Group 1 - The core viewpoint emphasizes the impact of changing tariff policies on investor confidence and the resulting market uncertainty, highlighting the need for strategic navigation through these challenges [1][9] - The company leverages a strong analyst team to transform complex global tariff policies and economic signals into actionable investment strategies, providing tools like "Focus Train" and "Battle Non-Farm" to help investors make informed decisions [1][3] - The company has upgraded its global app to version 2.0.0, enhancing user experience and operational convenience with millisecond-level market response, which is crucial for seizing market opportunities [3] Group 2 - In response to market volatility and increased policy risks, the company emphasizes its strong financial foundation and strategic partnerships with top financial institutions, ensuring a secure trading environment for investors [6] - The company is recognized and regulated by international authorities, providing a transparent trading environment and safeguarding client funds, which enhances investor confidence [6] - The company positions itself as a reliable partner for investors, offering professional analysis, robust tools, and a solid safety framework to navigate through policy-induced market turbulence [9]

Group 1: Report Information - Report Type: Coke and Coking Coal Daily Review [1] - Date: May 29, 2025 [2] - Research Team: Black Metal Research Team [3] - Researchers: Zhai Hepan, Nie Jiayi, Feng Zeren [3] Group 2: Market Performance Futures Market - On May 28, the main contracts 2509 of coke and coking coal futures oscillated downward, hitting new lows for September contracts since January 2017 and September 2016 respectively in the afternoon. The J2509 contract closed at 1338.5 yuan/ton, down 1.91%, with a trading volume of 21,100 lots and an open interest of 57,482 lots, an increase of 1,175 lots. The JM2509 contract closed at 779 yuan/ton, down 2.20%, with a trading volume of 537,375 lots and an open interest of 526,866 lots, an increase of 5,852 lots. The capital inflow/outflow was 0.03 billion yuan for J2509 and -0.73 billion yuan for JM2509 [5]. Spot Market - On May 28, the daily KDJ indicators of the coke and coking coal 2509 contracts declined, with the J and K values turning down and the D value continuing to slide. The daily MACD green bar of the coke 2509 contract continued to expand, while that of the coking coal 2509 contract turned to expand. The ex - warehouse price index of quasi - first - class metallurgical coke at Rizhao Port, Qingdao Port, and Tianjin Port was 1390 yuan/ton, with no change. The price in Tangshan was 1320 yuan/ton, also unchanged. The aggregated price of low - sulfur main coking coal in different regions remained stable [8]. Group 3: Market Outlook Coke - In the past 5 weeks, the coke production of independent coking plants has hovered near the highest level since early August last year, while the coke production of steel mills has slightly declined since late April. The coke inventory at ports has significantly decreased in the past 5 weeks, but the inventory reduction speed of steel mills and coking plants is slow, adding new downward pressure on coke prices. The profit per ton of coke turned from profit to loss after 2 consecutive weeks of profit, mainly because the second - round price increase of coke spot prices did not occur after the first - round increase in mid - April, creating conditions for steel mills to propose a price cut, which was implemented on May 16 [10]. Coking Coal - From January to April, the year - on - year growth of imports turned negative, but the absolute value of imports remained at a high level, and the overall loose pattern was difficult to reverse. The raw coal inventory of coal washing plants has significantly increased, and the clean coal inventory has risen again to a relatively high level. In the past 5 weeks, the inventory of independent coking plants has significantly decreased, and the port inventory has also returned to the normal level before early August last year, but the inventory of steel mills has increased steadily. If coking plants also adopt inventory reduction strategies while steel mills still have relatively sufficient inventory, coking coal prices are likely to fall rather than rise [10]. Overall - Although the weak market of coke and coking coal futures continues, and there may be new lows in the next two weeks, positive factors in the fundamentals and news are accumulating. Attention should be paid to whether a turning point of bottom - fishing rebound can occur in about the next two weeks under the changes in tariff policies and the recovery of confidence in the steel market [10] Group 4: Industry News - In April 2025, the national issuance of new bonds was 253.4 billion yuan, including 23.3 billion yuan of general bonds and 230.1 billion yuan of special bonds. From January to April, the cumulative issuance of new local government bonds was 1492.7 billion yuan, including 302.3 billion yuan of general bonds and 1190.4 billion yuan of special bonds [12]. - The construction of the Dapingtan Coal Mine project is accelerating. The mine is located in Kuche City, Aksu Region, Xinjiang, with a mining area of 16.56 square kilometers, a geological reserve of 247 million tons, and a designed