line Data and Key Metrics Changes - Mobile solutions revenue grew over 59% year-over-year, driven by strong performance in carrier hotspot products [39] - Services and other revenue, including the Inseego Subscribe SaaS offering, increased by 62% year-over-year [39] - Fixed Wireless Access (FWA) revenue saw a slight year-over-year decline but increased sequentially from Q3 2024 [40] Market Data and Key Metrics Changes - The wireless broadband market is expected to grow significantly, with 2 billion 5G connections currently and projections to exceed 10 billion by the end of the decade [11] - Fixed Wireless Access is noted as the fastest-growing broadband technology in the US, leading net additions over the past 18 months [12] Company Strategy and Development Direction - The company aims to focus on scaling its FWA and MiFi businesses while accelerating its software and services roadmap [19] - Plans include evolving the product roadmap to align better with carrier requirements and expanding into higher volume market segments [20][21] - The company is committed to enhancing its cloud-based device management platform, Inseego Connect, to drive recurring revenue [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in long-term growth despite a challenging start to Q1 2025 due to inventory management and product transitions [32] - The wireless broadband industry operates on long cycles, with the full impact of current strategies expected to materialize in late 2025 and 2026 [30] - Management anticipates overall year-over-year revenue growth for 2025, with sequential growth expected starting in Q2 [52] Other Important Information - The company completed the sale of its Telematics business for $52 million, which is reported as discontinued operations [36] - The restructuring of convertible notes has significantly reduced debt and improved liquidity [46] Q&A Session Summary Question: Clarification on inventory and growth guidance for 2025 - Management confirmed expectations for revenue growth in 2025, despite a slow start in Q1, with anticipated growth beginning in Q2 [58][59] Question: Sources of growth in the second half of 2025 - Management highlighted product refreshes and expansion into new market segments as key drivers for growth [64] Question: Customer relationships and market engagement - Management emphasized existing relationships with major players in broadband and the importance of converting opportunities into revenue [79] Question: Procurement and supply chain improvements - Management indicated that new discussions with suppliers would occur as revenue grows, with a focus on rapid product development [81] Question: Future asset mix and divestitures - Management stated that the focus will be on becoming a leading provider in mobile and fixed broadband, with potential for inorganic growth through careful consideration [85] Question: Annual growth outlook and product mix evolution - Management discussed the modular development strategy and the expected growth in FWA and MiFi segments, emphasizing the enterprise market's potential [94]

苏州盛科通信股份有限公司 首次公开发行股票并在科创板上市招股意向书附录 | 序号 | 名称 | 页码 | | --- | --- | --- | | 1 | 发行保荐书 | 1 | | 2-1 | 财务报告及审计报告 | 45 | | 2-2 | 发行人审计报告基准日至招股说明书签署日之间的相关财务报 表及审阅报告 | 190 | | 3 | 内部控制鉴证报告 | 285 | | 4 | 经注册会计师鉴证的非经常性损益明细表 | 308 | | 5 | 法律意见书 | 315 | | 6 | 律师工作报告 | 714 | | 7 | 发行人公司章程（草案） | 881 | | 8 | 关于同意苏州盛科通信股份有限公司首次公开发行股票注册的 批复 | 933 | 关于苏州盛科通信股份有限公司 首次公开发行股票并在科创板上市的 发行保荐书 保荐机构 （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 2023 年 6 月 1 | 第一节 本次证券发行基本情况 3 | | --- | | 一、保荐机构名称 3 | | 二、具体负责本次推荐的保荐代表人 3 | | 三、项目协办人及其他项目组成 ...

本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合存 在不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点， 投资者面临较大的市场风险。投资者应充分了解创业板的投资风险及本公司所 披露的风险因素，审慎作出投资决定。 中国（上海）自由贸易试验区世纪大道1198号28层 深圳市核达中远通电源技术股份有限公司 Shenzhen VAPEL Power Supply Technology Co., Ltd. （深圳市龙岗区宝龙街道宝龙社区宝龙二路 36 号核达中远通 A 座 厂房 1 层-9 层、B 座 1-7 层、C 座 1-9 层） 首次公开发行股票并在创业板上市 招股说明书 （注册稿） 本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程序。本 招股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当 以正式公告的招股说明书作为投资决定的依据。 保荐人（主承销商） 深圳市核达中远通电源技术股份有限公司 首次公开发行股票并在创业板上市招股说明书（注册稿） 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准 ...

ASML Conference Call Summary - May 31, 2023 Industry Overview - The semiconductor industry is experiencing a mixed demand landscape, with a noted weakness in the memory market while logic segments, particularly automotive and industrial, remain strong [4][5] - ASML anticipates a 25% growth in top-line revenue for the year, driven by a 40% increase in EUV sales and a 30% increase in non-EUV sales [4][5] Key Insights on EUV and DUV - EUV bookings have decreased to $3.8 billion from a peak of $8 billion, attributed to the high average selling prices (ASP) of tools [7][8] - ASML has a backlog of $39 billion, which is approximately double the expected shipments for the year, indicating strong future demand despite current booking fluctuations [8][9] - The supply chain is expected to improve, which will help reduce lead times and potentially increase bookings in the upcoming quarters [10][11] Demand Dynamics - There is strong demand for mature logic nodes, driven by applications in distributed computing and electric vehicles, which are expected to sustain growth for years [15][16] - AI is seen as a long-term growth driver for leading-edge logic tools, although customers are currently in a cautious phase regarding capital spending [20][21] Supply-Demand Imbalances - The company reported a 20% undersupply in DUV systems, down from 30-50% in previous years, indicating an improvement in capacity and demand alignment [25][26] - Approximately 20% of ASML's backlog is attributed to China, with real demand noted for various semiconductor applications [28][30] Regulatory Impact - Recent U.S. export restrictions have had a limited indirect impact on ASML's backlog, estimated at around 5% [32][33] - The company remains optimistic about its ability to navigate these restrictions, particularly for mature immersion tools [36] Pricing and Margins - ASML is successfully negotiating higher ASPs to offset inflationary pressures, with expectations for continued improvement in gross margins [37][38] - The company has transitioned to an output-based service model for EUV tools, which is expected to enhance revenue predictability and margins [66][68] Future Outlook - ASML is preparing for the introduction of high-NA EUV tools, with initial shipments expected late this year and more significant production ramping up in 2025 [44][46] - The company anticipates that high-NA tools will complement rather than cannibalize low-NA tools, as they will be used for more critical layers in semiconductor manufacturing [50][51] Conclusion - ASML is positioned for growth in a dynamic semiconductor market, with strong demand across various segments and a robust backlog. The company is actively managing supply chain challenges and regulatory impacts while focusing on long-term trends such as AI and electric vehicles to drive future growth.

g 本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合存在 不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面 临较大的市场风险。投资者应充分了解创业板的投资风险及本公司所披露的风险因 素，审慎作出投资决定。 九江德福科技股份有限公司 （九江市经济技术开发区汽车工业园顺意路 15 号） 首次公开发行股票并在创业板上市 招股说明书 发行人声明 中国证监会、深交所对本次发行所作的任何决定或意见，均不表明其对注 册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对 发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资 风险。 （注册稿） 本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程序。本招股说明 书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式公告的招股 说明书作为投资决定的 ...