自2019年以来，富士康便致力于进军电动汽车市场，而此次与三菱的合作对富士康来说是一次重要的突 破，具有里程碑意义。对汽车行业来说也是一个重要的转折点，因为在这个历来以内部制造能力为竞争 优势的行业中，外部代工模式开始崭露头角。 汽车行业生产外包 对于三菱而言，这次合作是一次重要的战略调整。三菱目前主要专注于插电式混合动力车（PHEV）， 这类车型结合了电池和内燃机技术，能够在电力和油燃两者之间切换。然而，面对日益激烈的电动汽车 市场竞争，三菱的转型步伐显得有些缓慢，特别是在电动化的进程中，其相对较小的规模使其难以与更 强大的竞争对手匹敌。 全球最大电子代工企业富士康正加速跨界步伐，迈向电动汽车行业。 周三，据媒体报道，富士康与日本老牌车企三菱汽车达成了电动汽车制造协议。根据两家公司签署的谅 解备忘录，富士康旗下的电动汽车子公司鸿华先进将为三菱开发并生产一款面向澳大利亚和新西兰市场 的电动汽车，计划在2026年下半年上市。 三菱的优势在于其强大的混合动力车型阵容，以及在东南亚市场的强大存在。加上受欢迎的越野车系 列，三菱仍然在某些市场占有重要份额。三菱在努力跟上全球电动汽车的转型趋势，与富士康的合作无 疑为其 ...

Azenta (AZTA) Q2 2025 Earnings Call May 07, 2025 08:30 AM ET Company Participants Yvonne Perron - VP - Financial Planning & Analysis and Investor RelationsJohn Marotta - President & CEOLawrence Lin - Executive VP & CFOVijay Kumar - Senior Managing DirectorPaul Knight - Managing Director Conference Call Participants David Saxon - Senior AnalystMatthew Stanton - AnalystBrendan Smith - Director & Senior Analyst Operator Greetings and welcome to the Azenta Q2 twenty twenty five Financial Results. During the pre ...

一直以来，收单外包服务机构（以下简称"外包机构"）业务开展情况及备案情况受到从业机构的普遍关 注。《证券日报》记者梳理发现，截至5月6日，已有超3.3万家外包机构完成备案，涉及聚合支付机构 超700家。 所谓外包机构，是指经市场监管机构或国家有关机关批准成立的，接受收单机构委托、承办收单非核心 业务并提供相应服务的企业等合法设立的机构。其业务类型包括聚合支付技术服务、特约商户推荐、受 理标识张贴、特约商户维护等。 业内人士认为，外包机构的备案管理对于规范收单市场、健全行业秩序来说具有重要意义，相关机构在 指定期限内积极完成备案能够更好地合规发展业务。 近年来，中国支付清算协会对于收单领域的规范也在持续加码。比如，近日协会发布"关于加强收单外 包服务管理防范转包、分包业务风险"的提示，要求收单机构持续加强外包机构及其业务管理。 "外包机构应遵循展业必备的原则，积极通过支付清算协会备案。"中国（上海）自贸区研究院金融研究 室主任刘斌对《证券日报》记者表示，随着收单外包服务市场的发展，外包机构的规范经营变得愈加重 要，外包机构若违反监管制度和自律规范，会扰乱收单外包服务市场秩序，增加收单机构商户管理复杂 度，加剧支 ...

日前，中国支付清算协会(以下简称"协会")发布"关于加强收单外包服务管理防范转包、分包业务风 险"的提示，并提出三大工作要求。 协会强调，收单机构与外包机构开展业务合作前，应对外包机构进行全面尽职调查，审慎选择合作外包 机构，依法合规确定外包业务范围，并建立外包机构风险管理制度及日常监测机制，每年对有关外包机 构至少开展一次独立的安全评估，并形成报告存档备查，对风险较高的外包机构采取警告、扣缴违约 金、停止业务新增直至终止合作等处置措施，对于未遵守相关协议约定的，应立即中止合作。将存在风 险的外包机构及时纳入行业信息共享，实施行业联合惩戒，有效发挥风险联防联控机制作用。 "外包机构应遵循展业必备的原则，积极通过支付清算协会备案。"中国(上海)自贸区研究院金融研究室 主任刘斌对《证券日报》记者表示，随着收单外包服务市场的发展，外包机构的规范经营变得愈加重 要，外包机构若违反监管制度和自律规范，会扰乱收单外包服务市场秩序，增加收单机构商户管理复杂 度，加剧支付风险管理压力，严重影响收单服务安全，支付清算协会加强对外包机构监管力度，有利于 维护收单市场良好秩序。 持续严监管态势 近年来，支付清算协会对于收单领域的规 ...

