Financial Data and Key Metrics Changes - First quarter sales reached $355 million, reflecting a 6.5% increase year-over-year, with adjusted earnings per share at $0.23, aligning with expectations [7][24] - Gross margin improved by 200 basis points sequentially to 30.9%, while adjusted gross margin decreased to 30.9% from 32.3% year-over-year due to a shift in product mix [7][25] - Net loss for the quarter was $259.7 million, or negative $6.23 per diluted share, primarily due to a goodwill impairment charge [26] Business Line Data and Key Metrics Changes - In the Powered Vehicles Group (PVG), net sales increased by 3.4% to $122.1 million, driven by motorcycle business growth [12] - The Aftermarket Applications Group (AAG) saw net sales rise by 9.9% to $111.9 million, with adjusted EBITDA margin improving to 15.2% [15] - Specialty Sports Group (SSG) reported a 6.6% increase in net sales to $121 million, although adjusted EBITDA margins decreased to 19.3% due to seasonality and investments in product engineering [17] Market Data and Key Metrics Changes - The automotive sector is showing signs of stabilization, particularly in the premium truck category, despite broader market caution [13] - The motorcycle business is experiencing growth, offsetting declines in traditional powersports product lines [12][15] - The company is leveraging international growth opportunities, particularly in Asia, to mitigate domestic market challenges [53] Company Strategy and Development Direction - The company is focused on operational efficiency, innovation, and strategic growth initiatives to drive long-term shareholder value [22][32] - Key initiatives include simplifying and consolidating manufacturing footprint, optimizing product portfolio, and enhancing working capital management [9][10] - The company aims to achieve $25 million in cost savings through various strategic actions throughout 2025 [11][30] Management's Comments on Operating Environment and Future Outlook - Management remains cautious about the broader market environment but is optimistic about sequential margin improvements and top-line growth across segments [21][32] - The company is continuously analyzing tariff impacts and implementing mitigation strategies, including cost reductions and price adjustments [22][31] - Despite uncertainties, management reaffirms full-year guidance for 2025, anticipating continued growth and margin improvement [29][30] Other Important Information - The company completed the closure of one of its Taiwan facilities, which is expected to yield cost benefits starting in Q2 [9][18] - The company is actively managing inventory levels to support demand and prepare for potential tariff impacts [27][44] Q&A Session Summary Question: Update on demand from bicycle OEM partners regarding tariffs - Management noted a spectrum of responses from OEM customers, with no significant demand reduction observed due to tariffs [38][39] Question: Key drivers of growth in the upfitting business - Growth is attributed to better product execution, improved dealer relationships, and a favorable product mix [41][42] Question: Quality of inventory and potential for cash generation - Management emphasized a strategic approach to inventory builds, focusing on high-demand aftermarket products [43][44] Question: Updates on international opportunities - The company is expanding its international relationships, particularly in Asia, to diversify its market presence [53] Question: Impact of tariffs on supply chain and consumer demand - Management discussed various strategies to mitigate tariff impacts, including commodity price adjustments and insourcing [64][66] Question: Did the company see any pull-forward in demand due to tariffs? - Management indicated minimal pull-forward in demand, with some product launches influencing sales [70][71] Question: Insights on the performance of the lower-priced fork in the market - The lower-priced fork has expanded market share and is performing well [105]

