Oceaneering International (NYSE:OII) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Speaker5Hello, and welcome to Oceaneering's fourth quarter and full year 2025 earnings conference call. My name is Sarah, and I will be your conference operator. All lines have been placed on mute to prevent any background noise. There will be a question-and-answer period after the speaker's remarks. With that, I will now turn the call over to Hilary Frisbie, Oceaneering's Senior Director of Investor Relations.Speaker1T ...

（原标题：瑞士百达资产管理赵俊杰：真正的远方，不在速度，而在坚持，以稳健的步伐和长远的眼 光，开启新征程） 新年启程，祝愿大家安康顺遂，骏业日新，驰骋千里。 在中华文化中，马不仅承载着征途与目标，更寓意着坚定与奋进。 对瑞士百达而言，"马"代表的正是长期主义精神——稳健、恒久、不断前行，在时间的沉淀中积累价 值、成就未来。 首先，乘势而上。 把握全球利率回落与结构转型的机遇，依托人工智能与机器学习赋能投资管理，在量化投资中深挖稳健 的超额回报机会，为中国投资者拓展更高维度的增长空间。 其二，驭马有道。 我们围绕主题股票、多资产、新兴市场和另类投资，专注所长。当前，AI热度持续在线，随着发展遇 到瓶颈，基建、能源、数据中心等板块正成为新的投资热点。而中国以及整个亚洲在AI产业链中扮演 着关键角色，如何精选机遇尤为重要，而非全盘投资。 最后，行稳致远。 除了股票，固收投资中，亚洲美元债券市场犹如投资组合中的"良驹"，波动较小，收益率稳定。区域经 济发展稳健，企业债券质量提升，健康的供需关系有望为国内投资者带来分散投资和长期回报机会。我 们也将持续强化投研能力、优化资产布局，以耐心和负责任投资理念，伴随投资者创造可 ...

特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我 们的推送。 现代智能光谱分析技术——演进、体系构架、应用及展望 褚小立 陈瀑 许育鹏 李敬岩 刘丹 （中石化石油化工科学研究院有限公司，北京 100083 ） 摘要： 本文系统阐述了现代智能光谱分析技术的发展历程、技术体系、应用场景与未来展望。 该技术融合先进光学传感、化学计量学与人工智能，实现了对复杂样品快速、无损、精准的检 测，其核心特征包括多维度信息获取、自适应建模和全场景覆盖能力。文章回顾了该技术从近 红外光谱起步，历经化学计量学融合到深度学习赋能的演进过程，构建了涵盖光谱仪器、实验 技术、化学计量学与机器学习算法的完整技术体系，并详细介绍了样本选择、光谱预处理、特 征提取、多元校正、模式识别等关键方法。在应用层面，智能光谱技术已广泛应用于实验室高 通量分析、现场快速检测和工业在线监测，覆盖农业、医药、环境、石化等多个领域。文章最 后指出该技术在理论建模、可解释性、数据标准化等方面仍面临挑战，未来将朝着知识创造、 多技术融合、云原生平台和标准化方向演进，推动光谱分析从工具向智能决策系统转变。 1 ...