Jabil (JBL) 2025 Conference Summary Company Overview - Jabil is a US domiciled company with **$30 billion** in revenue and **50,000** employees [2][3] - The company is described as an engineering-led supply chain enabled manufacturing company, with **10,000 engineers** contributing to its operations [3][4] Key Industry Insights - Jabil operates in **30 countries**, manufacturing for top brands across various end markets including healthcare, intelligent infrastructure, semi cap, communications, and consumer products [4][8] - The company emphasizes the importance of supply chain management, especially in the context of tariffs and macroeconomic challenges [8][11] Strategic Priorities 1. **Margin and Free Cash Flow Accretion**: Focus on improving margins and generating free cash flow, with a history of share buybacks [7][8] 2. **Support for Customers Amid Tariffs**: Assisting clients in navigating tariff challenges, leveraging a long-standing presence in various countries [8][9] 3. **Investment in Capabilities**: Continuous investment in engineering, supply chain systems, and capability-based acquisitions [10][11] Competitive Advantages - Jabil's engineering-led approach differentiates it from competitors, allowing it to assist customers from concept to market [13][14] - The company employs a unique work cell model, assigning dedicated teams to individual customers, enhancing customer relationships [14][15] - Long-tenured management team with an average of **23 years** of experience among direct reports, fostering strong customer relationships [17][19] Tariff and Supply Chain Dynamics - The company notes that the **Trump administration's tariffs** have accelerated the regionalization of supply chains, with many companies hesitant to move production due to regulatory uncertainties [21][22] - **90%** of Jabil's business in Mexico is USMCA compliant, minimizing tariff impacts [23][24] Market Trends and Growth Areas - **Healthcare**: Strong demand for auto-injector pens and insulin pens, with plans to ramp up production in Europe [72][73] - **Intelligent Infrastructure**: Significant growth in data cloud infrastructure and semiconductor testing, with a **40% year-on-year** increase in guidance [32][33] - **EV and Automotive**: Despite short-term challenges, long-term growth is expected as EV penetration increases [80][82] - **Renewables**: Positioned well to benefit from supply chain consolidation and the Inflation Reduction Act, despite current low demand [84] Financial Guidance and Capital Allocation - Jabil projects **$1.2 billion** in free cash flow for the year, with **80%** allocated to share buybacks and **20%** for tuck-in acquisitions [88][89] - The company aims for a **6% operating margin**, with strategies in place to improve capacity utilization and cost optimization [41][45] Conclusion - Jabil's ability to assist companies in manufacturing and supply chain management is underappreciated, with a strong presence in North America and capabilities to support engineering and manufacturing locally [91][92]

