Financial Performance - Q2 2025 revenue reached $502 million, a 14.3% increase year-over-year, primarily driven by acquisitions, with organic sales growing 3.3%[22] - Adjusted EBITDA for Q2 2025 was $48.6 million, representing 9.7% of sales, compared to $45.2 million in the previous year[22] - Diluted income per share was $0.11, while non-GAAP adjusted diluted earnings per share was $0.35, compared to $0.40 in the same period last year[22] Segment Highlights - Lawson Products saw Q2 2025 revenue of $124.3 million with adjusted EBITDA of $15.7 million, a 12.6% margin[25, 27] - Canada Branch Division's Q2 2025 revenue was $55.9 million with adjusted EBITDA of $3.6 million, a 6.5% margin, with Source Atlantic contributing $41.3 million in sales[30, 32, 34] - Gexpro Services experienced Q2 2025 revenue of $127.8 million with adjusted EBITDA of $17.1 million, a 13.4% margin, with organic revenue up $19.5 million or 18.2% year-over-year[36, 38, 39] - TestEquity's Q2 2025 revenue was $195 million with adjusted EBITDA of $13.5 million, a 6.9% margin[40, 41] Strategic Initiatives and Capital Allocation - The company generated $33 million in cash flow from operations in Q2 and repurchased approximately $20 million of shares year-to-date, with $9 million occurring in Q2[16] - Total liquidity at the end of the quarter was approximately $314 million[16]

Core Viewpoint - YOUNGOR, once known for real estate and investment, is undergoing a significant transformation by exiting the real estate sector and reducing financial investments, facing a continuous decline in net profit for four consecutive years [1] Group 1: Financial Performance - YOUNGOR's net profit for 2024 is reported at 2.767 billion yuan, a decline of over 4 billion yuan compared to the same period in 2020 [1] - The apparel segment generated revenue of 5.884 billion yuan in 2024, down 8% from 6.396 billion yuan the previous year [3] - The brand apparel revenue was 5.734 billion yuan, reflecting an 8.38% decrease from 6.258 billion yuan year-on-year [3] - The apparel segment's net profit attributable to the parent company was 368 million yuan, a decrease of 52.64% [4] - In Q1 2025, the apparel fashion segment achieved revenue of 1.998 billion yuan, a year-on-year increase of 8.27% [4] Group 2: Strategic Adjustments - YOUNGOR's CEO, Li Rucheng, emphasized the need to adapt to the long-term decline in consumer demand and the shift in market preferences, particularly in the men's apparel sector [4][5] - The company is focusing on enhancing its main brand while accelerating the development of sports, casual, women's, children's, and trendy apparel categories through acquisitions [1][5] - YOUNGOR is undergoing a structural adjustment by closing smaller stores while expanding larger ones, which has temporarily impacted sales [5] Group 3: Business Model Innovation - The company is transitioning from traditional formal wear to a "business club" model to improve consumer experience and meet diverse needs [6] - Li Rucheng stated that the investment in upgrading to business clubs will be in the tens of billions, with long-term benefits expected despite short-term challenges [8] - YOUNGOR completed the acquisition of the French luxury children's brand BONPOINT in Q1 2025, and its joint venture brand HELLY HANSEN saw a revenue growth of 111% [8] Group 4: Future Outlook - The company anticipates that 2025 will mark a turning point for recovery after a prolonged low period [1][8] - YOUNGOR is open to larger acquisitions in the future, contingent on evaluating integration costs [8] - The acquisition of Intime Commercial is expected to enhance YOUNGOR's brand positioning in shopping malls, benefiting both entities involved [8]

Core Viewpoint - In April 2025, the company reported significant financial growth for the year 2024, with a notable increase in net profit and cash flow, while also facing various risks and challenges [1] Financial Metrics Summary - Revenue for 2024 reached 6,455,113,793.27 yuan, a 95.70% increase from 3,298,487,387.88 yuan in the previous year, driven by a full recovery in the tourism market [2] - The wholesale tourism revenue was 4,793,326,984.18 yuan, up 136.43%; retail tourism revenue was 745,595,955.24 yuan, up 59.83%; integrated marketing service revenue was 869,836,054.79 yuan, up 11.61% [2] - Net profit attributable to shareholders was 105,918,494.95 yuan, a 228.18% increase from 32,274,227.71 yuan; net profit excluding non-recurring items was 105,173,136.70 yuan, up 1053.47% [3] - Basic and diluted earnings per share both increased to 0.108 yuan, a growth of 227.27% from 0.033 yuan [4] - Sales expenses rose to 547,586,109.95 yuan, a 103.29% increase, while management expenses grew by 19.40% to 126,722,099.38 yuan; financial expenses decreased by 44.11% to 8,679,182.77 yuan [4] Cash Flow Summary - Net cash flow from operating activities was 347,407,687.74 yuan, a 104.45% increase from 169,918,987.17 yuan, indicating improved cash generation capability [5] - Net cash flow from investing activities was 1,926,381.16 yuan, a significant recovery from -88,353,656.74 yuan in the previous year [5] - Net cash flow from financing activities was -287,436,825.55 yuan, reflecting adjustments in funding and repayment strategies [5] Risk Factors Analysis - The company faces macroeconomic volatility risks, as tourism is significantly influenced by economic indicators such as GDP and disposable income [6] - Increased market competition poses a challenge, necessitating continuous innovation and service optimization to maintain competitive advantage [8] - The company is also exposed to risks from uncontrollable factors such as political, economic, and natural events that can impact travel choices [9] - Service quality control risks are present, as maintaining high service standards is crucial in the tourism industry [10] - Currency fluctuation risks exist due to the nature of the business, which involves foreign currency procurement [11] - Acquisition and integration risks are associated with cross-border mergers and acquisitions, which may not yield expected benefits if not managed properly [12] Management Compensation - The total remuneration for the board of directors, supervisors, and senior management was 3.3174 million yuan, with the chairman and CEO receiving a pre-tax total of 720,000 yuan, reflecting a performance-linked incentive mechanism [13]