production capacity of 2.4 million tons/year [12]. - Nanjing Iron and Steel Co., Ltd.'s subsidiary, Anhui Jin'an Mining Co., Ltd., obtained the exploration right of Fanqiao Iron Mine in Huoqiu County, Anhui Province. The mine has an ore resource of 116.4967 million tons and a normal - year production capacity of 3.5 million tons/year of iron ore and 1.04 million tons/year of iron concentrate [12][13]. - Jiantou Energy expects the thermal coal market to be generally loose in 2025, with coal prices likely to decline further. The company's long - term agreement signing coverage rate in 2025 exceeds 80% [13]. - Lingyuan Iron and Steel Co., Ltd.'s 2290m³ blast furnace was successfully put into operation on May 27, 2025, after capacity replacement [13]. - Handan City encourages steel and logistics enterprises to integrate resources, explore centralized procurement of bulk commodities, and develop multimodal transport [13][14]. - The production - continuation land use project of Heidaigou and Halwusu Open - pit Mines in Zhungeer Banner was approved, which can meet the land demand of the two mines for the next five years [14]. - From January to April 2025, the automobile industry's production increased by 11% year - on - year, but the profit decreased by 5.1%. The industry needs to control costs [14]. - In April 2025, China exported 10.462 million tons of steel, basically the same as the previous month. From January to April, the cumulative export was 37.891 million tons, a year - on - year increase of 8.2% [14]. - In April 2025, the US coal production was 39.6403 million tons, a year - on - year increase of 22.37% and a month - on - month decrease of 6.53% [15]. - In March 2025, India's coal imports were 20.2908 million tons, a year - on - year decrease of 7.79% and a month - on - month increase of 13.65% [15]. - Glencore's Ulan Coal Mine in Australia was approved for expansion, allowing it to mine an additional 18.8 million tons of coal and extend its mine life by two years [15]. - The nationwide blackout in Portugal on April 28 may have caused economic losses of over 2 billion euros to Portuguese enterprises [15] Group 5: Data Overview - The report presents multiple data charts, including the spot price index of metallurgical coke, the aggregated price of main coking coal, the production and capacity utilization rate of coking plants and steel mills, the national daily average pig iron output, the inventory of coke and coking coal in ports, steel mills, and coking plants, the profit per ton of coke for independent coking plants, the production and operating rate of coal washing plants, the inventory of raw coal and clean coal in coal washing plants, and the basis between spot and futures contracts [16][17][19][29][33][36]

Investment Rating - The report maintains a "Positive" investment rating for the light industry manufacturing sector, indicating an expectation of performance that exceeds the market benchmark by more than 5% [2]. Core Insights - The home furnishing sector is experiencing marginal recovery, with a high dividend payout ratio. In 2024, the home goods sector is projected to generate revenue of CNY 246.58 billion, a year-on-year increase of 2.3%, while net profit attributable to shareholders is expected to decline by 13.6% to CNY 15.86 billion [4][14]. - The report highlights that domestic demand for home goods is under pressure, but government subsidies are expected to fill the demand gap. The sales of building materials and home goods are projected to decline by 3.9% year-on-year in 2024, but there are signs of improvement in early 2025 [5][26]. - The external sales performance is strong, with furniture exports showing a recovery since November 2023, driven by overseas retailers replenishing inventory. However, the report emphasizes the need to monitor changes in tariff policies, particularly from the U.S. [6][40]. Summary by Sections 1. Home Furnishing Sector 2024 Annual Report & Q1 2025 - The home goods sector is under operational pressure, with only Q1 showing growth due to a low base effect from previous public health events. The profit margin has been declining, reflecting increased competition [4][14]. - In Q1 2025, the sector's revenue increased by 3.9% year-on-year, and net profit rose by 10.6%, indicating a recovery trend [4][14]. 2. Domestic Sales - The report notes that the domestic home goods market is facing challenges, with a projected decline in sales. However, the introduction of government subsidies is expected to stimulate demand, particularly in key cities [5][34]. - The dividend payout ratio for leading companies in the sector has increased, with many companies offering dividend yields exceeding 3% [5][35]. 3. External Sales - The report indicates that external sales have been performing well, with all key export companies reporting revenue growth in Q1 2025. The recovery in exports is attributed to overseas retailers restocking [6][40]. - The report warns of uncertainties related to U.S. tariff policies, which could impact future export orders [6][40]. 4. Investment Recommendations - The report suggests focusing on leading companies with high dividend yields and strong market positions, such as Gujia Home, Sophia, and Zhibang Home, as they are expected to benefit from government subsidies and have resilient performance [5][39].

