Core Insights - Honeywell has participated in the China International Import Expo for eight consecutive years, showcasing over a hundred innovative products and solutions, emphasizing the event as a platform for deepening customer and partner relationships [2] - The company views the Chinese market as a key growth area and a vital testing ground for technological innovation, benefiting from local teams' capabilities and a complete industrial chain [2] - Honeywell is focusing on digitalization, artificial intelligence, and green low-carbon solutions, such as converting kitchen waste oil into sustainable aviation fuel, reinforcing its commitment to social and environmental responsibility [2] Group 1 - Honeywell's participation in the expo has led to an increase in exhibition space and the number of products displayed, along with a steady growth in signed cooperation agreements [2] - The company president highlighted the importance of the Chinese market for growth and innovation, noting the unique advantages provided by local teams and supply chains [2] - Honeywell's ongoing efforts in digitalization and AI, along with green solutions, demonstrate its dedication to innovation and sustainability in the Chinese market [2] Group 2 - The president of Honeywell emphasized the advantages of being based in Pudong, which offers a supportive policy environment, rich talent pool, and mature industrial ecosystem [3]

Group 1: Company Performance and Financials - The company's overall gross margin improved in Q3 2025 due to digital and intelligent management in manufacturing, alongside cost control measures [2] - The gross margin for the energy storage core components business was reported at 24.84% in H1 2025, with potential for further improvement as production scales up [6][7] Group 2: Investment and Strategic Partnerships - The company invested 20 million CNY in Chongqing Jingang Transmission Technology Co., acquiring a 6.25% stake to support the development of industrial and humanoid robot applications [3] - The investment aims to leverage Chongqing Jingang's expertise in precision design and manufacturing for harmonic reducers, enhancing collaboration in drive components [3] Group 3: Market Trends and Projections - The LED plant lighting market is projected to reach $1.366 billion in 2025, with a growth rate of 3.9% [4] - By 2029, the market size for LED plant lighting could grow to $2.056 billion, with a compound annual growth rate (CAGR) of 9.4% from 2024 to 2029 [5] Group 4: Future Growth Opportunities - Despite a challenging global economic environment, there is expected growth in LED applications in outdoor, industrial, and emergency lighting sectors due to high energy costs and new regulations [7] - The company’s energy storage subsidiary is actively participating in various energy exhibitions, aiming to enhance market presence and sales [7]

What we are presenting today OUR VISION AND COMMITMENTS OUR PLATFORMS OUR FINANCIALS Rui Teixeira Miguel Stilwell d'Andrade (CEO) 2 2 3 Miguel Stilwell d'Andrade (CEO) (CFO) CLOSING REMARKS 4 5 Power demand at an inflection point – an era of sustained growth driven by tech and electrification 2024 2025 2030 2035 ~6.6 ~6.7 ~7.8 ~8.9 ~20% ~25% Electrification share of final energy consumption Millions of EVs1 on the roads GW of DC capacity installed Electricity demand2 000' TWh +2-3% CAGR 1. Includes BEV, PHE ...

Core Viewpoint - Company maintains profit forecasts for Yum China (09987) with net profit estimates of $1.002 billion and $1.074 billion for 2026 and 2027 respectively, translating to EPS of $2.53, $2.77, and $2.97 for 2025-2027, with current stock price reflecting PE ratios of 17x, 16x, and 15x for the same periods, highlighting its strong digital and supply chain capabilities as a leading Western fast-food enterprise [1] Financial Performance - In Q3 2025, the company achieved revenue of $3.21 billion, a year-on-year increase of 4% (or 4% excluding foreign currency effects), with adjusted net profit of $282 million and core operating profit of $399 million, reflecting a core operating profit margin of 12.5%, up 0.4 percentage points year-on-year [2] Same-store Sales and Expansion - Same-store sales increased by 1% year-on-year in Q3 2025, with KFC and Pizza Hut showing growth of 2% and 1% respectively; KFC's same-store transaction volume rose by 3%, while Pizza Hut's increased by 17%, marking the eleventh consecutive quarter of growth for Pizza Hut [3] - The company opened 536 new stores in Q3 2025, bringing the total to 17,514 restaurants, with KFC and Pizza Hut netting 402 and 158 new locations respectively; the company aims to add 1,600-1,800 new stores in 2025 [3] Operational Efficiency - In Q3 2025, the proportion of food and packaging costs to restaurant revenue was 31.3%, benefiting from supply chain efficiency and lower raw material prices; labor costs accounted for 26.2% of revenue, up 1.1 percentage points year-on-year due to increased delivery business [4] - The overall restaurant profit margin improved to 17.3%, up 0.3 percentage points year-on-year, with KFC and Pizza Hut margins at 18.5% and 13.4% respectively [4] New Business Initiatives - The company has made significant progress with new business initiatives, including over 1,800 KFC coffee locations, more than 100 KPRO stores in high-tier cities, and 250 WOW stores for Pizza Hut, expanding into 40 new cities [5] Product Strategy - The company focuses on core products, limited-time offerings, and entry-level products to drive sales growth; KFC's new crispy chicken wings and Pizza Hut's hand-tossed pizzas have seen strong sales, with limited-time products like spicy beef dishes also performing well [6] - Entry-level products have achieved double-digit sales growth, with KFC exploring options for meals under $20 to attract a broader customer base [6]