Financial Data and Key Metrics Changes - The first quarter revenue was $2.228 billion, exceeding the high end of the outlook and up $155 million or 7.5% year-over-year [21] - Adjusted EBITDA for Q1 was $712.2 million, up 9.5% year-over-year, with an adjusted EBITDA margin of 32%, above the outlook and up 60 basis points year-over-year [28][29] - Adjusted free cash flow for Q1 was $332.1 million, in line with expectations [31] Business Line Data and Key Metrics Changes - Core solid waste pricing increased by 6.9%, with total pricing at 6.7%, reflecting a reduction in fuel and material surcharges [22] - Solid waste volumes decreased by 2.8%, with 50 basis points attributable to weather impacts [23][24] - Special waste activity increased by 6%, while construction and demolition (C&D) tons decreased by 6% [25][26] Market Data and Key Metrics Changes - The company reported that cardboard and renewable energy credits values were down about 20% year-over-year, with prices for OCC averaging $105 per ton and RINs averaging $2.45 [27] - The company has seen no significant impacts from tariffs or geopolitical concerns on solid waste organic growth [12] Company Strategy and Development Direction - The company is focused on price-led organic growth and acquisition activity, with a strong emphasis on employee retention and safety performance [4][10] - The company is on pace for a busy year in M&A, with annualized revenues from closed acquisitions already over $125 million [17][18] - The company aims to maintain a leverage ratio of 2.3 times debt to EBITDA, positioning itself well for continued acquisition activity [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate macroeconomic uncertainties, reiterating the full-year 2025 outlook for revenue, adjusted EBITDA, and adjusted free cash flow [36] - The company has not seen significant changes in trends that would alter the outlook for 2025, despite broader economic uncertainties [36] Other Important Information - The company received a rating upgrade from Moody's to A3, reflecting its strong track record [19] - Employee retention improved for the tenth consecutive quarter, with voluntary turnover down to below 12% [13] Q&A Session Summary Question: Impact of HSR changes on M&A - Management noted that the HSR filing process has become more lengthy and expensive, but 99% of their deals do not require HSR filings, so they do not expect delays in M&A [44][45] Question: Volume decline and weather impact - Management confirmed that the 2.8% volume decline included a 50 basis point impact from weather and that normalized volumes showed sequential improvement [48][50] Question: Landfill tons in April - Management reported that the last four-week average total tons were up 4.5%, with year-to-date tons up exactly 3% [52] Question: Driving factors behind safety improvements - Management attributed record low safety incident rates to cultural changes and improved coaching effectiveness, with technology playing a supportive role [55][56] Question: Changes in RNG landscape - Management indicated no meaningful changes in the RNG landscape, with existing facilities showing stable RIN prices [65][66] Question: Core pricing and retention trends - Management confirmed that core pricing guidance remains unchanged, with better price retention observed year-to-date compared to the previous year [70][72] Question: Q2 margin guidance - Management explained that Q2 margins are expected to face greater headwinds from commodities compared to Q1, leading to a slight decrease in year-over-year margin expansion [85][86] Question: Special waste and C&D volume trends - Management noted that special waste and C&D volumes are cyclical and can be influenced by economic activity, with current trends showing some delays in job starts due to uncertainty [120][121]

风险提示：经济下行压力增大；市场股基成交活跃度大幅下降；居民资金入市进程放缓。 互联网平台获客优势助推经纪业务市占率提升，两融市占率提升。经纪业务看，公司互联网获客渠道布 局完善（与支付宝、腾讯自选股等合作），24 年9 月市场交投升温助推公司客户体量增长,24 年末公司 经纪业务客户托管资产超2.4 万亿/较年初+11%，股基市占率2.75%/较年初+15%；24 年公司代买业务净 收入49.3 亿/yoy+33.1%，全年代销业务收入3.6 亿/yoy-9.5%。信用业务方面，24 年公司两融业务收入 34.0 亿/yoy-5.2%，期末融出资金余额702 亿/yoy+25.7%，市占率为3.77%/yoy+0.38pct；此外公司为超过 2 万名客户提供行权融资服务、保持行业领先。 收购万和证券稳步推进，关注后续整合进展。24 年9 月公司公告发行股份购买万和证券相关议案，24 年12 月公司收到深圳市国资委相关批复，25年4 月本次交易获深交所受理；目前本次交易尚需深交所审 核通过、证监会核准后方可实施，关注后续整合进展。我们认为，收购万和证券一方面有助于公司补充 净资产，另一方面助力公司跨境业务及创 ...