Core Viewpoint - Medtronic reported a stable revenue growth of 3.6% year-on-year for FY2025, with a total revenue of $33.5 billion, and a significant increase in net profit by 31% to approximately $4.66 billion, indicating strong operational performance despite potential tariff impacts [5][19]. Financial Performance - For FY2025, Medtronic's total revenue reached $33.5 billion, reflecting a 3.6% year-on-year growth, with organic growth at 4.9% [5][19]. - The net profit attributable to shareholders was approximately $4.66 billion, with a GAAP diluted earnings per share of $3.61, marking a 31% increase year-on-year [5][19]. - Adjusted operating margin improved to 27.8%, up by 0.9 percentage points from the previous year [5]. Segment Performance - **Cardiovascular Segment**: Generated approximately $12.48 billion in revenue, a year-on-year increase of 6%, driven by strong demand for minimally invasive devices [8]. - **Neuroscience Segment**: Achieved around $9.85 billion in revenue, growing approximately 5%, with significant contributions from spinal and neurostimulation products [9]. - **Medical Surgical Segment**: Reported revenue of about $8.41 billion, remaining stable with a slight organic increase of 0.8% [10]. - **Diabetes Segment**: Revenue reached $2.755 billion, showing a robust growth of over 10%, supported by the adoption of new insulin pumps and continuous glucose monitoring systems [11]. Business Split - Medtronic announced plans to spin off its diabetes business into a separate publicly traded company to optimize its business portfolio and focus on higher-margin segments [12][18]. - The split is expected to be completed within approximately 18 months, with the new diabetes company retaining all assets, product lines, and approximately 8,000 employees [15][18]. - The split aims to enhance the focus on high-profit growth areas for Medtronic while allowing the new diabetes entity to concentrate on innovations in insulin delivery and monitoring technologies [18]. Future Outlook - Medtronic provided cautious guidance for FY2026, expecting organic revenue growth of about 5%, with diluted earnings per share projected between $5.50 and $5.60, slightly below Wall Street expectations [19]. - The guidance reflects uncertainties regarding potential tariff changes, with management indicating that higher tariffs could increase product costs by $200 million to $350 million [19].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The weak market of coke and coking coal futures continues, and there may be new lows in the next two weeks. However, positive factors in fundamentals and news are accumulating. Attention should be paid to whether there will be a turnaround in the market with changes in tariff policies and recovery of confidence in the steel market in the next two weeks [11]. 3. Summary by Relevant Catalogs 3.1 Market Review and Future Outlook 3.1.1 Futures Market Performance - On May 21, the main contracts of coke and coking coal futures, J2509 and JM2509, oscillated and rebounded, but the gains narrowed. The JM2509 contract hit a new low of 835 yuan/ton for the September contract since September 2016 during the night trading session [7]. - The closing prices of J2509 and JM2509 were 1417.5 yuan/ton and 842 yuan/ton respectively, with a decline of 0.14% and 0.36% respectively. The trading volumes were 19,389 lots and 392,164 lots respectively, and the open interests decreased by 1,902 lots and 5,210 lots respectively. The capital outflows were 0.43 billion yuan and 0.33 billion yuan respectively [5]. 3.1.2 Spot Market Dynamics and Technical Analysis - On May 21, the spot prices of quasi - first - class metallurgical coke at Rizhao Port, Qingdao Port, and Tianjin Port were 1390 yuan/ton, and that in Tangshan was 1320 yuan/ton, with no change. The spot prices of low - sulfur main coking coal in different regions remained stable [10]. - The daily KDJ indicators of the J2509 and JM2509 contracts showed divergent trends, with the J and K values turning up and the D value continuing to decline. The green bars of the daily MACD of the two contracts began to narrow [10]. 3.1.3 Future Outlook - **Coke**: The output of independent coking plants has been hovering near the highest level since early August last year in the past four weeks, while the output of steel mills has declined slightly since late April. The port inventory has decreased significantly, but the de - stocking speed of steel mills and coking plants is slow, putting downward pressure on prices. The profit per ton of coke has been positive for two consecutive weeks, which has led to the delay of the second price increase after the first increase in mid - April and created conditions for steel mills to propose price cuts [11]. - **Coking Coal**: The import volume remains high, and the loose supply pattern is difficult to reverse. The raw coal inventory of coal washing plants has increased again, and the clean coal inventory has risen to a relatively high level. The inventory of independent coking plants has decreased significantly in the past four weeks, and the port inventory has returned to the normal level before early August last year, but the inventory of steel mills has increased steadily. If coking plants also adopt a de - stocking strategy, the price of coking coal is likely to fall [11]. - **News**: The preliminary agreement on mutual substantial tariff cuts has been reached in the Sino - US trade negotiations, and the National Development and Reform Commission will continue to promote urban renewal work and issue the central budget investment plan for urban renewal in 2025 before the end of June [11]. 