Investment Rating - The report indicates a favorable investment rating for Meta, highlighting it as the most attractive stock in terms of risk-reward ratio within the sector [2][6]. Core Insights - The digital advertising and cloud computing sectors are performing strongly, alleviating investor concerns regarding AI capital expenditure returns. Meta shows slight earnings, while Alphabet maintains substantial earnings, but Amazon is expected to incur losses in 2026-2027, prompting a reevaluation of long-term free cash flow valuations [2][3]. - The advertising industry is evolving towards AI and machine learning, with major players like Amazon, Meta, and Alphabet benefiting from this trend. Meta's new growth pillars in AI and its core advertising business leverage AI applications effectively, making it a compelling investment opportunity [2][6]. - Capital intensity among tech companies is expected to peak between 2025 and 2027, but investor skepticism remains regarding the returns on these expenditures. In the next six months, the market will focus more on capacity support, semiconductor industry dynamics, and data center construction [2][6]. Summary by Sections Digital Advertising and Cloud Computing - The digital advertising sector is experiencing robust growth, with search business growing nearly 17% and Meta achieving a mid-20% growth rate. The advertising ecosystem is increasingly driven by AI and machine learning, benefiting only a few large companies [5][6]. - Amazon's strong start in 2026 is overshadowed by unexpected operating profit guidance and capital expenditure intensity, leading to investor concerns about AWS growth compared to Alphabet's cloud services [3][4]. Company Performance and Valuation - Meta is highlighted as having the strongest leverage effect in AI applications within its core advertising business, making it the most attractive investment in the sector [6]. - Amazon's valuation is considered low, trading below 20 times the adjusted earnings per share for 2027, indicating a potential undervaluation [9]. - Google Cloud's (GCP) profit margin increased by 7 percentage points, but it is expected to revert to around 25%. Despite this, GCP has significant growth potential due to a doubling of backlog orders and strong overall market demand [7][8]. Future Outlook - The report anticipates that the growth rate for cloud services will remain around 45% in 2026, although profit margins may experience significant declines. Investor expectations are high regarding the conversion of backlog orders into revenue and capital expenditures into capacity [8]. - The report emphasizes the need for clearer visibility on returns from capital expenditures, as investor confidence remains low despite strong demand in the terminal market [3][4].

Financial Data and Key Metrics Changes - As of December 31, 2025, the company had $61.8 million in cash, cash equivalents, and marketable securities, reflecting a focus on cash preservation measures to enhance operational efficiency and extend runway [9][58]. Business Line Data and Key Metrics Changes - The company completed the randomized portion of the PALISADE-3 phase 3 trial in social anxiety disorder and is now focused on the ongoing PALISADE-4 trial, implementing refinements based on insights from PALISADE-3 [4][7]. - The open-label extension of PALISADE-3 and PALISADE-4 is ongoing, aimed at evaluating the safety and tolerability of fasedienol in real-world situations [6]. Market Data and Key Metrics Changes - The company is preparing to submit a US investigational new drug application for rafisolone, a hormone-free product candidate for treating moderate to severe vasomotor symptoms due to menopause, with a planned submission in the first half of 2026 [8][9]. Company Strategy and Development Direction - The company aims to deliver transformative treatments for social anxiety disorder and women's health, focusing on data-driven approaches and regulatory strategies that leverage the totality of evidence from its clinical programs [10]. - The strategic focus includes enhancing statistical models and understanding predictors of response to improve regulatory discussions with the FDA [5][7]. Management's Comments on Operating Environment and Future Outlook - Management emphasized the significant unmet need in social anxiety disorder and the commitment to advancing clinical programs that could provide meaningful value to patients and shareholders [10]. - The company is closely monitoring the evolving regulatory landscape, particularly the integration of AI in decision-making processes at the FDA [32]. Other Important Information - The company has implemented company-wide cash preservation measures to maintain strategic flexibility across its pipeline [9]. - Insights from ongoing studies are expected to contribute to a better understanding of fasedienol's drug effect and usage patterns [7]. Q&A Session Summary Question: Insights from PALISADE-3 data - The company is still analyzing the data from PALISADE-3 and has not released individual curves publicly, but differences have been noted in individual respondents and subgroups [12][13]. Question: Modifications to the SAP plan - Any future changes to the SAP would require resubmission and alignment with the FDA before database lock [18][20]. Question: Enrollment status for PALISADE-4 - Enrollment for PALISADE-4 has continued as planned and projected, with no impact observed since the announcement on December 17 [36][37]. Question: Regulatory path forward - The regulatory outcomes depend on the totality of data and the nature of the population in need, with a focus on the weight of evidence across the program [31][32]. Question: Impact of PALISADE-3 outcome on PALISADE-4 - The company is exploring potential covariates from previous studies that may influence the separation between treatment arms, but no guarantees can be made [38][39].

