ConversationNiina Ala-LuopaInterim Head of Investor Relations Good afternoon, and welcome to Vaisala's Virtual Investor Event. I am Niina Ala-Luopa, and I am from Vaisala's Investor Relations. We have 4 speakers and presentations today. First, President and CEO, Kai Oistamo, will give an overview of Vaisala's strategy and how the company is driving growth in a changing market. After that, Jarkko Sairanen will talk about Industrial Measurements business and strategic priorities that we have in that business. ...

Core Points - ST New Asia (SZ002388) reached its daily limit with a price of 6.25 yuan, marking a 5.04% increase and a total market capitalization of 3.192 billion yuan [1] Group 1: Governance and Business Growth - The company has recently revised its articles of association and implemented several systems, including independent board meetings, enhancing its governance structure and protecting minority shareholders' rights, which strengthens market confidence [2] - The adhesive business reported a year-on-year revenue growth of 9.22% with a gross margin of 47.42%, indicating strong competitiveness; overseas market expansion has shown significant results with a 28.61% increase in overseas revenue, now accounting for 18.83% of total revenue [2] - The company gained 29.58 million yuan in investment income from the disposal of subsidiary equity, contributing to positive business performance that stimulated stock prices [2] Group 2: Shareholder Confidence and Market Activity - The controlling shareholder and concerted parties have cumulatively increased their holdings by 1.02%, reflecting confidence in the company's future development [2] - Recent trading activity included five block trades on November 24, 2025, with a total volume of 2.4 million shares and a transaction value of 13.584 million yuan, indicating heightened market interest in the stock [2] - Despite challenges such as a significant decline in net profit and revenue shrinkage, investors may be focusing more on governance improvements and potential opportunities from certain business growth [2]

Core Insights - Miniso Group (NYSE: MNSO; HKEX: 9896) reported a total revenue of 5.8 billion yuan for Q3 2025, representing a year-on-year growth of 28% [1] - The Miniso brand generated revenue of 5.22 billion yuan, up 23% year-on-year, while the TOP TOY brand saw a remarkable 111% increase in revenue to 570 million yuan [1] - The group's gross profit for the quarter was 2.59 billion yuan, with a gross margin of 44.7%, indicating strong business growth resilience and profitability [1] - Adjusted net profit (Non-IFRS) reached 770 million yuan, a 12% increase year-on-year, with an adjusted net profit margin of 13.2% [1] - As of the end of the quarter, Miniso Group surpassed 8,000 global stores, marking a significant milestone [1] - Same-store sales continued to improve, achieving mid-single-digit growth, characterized by higher quality and stronger sustainability [1]

Financial Data and Key Metrics Changes - The company achieved a positive adjusted EBITDA of nearly $500,000 for the first time in its history, marking a significant financial milestone [3] - Cash generated from operations was over $250,000, indicating a shift towards financial independence [3] - Q3 revenue reached $6.8 million, a 30% increase year-over-year and a 20% increase quarter-over-quarter [7] - Adjusted EBITDA improved to $469,000 compared to $100,000 a year ago and a loss of $78,000 in the previous quarter [17] - Cash from operations showed a positive swing of $433,000, moving from a cash burn of $148,000 in Q2 to a cash generation of $285,000 in Q3 [17] Business Line Data and Key Metrics Changes - The Pathology Services Division generated $6 million in Q3, a 20% increase from $5 million in Q2, driven by new customer acquisitions [8] - Gross margin for the Pathology Services Division improved from 43% to 46% due to efficient operations [17] - The Products Division saw a 16% quarter-over-quarter growth, increasing from approximately $620,000 in Q2 to $720,000 in Q3 [10] - Overall gross margins improved slightly from 43% to 44%, with expectations for continued upward trends as both divisions grow [11] Market Data and Key Metrics Changes - The company’s share price has tripled since the beginning of 2025, reflecting market confidence in its financial performance [5] - The company is experiencing a strong sales funnel with several new customers in trial phases, indicating potential for future growth [8] Company Strategy and Development Direction - The company is transitioning from a defensive to an offensive strategy, focusing on reinvesting cash generated into growth initiatives [3][5] - Plans include driving double-digit growth in both divisions, expanding margins, and increasing liquidity and share price appreciation [19] - The company aims to leverage its financial independence to explore strategic partnerships and innovative products [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company’s ability to grow organically without reliance on outside capital, marking a significant operational threshold [18] - The focus is on maintaining a culture of accountability, collaboration, and customer empathy to support sustained growth [9] - Future priorities include continued growth, margin expansion, and strategic reinvestment to enhance market position [19] Other Important Information - The company is nearing the completion of its full repayment of Change Healthcare, which will free up cash generated from operations starting in Q1 2026 [18] - The company has made strategic investments in lab space and technical support to enhance operational efficiency and customer onboarding [12][15] Q&A Session Summary - No specific questions or answers were provided in the content, indicating that the conference call concluded without a Q&A segment [21]

