Financial Data and Key Metrics Changes - Group normalized revenue increased by 3% to AUD 541.6 million, with a notable 8% growth in the second half compared to the first half [4][13] - Normalized net profit after tax (NPATA) was AUD 103.2 million, down 4.1% year-on-year, while statutory net profit after tax rose by 6.4% to AUD 95.8 million [14][26] - The cost-to-income ratio improved by 230 basis points in the second half compared to the first half, with a full-year ratio of approximately 58.7% [5][42] Business Line Data and Key Metrics Changes - Group Remuneration Services (GRS) revenue was slightly up at AUD 293.4 million, with novated lease sales growing by 4.1% [16] - Asset Management Services (AMS) revenue increased by 4.3% to AUD 185.5 million, with written down value rising by 6.4% [21] - Participant numbers in the PSS segment grew by 10.5%, with revenue up 11.5% to AUD 56.5 million [22] Market Data and Key Metrics Changes - The EV percentage of new novated sales peaked at 56% in Q3 before stabilizing around 45% in Q4 [17] - The number of employees in the SME and corporate segments increased by 15.8%, contributing to 29% of total novated sales in FY 2025 [19] - NDIS participant growth was strong at 11.8%, with the government focusing on managing cost growth [24] Company Strategy and Development Direction - The company aims to be a trusted partner providing simple solutions across its segments, focusing on customer experience, technology enablement, and process simplification [7][10] - Key investment areas include digital and service excellence, data-driven insights, AI and automation, process simplification, and expanding the partner ecosystem [9][10] - The company is committed to sustainability, supporting the transition to a low carbon economy through initiatives like the On the Go EV charge card [14][15] Management's Comments on Operating Environment and Future Outlook - The company enters FY 2026 with strong business momentum and expects stable auto supply and used car values [33] - Cash rates are anticipated to decrease as inflation moderates, which should support customer confidence [34] - The company expects continued growth from new client wins and buoyant novated orders, alongside benefits from strategic investments [34] Other Important Information - The company invested AUD 20.8 million in growth and productivity, with AUD 6.1 million classified as nonrecurring costs [13][26] - The company maintained a strong balance sheet with no debt maturities due in the next twelve months, following a successful AUD 300 million private placement [31] Q&A Session Summary Question: Can you unpack the drivers for the improvement in novated yield? - The improvement was largely due to a higher proportion of plug-in hybrids at higher price points and a larger proportion of new vehicles being financed [37] Question: Is the 4.7% of novated leases in Olli incremental business? - Most of the new customers acquired through Olli are in employee brackets of 20 to 200, which was not previously targeted [40] Question: What should be expected for the cost-to-income ratio in FY 2026? - A fair assessment for FY 2026 would be around the 57% mark, with expectations for further benefits from productivity investments [42][44] Question: Will onboard finance be a positive contributor to NPATA for FY 2026? - It is expected to be neutral for FY 2026 but positive thereafter [45][46] Question: How will the removal of setup fees impact margins in PSS? - There will be a downward movement in margins in 2026 due to the removal of setup fees, but automation investments are expected to improve margins over time [52] Question: What is the outlook for GRS contract renewals? - Approximately 10% of the portfolio is up for renewal in the next eighteen months, with a strong pipeline for new opportunities [83]

Core Viewpoint - The article discusses the experience of a young Mosuo man in Shenzhen who shares his journey of being a stay-at-home dad, challenging traditional gender roles and advocating for more male involvement in parenting [1][5][59]. Group 1: Personal Experience and Challenges - The individual began his journey of full-time childcare when his wife returned to work after maternity leave [2]. - He faced financial challenges as he had no income during the childcare period, and felt isolated as the only male among mothers and grandmothers in parenting circles [3][4]. - Despite receiving praise for his parenting skills, he encountered gender stereotypes and criticism regarding his role as a stay-at-home dad [5][60]. Group 2: Cultural Context and Gender Roles - The individual reflects on the Mosuo culture, which promotes gender equality and has a tradition of matriarchy, where women hold significant authority [6][41][57]. - He emphasizes that in Mosuo culture, there is no strict distinction between masculinity and femininity, which contrasts with societal expectations in urban settings [5][51][56]. Group 3: Parenting Insights and Responsibilities - The individual shares insights on the joys and challenges of parenting, including the physical demands and emotional rewards of caring for a young child [17][29]. - He highlights the importance of both parents being involved in childcare to avoid one parent feeling overwhelmed [24][32]. - The experience of parenting has led to a shift in priorities, with a greater focus on family over personal interests [19][53]. Group 4: Social Perception and Community - The article discusses the low social recognition for men who take on childcare roles, often leading to feelings of loneliness and isolation [59][61]. - The individual notes the difficulty in finding a community of male caregivers, contrasting with the support networks available to mothers [61][62]. - Despite facing negative comments online, he remains committed to sharing his experiences and fostering dialogue about male involvement in parenting [60][63].