Financial Data and Key Metrics Changes - The company reported revenue of $189 million for Q1 2025, an increase of over 17% compared to the previous year [15][24] - Adjusted EBITDA doubled to $8.2 million, with an adjusted EBITDA margin improving by 180 basis points to 4.3% [15][18] - Consolidated gross profit margin increased to $23 million, or 12.2% of revenue, up from 9.7% in the same period last year [15][16] - Adjusted net income was $300,000, or $0.01 per diluted share, compared to an adjusted net loss of $3.6 million, or $0.11 per diluted share, in the prior year [17] Business Line Data and Key Metrics Changes - Marine revenue increased over 19%, while concrete revenue rose by 13% [15][16] - Adjusted EBITDA margin in the Marine segment was 8.6%, compared to 0.9% last year, while the Concrete segment's adjusted EBITDA margin was negative 4.4%, down from positive 5.7% in the prior year [18] - The company secured $350 million in new project wins, with $161 million in marine and $188 million in concrete [9][10] Market Data and Key Metrics Changes - The company has a backlog of $890 million, with $607 million related to the Marine segment and $232 million to the Concrete segment [20] - The company has seen no pullback in market opportunities, with strong demand in the data center market and ongoing projects [12][13] Company Strategy and Development Direction - The company is focused on building a profitable backlog from a strong pipeline of opportunities, with a goal to generate adjusted EBITDA margins in the low double digits for Marine and high single digits for Concrete [19][24] - The company is consolidating its Houston area offices to enhance operational efficiency and reduce costs [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong project wins and a favorable operating environment due to government policies supporting domestic industrial growth [9][13] - The company reiterated its guidance for full-year 2025 revenue in the range of $800 million to $850 million, with adjusted EBITDA between $42 million and $46 million [24] Other Important Information - The company reported negative cash flow from operations of $3.4 million, an improvement from negative $22.8 million in the prior year [20][21] - The company has no outstanding borrowings under its revolving credit facility and maintains a strong balance sheet to support future growth [55] Q&A Session Summary Question: Outlook on defense spending and RFPs - Management expects awards to materialize late this year or early next year, with potential project sizes around $500 million [30] Question: Outlook for concrete business - Management has not seen a slowdown in bidding activity and expects margin improvements as the year progresses [31][33] Question: Activity in private downstream energy markets - Management is optimistic about increased activity in petrochemical projects, influenced by rising global oil prices [34] Question: Marine segment margins - Management noted strong margins in the Marine segment due to successful project execution, with expectations for continued growth [41] Question: Competitive advantages in uncertain environments - The company benefits from strong supplier relationships and proactive tariff mitigation strategies [46] Question: Concrete segment profitability outlook - Management anticipates a return to profitability in the Concrete segment as seasonal factors improve [50] Question: Balance sheet and capital position for future projects - The company has sufficient capacity to support project mobilization and growth, with ongoing discussions with financing partners [55]

事件：公司发布2025年一季报，1Q25公司实现营收63亿元/同比+17%，归母净利润2.1亿元/同比+9%， 扣非归母净利润1.2亿元/同比+5%。 投资建议：公司作为人服机构龙头，客户资源丰富，近年来外包业务增速稳健，并通过外延并购持续丰 富业务布局，同时费用率稳步下降，我们预计2025 2027年归母净利润分别为6.8亿元/7.2亿元/7.6亿元， 对应PE估值为 18X/17X/16×，当前估值相比同业较低，给予"推荐"评级。 风险提示：宏观经济波动的风险；行业政策变化的风险，行业竞争加剧的风险。 业务外包拓展空间可期，传统业务板块年度内有望企稳。公司2025年预计将持续以业务外包作为公司发 展核心，在提升存量客户业务渗透率的同时加大对新客户的拓展，同时公司积极探索潜在收购标的，有 望通过收购专业赛道外包公司来拓展自身业务丰富程度，外包业务板块增量空间可期。另外，1Q25 用 工环境已呈现轻微回暖趋势，全年在政策提倡促内需背景下，国内企业用工需求有望就回暖，促进公司 高毛利率的传统业务中的人事管理和新酬福利等板块业绩企稳回升，在稳定营收的同时提升公司整体毛 利率。 用工环境回暖叠加公司费用管控进程良好 ...