Financial Data and Key Metrics Changes - Total revenue increased approximately 17.2% year on year to $207.8 million, reflecting a 26.3% benefit from recent acquisitions, partially offset by an organic revenue decline of 8.1% [16][18] - Adjusted operating margin increased 280 basis points year on year to a record 19.4% [16] - Adjusted earnings per share increased 3.7% year on year to $1.95 [17] - Free cash flow for the third quarter was $3.5 million, down from $19.3 million a year ago, impacted by one-time transaction-related payments and longer customer credit terms [18] Business Line Data and Key Metrics Changes - **Electronics Segment**: Revenue increased 38.4% year on year to $111.3 million, with a 48.1% benefit from acquisitions, partially offset by an organic decline of 8.9% [19] - **Engraving Segment**: Revenue decreased 15.7% to $30.6 million, driven by an organic decline of 12.6% [21] - **Scientific Segment**: Revenue increased 8.1% to $18.3 million, due to a 16.1% benefit from recent acquisitions, partially offset by an organic decline of 8% [22] - **Engineering Technologies Segment**: Revenue increased 36.2% to $27.4 million, driven by a 26.3% benefit from recent acquisitions and organic growth of 9.9% [23] - **Specialty Solutions Segment**: Revenue decreased 13.9% year on year to $20.2 million, primarily due to general market softness [24] Market Data and Key Metrics Changes - Sales into fast growth markets increased to 29% of total company sales, primarily driven by electrical grid, commercialization of space, defense applications, and renewable energy [7][26] - Electronics organic bookings were up more than 10% year on year, with a book to bill ratio of 0.98, indicating stable markets [5][19] Company Strategy and Development Direction - The company plans to continue investing in new product development and applications across markets with growth potential, with 13 new products released year to date [26][28] - The company is expanding its footprint in Europe and the U.S. to support additional demand, with a greenfield site in Europe expected to be operational within six months [6][20] - The company anticipates achieving long-term targets of sales greater than $1.15 billion, adjusted operating margin greater than 23%, and ROIC greater than 15.5% by fiscal 2028 [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's agility and resilience to navigate through current economic challenges, emphasizing strong customer relationships and a disciplined approach to pricing and productivity actions [11][28] - The company expects slightly to moderately higher revenue and adjusted operating margin in the fiscal fourth quarter, driven by recent acquisitions and higher sales into fast growth end markets [9][21] Other Important Information - The company declared its 243rd consecutive cash dividend of $0.32 per share, representing a 6.7% increase year on year [25] - The company has a current liquidity of approximately $170 million and net debt of $470.4 million, with a leverage ratio of 2.8 [24][25] Q&A Session Summary Question: What is the impact of tariffs on the company's operations? - Approximately 6% of the cost of goods sold is due to imports from China, split across electronics, specialty, and scientific segments [32] - The company believes it can cover about 70% of the incremental tariff with price and productivity actions in the scientific segment, while other segments are expected to manage better [34][35] Question: What are the expectations for organic growth in fiscal 2026? - Management is optimistic about organic growth in electronics, with a robust order book and expected contributions from recent acquisitions [36][38] Question: What are the plans for new product releases in fiscal 2026? - The company plans to release a similar number of new products in fiscal 2026 as in fiscal 2025, with ongoing adoption expected from products released in 2025 [75] Question: How is the company managing its leverage and potential acquisitions? - The company aims to prioritize paying down debt while also focusing on organic growth initiatives, with a current leverage ratio of about 2.8 [56][58]

Financial Data and Key Metrics Changes - Consolidated net sales for Q1 were $464 million, up $39 million or 9% year over year [6] - Organic sales growth for the quarter was $28 million or 7% [7] - Consolidated operating income for the quarter was $65.7 million, an increase of $11.4 million or 21% compared to last year [7] - Consolidated adjusted EBITDA for the quarter was $85.1 million, up $14.5 million or 21% year over year, translating to a margin of 18.3% [8] - GAAP diluted EPS for the quarter was $0.75, compared to $0.84 in Q1 last year, while adjusted EPS was $0.76, an increase of $0.12 or 19% from last year [8][9] - Cash generated from operations was $37 million, up 17% from Q1 last year [14] Business Line Data and Key Metrics Changes - Environmental Solutions Group (ESG) net sales were $387 million, up $33 million or 9% year over year [9][10] - ESG's operating income was $59.7 million, an increase of $8 million or 15% [10] - ESG's adjusted EBITDA was $77.5 million, up $11 million or 17%, with an adjusted EBITDA margin of 20% [10] - Safety and Security Systems Group (SSG) net sales were $76 million, up $6 million or 8% [11] - SSG's operating income was $15.8 million, an increase of $2 million or 14% [11] Market Data and Key Metrics Changes - Order intake for Q1 was $568 million, an increase of $65 million or 13% year over year, setting a new company record [9][22] - Backlog at the end of the quarter was $1.1 billion, another all-time high for the company [9] - Publicly funded orders increased high single digits year over year, while industrial orders rose double digits [23] Company Strategy and Development Direction - The company aims for annual double-digit top-line growth, split evenly between inorganic and organic growth [20] - Investments in production capacity and supply chain optimization are ongoing to meet increased demand [18][30] - The company is focused on expanding market share through strategic initiatives and new product development [20][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects despite macroeconomic uncertainties, supported by a strong backlog [34] - The company raised its full-year adjusted EPS outlook to a range of $3.63 to $3.90, indicating continued growth [34] - Management noted that demand for products and aftermarket offerings remains strong, with no material changes in customer behavior due to tariffs [29][34] Other Important Information - The company has a low net debt leverage ratio and significant flexibility to invest in growth initiatives and return cash to shareholders [14] - The company has initiated a stock repurchase program with an additional authorization of $150 million [15] Q&A Session Summary Question: How have lead times changed compared to previous periods? - Management indicated that capacity utilization is between 70-72%, with lead times for certain products improving to about six months [40] Question: How have April ESG orders trended? - Management confirmed that the strength in ESG orders was not a pull forward due to tariffs, with strong order growth across various sectors [54] Question: What is the outlook for the rental business? - The rental business grew, with rental income and used equipment sales both up double digits year over year [83] Question: How does the company plan to manage pricing in light of tariffs? - Management stated that they can surcharge backlogs if necessary and emphasized their strong position due to localized supply chains [75][87] Question: What is the current status of the integration of Hog into the business? - Integration efforts are ongoing, with positive customer reception noted during a recent trade show [90]