Core Viewpoint - The China International Import Expo (CIIE) serves as a strategic platform for companies to connect deeply with the Chinese market and co-create value with partners, emphasizing the importance of ecological cooperation and long-term commitment to the market [1][3]. Group 1: Company Perspective - Omron views its participation in CIIE as a crucial opportunity to establish deep connections with the Chinese market, having participated for eight consecutive years [1][3]. - The company recognizes the long-term development potential of the Chinese market, noting that CIIE has evolved from a product showcase to a high-level open platform for industry ecosystem co-construction [3][4]. - Omron has showcased advanced technologies and applications in three core business areas: industrial automation, healthcare, and component solutions over the past seven expos [3][4]. Group 2: Industry Trends - CIIE focuses on the integration of exhibits with supply chains and emphasizes cutting-edge fields such as smart manufacturing, artificial intelligence, and renewable energy [3][4]. - The expo creates rich scenarios for industrial collaborative innovation, allowing companies to engage in deep discussions on automation, AI, and health management [4][5]. - Omron's collaboration with local internet companies aims to drive innovation in the health product sector, enhancing service efficiency and quality in the healthcare industry [4][5]. Group 3: Future Outlook - Omron signed a cooperation framework agreement with the Yangtze River Delta National Technology Innovation Center to explore collaborative development paths in joint research, talent cultivation, and results transformation [5]. - The company plans to continue its localization strategy guided by its "Shaping the Future 2030" long-term strategy, focusing on achieving a digital society, carbon neutrality, and extending healthy lifespans [5]. - Omron expresses confidence in its development in China, citing an increasingly open and vibrant business environment, enhanced intellectual property protection, and improved business convenience [5].

Group 1: Core Insights - The company is a well-known player in the paper packaging industry, focusing on advanced manufacturing applications, smart manufacturing, and the design and development of packaging containers [1] - The company is transitioning from traditional transport packaging to high-value consumer packaging, leveraging automation and strong R&D capabilities to create a diverse product line including corrugated boxes, paper bags, and cups [1][2] - The company is optimizing its product and customer structure by expanding its product line to include eco-friendly options and targeting a more diverse customer base across various sectors such as personal care, high-end equipment, and beverages [2] Group 2: Industry Trends - The printing and packaging industry in China is experiencing steady growth, with 10.9 million printing enterprises and a total output value of 1.5 trillion yuan, reflecting a year-on-year growth of 2.3% and 3.9% respectively [2] - The industry is moving towards more refined, high-quality, and personalized packaging products, with a focus on functionality and diversity [2] Group 3: Technological Advancements - The company is advancing its modernization and digitalization efforts, with the completion of the Shanghai "Longlide Cultural Innovation Park" and the upcoming launch of the Anhui Mingguang Longlide Green Intelligent Cultural Innovation Park [3] - These initiatives aim to enhance the company's market position by integrating digital technologies such as big data, blockchain, and IoT into its operations [3] Group 4: Financial Projections - The company is projected to achieve revenues of 869 million yuan, 935 million yuan, and 1.021 billion yuan from 2025 to 2027, with net profits of 1 million yuan, 11 million yuan, and 14 million yuan respectively [4] - The current stock price corresponds to a high price-to-earnings ratio, indicating strong market expectations for future growth [4]

Core Insights - Porsche has established its first large-scale overseas R&D center in China, marking a significant step in its "In China, For China" strategy [2][3] - The center aims to capture market trends and respond quickly to local demands, emphasizing the importance of being rooted in China [2][3] - The R&D center integrates existing resources and enhances decision-making capabilities, creating a closed-loop system from technology development to quality control [3] Strategic Development - The R&D center covers over 10,000 square meters and combines R&D, procurement, and quality management [2] - It has formed a core engineering team of over 300 members, equipped with advanced facilities such as a prototype workshop and human-computer interaction laboratory [3][7] - The center is designed to enhance product development efficiency and establish China as a hub in Porsche's global R&D network [3] Technological Advancements - The center focuses on two main areas: in-car infotainment systems and intelligent driving assistance solutions [4] - A new generation of China-exclusive infotainment system is set to be launched in mid-2026, showcasing local development led by the Chinese team [4][6] - The integration of AI voice assistants and 3D vehicle display features reflects a deep understanding of local digital ecosystems [6] Efficiency and Innovation - The R&D cycle has been reduced from several years to just months without compromising quality, thanks to the integration of various functions [6] - The establishment of the R&D center is a natural extension of Porsche's history in China, evolving from market adaptation to source innovation [6][9] - The center is positioned as a new innovation hub, combining German engineering with Chinese digital advantages to create unique automotive products [9]

