Core Viewpoint - FORVIA has improved its debt profile by issuing €250 million in additional senior notes due 2030 and using proceeds along with available cash to repurchase existing 2027 Sustainability-Linked Notes [1][7]. Group 1: Debt Issuance - FORVIA successfully closed an offering of €250 million in additional senior notes due 2030, which will be consolidated with existing €750 million senior notes due 2030 [1]. - The new notes will form a single series with the previously issued notes after a 40-day distribution compliance period [1]. Group 2: Tender Offer - The tender offer for repurchasing FORVIA's existing 2027 Sustainability-Linked Notes was also settled, with the maximum amount accepted increased to €300 million [2]. - The repurchase of the 2027 Sustainability-Linked Notes has resulted in their cancellation, reducing the outstanding amount from €1.2 billion to €900 million [3].

Financial Data and Key Metrics Changes - Total revenues for the first quarter were $386.9 million, a 4% increase year over year [7] - Adjusted EBITDAre was $75.1 million, up 17% year over year [7] - Normalized FFO was $14.3 million or $0.06 per share, exceeding analyst consensus estimates [7] - Same property cash basis NOI was $71.5 million, representing a 20.7% increase year over year [16] Business Line Data and Key Metrics Changes - In the SHOP sector, same property NOI was $38.4 million, a 33.6% sequential increase and a 42.1% year over year increase [8] - Average monthly rate in the SHOP segment increased by 4.8% year over year, with occupancy rising by 130 basis points to 80.2% [9] - Medical office and life science portfolio saw same property occupancy at 90.1%, down 10 basis points from the previous quarter [10] Market Data and Key Metrics Changes - The company completed approximately 145,000 square feet of new and renewal leasing activity in the medical office and life science portfolio, with weighted average rents 18.4% higher than prior rents [10] - Known vacates in the medical office building and life science portfolio for 2025 are modest at 115,000 square feet [11] Company Strategy and Development Direction - The company completed $332 million in asset sales to address upcoming debt maturities and deleverage the balance sheet [7] - The active disposition pipeline includes 65 properties, with expected proceeds between $350 million and $400 million [13] - The company aims to enhance portfolio performance by focusing on well-positioned SHOP assets and best-in-class triple net MOB and life science properties [14] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting 2025 and 2026 debt maturities, with no debt maturities until 2028 thereafter [22] - The company reaffirmed its 2025 SHOP NOI guidance range of $120 million to $135 million, with potential for increase based on trends [23] Other Important Information - The company invested approximately $32 million in capital during the quarter, with $27 million in SHOP communities and $5 million in the medical office and life science portfolio [17] - The company highlighted the publication of the RMR Group's annual sustainability report, showcasing its commitment to sustainability across its portfolio [14] Q&A Session Summary Question: Can you provide some color on the occupancy gains for the first quarter? - Management noted that occupancy improved due to capital investments in communities and operational initiatives [25][26] Question: Is the Aleris Life dividend a one-time payment? - Management indicated that it was more of a one-time dividend, but future dividends could be possible depending on Aleris's performance [27] Question: Why is the SHOP guidance not increased despite strong NOI performance? - Management explained that business interruption proceeds impacted the current quarter's NOI and that they are awaiting clarity on disposition timing [29][31] Question: Any specific reasons for flat operating expenses in SHOP? - Management stated that operating expenses were flat sequentially, with a year-over-year increase of about 3%, and noted savings in insurance premiums [36][37] Question: What are the expectations for pricing on upcoming financings? - Management expects a weighted average interest rate of about 6.5% for upcoming financings, which is favorable compared to existing debt [41]