Core Viewpoint - The company experienced a decline in revenue and net profit for 2024, primarily due to the impact of FDA import warnings on sales and the provision for impairment of inventory and receivables [1] Group 1: Financial Performance - In 2024, the company reported revenue and net profit of 388 million and 53 million yuan, respectively, representing a year-over-year decline of 5.5% and 52.8% [1] - For Q1 2025, the company recorded revenue and net profit of 72.71 million and 7.68 million yuan, showing a year-over-year decrease of 34.3% and 69.3% [1] - The decline in Q1 2025 is attributed to external factors affecting sales and a high base from Q1 2024, where revenue and net profit accounted for 29% and 47% of the total for 2024 [1] Group 2: Segment Performance - Medical Devices: In 2024, revenue was 199 million yuan, down 23.6% year-over-year, mainly due to FDA import warnings affecting sales of related products [2] - Animal Devices: Revenue reached 151 million yuan in 2024, up 20.8% year-over-year, supported by a diverse product range and strong market recognition [2] - Laboratory Consumables: Revenue was 29.54 million yuan, reflecting a significant increase of 66.1% year-over-year, driven by the competitive edge of self-developed products [2] Group 3: Growth Initiatives - New Products: By the end of 2024, the company had developed and launched several new products, including safety self-destruct needles and low-residue syringes, with others in the testing phase [3] - New Capacity: The second-phase factory project is partially completed, and overseas capacity expansion is ongoing [3] - New Markets: The company has obtained product registration in countries like Canada and Saudi Arabia, with ongoing efforts in emerging markets [3] Group 4: Profit Forecast and Valuation - The net profit forecast for 2025-2027 has been adjusted to 74 million, 83 million, and 93 million yuan, reflecting a downward revision of 9% and 14% for 2025 and 2026, respectively [4] - The company is a leader in the injection and puncture device sector, with a diverse product range and expanding customer base, leading to a target price adjustment to 20.59 yuan, corresponding to a 34x PE for 2025 [4]

Company and Industry Summary Company Overview - The company reported a revenue of 2.1 billion and a net profit of 274 million for 2024, with a year-on-year revenue growth of 74% and a net profit growth of 143% [1] - The gross margin improved by 3.8 percentage points compared to the previous year [1] Quarterly Performance - In Q4, the revenue was 610 million, showing a quarter-on-quarter decline of 3.6% but a year-on-year increase of 61% [1] - The gross margin for Q4 was 21.5%, slightly down by 0.8 percentage points from Q3 [1] Financial Metrics - Total assets amounted to 2.57 billion, with cash constituting 68.3% of total assets [2] - The accounts receivable turnover days decreased by 17 days compared to the previous year, indicating improved efficiency [2] Product Categories - The company has four main product lines: display drivers, electronic components, fast charging protocols, and voice coil motors, with display drivers accounting for 76.9% of revenue [3] - The share of electronic components increased from 19.3% in Q3 to 23.1% year-on-year [3] Strategic Insights - The company’s strategy focuses on continuous new product launches, particularly in electronic components, which contributed significantly to revenue growth [4] - The company expects stable revenue growth in 2025, with strong demand for electronic components in Q1 and Q2 [5] Market Trends - The electronic price tag market is projected to grow by 20% to 30% this year, driven by increased automation in smart retail [14] - The company holds over 80% market share in the electronic price tag segment, indicating a strong competitive position [15] Competitive Landscape - The company is expanding its TDDI (Touch and Display Driver Integration) product offerings, with a focus on mobile and tablet markets [9] - The TDDI market is transitioning from external drivers to integrated solutions, enhancing the company's competitive edge [9] Future Outlook - The company plans to introduce new products in the TDI and OLED segments, with a roadmap that includes advanced technologies [30] - The company aims to maintain its leading position in the four-camera and six-camera markets, with ongoing product development [12] Challenges and Risks - The competitive landscape in the TDI market is intensifying, with price pressures from competitors [28] - The company is addressing production capacity issues to meet growing demand for high-refresh-rate products [20] Conclusion - The company is on an upward trajectory, driven by strong product differentiation, technological advancements, and effective management practices [35] - Continued focus on innovation and market expansion is expected to sustain growth in the coming years [35]

证券简称： 一致魔芋 证券代码： 839273 长阳经济开发区长阳大道 438 号 湖北一致魔芋生物科技股份有限公司 HUBEI YIZHI KONJAC BIOTECHNOLOGY CO.,LTD. 湖北一致魔芋生物科技股份有限公司招股说明书 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证 券交易所主要服务创新型中小企业，上市公司具有经营风险高、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。投资者应充分了解北京证券交易所市场的 投资风险及本公司所披露的风险因素，审慎作出投资决定。 保荐机构（主承销商） 深圳市南山区粤海街道海珠社区滨海大道 3165 号五矿金融大厦 2401 湖北一致魔芋生物科技股份有限公司 招股说明书 中国证监会和北京证券交易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 者保证。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 ...