Core Viewpoint - NIO aims to achieve profitability in Q4 2023, with CEO Li Bin emphasizing the necessity of this goal for the company’s future [2][11]. Sales and Financial Performance - NIO's total vehicle sales from January to May increased by 34.7% year-on-year, with a total of 59,852 vehicles sold, although the NIO brand saw a decline of 9.6% [4]. - In Q1, NIO delivered 42,094 new vehicles, marking a 40.1% year-on-year increase, but the NIO brand's deliveries decreased by 9.1% [8]. - The average selling price of NIO vehicles increased by over 10% in Q2, leading to a nearly 10 percentage point rise in gross margin [3]. - NIO's gross margin in Q1 was 10.2%, down 2.9 percentage points from the previous quarter, with an overall gross margin of 7.6% [2]. Profitability Strategy - Li Bin outlined a roadmap for achieving profitability, targeting a combined monthly sales volume of over 50,000 vehicles across three brands, with a gross margin of 17% to 18%, a sales management expense ratio of around 10%, and a research and development expense ratio of 6% to 7% [2]. - NIO's CFO, Qu Yu, indicated that the company expects a recovery in cash flow and profitability in Q2, with total deliveries projected between 72,000 and 75,000 vehicles, representing a year-on-year growth of 25.5% to 30.7% [11]. Cost Management and Efficiency - NIO has implemented cost control measures and efficiency improvements since March, aiming to ensure that expenditures are directed towards productive areas [11]. - The company has restructured its R&D resources and optimized logistics and quality functions to enhance production efficiency [15]. Market Position and Product Development - NIO is focusing on expanding sales through innovative strategies, such as selling vehicles through battery swap stations without traditional storefronts [12]. - The company believes that its upcoming models, L80 and L90, will significantly impact the market due to technological innovations and a comprehensive charging and battery swap network [12].

Core Viewpoint - NIO reported its Q1 2025 financial results, showing a revenue of 12.0347 billion yuan, a year-on-year increase of 21.5%, but a quarter-on-quarter decline of 38.9.%. The net loss was 6.750 billion yuan, a year-on-year increase in loss of 30.2%, but a quarter-on-quarter decrease in loss of 5.1% [1][2]. Financial Performance - Total revenue for Q1 2025 was 12.0347 billion yuan, reflecting a year-on-year growth of 21.5% and a quarter-on-quarter decline of 38.9% [1][2]. - The net loss for the quarter was 6.750 billion yuan, which is a 30.2% increase in loss year-on-year, but a 5.1% decrease in loss quarter-on-quarter [1][2]. - Adjusted net loss, not in accordance with GAAP, was 6.2791 billion yuan, marking a year-on-year increase in loss of 28.1% and a quarter-on-quarter decrease in loss of 5.2% [1]. Vehicle Delivery and Production - NIO delivered 42,094 vehicles in Q1 2025, representing a year-on-year increase of over 40% [2]. - The company provided guidance for Q2 deliveries between 72,000 and 75,000 vehicles, indicating a year-on-year growth of 25.5% to 30.7% and a quarter-on-quarter increase of 71% to 78% [2]. Cost Management and Efficiency - The company has implemented a series of cost-cutting measures since March, focusing on projects without investment returns and enhancing operational efficiency [4][5]. - R&D expenses are targeted to increase by 15% in Q2, with a goal to keep Q4 R&D expenses between 2 billion and 2.5 billion yuan [5]. - The company aims to achieve a 20% to 25% improvement in overall efficiency compared to the same quarter last year [5]. Profitability Outlook - NIO expects to achieve a gross margin exceeding 20% in Q4 2025, with a monthly sales target of 25,000 units, representing a 20% increase from the previous year [4]. - The company aims for the sales, general, and administrative expenses (SG&A) to account for about 10% of total sales by Q4, aligning with its goal of reaching breakeven [6].