Group 1 - The first national standard for low-code development, titled "General Technical Requirements for Low-Code Development Platforms" (GB/T 46900 - 2025), has been officially approved and will be implemented on July 1, 2026, marking a new phase of standardized development in China's low-code sector [1] - Low-code development platforms (LCDP) allow for rapid application generation with minimal coding or even no coding at all. It is predicted that within the next five years, 70% of global enterprise applications will be based on low-code development [2] - The integration of artificial intelligence (AI) and machine learning into low-code platforms is expected to enhance features such as intelligent recommendations, code auto-generation, and process automation, potentially making low-code the mainstream development model and accelerating the creation of a new ecosystem of applications [2] Group 2 - Relevant A-share concept stocks in the low-code sector include Jin Modern and Puyuan Information [3]

Core Viewpoint - The energy storage battery industry is experiencing rapid changes, with Haicheng Energy emerging as a significant player, ranking second globally in energy storage battery shipments by 2025, driven by its strategic focus and technological advantages [1][2]. Industry Overview - The global energy storage battery market is projected to see explosive growth, with shipments expected to increase by over 80% year-on-year, reaching 640 GWh in 2025 [1]. - Haicheng Energy's entry into the top ranks of global energy storage battery shipments reflects a significant shift in market dynamics [1]. Company Achievements - Haicheng Energy's Chongqing base has been recognized as the world's first "Lighthouse Factory" for energy storage batteries, highlighting its advanced manufacturing capabilities [2]. - The company has implemented over 40 digital solutions, integrating cutting-edge technologies such as generative AI and AIoT, to create a comprehensive intelligent control system for its production processes [3]. - The Chongqing facility is the first in the world to mass-produce long-duration energy storage batteries, with the ∞Cell 1175Ah battery set to be produced in 2025 [3]. Operational Efficiency - The delivery cycle for Haicheng Energy's 10 GWh scale has significantly shortened from several months to just a few weeks, demonstrating exceptional operational resilience and efficiency [4]. - The company has achieved a compound annual growth rate of 167% in energy storage battery shipments from 2022 to 2024, with a remarkable 250% year-on-year increase in the first half of 2025 [4]. - By August 2025, Haicheng Energy's cumulative shipment volume surpassed 100 GWh, placing it among the top three globally [4]. Strategic Positioning - The recognition as a "Lighthouse Factory" serves as a compelling value anchor for Haicheng Energy, especially as it approaches its IPO in the Hong Kong market, showcasing its competitive advantages beyond just growth metrics [5]. - The company's ability to lead industrial upgrades through intelligent manufacturing is a key factor in its rapid growth and ascent to the second position in global energy storage battery shipments by 2025 [6].

普惠金融，特别是小微企业融资问题，被称为"世界性"难题。由于小微企业的金融需求特点 是"短、小、频、急、散"，商业银行普惠金融业务普遍面临服务规模化、风险可控性与商业可持续 的"不可能三角"难题，如何构建高质量可持续发展的普惠金融模式，是提升实体经济服务质效的重要课 题。 中信银行坚守服务实体经济的初心使命，始终坚持金融工作的政治性、人民性，通过构建"产品创 新工厂、智能风控平台、数字运营体系"三大数字平台，依托"线上化—数据化—智能化"三步走，建 立"敢贷愿贷能贷会贷"长效机制，培育了中信特色的普惠金融数字化创新生态，全面提升了小微企业的 金融可得性，为破解"普惠不可能三角"贡献了中信方案。 产品创新工厂重构普惠产品供给模式。依托信用、抵押、质押等多条标准化生产线，打造"信贷工 厂"，实现了产品的"乐高式"组装和场景化定制，孵化了"房、链、政、创、网"五大系列、20余项体验 良好和成效显著的线上产品。 智能风控平台赋能业务的全程全景管理。秉承"数据资产即商业信用"创新理念，通过整合内部数 据、连通外部信息，利用人工智能、机器学习等技术构建多维度指标，首创了基于全链路自动机器学习 模式，在"指标体系—归因发现 ...