Financial Data and Key Metrics Changes - For Q3 2025, the company achieved a positive adjusted EBITDA of nearly $500,000 and generated over $250,000 in cash from operations, marking a significant financial milestone [3][15] - Revenue for Q3 reached $6.8 million, representing a 30% increase year-over-year and a 20% increase quarter-over-quarter [6] - Adjusted EBITDA improved to $469,000 compared to $100,000 a year ago and a loss of $78,000 in Q2 2025, indicating a swing of over $500,000 in just one quarter [15] - Cash generated from operations was $285,000, a positive cash swing of $433,000 compared to a cash burn of $148,000 in the previous quarter [15] Business Line Data and Key Metrics Changes - The Pathology Services Division reported revenue growth from $5 million in Q2 to $6 million in Q3, a 20% increase, driven by new customer acquisitions [7] - The Products Division experienced a 16% quarter-over-quarter growth, increasing from approximately $620,000 in Q2 to $720,000 in Q3, primarily due to increased utilization from existing customers and new product introductions [9][10] - Gross margins improved from 43% to 44% overall, with the Pathology Services Division increasing margins from 43% to 46% [10][15] Market Data and Key Metrics Changes - The company has seen a tripling of its share price since the beginning of 2023, reflecting market confidence in its financial performance and growth strategy [5] - The company is experiencing a strong sales funnel with several new customers in trial phases, indicating a robust market demand for its services [7] Company Strategy and Development Direction - The company is transitioning from a defensive to an offensive strategy, focusing on reinvesting cash generated from operations to accelerate growth [3][5] - Future priorities include driving double-digit growth in both divisions, expanding margins, and reinvesting cash into growth initiatives [17] - The company aims to achieve a gross margin exceeding 50% by mid-2026 as both divisions scale up [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's self-sustaining business model, stating that it will no longer depend on outside capital for operations [16] - The company anticipates that increased market capitalization will present new strategic opportunities for growth and partnerships [16] - Management emphasized the importance of their mission, linking financial success to improved patient care outcomes [17] Other Important Information - The company is nearing the completion of its full repayment of Change Healthcare, which will free up cash generated from operations starting in Q1 2026 [16] - The company has made strategic investments in lab space and technical support to enhance operational efficiency and customer onboarding [11][14] Q&A Session Summary - No specific questions or answers were provided in the content regarding the Q&A session.

Core Viewpoint - The company reported a revenue growth of over 15% year-on-year for the three months ending September 30, 2025, surpassing the revenue growth rate for the first half of 2025 compared to the first half of 2024 [1] Group 1: Financial Performance - The total transaction volume for the company's flagship brand promotion business increased by over 120% year-on-year in October 2025 [1] - The transaction volume for the company's own brand business saw a significant increase of over 350% during the same period [1] Group 2: Strategic Initiatives - The flagship brand promotion business is a key strategy in the company's "upward movement" plan and is crucial for enhancing profitability [1] - The company is strategically advancing the expansion of its own brand products, aiming to launch a diverse range of high-quality products that closely align with market demands [1]

Core Viewpoint - Multiple brokerages express optimism about the securities industry in 2026, highlighting growth opportunities in wealth management, investment banking, internationalization, and technology empowerment [1] Group 1: Market Outlook - The market transaction volume is expected to remain high in 2026, with reduced commission and fee pressures benefiting traditional brokerage revenue [1] - Strong new account openings in A-shares and margin trading lead to record-high financing balances, indicating a bullish trend in wealth management [1] Group 2: Business Segments - Retail and international businesses are anticipated to be new highlights in the industry, contributing to overall growth [1] - The securities industry's net asset return is projected to improve in 2026, suggesting potential for valuation recovery alongside structural opportunities [1]

Core Insights - HEXPOL is focusing on strategic direction, operational performance, and new financial targets during the Capital Markets Day in 2025 [1] - The agenda includes presentations on growth, M&A strategy, and detailed insights into business segments [2] Group 1: Strategic Direction - CEO Klas Dahlberg will discuss the next phase of growth and value creation for HEXPOL [2] - The company aims to provide in-depth insights into market characteristics and future growth opportunities [1] Group 2: M&A Strategy - Magnus Berglund will present the company's M&A strategy, indicating a focus on expansion through acquisitions [2] Group 3: Business Segments - Presentations will cover various business segments, starting with the rubber compound section by Ralph Wolkener, Carsten Ruter, and Ken Bloom [2] - Following a break, Jan Wikström will discuss thermoplastic compounding and engineered products [2] - The final presentation will be delivered by Deputy CEO and CFO Peter Rosen, likely focusing on financial aspects [2]

