更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha 7 May 2025 Global Software How exposed are Software, Cloud and the Hyperscale Cloud providers to different regions? See the Disclosure Appendix of this report for required disclosures, analyst certifications and other important information. Alternatively, visit our Global Research Disclosure Website. First Published: 07 May 2025 10:21 UTC Completion Date: 07 May 2025 10:21 UTC www.bernsteinresearch.com 更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha Mark L. Moerdler, Ph.D. +1 917 344 8506 ma ...

Core Viewpoint - Shopify Inc reported strong fiscal first-quarter results with a revenue growth of 26.8% to $2.36 billion, surpassing analyst expectations, although adjusted EPS of $0.25 fell slightly short of the consensus estimate [1][2]. Financial Performance - Quarterly revenue increased by 26.8% to $2.36 billion, exceeding the analyst consensus estimate of $2.33 billion [1]. - Adjusted EPS rose by 25% to $0.25, but missed the analyst consensus estimate of $0.26 [1]. - Gross merchandise volume (GMV) grew by 22.8% to $74.75 billion, while merchant solutions revenue increased by 28.9% to $1.74 billion [2]. Market Trends and Guidance - The second-quarter guidance anticipates continued strength in GMV, projecting mid-20s revenue growth and high-teens gross profit growth [4]. - Analysts noted that Shopify's GMV multiplier as a percentage of U.S. eCommerce growth remains strong, indicating potential market share gains even amid a slowdown in U.S. eCommerce growth [7]. International Expansion - Shopify is benefiting from the globalization of commerce, with significant market share gains abroad, particularly in the North American market [6]. - Cross-border trade constitutes 15% of GMV, with 1% of overall GMV related to imports from China [9]. Analyst Ratings and Price Targets - Piper Sandler maintains a Neutral rating with a price target of $104, while Goldman Sachs holds a Buy rating with a revised price target of $120, down from $130 [11]. Margin Insights - Free cash flow margins are expected to remain in the mid-teens range, with a decline in these margins viewed negatively [5]. - Pressure on gross margins is anticipated in 2025 due to various factors, including the PayPal partnership and the impact of longer paid trial lengths [12].

BEIJING, May 08, 2025 (GLOBE NEWSWIRE) -- A natural gas pipeline that stretches 3,000 kilometers in Russia and 5,111 km in China commenced operations in December last year, benefiting about 450 million people along its route. The China-Russia east-route natural gas pipeline is a landmark project of energy cooperation between the two countries, yet ties between the two neighboring nations go far beyond that. In 2024, bilateral trade rose to $244.8 billion, making China the largest trading partner of Russia f ...

Payoneer Global (PAYO) Q1 2025 Earnings Call May 07, 2025 08:30 AM ET Company Participants Michelle Wang - Vice President-Investor RelationsJohn Caplan - Chief Executive OfficerBea Ordonez - Chief Financial OfficerDaniel Krebs - Senior AssociateWill Nance - Vice PresidentTrevor Williams - Managing DirectorSanjay Sakhrani - Managing Director Conference Call Participants Cristopher Kennedy - Research Analyst, Financial Services and Technology Operator Morning and thank you for standing by. Welcome to the Payo ...

Payoneer Global (PAYO) Q1 2025 Earnings Call May 07, 2025 08:30 AM ET Speaker0 Morning and thank you for standing by. Welcome to the Payoneer's First Quarter twenty twenty five Earnings Conference Call. At this time, all lines have been placed on mute to prevent any background noise. Following the speakers' remarks, there will be a question and answer session that will open your line for questions. As a reminder, this conference call is being recorded. I would now like to turn the call over to Michelle Wang ...

Rimini Street (RMNI) Q1 2025 Earnings Call May 01, 2025 05:00 PM ET Company Participants Dean Pohl - VP of Investor Relations & TreasurerSeth Ravin - Founder, Chairman, CEO & PresidentMichael Perica - EVP, CFO & Principal Accounting OfficerBrian Kinstlinger - MD, Director of Research & Head of Technology ResearchCole Erskine - Vice President - Equity Research Operator Good afternoon, ladies and gentlemen, and welcome to the Rimini Street Q1 twenty twenty five Earnings Conference Call. At this time, all line ...

Rimini Street (RMNI) Q1 2025 Earnings Call May 01, 2025 05:00 PM ET Speaker0 Good afternoon, ladies and gentlemen, and welcome to the Rimini Street Q1 twenty twenty five Earnings Conference Call. At this time, all lines are in a listen only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press 0 for the operator. This call is being recorded today, Thursday, 05/01/2025. I would now like to turn the confe ...