Summary of Coal Industry Conference Call Industry Overview - The coal industry is currently experiencing a price bottoming phase, with a focus on positioning for future recovery [1] - The average production cost of thermal coal is projected to be 370 RMB/ton in 2024, which, while higher than historical lows, still has room for reduction [1][3] - Coking coal costs are expected to average 551 RMB/ton in 2024, also indicating potential for cost reduction [1][3] Key Insights and Arguments - Historical data shows that the average production cost of thermal coal has increased from 208 RMB/ton in 2016 to 370 RMB/ton in 2024, while coking coal costs rose from 300 RMB/ton to 551 RMB/ton during the same period [1][5] - The increase in costs is attributed to policy changes and rising expense standards, but there remains significant potential for cost control in the future [1][6] - Current port coal prices are at 611 RMB/ton, providing a profit margin of 91 RMB/ton when considering a production cost of 370 RMB/ton, and nearly 500 RMB/ton at a cost of 550 RMB/ton [1][9] - Recent increases in pithead coal prices in regions like Datong, Yulin, and Inner Mongolia indicate a gradual recovery in demand [1][10] Market Dynamics - The port coal price has remained stable at 611 RMB/ton for 11 consecutive days, while domestic coal prices have reached 1,270 RMB/ton [2] - The cost support logic is challenged by the presence of variable costs, suggesting that price support levels may trend downward in a weak demand environment [3][9] - The coal sector's stock prices have benefited from sector rotation, public fund allocations, and expectations of coal price rebounds [3][13] Future Outlook - The coal price rebound is anticipated, with potential price levels expected between 650 and 700 RMB/ton, influenced by weather conditions and hydropower output [12] - The current low inventory levels in downstream power plants are expected to drive increased replenishment efforts, supported by policy guidance [11][15] - The coal sector is projected to have significant upside potential, particularly for growth-oriented stocks that have not yet seen substantial price increases [14][15] Additional Considerations - The reliability of production cost data is emphasized, with audited financial reports from listed companies being more trustworthy than market rumors regarding cost percentiles [7][8] - The overall market sentiment is bolstered by the expectation of a demand recovery and the strategic positioning of major coal companies [16]

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該等內容 而引致的任何損失承擔任何責任。 New Amante Group Limited 新愛德集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8412） (1)截至 2024 年 5 月 31 日止年度的年報中 所載不發表意見之更新；及 (2)業務最新狀況 本公司董事會擬提供有關其截至 2024 年 5 月 31 日止年度的年報（「年報」）中所載不發表 意見（「不發表意見」）的更新資料，以及業務最新狀況。除另有指明外，本公告所用詞彙 與年報所界定者具有相同涵義。 自年報刊發日至本公告日，本集團已採取以下步驟及措施以減輕流動資金壓力及改善財務狀 況： 除上述內容外，BU 公告中提及的所有其他業務更新均保持不變。 1 (1) 本集團繼續執行嚴格的成本控制措施，密切監控、控制及降低營運及行政成本及開支， 以盡量減少現金流出；及 (2) 參照本公司日期為 2025 年 3 月 26 日的公告（「BU 公告」），本集團已執行以 ...

Financial Data and Key Metrics Changes - SQM reported the highest first quarter lithium sales volumes in the company's history, with a 20% year-on-year increase, driven by strong demand from the electric vehicle market in China and Europe [5] - Average realized prices for lithium in Q2 2025 are expected to be lower than in Q1 2025 due to recent price declines [6][56] - The iodine business experienced record average prices amid tight supply and steady demand, particularly for X-ray contrast media applications [8] Business Line Data and Key Metrics Changes - Lithium sales volumes increased significantly, while the potassium business saw a substantial decrease in volumes compared to the previous year due to a strategic focus on high lithium content brines [10] - Specialty Plant Nutrition (SPN) sales volumes grew healthily, with an upward trend in prices driven by strong demand for potassium chloride [9] Market Data and Key Metrics Changes - The global lithium demand is expected to grow by 17% in 2025, with SQM's sales projected to grow by approximately 15% year-on-year [28][61] - The market is currently experiencing oversupply, which has led to price pressures, particularly in China [68] Company Strategy and Development Direction - SQM is focused on expanding lithium production capacity to meet growing demand, with plans to reach 240,000 metric tons of lithium carbonate and 100,000 metric tons of lithium hydroxide [8] - The company is investing in operational efficiencies and capacity expansions across its business lines, including iodine and specialty plant nutrition [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals of the lithium market, despite current pricing challenges, and believes that the price environment is not sustainable for the industry [82] - The company is well-prepared to take advantage of future market recoveries, with a strong balance sheet and low-cost production capabilities [18][84] Other Important Information - SQM's dividend policy stipulates a distribution of 30% of net income for 2025, with no interim dividends planned for the first quarter [46] - The Mt. Holland project is progressing well, with expectations of cash-positive operations even at current prices [80] Q&A Session Summary Question: Expectations for operating cash flow in Q2 - Management indicated that they are far from breakeven costs and expect to be significantly above that in Q2 [14][15] Question: Impact of lower lithium prices on capital structure - Management reassured that the strong balance sheet allows for continued investment in growth projects despite lower operating cash flow [16][18] Question: Current political noise in Chile regarding Codelco JV - Management described the situation as "noise" and confirmed that the transaction is proceeding as planned, with execution expected in the second half of the year [21][25] Question: Lithium sales growth forecast - Management maintained that they have not updated their annual volume forecast for 2025, but expect similar or slightly lower volumes in Q2 compared to Q1 [28] Question: Pricing dynamics in China - Management noted that they have various pricing mechanisms with customers, but could not provide specifics due to confidentiality [34] Question: CapEx requirements for growth plans - Management stated that the CapEx plan will be reviewed and shared with the market in the upcoming months, with no updates currently available [52] Question: Production costs and expectations - Management confirmed that they expect to reduce operational costs during the year and are implementing several cost reduction initiatives [77] Question: Outlook for Mt. Holland project - Management indicated that the Mt. Holland operation is cash positive and progressing as planned, with a focus on ramping up production [80][92]

