董事会"9票同意、0票反对"的表决结果看似一致，然而其中一行小字格外刺眼："董事范永武对本议案 投弃权票。" 作为海通证券背景的资方董事，范永武的弃权在A股董事会"一团和气"的生态中显得尤为突兀。这张弃 权票不仅是对近20亿元现金支出的无声质疑，更撕开了沃森生物在业绩承压之下，资本配置逻辑与公司 治理结构的深层裂缝。 01 资金困境 前三季度净利润仅1.63亿元的公司，却准备一次性支出近20亿元现金用于内部股权收购。 沃森生物计划分别向"汇祥越泰"支付16.39亿元、向"天津蓝沃"支付3.59亿元，合计动用自有资金约 19.98亿元，收购其控股子公司玉溪沃森13.78%的股权。 这意味着公司要花掉相当于其前三季度净利润12倍的现金，去购买一个已由其绝对控股（持股超78%） 的子公司少数股权。 交易前后，沃森生物对玉溪沃森均为绝对控股，合并报表范围未变。这20亿砸下去，既没有带来新产品 管线，也没有拓展新市场版图。 在经营性现金流并不宽裕的关口，抽调巨额资金用于非生产性股权收购，势必会挤占主业的研发与市场 投入。范永武的弃权或许正是基于对 "资金使用优先级" 的担忧。 尽管"天津蓝沃"被界定为无关联方，但在沃森 ...

Financial Data and Key Metrics Changes - Total revenue for Fiscal Year 2025 decreased approximately $27.9 million, or 5.9%, to approximately $444.9 million compared to $472.8 million in the prior year [5] - Operating income increased by $10.2 million, or 231.7%, compared to the prior year, excluding an $18.1 million goodwill impairment recorded in Fiscal Year 2024 [4] - Net income for Fiscal Year 2025 was approximately $22.7 million, with diluted EPS of $4.93, compared to a net loss of approximately $26.7 million and a loss per share of $8.48 in the prior year [10] - Adjusted EBITDA for Fiscal Year 2025 was approximately $33.4 million, an increase of approximately $8.9 million, or 36.3%, compared to $24.5 million in the prior year [11] Business Line Data and Key Metrics Changes - Retail entertainment segment revenue increased by approximately $6.5 million, or 9.1%, to approximately $77.5 million, driven by strong consumer demand for vintage and collectible media [6] - Retail flooring segment revenue decreased by approximately $14.7 million, or 10.7%, to approximately $122.3 million, primarily due to the disposition of certain stores and decreased consumer demand [6] - Flooring manufacturing segment revenue decreased by approximately $11.5 million, or 8.6%, to approximately $121.6 million, attributed to reduced consumer demand [7] - Steel manufacturing segment revenue decreased by approximately $7.2 million, or 5.1%, to approximately $132.6 million, primarily due to lower sales volumes, partially offset by incremental revenue from Central Steel [7] Market Data and Key Metrics Changes - Continued softness in the new home construction and home refurbishment markets negatively impacted the retail flooring and flooring manufacturing segments [4][5] - The company reported a year-over-year improvement in revenue for the fourth quarter of 2025 compared to the fourth quarter of 2024, despite overall revenue decline for the fiscal year [5] Company Strategy and Development Direction - The company is focused on building a durable platform of businesses that are resilient and efficient, with an emphasis on operational discipline and cost structure optimization [12] - The company plans to continue paying down debt while evaluating the best use of capital for shareholder returns, including potential acquisitions [20][22] - The management expressed optimism about future performance, citing actions taken to position the company for sustainable profitability [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by a mixed economy but highlighted the successful execution of strategic initiatives that led to improved operating performance [4][12] - The company anticipates that interest rate reductions will benefit its financials and stimulate the housing market, which could positively impact flooring sales [23][24] Other Important Information - General and administrative expenses decreased by approximately $4.3 million, or 3.6%, to $113.7 million, due to targeted cost reduction measures [9] - The company repurchased 59,704 shares of common stock at an average price of $8.85 per share during the fiscal year [12] Q&A Session Summary Question: Regarding share repurchases and issuance strategy - Management indicated that shares may be issued in connection with acquisitions and that repurchase levels are monitored based on market conditions [20] Question: Debt repayment intentions - Management confirmed a commitment to continue paying down debt and will evaluate the optimal debt level for long-term operations [22] Question: Impact of interest rate reductions - Management noted that recent interest rate cuts have positively impacted the company and are expected to benefit future financial performance [23][24]

I N V E S T O R U P D A T E | D E C E M B E R 1 1 , 2 0 2 5 Agenda Welcome and Agenda Built to Win & Built to Last Lori Flees, President & Chief Executive Officer Operational Excellence Linne Fulcher, Chief Operating Officer Break Franchise Advantage & Growth Drivers Adam Worsham, Chief Franchising Officer Clear Roadmap to Accelerating Growth and Driving Performance Kevin Willis, Chief Financial Officer Q&A 2 Safe Harbor Forward-Looking Statements Certain statements herein, other than statements of historic ...