Core Insights - The 8th China International Import Expo (CIIE) opened on November 5 in Shanghai, showcasing China's commitment to open cooperation and providing a platform for global development opportunities [1][2][4] Group 1: Event Overview - The CIIE is being held from November 5 to 10, with participation from 155 countries, regions, and international organizations, featuring 4,108 foreign enterprises [2] - The event has transformed into a stage for innovation, reflecting China's shift from being the "world's factory" to an "innovation laboratory" [2][4] Group 2: Economic Context - China's GDP is projected to grow by 5.2% year-on-year in the first three quarters of 2025, indicating a high-quality economic development that fosters cooperation opportunities [2] - The expo is seen as a vital platform for countries like Ecuador to deepen trade relations with China and address global supply chain challenges [5] Group 3: International Participation - The UAE delegation aims to strengthen investment ties with China, focusing on advanced technology, clean energy, food security, and logistics [5] - Malaysia's participation highlights the expo's role in benefiting Belt and Road Initiative countries, facilitating their products and services' entry into the Chinese market [5]

Report Summary 1. Report Industry Investment Rating - No relevant information provided. 2. Core View of the Report - The company, Huawu Co., Ltd., is a leading enterprise in the industrial brake industry. In the first three quarters of 2025, it achieved good business results with revenue and net profit growth. The company will continue to focus on its main business, expand emerging markets such as overseas markets, mining trucks, and water conservancy projects, and is expected to maintain its leading position in the industry [21][22][23]. 3. Summary by Related Catalogs 3.1 Research Basic Situation - The research object is Huawu Co., Ltd., belonging to the general equipment industry. The reception time was on November 5, 2025, and the company's reception staff included the deputy general manager, board secretary Hu Rencou, and the securities affairs representative Su Weimin [16]. 3.2 Detailed Research Institutions - The research institutions include Century Securities, Baiyi Capital, Gengji Investment, CICC, Caitong Securities, Tianchuang Capital, Weixiang Capital, and Huaxin Securities, with different types such as securities companies, other institutions, investment companies, and venture - capital companies [17]. 3.3 Main Content Information 3.3.1 Company Introduction - Huawu Co., Ltd. was founded in 1992, focusing on the R & D, manufacturing, and sales of industrial brakes. Its products are widely used in various fields such as port machinery, wind power generation, rail transit, mining equipment, metallurgy, and marine engineering. In the first three quarters of 2025, the company's revenue reached 994 million yuan, a year - on - year increase of 16.55%, and the net profit attributable to shareholders of the listed company was 41.21 million yuan, a year - on - year increase of 70.84%. The main business of industrial brakes is the main profit - contributing sector, with the port and metallurgy sectors growing steadily and the wind power brake sector showing a recovery trend [21][22]. 3.3.2 Q&A Session - **Market Expansion and Product Innovation**: The company adheres to a customer - oriented approach, increases R & D investment, promotes the intelligence and digitalization of traditional products, and focuses on new business growth areas such as the mining truck brake market. It has established a special project team for mining truck brakes, aiming to achieve domestic substitution. In addition, it focuses on expanding overseas markets, strengthening the management of its Swiss subsidiary, and collaborating with domestic OEMs to develop the overseas after - market. The wind power market is expected to become a profit - growth support again in the next two years [23][24]. - **Customer Relationship Management**: The company maintains long - term customer relationships by co - developing core components with customers, ensuring product quality, providing comprehensive pre - sales, in - sales, and after - sales services, and adhering to the concept of "meeting customer needs and solving problems first" [25]. - **Environmental Protection and Social Responsibility**: The company is not a high - pollution enterprise, implements environmental protection measures as required, maintains good relationships with partners, suppliers, and employees, and engages in social welfare. In the future, it will continue to promote ESG construction [26].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The impact of educational materials reform is gradually being digested, and performance is expected to recover [6] - The company reported a revenue of 1.76 billion yuan for Q3 2025, a year-on-year increase of 10.4%, while the net profit attributable to shareholders was 109 million yuan, a year-on-year decrease of 5.4% [2] - The company achieved a revenue of 5.29 billion yuan in the first three quarters of 2025, a year-on-year decrease of 26.5%, with a net profit of 399 million yuan, down 49.1% [3] - The game subsidiary, Zhixing Tong, is undergoing significant personnel changes, which may reshape its business [4] - The company is actively embracing technological changes and diversifying its business to enhance performance [5] Summary by Sections Financial Performance - The company experienced a significant decline in revenue and net profit due to changes in the educational materials subscription and distribution model in Jiangxi Province [3] - The revenue for 2025-2027 is projected to be 7.3 billion, 12 billion, and 12.5 billion yuan, respectively, with net profits of 732 million, 1.204 billion, and 1.248 billion yuan [6][10] - The earnings per share (EPS) for the same period are expected to be 0.54, 0.88, and 0.91 yuan [6][10] Business Outlook - The core business position is stable, and if the new procurement policies in Jiangxi are streamlined, the main publishing and distribution revenue is expected to stabilize [3] - The game business is currently in a transitional phase, but with personnel restructuring and cost reductions, it is anticipated to stabilize and lay the foundation for future performance recovery [4] - The company is focusing on nurturing digital and emerging businesses as future growth points, including IP development and AI-driven marketing solutions [5]