Core Viewpoint - Xiaomi reported record-breaking Q1 2025 earnings with adjusted net profit reaching 10.676 billion RMB, a year-on-year increase of 64% and a quarter-on-quarter increase of 28% [1] Financial Performance - Xiaomi's Q1 revenue from electric vehicle (EV) business was 18.6 billion RMB, a quarter-on-quarter increase of 12%, slightly below expectations by 2% [3] - The gross margin for the EV business reached 23.2%, up 2.7 percentage points quarter-on-quarter, indicating improved profitability [3] - Overall gross margin for Xiaomi was 22.8%, a year-on-year increase of 0.5 percentage points and a quarter-on-quarter increase of 2.2 percentage points, marking a historical high [4] - Operating expenses were 13.9%, lower than Morgan Stanley's expectation of 14.5%, reflecting cost synergy [4] - Gross profit was 25.406 billion RMB, exceeding Morgan Stanley's expectations by 10% due to revenue growth and margin improvement [4] - Operating profit was 9.964 billion RMB, surpassing expectations by 33%, demonstrating effective cost control [4] Key Business Segments - Smartphone business generated revenue of 50.6 billion RMB, a year-on-year increase of 9%, exceeding Morgan Stanley's expectations by 3% [6] - AIoT business revenue reached 32.3 billion RMB, a significant year-on-year increase of 59%, surpassing expectations by 8% [6] - Internet services revenue was 9.1 billion RMB, a year-on-year increase of 13%, slightly below expectations by 1% [6] - Internet services revenue in mainland China reached a historical high of 6.4 billion RMB, with a year-on-year growth of 14.8% [6] Future Catalysts - Key upcoming events include Xiaomi's Investor Day on June 3, 2025, and the GMV data for the 618 shopping festival expected to show growth compared to last year [5] - The launch of the YU7 electric vehicle in July 2025 is anticipated to be a significant catalyst for stock price increase, with expectations of higher average selling prices and improved margins [2][3] - The performance of the smartphone and AIoT businesses during the 618 shopping festival will also be monitored, but their importance is considered less than that of the YU7 launch [2][3]

Group 1: Industry Overview - The Chinese electric vehicle (EV) industry is experiencing significant differentiation among new car manufacturers, as evidenced by their first-quarter performance [2][3] - The competition is expected to intensify, with a new benchmark of 30,000 monthly sales emerging for new car manufacturers [3] Group 2: Company Performance - XPeng Motors achieved the highest delivery volume among new car manufacturers with 94,000 units, projecting first-quarter revenue between 15.19 billion to 15.7 billion yuan, a year-on-year increase of 132% to 139.8% [2] - Li Auto delivered 92,900 units, a year-on-year growth of 15.5%, with expected revenue between 23.4 billion to 24.7 billion yuan, a decline of 3.5% to 8.7% [2] - Leap Motor delivered 87,600 units, a remarkable year-on-year increase of 162%, with revenue of 10.02 billion yuan and a significantly reduced net loss of 130 million yuan [2] - NIO's main brand delivered only 27,300 units, with projected revenue between 12.367 billion to 12.859 billion yuan, a year-on-year increase of 24.8% to 29.8% [3] Group 3: Strategic Initiatives - Leap Motor aims to achieve annual sales of 500,000 to 600,000 units and a gross margin of 10% to 12%, striving for breakeven this year [2] - Xiaomi Motors has raised its 2025 delivery target to 350,000 units, focusing on a "hardware + ecosystem" strategy [3] - XPeng plans to extend its XNGP intelligent driving system to lower-priced models to expand market share [3] - NIO is utilizing 3.7 billion yuan in financing for technology research and development [3]

Financial Data and Key Metrics Changes - The company reported a cash loss per month of approximately $400,000, which is nearly half of what it was a year ago, indicating improved cost management [10][11] - General and administrative (G&A) costs have decreased, with salaries and fees down by $225,000 in Q1 compared to the previous year, translating to an annual run rate reduction of about $1 million [25][70] - Interest expenses dropped by $165,000 for the quarter due to note conversions as part of balance sheet cleanup efforts [19] Business Line Data and Key Metrics Changes - Oil production remained stable, with an uptick in oil revenue attributed to market price fluctuations, while gas revenues increased by $50,000 for the quarter due to higher gas prices [23][24] - The company has hedged 70% of its oil production at $70 per barrel, which mitigates the impact of current lower market prices [11][23] Market Data and Key Metrics Changes - Oil prices have been volatile, affecting stock performance, but the company is hedged to protect against these fluctuations [8][12] - The company is exploring gas opportunities, particularly in specialty gases like helium, which command higher prices compared to conventional gas [47] Company Strategy and Development Direction - The company is focused on reducing debt, with plans to retire approximately $20 million in senior debt and $1.8 million in seller notes in the upcoming quarter [39] - There is a strong emphasis on workovers and drilling preparations, with expectations to drill 3 to 6 wells in Q1 of 2026 [40][75] - The management is optimistic about future acquisitions due to low oil prices, which could be accretive to the company's stock [40] Management's Comments on Operating Environment and Future Outlook - Management believes the oil market has peaked, with expectations of trading between $60 and $80 per barrel, and anticipates that production will not be able to meet increasing demand indefinitely [61][62] - The company is positioned for significant growth in Q3 and Q4 of 2025, with a focus on cost control and smart hedging strategies [76] Other Important Information - The company has received approval for 45 workovers, which will enhance oil production and water injection capabilities [15] - The management team is committed to improving operational safety, reporting no incidents in 2024 and Q1 of 2025 [32] Q&A Session Summary Question: Can you give us some color on your gas operations and what you think the future in gas will be for the company? - Management noted that gas prices have performed better than oil prices, leading to increased gas revenue, and they are exploring gas opportunities, including specialty gases like helium [46][47] Question: How was your relationship with Chevron? - The relationship with Chevron is described as excellent, with Chevron expressing willingness to purchase increased oil production [52] Question: Will the entire deal with Encore close in June, or can it be done in pieces? - The management indicated that the deal is likely to close all at once, with a target date in June but possibly extending to July due to paperwork complexities [56] Question: Can you explain how the hedging program operates and if it generates profit? - The hedging program involves swaps that lock in prices for 70% of production, providing a safety net against market fluctuations [58] Question: What are your thoughts on the oil and gas business in '25? - Management believes the oil market has peaked and anticipates a trading range of $60 to $80 per barrel, with a focus on workovers and better drilling practices [61][62] Question: Do you see an opportunity to acquire rigs at a cheaper price? - The management does not anticipate purchasing a drilling rig but may consider acquiring workover rigs due to favorable market conditions [67] Question: How do you look at 2025, especially with the industry under pressure? - The company is focused on reducing costs and leveraging acquisitions without significantly increasing G&A expenses [70][71]

