Core Viewpoint - Siemens AG has indicated that adverse currency movements will negatively impact its results in the upcoming year, despite expectations for a stable global economic environment [1][3]. Financial Outlook - Siemens projects a sales increase of 6%-8% for the next fiscal year and 6%-9% in the mid-term [1]. - The company anticipates earnings per share for fiscal year 2026 to be between €10.40 and €11.00, which is below the consensus estimate of €11.54 [2]. - In the fourth quarter of fiscal year 2025, Siemens reported a 6% increase in sales to €21.4 billion, while industrial profit rose 2% to €3.19 billion, falling short of the projected €3.32 billion [7]. Currency Impact - Siemens joins other European companies in highlighting currency fluctuations as a risk, with the US dollar declining approximately 11.5% against the euro year-to-date [3]. - The strong euro has made European goods more expensive abroad, adversely affecting profit margins when converting US earnings back to euros [3]. Competitive Environment - German manufacturers, including Siemens, are facing challenges as Germany's economy lags behind China and the US in innovation and investment [8]. - The German Council of Economic Experts has revised its growth forecast for Germany in 2026 down to 0.9% from 1.0%, citing weak private investment and sluggish exports as contributing factors [9]. Trade Deficit - Germany is projected to experience a record trade deficit of €87 billion with China this year, indicating struggles for German companies to maintain competitiveness [13]. - In September, China exported €14.6 billion worth of goods to Germany, while German exports to China were only €6.7 billion [14].

Summary of JD.com and JD Logistics 3Q25 Earnings Call Company Overview - **Company**: JD.com (JD/9618.HK) & JD Logistics (2618.HK) - **Quarter**: 3Q25 Key Industry Insights - **Revenue Growth**: JD.com reported a solid revenue growth of **15% year-over-year (yoy)**, exceeding consensus estimates by **1% to 2%** [1][12] - **JD Retail Margin**: Achieved a record-high JD Retail operating profit margin of **5.9%**, surpassing the Goldman Sachs estimate of **5.2%** [1][3] - **New Business Losses**: New business losses were wider than expected at **Rmb15.7 billion**, compared to the estimate of **Rmb13.9 billion** [1][17] Core Business Performance - **Electronics & Appliances**: Growth slowed to **5% yoy**, down from **23% yoy** in 2Q25, attributed to the high base effect from the trade-in program initiated in September 2024 [1][12] - **General Merchandise Growth**: Accelerated to **19% yoy**, driven by supermarket and apparel sales, outperforming estimates by **5 percentage points** [1][2] - **Marketplace & Marketing Revenues**: Increased by **24% yoy**, significantly ahead of estimates by **17 percentage points**, driven by AI adtech and stronger app traffic [1][2] Customer Engagement - **Active Users**: Surpassed **700 million** active users in October 2025, indicating sustained growth momentum [1][2] - **Shopping Frequency**: Increased shopping frequency contributed to the healthy revenue growth in JD Retail [2] Profitability and Margin Outlook - **Long-term Margin Expansion**: The company anticipates further margin expansion opportunities through improved procurement capabilities and operational efficiency [3][12] - **JD Logistics EBIT Margin**: Reported at **2.6%**, slightly below the estimate of **2.9%**, impacted by increased employee benefit expenses [13] Investment Strategy - **Aggressive Investment**: JD's robust profits in the first nine months of 2025, totaling **Rmb41.6 billion** (+34% yoy), have facilitated an aggressive investment strategy across new growth areas, including food delivery and international expansion [1][12] Food Delivery Performance - **GMV Growth**: JD food delivery GMV increased by double digits quarter-over-quarter, supported by healthy order volume growth [9] - **Unit Economics**: Improved due to enriched merchant supplies and increased operational efficiency [9] Technological Advancements - **AI Integration**: The company has launched new AI products and upgraded its retail technology infrastructure, enhancing operational efficiency [10] Financial Highlights - **3Q25 Revenue**: Reported at **Rmb299.059 billion**, a **15% yoy** increase, exceeding consensus estimates [16] - **Net Product Revenues**: Increased by **10.5% yoy**, while net service revenues rose by **31% yoy** [12][16] - **Free Cash Flow**: Decreased by **63% yoy** to **Rmb12.6 billion** in 3Q25 [17] Risks and Challenges - **Competitive Landscape**: Facing tougher-than-expected competition in China's eCommerce markets [15] - **Execution Risks**: Potential slowdown in online GMV and challenges in executing general merchandise strategies [15] Investment Rating - **Buy Rating**: JD.com is rated as a "Buy" with a 12-month price target of **US$45/HK$174**, viewed as an underappreciated differentiated business in the China Internet sector [11][14]

Core Insights - The article emphasizes the importance of understanding macro trends and their influence on asset prices and investor behavior [1] - It highlights the author's extensive experience in asset management, particularly in equity analysis and research [1] Group 1: Professional Background - The author has over 10 years of experience in asset management, focusing on equity analysis, macroeconomics, and risk-managed portfolio construction [1] - The professional background includes advising on and implementing multi-asset strategies, with a strong emphasis on equities and derivatives [1] Group 2: Investment Philosophy - The article promotes the idea that investing should be accessible, inspiring, and empowering for all investors [1] - It encourages collaboration among investors to build confidence in long-term investing [1]

US-Israel Defense Partnership Act (HR1229 & S554) Implications - The bill mandates US taxpayers to allocate an additional $355 million per year to Israel, potentially enabling Israel to leverage US technology [1] - The Act aims to foster defense collaboration with Israel in emerging technologies, including AI, cybersecurity, robotics, quantum computing, and automation [1] Financial Allocations - $50 million per year is allocated to establish a Defense Innovation Unit office in Israel [2] - $150 million per year is allocated to the United States-Israel Program on Countering Unmanned Systems [5] - $80 million per year is allocated to extend and modify United States-Israel anti-tunnel cooperation [5] - $75 million per year is allocated for unspecified purposes [7] Strategic and Technological Cooperation - The US Department of Defense is directed to discuss Israel's potential inclusion into the national technology and industrial base [3] - The Act includes an assessment of integrated air and missile defense cooperation among the US, Israel, and other regional partners [4] - Focus on lessons learned from countering Iranian airstrikes against Israel on April 13, 2024, and October 1, 2024 [5]

When the spectrum of plausible outcomes includes a decent portion of white-collar tasks being automated, or a tenth of all electricity in America being used for AI training and deployment, good forecasts matter https://t.co/sbHb9Y7W8K ...

Core Insights - RADCOM reported third-quarter 2025 non-GAAP earnings per share (EPS) of 29 cents, exceeding the Zacks Consensus Estimate of 12 cents and up from 23 cents in the prior-year quarter [1][9] - Revenues for the quarter reached $18.4 million, surpassing the Zacks Consensus Estimate by 2.7% and reflecting a year-over-year increase of 16.2%, driven by demand for AI and automation solutions [2][9] Financial Performance - The company achieved a strong gross margin of just over 77%, attributed to an improved revenue mix with fewer third-party costs, and expects to maintain this level in the fourth quarter [5] - Non-GAAP R&D expenses increased by 11.6% year over year to $4.7 million, indicating a commitment to innovation and portfolio expansion [6] - Non-GAAP operating income rose to $3.8 million from $2.6 million, marking the highest level since 2017, supported by strong scalability and disciplined execution [6] Strategic Developments - RADCOM partnered with 1Global to deploy its AI-driven assurance platform, RADCOM ACE, across Europe, North America, and Asia, covering over 43 million connections [3] - The company launched its High-Capacity User Analytics solution, the first in the industry to capture data at 400Gbps on a single server, showcasing its focus on next-generation network observability [3] Cash Flow & Liquidity - As of September 30, 2025, RADCOM had $106.7 million in cash and equivalents with no debt, exiting the third quarter with a cash flow of $5.1 million [7] Future Guidance - RADCOM reaffirmed its full-year 2025 guidance of 15%-18% year-over-year revenue growth, implying approximately $71.1 million in revenue at the midpoint [8]

KUALA LUMPUR, MY / ACCESS Newswire / November 13, 2025 / AsiaFIN Holdings Corp., (OTCQB:ASFH), a leading fintech financial ecosystem enabler, today announced financial results for the third quarter of 2025, the three-month period ended September 30, 2025. CEO of AsiaFIN, KC Wong said, "Supported by increasing government regulations and demand for improved automation, AsiaFIN delivered significant growth and profitability in the third quarter. ...

Financial Data and Key Metrics Changes - In Q3 2025, JD Logistics achieved total revenue of RMB 155.08 billion, representing a year-over-year increase of 24.1% [23] - Non-GAAP profit was RMB 2.02 billion with a profit margin of 3.7%, while non-GAAP EBITDA was RMB 5.32 billion, a decrease of 7.1% year-over-year [31] - Employee benefit expenses rose to RMB 21.82 billion, up 49.8% year-over-year, primarily due to the addition of full-time food delivery riders [26] Business Line Data and Key Metrics Changes - Revenue from ISC customers totaled RMB 13.13 billion, up 45.8% year-over-year, with external ISC customer revenue at RMB 8.93 billion, increasing by 13.5% [24] - Average revenue per external ISC customer reached RMB 134,000, up 0.7% year-over-year [25] - Revenue from other customers, including express and freight delivery services, was RMB 24.95 billion, up 5.1% year-over-year [25] Market Data and Key Metrics Changes - The number of external ISC customers grew to approximately 67,000, reflecting a 12.7% year-over-year increase [24] - JD Logistics maintained a strong position in the logistics market, ranking among the top tier in China for cargo volume and revenue scale in freight delivery services [26] Company Strategy and Development Direction - The company is focused on enhancing its service capabilities and expanding its international business, with plans to double the gross floor area of overseas warehouses by the end of 2025 [13] - JD Logistics aims to deepen its presence in the ISV space, leveraging digital technology and operational management to improve service efficiency [8] - The company is committed to investing in automation and digital technologies to enhance operational efficiency and reduce costs [19] Management's Comments on Operating Environment and Future Outlook - Management noted that China's macroeconomy remained stable, supporting JD Logistics' growth [23] - The company expects economies of scale and improved resource utilization to enhance profitability as business volume increases during peak seasons [23] - Management expressed confidence in the long-term growth potential driven by strategic investments and operational improvements [33] Other Important Information - JD Logistics was rated as the strongest logistics brand in 2025 by Brand Finance, highlighting its international competitiveness [16] - The company has established multiple overseas warehouses in the Middle East, enhancing its global logistics capabilities [11] Q&A Session Summary Question: Comments on capital investment, efficiency, and cost regarding automation - Management highlighted the importance of balancing investment and return in automation, with plans to gradually upgrade investments based on real-life data [39] Question: Orders accepted per day and innovation in food delivery - Management discussed the integration of full-time riders and outsourced riders to enhance delivery capacities and improve service quality [42] Question: Plans for the overseas market - Management outlined goals for building a global network by the end of 2025, focusing on capacity building and reducing compliance costs for customers [46] Question: Core sector and capacity in ISC customers - Management acknowledged the need to improve the number of ISC customers and RPARC, emphasizing the importance of serving both key and small accounts [51]

