| Hildy Ling | | | --- | --- | | Equity Analyst | | | Hildy.Ling@morganstanley.com | +852 2239-7834 | | Cindy Gao | | June 5, 2025 04:06 AM GMT M Update China Home Appliances and Furnishing | Asia Pacific Our Take on the Suspension of Trade-in Subsidy in Certain Regions Key Takeaways Exhibit 1: Home appliance trade-in sales progress | | | | | | Central | | | Average | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | No. of | No. of appliances | | government | % subsidy of | Average price | spen ...

Elon Musk, CEO of Tesla and self-proclaimed “First Buddy” of President Trump, has stepped up criticism of the president’s massive tax legislation in recent days. Investors are starting to notice.Tesla shares dropped more than 5% on Thursday on a day otherwise devoid of news for the electric vehicle maker, leading traders to speculate that Musk’s increasingly pointed rhetoric suggests strain in the relationship that has benefited his sprawling empire of businesses.President Trump said on Thursday that Musk w ...

Core Insights - The ongoing 618 shopping festival in China is showing strong performance, positively impacting Alibaba's stock, which rose nearly 4% [1] - Preliminary data indicates a significant increase in sales during the 618 period, with Alibaba's Taobao and Tmall Group reporting a 283% rise in government-subsidized categories compared to the previous year's Singles' Day [4] - JD.com also reported impressive sales, with a 380% year-over-year surge in home appliances and electronics within the first hour of its 618 campaign [5] Company Performance - Alibaba's stock performance is benefiting from the lively shopping activity during the 618 festival, contrasting with the flat performance of the S&P 500 [1] - The company's internal data suggests a robust shopping environment, which is likely to enhance its market position [1][4] Industry Trends - The 618 shopping festival, initiated by JD.com, has become a significant event for various Chinese retailers, including Alibaba, offering extensive deals and discounts [2] - The Chinese government's subsidy program is playing a crucial role in boosting sales, particularly in home appliances and related products, indicating a trend that could benefit multiple online retailers [6][7]

Core Viewpoint - The U.S. Department of Commerce has made a preliminary decision to impose tariffs of up to 721% on natural and artificial graphite active anode material (AAM) from China, which is a significant development for North American producers, particularly Northern Graphite Corporation [1][2]. Industry Summary - The decision is part of an investigation to determine if the Chinese government is subsidizing graphite AAM production, with a final determination expected around December 5, 2025 [2][4]. - Approximately 90% of AAM upgrading is currently performed in China, prompting other regions to implement tariffs and strategic acts to establish independent supply chains [3]. Company Summary - Northern Graphite is the only current producer of natural graphite in North America and plans to build a battery materials facility in Canada to meet the increasing demand for local and sustainable anode material supply [2][6]. - The company operates the Lac des Iles mine in Quebec and has plans to increase production to cater to the growing demand from industrial customers and North American battery manufacturers [7]. - Northern Graphite also owns several projects, including the Bissett Creek project in Ontario and the Okanjande graphite mine in Namibia, all of which have "battery quality" graphite and are located in politically stable regions [8].

Financial Data and Key Metrics Changes - KinderCare reported Q1 2025 revenue of $668 million, a 2% increase year-over-year, driven by stable tuition growth and an increased number of centers and sites [24][30] - Adjusted EBITDA for the quarter was $84 million, reflecting a 12% growth year-over-year, with an adjusted EBITDA margin of 13% [30][31] - Net income increased to $27 million from $10 million a year ago, with adjusted EPS rising to $0.23 from $0.11 [31] Business Line Data and Key Metrics Changes - Same center revenue grew to $606 million, up from $598 million a year ago, with same center occupancy at 69.1%, down from 69.6% [24][25] - Champions revenue grew by 7.8% to $53 million, with 88 net new sites added over the past twelve months [28] - The company added 10 centers in Q1, including two CREM schools and expanded into Idaho through an acquisition [8][12] Market Data and Key Metrics Changes - Demand for high-quality childcare continues to outpace supply, supporting KinderCare's market-leading position [6][22] - The company noted a delay in enrollment decisions due to consumer hesitancy, impacting same center occupancy [6][25] - The company anticipates a favorable demand environment despite macroeconomic volatility [5][22] Company Strategy and Development Direction - KinderCare's strategy focuses on driving profitability through operational efficiency and maintaining a healthy spread between wage and tuition increases [15][30] - The company aims to increase new center openings to mid-twenties per year, aligning with long-term growth targets [29] - The expansion of B2B partnerships and tuition benefit programs is a key growth area, with new partnerships established in Q1 [12][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in long-term growth despite macroeconomic complexities, reaffirming guidance for 2025 [22][31] - The company is monitoring consumer behavior and sentiment in light of recent tariff announcements but believes it is better positioned than most due to its service's essential nature [32][33] - Management highlighted the importance of maintaining operational excellence and educational quality as critical pillars for success [17][18] Other Important Information - The company has a strong network of support at the state level for subsidy funding, which is seen as a strategic advantage [21] - KinderCare's G&A expenses were 11% of revenue, illustrating operating leverage at scale [30] - The company has received Gallup's exceptional workplace award for nine consecutive years, reflecting a strong organizational culture [19] Q&A Session Summary Question: What are parents doing with their kids as alternatives to enrolling in centers? - Management noted that parents may be delaying enrollment due to taking longer time off work, leading to later enrollment decisions [36] Question: How does the Champions business perform during economic uncertainty? - Management indicated that Champions remains resilient as it offers a cost-effective solution for parents needing after-school care [38] Question: What is the expected occupancy growth in the medium term? - Management confirmed confidence in a 1% to 2% annual occupancy growth in the medium to long term [43] Question: How much revenue came from M&A in the last twelve months? - Acquisition revenue for tuck-ins was $5.5 million for the trailing twelve months [45] Question: How does the guidance account for varying demand levels? - Management expressed confidence in full-year guidance, emphasizing the ability to manage expenses regardless of macroeconomic conditions [49] Question: Are there differences in enrollment between subsidy and private pay families? - Management clarified that subsidy families are less hesitant once approved, while private pay families may delay decisions based on personal financial situations [72]