Core Viewpoint - Guangzhou Yujian Xiaomian Catering Co., Ltd. (referred to as "Yujian Xiaomian") has submitted a prospectus for an IPO in Hong Kong after turning a profit in 2023, despite facing significant debt pressure and maintaining a high debt-to-asset ratio above 89% [2][5]. Financial Performance - Yujian Xiaomian reported revenues of RMB 41,809.6 million, RMB 80,051.4 million, and RMB 115,443.4 million for the years 2022, 2023, and 2024, respectively, with profits of RMB -3,597.3 million, RMB 4,591.4 million, and RMB 6,070 million during the same periods, indicating continuous growth [2]. - The company distributed cash dividends of RMB 1,950 million in 2023 and announced a dividend of RMB 1,470 million for the year ending December 2024, totaling 32.07% of the combined profits for 2023 and 2024 [2]. Debt and Asset Structure - As of the end of each reporting period, Yujian Xiaomian's total current assets were RMB 102,525 million, RMB 156,519 million, and RMB 247,636 million, while total current liabilities were RMB 251,090 million, RMB 343,275 million, and RMB 489,861 million, indicating a persistent short-term debt repayment pressure [4][5]. - The company's debt-to-asset ratios were 95.77%, 93.62%, and 89.86% for the years 2022, 2023, and 2024, respectively, remaining at a high level [5]. Expansion and Workforce Management - Yujian Xiaomian has aggressively expanded its restaurant count from 170 in 2022 to 360 in 2024, averaging one new restaurant every three days [6]. - However, the company has significantly reduced its full-time workforce from 2,121 employees in 2022 to 1,443 in 2024, resulting in a turnover rate of 44.92% in 2024 [6]. - To address labor needs, Yujian Xiaomian has increasingly relied on outsourced personnel, employing 3,678 outsourced workers by the end of 2024 [6][7]. Employee Cost Structure - The cost of outsourced employees has risen sharply, from RMB 0 in 2022 to RMB 10,622.9 million in 2024, while the average annual salary for full-time employees in 2024 was RMB 108,000 compared to RMB 28,900 for outsourced workers [7][8].

Financial Performance - Revenue for Q1 2025 reached RMB 3,099 million, a 16.0% increase from RMB 2,671 million in Q1 2024 [9] - Net profit attributable to shareholders was RMB 306 million, up 32.5% from RMB 231 million in Q1 2024 [9] - Non-IFRS adjusted net profit increased by 3.1% to RMB 349 million from RMB 339 million [9] - Operating cash flow for Q1 2025 was RMB 853 million, a 14.4% increase from RMB 746 million in Q1 2024 [9] Revenue Composition - Revenue from China delivery business grew by 15.7% [11] - Revenue from overseas delivery business increased by 18.3% [11] - Laboratory services contributed 60% to revenue, with clinical research services at 14% and CDMO at 22% [11] - Revenue from top 20 pharmaceutical companies grew by 29.1% [14] Customer Growth - Revenue from North American clients increased by 16.8% [12] - Revenue from European clients rose by 26.6% [12] - Revenue from Chinese clients grew by 13.1% [12] Cost and Margin Analysis - Gross margin for laboratory services improved to 45.5% in Q1 2025 from 44.1% in Q1 2024 [17] - Gross margin for clinical services increased to 11.8% from 9.3% [19] - Gross margin for large molecule services improved despite being in a construction phase [20] Strategic Outlook - The company aims for a revenue growth target of 10-15% for the full year 2025 [33] - The company emphasizes the importance of health demand and technological innovation in driving industry growth [33]

近日，海南土福湾嘉佩乐度假酒店"保洁员调包住客近两万港币"案件一审宣判，涉事外包员工获刑一年半。 此前，有媒体报道称，海南土福湾嘉佩乐被称为"海南最贵酒店"，耗资55亿元打造，更是入选2025全球100奢华酒店榜。 尽管涉事酒店已发布致歉声明表示涉事保洁员系外包，但公众对国内高星酒店员工管理的质疑还在持续发酵。 这场荒诞的盗窃案背后，暴露的不仅是涉事保洁员的个人贪欲，更是国内酒店劳务外包用工模式的风险和漏洞。 当越来越多奢华酒店将成本砸向硬件与营销时，安全管理、员工监管等"软件"却成了短板。 住客愿意支付上万元房费，因为他们购买的不仅是私人泳池景与海景阳台，更是对奢华酒店服务安全的信任。 然而，酒店服务外包模式背后并不完善的监管链条，似乎正将这份信任击碎。 为何奢华酒店宣传中强调的"私密、安全、顶级服务"，会被一名外包保洁员轻易击穿？ 劳务外包究竟是酒店降本增效的利器，还是埋雷的隐形炸弹？ 01 顶奢服务守不住住客"钱袋子"？ 事情还要追溯到去年。 今年4月，有媒体公开报道王女士（化名）去年7月曾在海南土福湾嘉佩乐度假酒店连住6晚别墅房型花费8万8千元，入住期间其1万港币遭窃，随后报案。退 房后又前往澳门旅游 ...