3.2 Industry News - On May 20, the Ministry of Finance announced that from January to April 2025, the national general public budget revenue was 8.0616 trillion yuan, a year - on - year decrease of 0.4%. The national tax revenue was 6.5556 trillion yuan, a year - on - year decrease of 2.1%, and the non - tax revenue was 1.506 trillion yuan, a year - on - year increase of 7.7%. The national government - funded budget expenditure was 2.6136 trillion yuan, a year - on - year increase of 17.7% [12]. - On May 20, the National Development and Reform Commission stated that it would comprehensively rectify "involution - style competition", optimize industrial layout, and eliminate inefficient and backward production capacity in industries such as refining and steel [12]. - In April, the total social electricity consumption was 772.1 billion kWh, a year - on - year increase of 4.7%. From January to April, the cumulative total social electricity consumption was 3156.6 billion kWh, a year - on - year increase of 3.1% [12][13]. - China National Coal Energy Company stated in an institutional survey that the proportion of long - term contracts signed for its own resources is not less than 75%, and the annual implementation rate is not less than 90%. In the first quarter, the coal production cost increased due to various factors [13]. - From January to April, the added value of industrial enterprises above designated size in Shaanxi Province increased by 9.5% year - on - year. The added value of the coal mining and washing industry increased by 11.8% year - on - year, and the production of major energy products remained stable [13]. - On May 20, the concentrated maintenance of the Houyue Railway and the Houma North Hub, an important channel for "transporting coal out of Shanxi", began [13]. - At the 2024 collective performance meeting of CSSC Holdings, China State Shipbuilding Corporation stated that its revenue mainly comes from ship and offshore engineering construction, and the company's orders are scheduled until 2029 [13]. - In March 2025, Indonesia's coke export volume increased significantly year - on - year and month - on - month, reaching a new high this year, with an export volume of 596,100 tons, a year - on - year increase of 103.08% and a month - on - month increase of 55.81% [13]. - The US government's trade committee decided to impose high tariffs on solar products imported from four Southeast Asian countries, and the tariffs will be levied in June [13]. - In April 2025, Japan imported 12.026 million tons of coal, a year - on - year decrease of 8.9%, and the coal import value was 247.14 billion yen (1.713 billion US dollars), a year - on - year decrease of 38.6% [14]. - Thailand's Investment Commission launched four new measures to enhance the competitiveness of SMEs and reduce the risks brought by US trade policies. Investment incentives for the steel manufacturing industry will be cancelled [14]. - In South Korea in 2024, nuclear power generation accounted for 31.7% of the total power generation, ranking first, and coal and natural gas power generation each accounted for 28.1%, ranking second. The proportion of renewable energy power generation exceeded 10% for the first time [14]. - In the week of May 16, the US API crude oil inventory increased by 2.499 million barrels, the Cushing crude oil inventory decreased by 443,000 barrels, the gasoline inventory decreased by 3.238 million barrels, and the distillate oil inventory decreased by 1.401 million barrels [14]. 3.3 Data Overview The report provides multiple data charts, including the spot price index of metallurgical coke, the summary price of main coking coal, the production and capacity utilization rate of coking plants and steel mills, the daily average pig iron production, the inventory of coke and coking coal in ports, coking plants, and steel mills, the profit per ton of independent coking plants, the production and operating rate of coal washing plants, the inventory of raw coal and clean coal in coal washing plants, and the basis of Rizhao Port's quasi - first - class coke and Linfen's low - sulfur main coking coal against the September contracts [16][18][20][28][29][32].