Financial Data and Key Metrics Changes - Consolidated net revenues for Q1 2025 totaled $627 million, an 8% increase year over year but a 15% decrease compared to Q4 2024, primarily due to lower smelting sales volumes and decreased zinc and lead prices [21][22] - Adjusted EBITDA for Q1 2025 reached $125 million, representing a 3% decrease year over year and a 36% decrease compared to Q4 2024, driven by lower sales volumes and higher costs [22][23] - Adjusted EBITDA margin was 20%, down 2 percentage points from the same period last year [23] Business Line Data and Key Metrics Changes - Zinc production in Q1 2025 was 67,000 tons, down 23% year over year and 8% quarter over quarter, impacted by operational challenges and heavy rainfall [10] - Smelting segment sales reached 130,000 tons, a decrease of 6% year over year and 14% quarter over quarter, primarily due to lower production at certain facilities [11][12] - Cash costs for mining dropped to $0.11 per pound from $0.26 per pound year over year, while smelting cash costs increased to $1.17 per pound from $0.98 per pound in the same period last year [10][12] Market Data and Key Metrics Changes - The average LME zinc price in Q1 2025 was $2,838 per ton, reflecting a 16% increase year over year but a 7% decrease quarter over quarter [30] - The average LME copper price was $9,340 per ton, up 11% year over year and 2% quarter over quarter [32] - The average LME silver price was $32 per ounce, up 37% year over year and 2% quarter over quarter [33] Company Strategy and Development Direction - The company is focused on improving margins through disciplined operational performance and cost control, while navigating a challenging macro environment [7] - The Cerro Del Pasco integration project is progressing well, aimed at extending operational capacity and sustainability [17][18] - The company is committed to enhancing the life of its assets, particularly through exploration and development activities at Aripuana and Cerro Lindo [35][36] Management Comments on Operating Environment and Future Outlook - Management acknowledged the current macro environment's volatility, including concerns over global economic slowdown and supply chain disruptions, but remains optimistic about medium to long-term fundamentals for key metals [6][7] - The company expects to normalize production variations over the coming quarters and is taking measures to recover production levels impacted by heavy rainfall [48] - Management emphasized a disciplined approach to financial and operational strategies, prioritizing cash generation and smart capital allocation [37][38] Other Important Information - The company invested $50 million in CapEx during Q1 2025, primarily for sustaining activities, with a total CapEx guidance for 2025 remaining at $347 million [24] - The liquidity position at the end of Q1 2025 was approximately $721 million, with a net debt to adjusted EBITDA ratio increasing to 2.1 times [27][28] Q&A Session Summary Question: Can you provide more details on geotechnical issues at Vasante and production levels at Cerro Lindo? - Management explained that geotechnical issues at Vasante were due to a collapse in a supporting pillar, affecting high-grade mineral extraction, but they expect to recover production throughout the year [44][45] - Heavy rainfall impacted production at Cerro Lindo, but management projected recovery in production levels as weather conditions improve [46] Question: What are your views on the impact of recent trends on TCRCs? - Management noted that while they have fixed contracts for the year, the recent TCRCs at $80 could impact smelter profitability, but they expect zinc prices to rise in response to market conditions [50][55] Question: How do you see leverage evolving in the next quarters? - Management indicated that they expect leverage to decrease throughout the year, aiming to return to levels similar to the end of 2024 [59] Question: Will you fully reverse the negative working capital by the end of the year? - Management stated that they typically expect working capital to be flat annually and highlighted a one-off tax payment that impacted Q1 working capital [64][66] Question: How is the company managing tariff risks? - Management confirmed that they are not currently exposed to tariffs on zinc and are monitoring the situation closely, emphasizing that demand for zinc in the U.S. remains stable [76][78]

Core Viewpoint - Zhangyuan Tungsten Industry (002378) reported a strong performance in its 2024 annual report, showing growth in revenue and net profit, although there are concerns regarding cash flow and debt management [2][10]. Business Overview - The total operating revenue for 2024 was 3.673 billion yuan, an increase of 8.02% year-on-year; the net profit attributable to shareholders was 172 million yuan, up 19.50%; and the net profit after deducting non-recurring items was 180 million yuan, reflecting a growth of 32.82% [2]. Profitability Analysis - The gross profit margin for 2024 was 16.07%, an increase of 6.93% year-on-year; the net profit margin was 4.66%, up 10.96%, indicating effective cost control and enhanced product value [3]. Main Revenue Composition - Main revenue sources included tungsten carbide powder (1.249 billion yuan, 34.01%), tungsten powder (1.036 billion yuan, 28.21%), and hard alloys (924 million yuan, 25.16%); hard alloys had the highest gross margin at 19.13%, while other supplementary products achieved a gross margin of 60.60% [4]. Cash Flow and Debt Situation - The operating cash flow per share was 0.42 yuan, a significant increase of 169.82% year-on-year, primarily due to increased use of acceptance bills for raw material payments [5]. - Cash and cash equivalents totaled 494 million yuan, a decrease of 25.19% year-on-year, attributed to reduced discounting of acceptance bills and increased investment in technological upgrades; interest-bearing liabilities stood at 1.846 billion yuan, down 8.06% year-on-year, but the interest-bearing asset-liability ratio remained high at 36.74% [6]. Cost and Expenses - Management expenses increased by 21.94% due to the addition of personnel in subsidiaries, adjustments in social security payment bases, and costs related to tailings pond closure; R&D expenses rose by 31.52% as the company intensified investment in new product development [7]. Subsidiary Performance - The wholly-owned subsidiary Ganzhou Aoketai reported operating revenue of 666 million yuan, a year-on-year increase of 21.93%, but incurred a net loss of 6.82 million yuan, a reduction in loss of 41.93 million yuan compared to the previous year; the subsidiary made positive progress in high-end tool products and overseas market expansion [8].

◎ 作者 / 沈晓玲、陈家凤 核 心 观 点 【 行业排名居12位，销售回款率达99%】 2024年中国金茂实现全口径销售额982.55亿元，行业排名 提高1位至第12位。持续优化"6-10-12-24"全周期管控体系， 全年回款金额高达970亿元。 年内金茂调 整组织架构 ，将开发单位三级架构精简为二级，推动资源向核心城市倾斜。 2025年预计总推货值达 1800亿 ，其中一二季度占比67%，推货节奏前置，叠加良好的货源结构（2023年以来新获取地块占比 约70%）及精简的组织架构，销售规模有望突破千亿。 【 四季度以来投资节奏加快，聚焦京沪】 2024年四季度以来金茂明显加大投资力度，2024全年拿地金 额333亿元，而2025年仅1-2月金茂已实现拿地189亿。2024年权益土地款支出202亿， 权益占比61% ，部分项目与华润、保利、建发等合作开发，可分摊风险、降低资金压力。根据2024年年报数据披 露，金茂投资聚焦高能级城市，全年新增可售面积295万方， 一线、二线 和三四线可售面积占比分别 37.6%、57.1% 和5.2%； 京沪成为投资重心，2024年合计可售面积占到37.6% ，远超其他城市 ...