Group 1 - The core message emphasizes the need to strengthen prevention and resolution of conflicts to eliminate sexual violence in conflicts [1] - The ultimate goal of combating sexual violence in conflicts is not only to eliminate such violence but to achieve a world without war [1] - It is essential to adhere to the principles of the UN Charter and promote peaceful dispute resolution and political solutions to hot issues [1] Group 2 - The responsibility for preventing and combating sexual violence in conflicts primarily lies with the countries involved [1] - The international community should support countries in enhancing their security and judicial capacities while respecting their sovereignty [1] - Addressing sexual violence in conflicts reflects deeper issues such as gender inequality and underdevelopment, necessitating efforts to eliminate discrimination and improve women's livelihoods [1] Group 3 - China has been a proactive advocate for global women's issues and will host a global women's summit to discuss the development of women's affairs [2] - The Chinese government aims to contribute to the elimination of sexual violence in conflicts and the advancement of women's rights in collaboration with the international community [2]

Core Viewpoint - The article emphasizes the importance of ESG (Environmental, Social, and Governance) as a key indicator of sustainable development, highlighting gender equality and inclusivity as essential components of social responsibility within the ESG framework [1][5]. Group 1: Women's Empowerment and Leadership - Yang Lan, a prominent media figure and advocate for women's empowerment, has developed the "Wutong Leadership Model" to help women enhance their leadership skills and self-awareness [1][4]. - The "Wutong Leadership Model" integrates behavioral and psychological education concepts, focusing on self-value recognition and personal growth [4]. - The article discusses the increasing self-awareness among women, transitioning from passive to active pursuit of their dreams, reflecting the deepening practice of gender equality [2]. Group 2: Gender Representation in Leadership - According to MSCI's 2024 report, the proportion of female directors in global large and mid-sized listed companies increased from 25.8% in 2023 to 27.3% in 2024, indicating a gradual rise in women's participation in decision-making roles [3]. - The article highlights the need for women to establish a clear understanding of their value to break free from self-imposed limitations, which is crucial for their development in leadership positions [3]. Group 3: Impact of AI on Women's Careers - The article notes that AI is reshaping the workplace, particularly affecting roles predominantly held by women, such as research, assistant, and service positions, necessitating skill transformation and career path redefinition [5][6]. - Despite the challenges posed by AI, it presents opportunities for women to leverage their unique strengths, such as emotional intelligence and adaptability, in emerging fields like mental health and creative industries [5]. - Yang Lan encourages women to utilize AI as a tool for efficiency while maintaining focus on high-value tasks that require human creativity and emotional connection [6].

Core Insights - ESG (Environmental, Social, and Governance) has become a key indicator for measuring corporate sustainability, with gender equality and diversity being important aspects of social responsibility within ESG principles [1][4] - The rise in the percentage of female directors in global large and mid-sized listed companies from 25.8% in 2023 to 27.3% in 2024 reflects an increasing participation of women in various sectors and a growing societal emphasis on gender equality [3] Group 1: Women's Empowerment and Leadership - Yang Lan, a prominent media figure and chairperson of Sunshine Media Group, emphasizes the importance of women not being "workplace tools" and advocates for a human-centered approach to sustainable development [1][2] - The establishment of the "Wutong Leadership Model" by the Tianxia Women Research Institute aims to empower women by integrating behavioral and psychological educational concepts, focusing on self-worth and agency [4] - The Tianxia Women International Forum, founded in 2014, serves as a platform for women to break free from traditional constraints and encourages deep exchanges of ideas and experiences [2] Group 2: Economic Impact of Gender Equality - A report by McKinsey Global Institute indicates that if women had the same economic participation opportunities as men, they could contribute an additional $28 trillion to the global GDP by 2025, highlighting the untapped potential of women's productivity and creativity [3] - The focus on women's self-awareness and value recognition is crucial for their advancement in decision-making roles, which is essential for driving change [3] Group 3: AI and Women's Career Development - The impact of AI on the job market is particularly significant for women, as many roles they occupy are at risk of being replaced by AI, necessitating a shift in skills and career paths [5] - However, the unique qualities of women, such as emotional intelligence and resilience, position them advantageously in emerging fields like mental health services and creative industries [5] - Yang Lan suggests that women should leverage AI as a tool to enhance efficiency while maintaining focus on high-value tasks that require human creativity and emotional connection [6]