Core Viewpoint - SIFCO Industries, Inc. experienced a decline in share price following its earnings report for Q2 and the first half of fiscal 2025, despite a recent surge in stock performance over the past month, indicating mixed investor sentiment [1] Revenue and Earnings Overview - For Q2 ended March 31, 2025, SIFCO reported net sales of $19 million, a 7.3% decrease from $20.5 million in the same quarter last year, primarily due to raw material sourcing issues [2] - The net loss from continuing operations narrowed to $1.3 million, or $(0.22) per diluted share, compared to a loss of $2.2 million, or $(0.38) per share, in the prior year [2] - Total net loss for the quarter was $1.4 million, an improvement from the $1.6 million loss a year ago [2] Half-Year Performance - For the first half of fiscal 2025, net sales increased by 10.9% to $39.9 million from $35.9 million in the previous year [3] - The net loss from continuing operations decreased to $3.7 million, or $(0.62) per diluted share, down from $6.3 million, or $(1.05) per share, last year [3] - Total net loss for the first six months was $3.7 million compared to $5 million a year earlier [3] Profitability and Operational Metrics - Gross profit for Q2 rose 5.1% to $1.6 million from $1.5 million despite declining revenues [4] - SG&A expenses decreased by 16.6% to $2.4 million from $2.8 million, contributing to reduced operating losses [4] - The operating loss for the quarter was $0.8 million, an improvement from $1.3 million a year ago [4] EBITDA Trends - EBITDA for Q2 improved to $0.4 million from a loss of $0.2 million in the prior year [6] - Adjusted EBITDA swung to a loss of $0.2 million from a positive $0.2 million in the previous year, primarily due to an unfavorable LIFO inventory adjustment of $(0.6) million [6] - For the first half, EBITDA was $(0.4) million compared to $(2.7) million last year, while adjusted EBITDA improved to a loss of $(0.4) million from $(1.7) million previously [7] Management Commentary - CEO George Scherff highlighted operational improvements and emphasized the focus on throughput and margin-enhancing initiatives despite sales challenges [8] - The order backlog reached $129.2 million, indicating solid demand from aerospace and energy markets [8] Factors Behind Financial Results - The revenue decline was attributed to raw material shortages, but cost controls, particularly lower SG&A expenses and interest costs, helped mitigate losses [9] - Interest expenses dropped 47.7% to $0.4 million from $0.8 million in the prior-year quarter [9] Balance Sheet and Asset Management - Current assets fell to $38.1 million as of March 31, 2025, from $54.3 million as of September 30, 2024, largely due to the removal of discontinued operations [12] - The revolving credit facility balance decreased to $8.9 million from $20.1 million, indicating significant deleveraging [12] - Shareholders' equity increased to $32.4 million from $30.4 million, mainly due to positive adjustments in accumulated other comprehensive income [12] Guidance and Future Outlook - SIFCO did not provide specific financial guidance but noted a growing backlog as a positive indicator of sustained demand [13] - Management did not quantify expectations or provide adjusted earnings targets [13] Other Developments - The financials reflected the impact of completed divestitures, with discontinued operations having minimal impact this year compared to the previous fiscal year [14] - No new acquisitions or divestitures were announced during the quarter [14]

Investment Rating - The report recommends the industry [4] Core Insights - The Finniss lithium project requires pre-production funding of AUD 175 million to AUD 200 million and is expected to reduce unit operating costs to AUD 690 to AUD 785 per ton [1][6][10] Summary by Sections Project Restart and Research Findings - The Grants mine's reserves have doubled to 1.15 million tons, transitioning to underground mining to access more resources and lower costs [1][2] - The BP33 underground mining plan will proceed alongside the second-year entry of BP33 ore into the mining schedule [2] - BP33 is expected to contribute 85% of the ore supply in the first ten years, with significant geological features suitable for high-yield, low-cost mining methods [2] Processing and Cost Efficiency - The existing heavy medium separation plant will expand from 1 million tons per year to 1.2 million tons per year, with a projected 50% reduction in crushing costs [3][5] - Total processing costs are expected to decrease by 33% to AUD 40 to AUD 46 per ton [3][6] - The average recovery rate is projected to increase to 78% with the new processing configuration [5][10] Capital Expenditure and Financing - Core Lithium is actively pursuing financing options to support the Finniss project restart, with a current cash balance of AUD 30 million sufficient for ongoing project work [7] - The final investment decision (FID) will depend on board approval and securing attractive financing [7] Production and Inventory - Core Lithium holds approximately 5,000 tons of lithium concentrate and 75,000 tons of lithium powder, providing potential short-term options for market price improvements [8] - The total ore reserves amount to 10.73 million tons with an average Li2O grade of 1.29% [8][10]