Financial Data and Key Metrics Changes - Q2 sales were $479 million, a 17% year-on-year decrease, including a $67 million impact from portfolio optimization, resulting in a 5% revenue decline excluding this impact [8][12] - Adjusted EBITDA was $108 million, down 14% year-over-year, with an organic decline of 4% [8][12] - Adjusted EPS, excluding acquisition amortization, was $0.99 per share, down 22% from the prior year [13] Business Line Data and Key Metrics Changes - Life Sciences sales declined 23% year-over-year to $172 million, primarily due to portfolio optimization initiatives [16] - Personal Care sales decreased by 14% year-over-year to $146 million, largely due to divestitures and low-margin product exits [21] - Specialty Additives sales fell by 15% to $134 million, with organic sales down 9% [26] Market Data and Key Metrics Changes - The demand environment was mixed, with slower trends than expected, particularly in Europe and the U.S. [7][43] - Intermediates generated $2 million in adjusted EBITDA, representing a 5.4% adjusted EBITDA margin, down from $12 million in the prior year [20] Company Strategy and Development Direction - The company is focused on achieving a $90 million cost savings target and has completed its restructuring efforts ahead of schedule [28] - Strategic priorities include enhancing financial performance through controllable factors and navigating the evolving tariff landscape [28][35] - The company aims for $100 million in incremental revenue from its Globalize and Innovate initiatives by fiscal year 2027 [31] Management's Comments on Operating Environment and Future Outlook - Management noted increasing economic uncertainty and anticipated softer consumer demand, prompting an adjustment to the fiscal year 2025 outlook [10][49] - The company expects flattish organic sales volume growth for the full fiscal year, with a positive inflection anticipated in the second half [45] - Management emphasized the importance of adapting and executing with discipline to navigate near-term challenges [10][50] Other Important Information - The company has over $700 million in liquidity and a manageable net leverage of 2.8 times, positioning it well to navigate the current environment [15] - The completion of portfolio optimization is expected to enhance long-term profitability despite short-term impacts [10][50] Q&A Session Summary Question: Order volatility and customer expectations - Management observed reduced volatility in orders over the last two quarters, with volumes picking up and pricing aligning with guidance [54][55] Question: Mitigation of risks related to U.S. produced China sales - Management indicated that over half of the risks could be mitigated through customer partnerships and production shifts, although some challenges remain [58][60] Question: Impact of delayed reciprocal tariffs on other regions - Management noted limited impact from tariffs outside of China, with most raw materials sourced regionally [67][68] Question: Competitive pressures in Specialty Additives - Management reported stable conditions in China, with pricing pressures continuing but manageable [71][72] Question: Cash flow expectations for the year - Management expects free cash flow to be in the range of $150 million to $200 million, depending on inventory and FX developments [91]

Investment Rating - The report assigns an "Overweight" rating to the company with a target price of RMB 22.68, compared to the current price of RMB 19.40 [3]. Core Insights - The company is at an inflection point of cyclicality improvement in the domestic engineering machinery sector, with expectations of structural improvement in overseas markets. The company is anticipated to see valuation improvement due to its strong product capabilities and global competitiveness [5][12]. - The company's revenue for 2024 is reported at RMB 78.383 billion, reflecting a year-on-year increase of 5.90%, with a net profit attributable to shareholders (NPAtS) of RMB 5.975 billion, up 31.98% year-on-year [5][6]. - The operating cash flows reached a record high of RMB 14.814 billion, marking a significant increase of 159.53% year-on-year [5][6]. Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2025 and 2026 have been raised to RMB 0.99 and RMB 1.21, respectively, with a projected EPS of RMB 1.38 for 2027. The price-to-earnings (PE) ratio for 2025 is set at 23x, which is above the industry average of 16.83x [5][12]. - The company’s gross profit margin (GPM) for 2024 is reported at 26.43%, with a net profit margin (NPM) of 7.83%, an increase of 1.54 percentage points year-on-year [5][6]. Operational Performance - The company has maintained high-quality development with improved risk control and operational quality. It ranks first in domestic market share for key products such as excavating machinery and concrete machinery [7]. - The international market has shown strong growth, with overseas revenue reaching RMB 48.513 billion, a year-on-year increase of 12.15% [7]. Financial Summary - The balance sheet shows total assets of RMB 152.145 billion for 2024, with owners' equity at RMB 71.953 billion and a net debt ratio of -13.67% [4][8]. - The company’s revenue is projected to grow to RMB 101.877 billion by 2027, with NPAtS expected to reach RMB 11.671 billion [6][8].

ANTA Sports Products (02020) H2 2024 Earnings Call March 18, 2025 08:00 PM ET Moderator Honorable Investors, good afternoon. Welcome to the Investor Presentation of ANTA Sports Products Limited. We have just announced our annual results for 2024, in which the group achieved a record performance and high quality growth, widening our lead despite the challenging external environment. And we succeeded in achieving our strategic goal of number one in terms of market share. Now let me introduce our management in ...