- 公共机构采购混合动力/纯电动汽车：120,000列伊（约24,000欧元） - 混合动力汽车：12,000列伊（约2,400欧元）； - 插电式混合动力及电动摩托车：15,000列伊（约3,000欧元）； - 纯电动/氢燃料电池汽车：37,000列伊（约7,500欧元）； （原标题：罗环境部发布《Rabla 2025融资指南》，预算创新高） 据News.ro报道，罗环境部近日发布电动车消费补贴计划《Rabla 2025融资指南》，总预算达14.3亿 列伊（约合2.9亿欧元），创历史新高，较去年增长近50%，对纯电动汽车环保补贴金额提升至3.7万列 伊（约合7500欧元）。罗环境基金管理局（AFM）数据显示，"Rabla"计划为罗最受欢迎环保项目，通 过实施该计划，罗于过去20年淘汰约100万辆老旧机动车。新计划（2025-2030）旨在推动罗民众置换低 排放车辆，实现环境质量改善、减少二手车尾气空气污染、促进废旧车辆回收等目标。具体补贴标准如 下： - 传统燃油车（含LPG/GNC发动机）及摩托车：10,000列伊（约2,000欧元）； 申请人需通过环境基金管理平台提交完整材料，包括旧车处置证明。公共机构 ...

以"筑梦鹏城宜居未来"为主题的"五一好房节"活动于5月5日顺利落幕，参展人数超10万人次。2025年5 月1—5日，全市新建商品住房认购826套，其中已网签认购书317套，较去年同期增长23.89%；二手房 交易方面，主要中介机构带看20684人次（"以旧换新"新房项目带看量超3000批），促成交易367套，其 中完成网签63套，较去年同期增长36.96%。 据统计，5月1—5日，全市新建商品住房认购826套，其中已网签认购书317套，较去年同期增长 23.89%。参展的热点楼盘鹏宸云筑项目加推住宅250套，5月1日开盘当日去化率达92%。五一假期推出 的保障房项目安居华越龙苑，因地理位置及配套完善受客户欢迎，目前正在配售中。还有多个项目看房 咨询、洽谈签约的客户络绎不绝。据乐有家提供的数据显示，"五一"假期期间，乐有家门店新房带看量 同比上涨38%、签约量同比上涨133%，五一楼市与去年相比呈现上涨趋势，楼市热度持续。 二手房成交活跃 "以旧换新"3.0表现抢眼 5月1日-5日，主要中介机构带看20684人次，促成交易367套，其中完成网签63套，较去年同期增长 36.96%。近期，乐有家推出的"以旧换新" ...

2025年京东补贴小家电品类更广，京东自营全国发货，小家电除了微波炉、电饭煲是常规品类，截止 4.22新增36项(不完全统计)小家电品类纳入补贴。天猫、淘宝采取地区专享的政策，截止4.22小家电政 策覆盖的区域共16个，部分地区如浙江、广东、湖北、湖南、陕西等地区补贴的小家电品类范围明显扩 张，三方数据显示小家电行业多数品类25年恢复增长，偏刚需品类价增，长尾品类中养生壶、电动类量 价齐增。该行预期在国补小家电品类扩围的情况下，各公司内销有望提速。 国补覆盖面扩大，该行认为主要利好三类公司 1)刚需品类占比高且价格带定位中高端的公司(刚需品类Q1饭煲、微波炉纳入国补常规品类，补贴力度 大，可预期的国补持续性或更好)。2)长尾品类养生壶及动力类占比高的公司(养生壶和动力类在本轮国 补中刺激效果比较明显)。3)京东占比高，总部补贴力度大以及子公司布局广泛的公司(京东自营可以全 国发货，总部补贴力度大且子公司布局广泛可以更大程度享受地区专享补贴。) 智通财经APP获悉，浙商证券发布研报称，行业数据显示25年小家电多数品类恢复增长，刚需品类价 增，养生壶等长尾品类量价齐增。国补主要利好三类企业：1)刚需品类占比高且定 ...

Balchem Corporation (NASDAQ:BCPC) Q1 2025 Earnings Conference Call April 24, 2025 11:00 AM ET Company Participants Martin Bengtsson - CFO Ted Harris - Chairman, President & CEO Conference Call Participants Ram Selvaraju - H.C. Wainwright & Co Daniel Harriman - Sidoti & Company Operator Greetings, and welcome to Balchem's First Quarter 2025 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructi ...