他认为，随着地缘政治冲突加剧、贸易保护主义抬头、资本跨境流动放缓等各种矛盾和问题集中暴露出 来，全球化出现了一些新特点。过去15年歧视性贸易政策或限制性贸易政策数量远远高于自由化(贸易) 政策。同时，全球产业链、供应链正在加快重构。 "全球化在促进贸易和投资繁荣的同时，客观上也带来了一种收益的不平衡、产业的空心化问题，所以 发达经济体、单边主义、保护主义有所抬头，长期处在主导地位的自由贸易的理念现在受到公平贸易、 对等关税这些理念新的挑战。"王一鸣说。 王一鸣还指出，"'全球南方'已成为推动全球化的重要力量。"2002年至2022年，发展中经济体占全球 GDP份额由接近20%提高到40.4%，差不多增加了一倍，出口占比由29.7%提升到45.1%。越来越多的新 兴市场参与全球生产价值链当中，在跨境贸易与投资中的地位不断提升。从投资来看，新兴市场的占比 从2002年的28%上升到2022年的70.8%，超过了发达经济体。 "中国过去的高速发展是在开放的条件下取得的，未来中国要推进现代化，也必然要在更加开放的条件 下来展开。而经济全球化进入调整期，确实也给中国带来了一些新的挑战。"王一鸣强调。 王一鸣强调，制度型 ...

Financial Data and Key Metrics Changes - In the fourth quarter of 2024, net sales totaled $240.5 million, a sequential increase of 6% driven by higher shipments [23] - The company reported a GAAP net loss of $21.4 million in the fourth quarter, or a loss of $0.50 per diluted share, which included a $9.4 million loss on convertible note repurchases [23] - Adjusted EBITDA for the fourth quarter was $8.3 million, a sequential increase of $2.2 million [23] Business Line Data and Key Metrics Changes - Shipments to aerospace and defense increased significantly, with fourth quarter shipments reaching approximately 11,000 tons compared to 3,000 tons in the third quarter [16] - Aerospace and defense sales for the full year increased by 17% to nearly $135 million, representing 12% of total sales in 2024 [17] - Shipments to energy customers increased by 78% sequentially, although from a low base, indicating a recovery in the energy sector [11] Market Data and Key Metrics Changes - Net sales increased by 6% sequentially, driven by higher shipments and strength in aerospace and defense product demand [10] - Shipments to industrial customers declined by 6% sequentially, primarily due to weakness in distribution and heavy equipment [11] - The company is seeing increased order activity across its distribution and broader industrial customer base in response to the trade environment [11] Company Strategy and Development Direction - The company is focused on enhancing customer relationships and investing in workforce training and development [5] - Strategic investments are being made to drive profitable growth, alongside an ongoing share repurchase program [6] - The company aims to capitalize on growth trends in higher value specialty metals used in demanding applications [19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about an improving order book and increased shipments as they enter 2025 [6] - The trade environment is closely monitored, with expectations that new tariffs will boost domestic demand [9] - The company anticipates first quarter adjusted EBITDA to be higher than the fourth quarter, with expected increases in shipments across various end markets [33] Other Important Information - The company invested approximately $8 million in safety improvements in 2024 and plans to invest an additional $5 million in 2025 [7] - Required pension contributions for 2025 are estimated at approximately $65 million, with a significant portion due in the first quarter [24] - The company repurchased 2 million shares of common stock for $37.6 million in 2024, reducing outstanding shares by nearly 5% [29] Q&A Session Summary Question: Demand profile in the fourth quarter and first quarter - Management noted a healthy development in the order book, driven by recapture of automotive business and restocking from distribution [39][40] Question: Expected downtime in the first quarter - Management confirmed that there is no expected or planned downtime, although there were power interruptions due to severe cold weather [44] Question: Clarification on the $80 million profitability improvement target - Management clarified that IT transformation upgrades are independent of other investments related to the profitability target [46] Question: Share repurchase and share count clarification - Management confirmed that the reduction in share count is from the fourth quarter, with an average estimate of 44 million shares for 2025 [47][48] Question: Seasonality expectations for 2025 - Management expects a potential Q1 bump due to restocking but anticipates leveling out thereafter [53][54] Question: Automotive market outlook - Management sees modest increases in automotive demand in 2025, influenced by interest rates and consumer buying patterns [77]