Financial Data and Key Metrics Changes - Net sales for Q2 fiscal 2026 were $124.7 million, a decrease of $5 million or 3.9% compared to the prior year [14] - EBITDA for the quarter was $15 million, indicating solid profitability despite lower sales [5] - Gross margin decreased to 24.3%, down 2.3% year-over-year, primarily due to lower production absorption and tariffs [15] - Net income was $1.9 million, compared to $4.5 million in the prior year, with earnings per share at $0.04 versus $0.10 a year ago [15] Business Line Data and Key Metrics Changes - Handgun unit shipments into the sporting goods channel were down 1.9%, while adjusted sell-through at retail was up 7.7%, indicating market share growth [6] - Long gun shipments into the sporting goods channel declined 5.1%, with NICS down 8.3%, reflecting typical seasonal demand patterns [7] - Overall firearm unit shipments into the sporting goods category were up 3.3%, outperforming the market which was down 2.7% [7] Market Data and Key Metrics Changes - The market for firearms remains healthy and stable, with the company gaining market share during the quarter [6] - Average selling prices (ASPs) increased by 3.5% year-over-year, with handguns at $418 and long guns at $602 [8] - Distributor inventory declined over 5% sequentially and 15% year-over-year, indicating strong sell-through and positioning for future demand [14] Company Strategy and Development Direction - The company continues to focus on innovation-driven growth, disciplined cost management, and maintaining a strong balance sheet [12] - The grand opening of the Smith & Wesson Academy aims to enhance training offerings for law enforcement and consumers, contributing to brand strength [10][11] - The capital allocation strategy remains unchanged, focusing on business investment, financial flexibility, and returning value to stockholders [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the brand's strength and product assortment, expecting Q3 sales to be 8%-10% higher than Q3 fiscal 2025 [17] - Despite uncertainties regarding macroeconomic conditions, the company anticipates continued healthy cash generation and improved gross margins in Q3 [17][18] - The company expects operating expenses in Q3 to be about 15% higher than in Q2 due to events like the SHOT Show and new product development costs [18] Other Important Information - The company ended the quarter with $27.3 million in cash and investments, and $90 million in borrowings on its line of credit [16] - A quarterly dividend of $0.13 has been authorized, to be paid to stockholders of record on December 18 [17] Q&A Session Summary Question: Input costs and gross margins outlook - Management indicated that tariff impacts may increase in the back half of the year but should not materially affect profitability [20] - Absorption is expected to improve due to increased operating days and reduced inventory levels [22] Question: Operating expenses outlook - Operating expenses are generally consistent year-to-year, with expected increases for the SHOT Show and other activities [23] Question: Q4 outlook - Management is optimistic about Q4, expecting high single-digit to low double-digit growth compared to Q3 [25]

Financial Data and Key Metrics Changes - The company reported a 10% revenue growth through the first nine months of the year, with product sales growth at 11% driven by a 14% volume growth [9][10] - In Q3, revenue growth was 12%, also driven by 14% volume growth, indicating strong momentum in the business [9][10] - Non-GAAP research and development expenses increased by 31% year over year in Q3, with a total of approximately $200 million spent on business development [12][28] Business Line Data and Key Metrics Changes - Repatha experienced a 30% year-over-year growth over the first nine months, with significant potential for future growth due to low penetration rates in the PCSK9 therapy market [13] - Evenity also grew by 30% year over year, holding a 60% market share in the bone builder market in the US, with a large untapped patient population [13] - Tezspire achieved 50% year-over-year growth, surpassing $1 billion in sales in the US for severe asthma [14] - The rare disease portfolio is annualizing at close to $5 billion, growing 12% year over year, with Uplizna growing 50% year over year [15] Market Data and Key Metrics Changes - The biosimilar portfolio grew by 40% year over year, now annualizing at approximately $3 billion, with cumulative revenues of $13 billion since inception [15] - The company expects increasing competitive intensity in the biosimilar market, particularly for Prolia and Xgeva, which may lead to revenue declines [43][44] Company Strategy and Development Direction - The company emphasizes innovation as its top capital allocation priority, with a focus on internal and external growth opportunities [26][28] - The company is actively engaging with the current administration regarding pricing and access policies, aiming to enhance affordability for patients [31][32] - The company is exploring opportunities in rare diseases, indicating a strong interest in expanding its portfolio in this area [48][57] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong momentum of the business and pipeline, highlighting the importance of volume-driven growth strategies [9][10] - The company remains optimistic about the long-term growth outlook, driven by its therapeutic areas and ongoing investments in innovation [10][12] - Management acknowledged the challenges posed by increasing competition in the biosimilar market but believes that growth drivers in other areas will offset these challenges [46] Other Important Information - The company is preparing for upcoming PDUFA dates, particularly for Uplizna, which is expected to drive further growth [15] - The company is focused on expanding its manufacturing capabilities to support the increased volume growth [29][30] Q&A Session Summary Question: What is Amgen's current position regarding agreements with the administration on manufacturing and pricing? - The company is actively engaging with the administration and has had positive relations, emphasizing its commitment to innovation and affordability for patients [31][32] Question: How does the company view the competitive landscape for Maritide in the obesity and diabetes space? - The company is confident in its ability to navigate pricing and access challenges, leveraging its experience from previous product launches [35][39] Question: What are the expectations for the denosumab biosimilar market? - The company anticipates increased competitive intensity and revenue declines for Prolia and Xgeva, but expects growth from other product lines to offset these declines [43][44] Question: How does the company plan to approach business development in rare diseases? - The company is open to various business development strategies, including licensing and acquisitions, to expand its rare disease portfolio [48][57]

PresentationAll right. Great. We're excited for our next session. We're here with Alok Maskara, the CEO of Lennox. Alok, thanks so much for being here today.I'm sure we have a lot to talk about. But Alok, I think you have -- you want to start with some prepared comments, and then we'll dig in.Alok MaskaraCEO, President & Director Sounds good. Thanks, Joe, for having us over. Good morning, everyone. I have a few slides. I'm going to cover that in less than 10 minutes, so we have plenty of time for Q&A. Agai ...

Financial Data and Key Metrics Changes - The company announced a $7 billion commitment to expand R&D capabilities and domestic manufacturing, indicating a strong focus on internal growth and innovation [6][9] - The company has a substantial cash balance and has initiated dividends and buybacks, reflecting a solid financial position [11] Business Line Data and Key Metrics Changes - Eylea HD received recent approvals for RVO and Q4 dosing, with expectations for commercial impact starting in 2026 [17][18] - Dupixent continues to grow robustly, treating over 1.3 million patients globally, with significant market expansion opportunities in atopic dermatitis and asthma [30][31] Market Data and Key Metrics Changes - The company is actively monitoring the impact of biosimilars on Eylea, noting that while they present challenges, Eylea HD remains a strong competitor [24] - The COPD launch has been successful, with Dupixent showing a significant reduction in exacerbation rates compared to competitors [33][34] Company Strategy and Development Direction - The company is committed to domestic manufacturing and enhancing its R&D capabilities, aiming to meet the demands of its growing pipeline [6][15] - There is an openness to exploring external opportunities for M&A, although the focus remains on internal capabilities and collaborations [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the alignment with government goals regarding drug pricing and innovation, emphasizing the importance of fostering a supportive environment for the industry [9] - The company is optimistic about the future growth of its products, particularly with the enhancements to Eylea and the ongoing success of Dupixent [22][30] Other Important Information - The company is awaiting the first round of Part B IRA drug selections, which could impact Eylea's market position [26][28] - Linvoseltamab is showing promising results in a crowded myeloma market, with best-in-class data among BCMA bispecifics [62] Q&A Session Summary Question: Update on manufacturing and policy context - The company has committed to expanding domestic manufacturing and is in active negotiations regarding drug pricing with the administration [6][7] Question: Future M&A considerations - The company is open to external opportunities but prioritizes internal investments and collaborations [12][13] Question: Eylea HD commercial impact - Eylea HD enhancements are expected to have a significant impact starting in 2026, with ongoing efforts to convert patients from Eylea 2 mg to Eylea HD [21][22] Question: Competition from biosimilars - Biosimilars present challenges, but Eylea HD is positioned as a strong competitor with unique advantages [24] Question: Growth drivers for Dupixent - Dupixent continues to grow due to its market-leading position and under-penetrated opportunities in atopic dermatitis and asthma [30][31] Question: COPD launch and patient adoption - The COPD launch has been successful, with significant patient adoption and positive feedback on efficacy [33][34] Question: Future pipeline developments - The company is focused on advancing its pipeline, including LAG-3 and Linvoseltamab, with promising data expected in the near future [40][62]