Financial Data and Key Metrics Changes - In Q3 2025, JD Logistics achieved total revenue of RMB 55.1 billion, representing a year-over-year increase of 24.1% [5] - Non-adverse net profit was RMB 2.02 billion, with a profit margin of 3.3% [5] - Average profit was RMB 1.96 billion, with a non-average profit margin of 3.6% [23] - Gross profit margin was 9.1% [26] - Non-GAAP profit was RMB 2.02 billion, down 21.5% year-over-year, with a non-GAAP profit margin of 3.7% [31] Business Line Data and Key Metrics Changes - Revenue from ISC customers totaled RMB 13.13 billion, up 45.8% year-over-year [24] - ISC revenue from JD Group amounted to RMB 21.20 billion, up 165.8% year-over-year [24] - Revenue from external ISC customers was RMB 8.93 billion, up 13.5% year-over-year [24] - Revenue from other customers, including express and freight delivery services, was RMB 24.95 billion, up 5.1% year-over-year [25] Market Data and Key Metrics Changes - The number of external ISC customers reached approximately 67,000, up 12.7% year-over-year [24] - Average revenue per customer for external ISC reached RMB 134,000, up 0.7% year-over-year [25] Company Strategy and Development Direction - The company is committed to building long-term capacities and compatibility, focusing on international business expansion and operational strengths [5] - JD Logistics aims to deepen its presence in the ISV space, leveraging digital technology and operational management [8] - The company plans to double the gross floor area of its overseas warehouse by the end of 2025 [13] Management's Comments on Operating Environment and Future Outlook - Management noted that China's economy maintained a steady and progressive trend, supported by proactive macro policies [4] - The company expects economies of scale and improved resource utilization to support profitability improvement as business volume increases [23] - Management emphasized the importance of enhancing delivery timeliness and customer experience to drive long-term growth [26] Other Important Information - JD Logistics was rated as the strongest logistics brand worldwide in 2025 by Brand Finance [16] - The company has established multiple overseas warehouses in the Middle East, enhancing its international logistics capabilities [11] Q&A Session Summary Question: Comments on automation and capital investment efficiency - Management highlighted the accumulation of automation technologies and the user-friendly nature of the equipment, with plans for large-scale application to improve long-term revenue [38][39] Question: Orders accepted per day and network utilization - Management discussed the stability and advantages of the full-time rider team, emphasizing improvements in delivery timeliness and user experience [40][42] Question: Plans for the overseas market - Management outlined goals for building a global network by the end of 2025, focusing on capacity building and reducing compliance costs for customers [46][47] Question: Core sector and customer numbers - Management acknowledged room for improvement in ISC customer numbers and average revenue per customer, with plans to enhance service offerings [51][52]

Financial Data and Key Metrics Changes - In Q3 2025, JD Logistics achieved total revenue of RMB 55.1 billion, representing a year-over-year increase of 24.1% [4][22] - Non-GAAP net profit was RMB 2.02 billion, with a profit margin of 3.3% [4][31] - Average profit was RMB 1.96 billion, with a non-GAAP profit margin of 3.7% [22][31] - Gross profit margin was 9.1% [25] - Employee benefit expenses increased by 49.8% year-over-year to RMB 21.82 billion, accounting for 39.6% of total revenue [25][26] Business Line Data and Key Metrics Changes - Revenue from direct-to-supply chain ISC customers reached RMB 13.1 billion, up 45.8% year-over-year [4][23] - ISC revenue from JD Group amounted to RMB 21.20 billion, up 165.8% year-over-year [23] - Revenue from external ISC customers was RMB 8.93 billion, up 13.5% year-over-year [23] - Revenue from other customers, including express and freight delivery services, was RMB 24.95 billion, up 5.1% year-over-year [12][24] Market Data and Key Metrics Changes - The number of external ISC customers reached approximately 67,000, up 12.7% year-over-year [23] - Average revenue per customer for external ISC was RMB 134,000, up 0.7% year-over-year [24] Company Strategy and Development Direction - The company is focused on enhancing service experience and delivery capabilities, with targeted investments in international business expansion and capacity improvement [4][22] - JD Logistics aims to deepen its presence in the ISV space, leveraging digital technology and operational management [8][10] - The company plans to double the gross floor area of its overseas warehouse by the end of 2025 [12] Management's Comments on Operating Environment and Future Outlook - Management noted that China's economy maintained a steady trend, supporting JD Logistics' growth [3][22] - The company expects economies of scale and improved resource utilization to support profitability improvement as business volume increases [22] - Management emphasized the importance of automation and technology investments for long-term growth and efficiency [35][39] Other Important Information - JD Logistics was rated as the strongest logistics brand in 2025 by Brand Finance [16] - The company has established multiple overseas warehouses in the Middle East, enhancing its international logistics capabilities [11][12] Q&A Session Summary Question: Comments on automation and capital investment - Management highlighted the extensive use of automation technologies and the balance between investment and return [34][35] Question: Orders accepted per day and network utilization - Management discussed the integration of full-time riders and the positive impact on delivery capacities and user experience [36][37] Question: Plans for the overseas market - Management outlined goals for building a global network and improving terminal-to-terminal capacities by the end of 2025 [39] Question: ISC customers and RPARC - Management acknowledged the need for improvement in ISC customer numbers and RPARC, focusing on enhancing product offerings [41][42]