Core Insights - Gender equality could unlock a potential market value of $14.5 billion for African e-commerce by 2030, with a significant annual loss of nearly $3 billion due to gender performance gaps [2] Group 1: E-commerce Growth and Female Participation - African e-commerce has been growing rapidly, with an annual increase of 18% in online shoppers since 2014, surpassing the global average of 12% [1] - The market size reached $20 billion in 2020 and is projected to grow to $84 billion by 2030 [1] - Female merchants on platforms like Jumia represent 35% in Côte d'Ivoire and over 50% in Kenya and Nigeria, which is higher than in traditional sectors [1] Group 2: Challenges Faced by Female Entrepreneurs - Women entrepreneurs often run micro-businesses, with 83% in Kenya, 92% in Côte d'Ivoire, and 95% in Nigeria classified as such, facing capital constraints [1] - During the COVID-19 pandemic, sales for female-led e-commerce businesses dropped by 39%, compared to a 28% decline for male-led businesses [1] - Women rely more on savings for financing, with a loan approval rate of 7% compared to 11% for men, leading to an estimated financing gap of $48 billion for African women entrepreneurs [1] Group 3: Recommendations for Improvement - The International Finance Corporation (IFC) suggests providing tailored financial products for female micro-enterprises, promoting digital payments, and collecting gender-disaggregated data [2] - Governments are encouraged to expand affordable internet access, support the recovery of small and medium enterprises, invest in logistics, eliminate legal barriers, and promote STEM education for women [2]

Core Viewpoint - The issue of long queues for women's restrooms has gained significant attention on social media, highlighting the need for gender-specific restroom facilities due to physiological differences and special circumstances faced by women [1][7]. Summary by Relevant Sections Legislative Developments - The "Gansu Province Women's Rights Protection Regulations" came into effect in August, mandating a restroom ratio of 3:2 for women to men in public toilets, and 2:1 in high-traffic areas, making Gansu the first province to legislate this ratio [1][9]. - The new regulations reflect a shift from soft recommendations to hard legal requirements, enhancing the enforcement of restroom standards [9][20]. Existing Standards and Practices - The "Urban Public Toilet Design Standards" implemented in December 2016 set a female-to-male restroom ratio of 3:2, with a recommendation of 2:1 for high-traffic areas [2]. - Various cities have established their own standards, with some allowing for a ratio of 1:2.5 or suggesting gender-neutral restrooms [2][3]. Current Challenges - Many existing public restrooms are designed with a 1:1 ratio, leading to longer wait times for women due to various factors such as design limitations and usage patterns [7][8]. - The enforcement of restroom standards is often weak due to the non-mandatory nature of existing guidelines, leading to inadequate facilities in practice [7][8]. Innovative Solutions - Some cities, like Shenzhen, are piloting "tide toilets" that can adjust the number of available stalls based on real-time demand, while others are using IoT technology to optimize restroom usage [13][20]. - The need for a structured management mechanism and financial support for restroom upgrades is emphasized to ensure compliance with new regulations [8][20]. Social Implications - The issue of restroom accessibility is tied to broader themes of gender equality and social rights, with inadequate facilities reflecting structural inequalities in public service provision [8][20]. - The Gansu regulations serve as a model for other regions, promoting the idea that women's restroom access is a fundamental right that should be guaranteed by law [20].