Core Insights - The company has demonstrated strong performance with a growth rate of approximately 7% in Q1 compared to the previous quarters, resulting in an overall growth rate of 6%, outperforming the industry and market [1] - The company's consumable business, which constitutes 85% of its operations, has shown resilience in a volatile environment, contributing to its strategic advancement [1] - A recent bolt-on acquisition of Parse has been announced, which is seen as a valuable addition to the existing portfolio, highlighting the company's ongoing focus on capital allocation and regular share buybacks since 2012 [2]

Core Insights - Berkshire Hathaway's 2024 annual report highlights the company's commitment to transparent communication with shareholders, emphasizing the importance of sharing both successes and mistakes in investment decisions [2][3] - The company reported operating earnings of $47.4 billion for 2024, driven by significant growth in investment income and improvements in its insurance business, particularly GEICO [7][8] - Berkshire's tax contributions have dramatically increased, with the company paying $26.8 billion in federal taxes in the past year, representing about 5% of total corporate taxes collected in the U.S. [11][12] Financial Performance - Operating earnings for 2024 reached $47.4 billion, up from $37.35 billion in 2023 [8][9] - Investment income from insurance underwriting increased to $9.02 billion, while insurance investment income rose to $13.67 billion [9] - The company’s total market value of equity investments decreased from $354 billion to $272 billion, while the value of non-traded holdings increased [16] Business Operations - Berkshire Hathaway's insurance business remains a core focus, with a unique financial model that allows for cash inflow before claims are realized, providing significant investment opportunities [17][19] - The company has increased its stake in utility businesses to 100%, costing approximately $3.9 billion [7] - Berkshire's investment strategy includes a long-term commitment to Japanese companies, with a total investment cost of $13.8 billion and a market value of $23.5 billion [22][24] Management and Governance - The company emphasizes the importance of recognizing and correcting mistakes in management decisions, with a focus on maintaining a high standard of accountability [3][10] - The transition of leadership is anticipated, with Greg Abel expected to take over as CEO in the near future [3] - Berkshire's management philosophy values talent over educational pedigree, highlighting the importance of innate ability in successful business leadership [5][6] Shareholder Engagement - The annual shareholders meeting is scheduled for May 3, with a focus on providing answers to shareholder questions and fostering community [28][30] - The company continues to prioritize reinvestment over dividend payments, having only issued one dividend in the past 60 years [11][12]

Financial Data and Key Metrics Changes - For the fourth quarter ended September 30, 2025, revenue was $802,000 compared to $935,000 in the prior year quarter, reflecting the conclusion of citrus operations [15] - The net loss attributable to Alico common stockholders was $8.5 million, or $1.11 per diluted share, an improvement from a net loss of $18.1 million, or $2.38 per diluted share in the prior year quarter [15] - For the full fiscal year, revenue was $44.1 million compared to $46.6 million in Fiscal 2024, with a net loss of $147.3 million primarily due to non-cash charges related to the strategic transformation [16] Business Line Data and Key Metrics Changes - Adjusted EBITDA for Fiscal 2025 was $22.5 million, exceeding the $20 million guidance target, indicating operational strength in the transformed business model [16] - Land sales generated $23.8 million from 2,796 acres sold during Fiscal 2025, surpassing the $20 million target [17] Market Data and Key Metrics Changes - The company ended Fiscal Year 2025 with $38.1 million in cash and cash equivalents, a significant increase from $3.2 million at the end of Fiscal 2024 [16] - Net debt decreased to $47.4 million from $89 million, representing a $41.6 million improvement year-over-year [16] Company Strategy and Development Direction - Alico has transitioned from a traditional citrus producer to a diversified land company, focusing on sustainable long-term value creation and conservation [4] - The establishment of the Corkscrew Grove Stewardship District is a significant regulatory milestone that supports the company's development strategy [6] - The company aims to optimize agricultural operations while advancing residential and commercial development projects [12] Management's Comments on Operating Environment and Future Outlook - Management emphasized the elimination of citrus agricultural volatility and the unlocking of value in the approximately 49,000-acre Florida portfolio [18] - The company believes it is well-capitalized and strategically focused, with multiple catalysts for value creation in the coming years [19] Other Important Information - Alico has a history of returning capital to shareholders, having returned more than $190 million through dividends, share repurchases, and debt reduction since 2015 [10] - The company's NPV analysis values its land portfolio between $650 million and $750 million, while its current market capitalization is approximately $240 million [19] Q&A Session Summary Question: What is the expected cadence of the land sales in the next 12 months? - Management has not provided guidance on additional land sales for fiscal year 2026 [22]