Core Insights - THPX signal source utilizes advanced AI quantitative models to enhance the accuracy and reliability of signals in the WTI crude oil and Bitcoin markets, significantly improving market information processing [1][7] - The AI quantitative model is based on real data analysis, employing deep learning and pattern recognition to efficiently integrate the correlations between WTI crude oil and Bitcoin, ensuring high precision and timeliness in signal predictions [1][3] Group 1: AI Model Functionality - The AI quantitative model automates the processing of vast historical data, identifying potential market patterns without relying on traditional manual analysis, thus generating high-quality signals [1][3] - It predicts trend reversal points based on historical market behavior, providing forward-looking signals that enable participants to plan resources proactively [3][5] Group 2: Market Impact - The implementation of the AI model enhances overall market transparency and reduces unexpected volatility, creating a more predictable environment for market participants [3][5] - The model's adaptability allows it to operate consistently across different scenarios, such as responding to crude oil supply events or Bitcoin technological changes, delivering reliable results [5][7] Group 3: Future Prospects - The sustainable nature of the AI quantitative model is expected to deepen positive impacts globally, assisting emerging market participants in improving overall performance and fostering a fairer, more efficient market environment [5][7]

Financial Data and Key Metrics Changes - The company reported revenue of $68.9 million for the first quarter, down from $90.8 million in the prior year, primarily due to the conversion of certain programs to small business set-aside contracts, resulting in an approximate $18 million decrease [10] - Adjusted EBITDA for the quarter was $6.5 million, compared to $9.9 million in the prior year, with a sequential improvement in adjusted EBITDA margin to 9.5% [11] - Free cash flow usage was approximately $4.8 million, an improvement from $12.1 million in the previous year, reflecting better management of receivables [12] Business Line Data and Key Metrics Changes - Revenue contraction was largely attributed to small business set-aside conversions, particularly from CMOP and Head Start programs [10] - The company is focused on expanding efficiencies and margins while managing costs related to the transition of contracts [11][12] Market Data and Key Metrics Changes - The company noted improved demand across core markets, particularly in defense and intelligence, driven by federal health agencies prioritizing system interoperability and cybersecurity [5] - The recent budget stability is expected to positively impact the company's organic growth initiatives [4][7] Company Strategy and Development Direction - The company is committed to three strategic pillars: digital transformation and cybersecurity, science research and development, and systems engineering and integration [7] - There is a focus on leveraging technology and innovative tools to enhance productivity and competitive positioning [5][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in exiting fiscal 2026 in a stronger position, supported by improved budget clarity and a broad portfolio of contract vehicles [7][9] - The management team emphasized the importance of maintaining a competitive indirect cost profile to support organic growth [28][29] Other Important Information - The company is actively working on deleveraging its balance sheet, with debt increasing to $136.6 million due to seasonal working capital requirements [12] - The management is optimistic about the future, expecting to convert 50%-55% of EBITDA generated during fiscal 2026 to reduce debt by year-end [13] Q&A Session Summary Question: What accounted for the remaining $4 million in revenue decline? - The decline was attributed to smaller impacts from DOGE initiatives and the completion of a USAID project [18][20] Question: Update on CMOP contracts and transition timing? - The company is in the wind-down phase for CMOP work, expecting a complete wrap-up by Q3 of the current fiscal year [25] Question: Were there costs associated with the recent cost reductions? - The costs of achieving reductions are reflected in Q1 results, impacting both the reduction in costs and the overall financials [30] Question: Insights on the bidding activity and market opportunities? - The company has seen a mix of bid opportunities, with some moving to vehicles where they are not prime, but remains optimistic about future stability in the market [34][39] Question: Who are the civilian clients and is there a focus on commercial jobs? - Civilian clients include federal agencies like NIH and CDC, with a small focus on commercial work through partnerships, but significant investment in this area is not planned [51][52]