Investment Rating - The industry maintains a rating of "Buy" for key companies such as Anta Sports, Tabo, and Bosideng, with a recommendation to focus on high-quality brands and companies with strong fundamentals [5][10][28]. Core Insights - Puma's Q1 2025 performance met expectations, with revenue growth of 0.1% year-on-year to €2.076 billion, while net profit saw a significant decline of 99.5% to €500,000 due to global economic fluctuations, particularly in the US and China [1][15]. - The report emphasizes the resilience of the sportswear sector, projecting a revenue growth of 4.4% and a net profit decline of only 0.6% for key apparel companies in 2024, with a stronger recovery anticipated in 2025 [4][26]. - The DTC (Direct-to-Consumer) business showed robust growth, with a 12% increase in revenue to €550 million, while wholesale revenue declined by 3.6% [3][20]. Summary by Sections Puma's Q1 2025 Performance - Revenue increased by 0.1% to €2.076 billion, with a slight decline in gross margin by 0.6 percentage points to 47% [1][15]. - Operating profit fell by 63.7% to €6 million, and net profit dropped by 99.5% to €500,000, attributed to economic volatility [1][15]. - Inventory rose by 16.3% to €2.08 billion, mainly due to increased in-transit stock [1][15]. Regional and Business Model Analysis - EMEA region revenue grew by 5.1% to €890 million, while the Americas saw a decline of 2.7% to €750 million, primarily due to a 11.1% drop in North America [2][20]. - The Asia-Pacific region experienced a 4.7% decline to €430 million, with a notable 17.7% drop in Greater China [2][20]. - The company is adapting to US tariff issues by optimizing product sourcing and reallocating production [2][20]. DTC and Wholesale Business Performance - DTC revenue increased by 12% to €550 million, with e-commerce growing by 17.3% and self-operated retail stores by 8.9% [3][20]. - Wholesale revenue decreased by 3.6% to €1.53 billion, driven by weak demand in the US and China [3][20]. Industry Outlook - The report suggests focusing on brands with solid fundamentals and anticipating a recovery in 2025, with the sportswear sector expected to benefit from government policies and increased consumer participation in sports [4][26]. - Recommendations include companies like Anta Sports, Tabo, and Bosideng, which are projected to have strong earnings growth and attractive valuations [28][29].

Investment Rating - The industry maintains a rating of "Buy" for key companies such as Anta Sports, Tabo, and others, indicating a positive outlook for investment opportunities [10][29]. Core Insights - Puma's Q1 2025 performance met expectations, with revenue growth of 0.1% year-on-year to €2.076 billion, while net profit saw a significant decline of 99.5% to €500,000 due to global economic fluctuations, particularly in the US and China [1][15]. - The report emphasizes a focus on robust fundamentals and high-quality brands in the apparel and home textiles sector, anticipating performance recovery and valuation improvement in 2025 [4][26]. - The sportswear segment is expected to benefit from national policy support and increased participation in sports, with a projected revenue growth of 8.7% for key companies in 2024 [4][26]. Summary by Sections Regional and Business Model Analysis - In Q1 2025, EMEA region revenue grew by 5.1% to €890 million, while the Americas saw a decline of 2.7% to €750 million, primarily due to an 11.1% drop in North America [2][20]. - The Asia-Pacific region experienced a 4.7% revenue decline to €430 million, largely attributed to a 17.7% drop in Greater China sales [2][20]. Business Performance - Wholesale revenue decreased by 3.6% to €1.53 billion, while Direct-to-Consumer (DTC) revenue increased by 12% to €550 million, with e-commerce growing by 17.3% [3][22]. - DTC revenue now accounts for 26.3% of total revenue, up 2.8 percentage points year-on-year [3][22]. Key Recommendations - The report recommends focusing on companies with strong fundamentals, such as Anta Sports and Tabo, which have shown significant revenue growth in Q1 2025 [28]. - Other recommended companies include Hailan Home, which is expanding its business successfully, and Bosideng, which is expected to achieve good performance in FY2025 [28][29]. - In the home textiles sector, Luolai Life is highlighted for its strong performance, with a projected net profit growth of 20% in 2025 [28][29].