Financial Data and Key Metrics Changes - In Q4 2025, total company sales grew 4.8% to $13.9 billion compared to the prior year, with full-year sales at $54.4 billion, an increase of 3.3% [21][22] - Q4 adjusted operating income was $608 million, up 19% year-over-year, while full-year adjusted operating income reached $2.3 billion, a 26% increase [22][23] - Adjusted earnings per share for the quarter were $1.15, up 25% from last year, and full-year adjusted EPS was $4.12, up 33% [23] Business Line Data and Key Metrics Changes - The chicken segment delivered $457 million in adjusted operating income, a 28% increase year-over-year, driven by higher volumes and better operational execution [4][16] - Prepared foods saw a 3% increase in sales, with adjusted operating income affected by higher raw material costs, achieving a margin of 7.4% [14][22] - The beef segment's sales increased due to higher average prices, but adjusted operating income declined as higher cattle costs outpaced sales growth [17][18] Market Data and Key Metrics Changes - Tyson's retail branded products grew by 2.4% in volume, outperforming the broader food and beverage retail sector, which declined by 1.5% [8] - The company’s branded fresh chicken volume grew 7.8%, and frozen value-added chicken rose by 8.7% [9][10] - The company reached nearly 72% of U.S. households with its retail branded products, exceeding private label and other branded competitors [9] Company Strategy and Development Direction - The company is focused on operational excellence, innovation, and capturing market share through value-added products [5][6] - Tyson aims to strengthen its fundamentals by prioritizing efficiency, reducing costs, and introducing innovative products [6][7] - The company is committed to meeting growing global demand for protein while delivering value to customers and shareholders [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the chicken segment benefiting from changing consumer preferences and high beef prices in 2026 [7][26] - The company anticipates full-year sales growth of 2%-4% for 2026, with adjusted operating income expected between $2.1 billion and $2.3 billion [25][26] - Management acknowledged challenges in the beef segment due to tight cattle supplies and potential heifer retention impacting future supply [26][47] Other Important Information - The company has made significant progress in capital allocation, maintaining net leverage at 2.1 times and returning $893 million to shareholders through dividends and repurchases [24] - The recent launch of high-protein chicken cuts has achieved nationwide distribution, indicating strong consumer demand for convenient, protein-rich options [10][11] - The company plans to remove certain additives from its products by year-end, aligning with consumer preferences for healthier options [11] Q&A Session Summary Question: Guidance on chicken segment for 2026 - Management indicated that the chicken segment is expected to perform well, with a guidance range of $1.25 billion to $1.5 billion in adjusted operating income, based on stable grain prices and improved execution [32][33] Question: Prepared foods performance and outlook - Management acknowledged that the prepared foods segment faced challenges due to rising commodity costs but remains optimistic about growth driven by operational excellence and innovation [39][40] Question: Beef segment challenges and cattle supply - Management discussed the impact of heifer retention and cattle supply on the beef segment, indicating a challenging environment for 2026 with expected adjusted operating income losses [46][47] Question: CAPEX guidance for 2026 - Management explained that the CAPEX range of $700 million to $1 billion reflects the pacing of current projects and timing of new initiatives, emphasizing a disciplined capital allocation approach [48][49] Question: Seasonal expectations for beef in Q1 2026 - Management noted that while there is good retail demand, volatility in cattle prices is expected, and operational performance remains strong [72][73]

Core Viewpoint - *ST Yunwang (sz002306) experienced a trading halt on November 7, 2025, with a closing price of 2.14 yuan, reflecting a 5.05% increase, and a total market capitalization of 1.809 billion yuan [1] Group 1: Company Performance - The company is transitioning from traditional catering to the renewable energy photovoltaic sector, with renewable energy business revenue accounting for 60.1% of total revenue in the first half of 2025, and photovoltaic business revenue increasing by 1995.25% year-on-year, becoming the main source of income [2] - In the first half of 2025, the company's operating revenue grew by 155.37% year-on-year, and net profit saw a reduction in losses by 53.82%, indicating a trend of improving performance that has attracted investor interest [2] - The company has launched new photovoltaic equipment manufacturing and other businesses, aligning with national renewable energy development strategies, with the high postal Aikemi business already operational and shipping its first batch of goods [2] Group 2: Market and Technical Analysis - The renewable energy photovoltaic sector has been active recently due to industry trends and policy support, with multiple stocks in this sector rising, which has positively influenced *ST Yunwang as a stock with renewable energy transition potential [2] - Technical analysis suggests that if the stock price breaks through short-term resistance after a period of adjustment, it may attract more investor attention [2]