Core Points - The article discusses the issue of long queues for women's restrooms, highlighting the need for a more equitable distribution of restroom facilities based on gender differences in usage time and frequency [1][6][19] - Gansu Province has become the first region in China to legislate a specific ratio of women's to men's restroom facilities, mandating a ratio of 3:2 in urban public restrooms and 2:1 in high-traffic areas [1][8][19] Summary by Sections Legislative Changes - The "Gansu Women's Rights Protection Regulations" came into effect in August, establishing a legal framework for restroom ratios [1][8] - This regulation marks a shift from soft recommendations to hard legal requirements, enhancing the enforcement of restroom facility standards [8][19] Current Standards and Practices - Existing standards, such as the "Urban Public Toilet Design Standards," recommend a 3:2 ratio for women's to men's restrooms, but many areas still implement a 1:1 ratio [2][6] - Various cities have adopted local standards, with some allowing for flexible designs like unisex restrooms [2][3] Challenges in Implementation - Many public restrooms are currently designed with insufficient women's facilities, often leading to long wait times, especially in high-traffic areas [6][13][19] - Structural limitations and cost considerations hinder the retrofitting of existing facilities to meet new standards [9][19] Innovative Solutions - Some cities, like Shenzhen, are piloting "tide toilets" that allow for flexible use of restroom space based on demand [12] - The use of technology, such as IoT devices, is being explored to optimize restroom usage and adjust the ratio of facilities dynamically [12] Broader Implications - The legislation in Gansu is seen as a step towards recognizing women's rights in public services, emphasizing that equitable access to restrooms is a fundamental aspect of social justice [7][19] - The article calls for more regions to adopt similar regulations to improve public restroom accessibility for women, thereby enhancing overall urban service equity [19]

Core Viewpoint - The implementation of the "Gansu Province Women's Rights Protection Regulations" on August 1 marks Gansu as the first province in China to legally mandate the male-to-female toilet ratio in urban public restrooms, set at 2:3, and 1:2 in high-traffic areas, reflecting a significant step towards gender equality in public facilities [1] Group 1: Legislative Changes - The new regulations aim to address the long-standing issue of inadequate female toilet facilities, which is a critical aspect of urban gender-friendliness [1] - The historical context of the "toilet revolution" in China highlights a shift from merely increasing the number of toilets to enhancing the quality and accessibility of public restrooms for women [1] Group 2: Challenges and Obstacles - The implementation of the new regulations faces challenges such as funding constraints, aging underground infrastructure, and varying standards among different management departments, which complicate the execution of the mandated ratios [2] - There is a lack of widespread understanding of gender equality principles in urban planning, leading to the marginalization of these issues in public facility design [2] Group 3: Successful Initiatives - Some cities have made progress in public toilet reforms, such as Beijing's "third restroom" initiative for vulnerable groups and Guangzhou's "toilet cloud platform" for improved efficiency [2] - These examples demonstrate that with proper institutional design and public education, the barriers to reform can be overcome [2] Group 4: Future Directions - The "toilet revolution" should expand its focus beyond gender issues to include accessibility for the elderly and disabled, as well as the overall distribution of public restrooms in relation to population density [3] - Future efforts should aim to enhance public restroom facilities in rural areas and ensure that all individuals can use these facilities conveniently and safely [3]

Core Viewpoint - The establishment of a legal framework for the gender ratio in public restrooms is essential for ensuring women's rights and addressing structural inequalities in public resource allocation [2][4]. Group 1: Legislative Developments - Gansu Province has become the first in China to explicitly regulate the gender ratio of public restrooms, mandating a ratio of 3:2 in urban areas and 2:1 in high-traffic locations [2][4]. - The revised Women's Rights Protection Law in 2022 emphasizes the need for public facilities to meet women's specific needs, while Gansu's regulations provide a legally binding requirement for restroom ratios [4][5]. Group 2: Current Standards and Practices - Previous standards, such as the 2016 Urban Public Toilet Design Standards and the 2022 Tourism Toilet Quality Requirements, have encouraged higher female restroom ratios, with some locations achieving a ratio of 1:2.6 [3][4]. - Despite these standards, the implementation remains inconsistent across different regions, as seen in the case of Nanjing, where the ratio was only 1:1.3 after renovations [3][4]. Group 3: Challenges and Solutions - Existing restroom facilities face challenges in meeting new standards due to structural limitations, making it difficult to adjust the gender ratios [4][5]. - Alternative solutions, such as gender-neutral restrooms and flexible allocation, are suggested to alleviate the pressure on women's restrooms in the short term [5].