Core Viewpoint - Changes in tariff policies and geopolitical tensions are expected to significantly alter the competitive landscape of the U.S. television market, potentially benefiting Korean brands like Samsung and LG at the expense of Chinese brands such as Hisense and TCL [1] Group 1: Market Dynamics - U.S. domestic television brands were initially projected to see strong shipment growth by 2025, but this outlook is now being challenged by external factors [1] - The competitive landscape is undergoing dramatic adjustments due to geopolitical tensions and tariff policy changes [1] Group 2: Company Performance - Samsung and LG are anticipated to gain market share in the U.S. due to their large-scale manufacturing capabilities in Mexico [1] - In contrast, Hisense and TCL may face growth challenges due to their limited production capacity in Mexico [1]

Group 1 - The core theme of the recent earnings reports from major semiconductor companies is uncertainty, primarily due to changes in U.S. tariff policies and export restrictions to China, leading to unclear product demand [1][3]. - AMD reported that despite exceeding first-quarter earnings expectations, it anticipates a loss of $1.5 billion by the end of the fiscal year due to restrictions on AI chip exports to China [3]. - Marvell postponed its investor day originally scheduled for June 10 to an unspecified date in 2026, citing the current uncertain macroeconomic environment, with its stock dropping 4.4% in pre-market trading [3][4]. Group 2 - Samsung indicated that demand fluctuations are expected to be significant due to tariff policy changes and macroeconomic uncertainty, making it difficult to predict the impact of tariffs and countermeasures on business [4]. - Analysts highlight that the semiconductor industry is facing complex demand signals and geopolitical headwinds, with Marvell's decision to delay its investor day adding to the uncertainty [4][5]. - NVIDIA's CEO stated that China could become a $50 billion AI market within two to three years, emphasizing the potential loss for U.S. companies if they cannot address the issue [5][6]. Group 3 - Chinese companies are increasing investments in self-developed technologies, with firms like Huawei and Alibaba aiming to create competitive products against companies like NVIDIA [7]. - The competitive landscape is intensifying, as U.S. companies must recognize that they are not the only players in the race for AI technology [7].

Financial Data and Key Metrics Changes - The company reported revenue of $5.6 billion for the first quarter of 2025, with core operating earnings of $270 million and operating margins improving to 4.9% [6][32] - Adjusted earnings per share were $3.12, down from $3.18 a year ago, while operating cash flow was a use of $128 million in the first quarter [6][32] Business Line Data and Key Metrics Changes - In the Seating segment, sales were $4.2 billion, a decrease of 7% year-over-year, with adjusted operating margins at 6.7% [33] - The E Systems segment reported sales of $1.4 billion, also down 7% year-over-year, with adjusted earnings of $74 million and operating margins at 5.2% [34] Market Data and Key Metrics Changes - Global vehicle production increased by 1% year-over-year, but Lear's sales-weighted production declined by 5%, with North America down 5% and Europe down 7% [28][30] - In China, production volumes increased by 12%, but Lear's business lagged industry growth estimates by 5% [30] Company Strategy and Development Direction - The company aims to extend its leadership in Seating, expand margins in E Systems, and support sustainable value creation through disciplined capital allocation [7][8] - The company is focusing on operational excellence and innovation, particularly through its ComfortFlex modules, which have received positive recognition [9][10] Management's Comments on Operating Environment and Future Outlook - Management noted that the ongoing international trade negotiations have introduced significant uncertainty, particularly regarding tariffs and production volumes [35][36] - The company remains confident in recovering the costs associated with tariffs and is adjusting its capital spending in response to the weaker industry production outlook [38][39] Other Important Information - The company has paused share repurchase activities to maintain liquidity during uncertain times, with plans to resume once visibility improves [40][41] - The company has reduced its global hourly headcount by nearly 19,000 since the end of 2023, contributing to operational efficiency [17][18] Q&A Session Summary Question: Have you seen any meaningful changes to production schedules? - Management acknowledged that changes have been announced but noted the environment remains dynamic, leading to the decision to withdraw guidance due to uncertainty [48][49] Question: Is there a way to get your customers to be the importer of record for tariff reimbursements? - Management confirmed they are discussing options with customers regarding who will be the importer of record and are considering moving production around [55][56] Question: What is the lower end of your outlook contemplating as far as LVP by region? - Management indicated that the February guidance anticipated a 1% global production decline, with significant uncertainty remaining, particularly in North America [69][70] Question: What drove the better-than-expected margin performance? - Management attributed the improved margins to better-than-expected production and a strong finish in March, along with strong operating performance across both business segments [96][97] Question: Are you pausing the buyback while figuring out the outlook for free cash flow? - Management confirmed they are pausing share repurchases temporarily until there is more visibility on production plans [91][92]