Core Viewpoint - The event held on September 2 aimed to provide e-commerce live streaming training for hotel staff, facilitating the traditional hotel industry’s transition into the digital economy [2][5]. Group 1: Event Overview - The training took place at the multifunctional hall of the Zhongzhou Crowne Plaza Hotel, with full attendance [5]. - The hotel general manager emphasized the importance of new media in reshaping service industry engagement, highlighting the need to convey quality through visual content [5]. Group 2: Training Objectives and Content - The training focused on three main themes: short video production, live streaming skills, and legal risks [7]. - The training was designed to be understandable, practical, and replicable, catering to the needs of hotel staff who were previously unfamiliar with live streaming [7]. Group 3: Industry Impact and Future Plans - The "Community Shared Live Room" project, supported by the Zhengzhou Civil Affairs Bureau and public welfare funds, aims to assist small and medium enterprises in digital transformation [5][12]. - Since its launch, the project has trained over 3,000 individuals and helped incubate more than 30 live streaming teams for small businesses [12]. - Future plans include a "Hotel Live Room Development Plan" to provide comprehensive support from equipment to account management and traffic promotion, aiming to make new media capabilities a growth engine for traditional industries [12].

Core Viewpoint - The article discusses the negative impacts of price wars and "involution" in various industries, particularly in the automotive repair sector, emphasizing that low prices do not always equate to value for consumers and can lead to detrimental practices within the industry [2][4][5]. Group 1: Industry Challenges - The automotive repair industry is experiencing severe "involution," leading to reduced profit margins and increased use of substandard parts, which compromises customer safety and trust [4][6]. - The rise of low-cost services, such as 9.9 yuan car washes, exemplifies the detrimental effects of price competition, resulting in hidden costs and potential vehicle damage for consumers [4][5]. - The influx of market participants has created an imbalance in supply and demand, further exacerbating the competitive landscape and leading to a decline in service quality [8][9]. Group 2: Recommendations for Improvement - The "Initiative" suggests that companies should focus on value creation and innovation rather than engaging in price wars, advocating for a shift towards technology development and service quality enhancement [10][11]. - Companies are encouraged to adopt differentiated competition strategies, such as targeting specific customer segments and offering unique services, to build customer loyalty and avoid price-based competition [10][13]. - Emphasizing the importance of digital transformation, the article highlights that businesses must leverage technology to improve operational efficiency and customer experience [13][14]. Group 3: Market Dynamics - The article notes that the increasing prevalence of electric vehicles is changing the maintenance landscape, requiring specialized skills and equipment that many traditional repair shops lack [9][8]. - Economic downturns and changing consumer behaviors are leading to more rational spending on vehicle maintenance, with customers opting for longer intervals between services [9]. - The relationship between insurance companies and repair shops is also affecting the market, as binding agreements limit the opportunities for independent repair businesses [9].

Group 1 - The company, 瑞和数智, has signed a framework agreement with 铁林超光(深圳)科技有限公司 to establish a close partnership aimed at advancing the business of Real World Asset (RWA) tokenization [1] - The partner can provide high-quality underlying assets suitable for RWA issuance, leveraging its shareholder background and business scenarios, and possesses professional capabilities in asset on-chain, issuance, market promotion, and liquidity provision [1] - The company specializes in AI and big data technology, holding competitive advantages in core information technology areas such as data governance systems and intelligent analysis applications, which can support asset digitization [1] Group 2 - The initial cooperation project is a renewable energy power plant RWA project with a total installed capacity of 61.66 megawatts, located in various automotive manufacturing and parts manufacturing industrial parks [1] - The partner has confirmed an investment of approximately RMB 250 million in the project [1] - The parties plan to provide RWA issuance services for various suitable assets in Hong Kong and overseas markets, with the company primarily responsible for providing technical support and business consulting services [1] Group 3 - The board believes that this strategic cooperation will not only provide the company with high-quality assets and project resources for RWA business but also leverage its technological advantages in information technology services, artificial intelligence, and digital transformation [1] - The collaboration is expected to open new revenue sources for the company through technical support and business consulting services [1] - The board considers this strategic cooperation to be in the overall interest of the company and its shareholders [1]

Market Performance - The Hang Seng Index (HSI) closed at 25,082, up 0.7% for the day and 25.0% year-to-date (YTD) [1] - The MSCI Hong Kong index increased by 1.4% for the day and 26.9% YTD [1] - The KOSPI index showed a significant YTD increase of 34.5%, closing at 3,228 [1] Commodity Prices - Brent Crude oil price decreased by 0.9% to US$66 per barrel, down 8.3% YTD [2] - Gold prices rose by 0.8% to US$3,396 per ounce, with a YTD increase of 29.4% [2] - The Baltic Dry Index (BDI) surged by 92.7% YTD, closing at 1,921 [2] Economic Indicators - US consumer credit total was reported at US$5.1 billion, below the consensus of US$7.4 billion [3] - The US CPI for urban consumers increased by 0.3% month-over-month and 2.7% year-over-year [3] - The US PPI Final Demand YoY increased by 2.3%, slightly below the consensus of 2.5% [3] Trade and Exports - China's exports grew by 7.2% YoY in July, surpassing the 5.2% growth in June [5] - Imports into China increased by 4.1% YoY in July, indicating a rebound from previous months [7] - The strong export growth to non-US regions helped offset declines in exports to the US due to increased tariffs [6] Corporate Insights - China Mobile reported a 6% YoY increase in Q2 earnings to RMB53.6 billion, exceeding market expectations [13] - Hua Hong Semiconductor's Q2 results showed a gross profit margin of 10.9%, driven by a 6% QoQ increase in wafer shipments [16] - BeiGene's Q2 revenue reached US$1.32 billion, a 42% YoY increase, with significant contributions from its key products [24]

Financial Data and Key Metrics Changes - The company reported an adjusted net loss of $16 million in Q2 2025, an improvement from an adjusted net loss of $25 million in Q2 2024, primarily due to higher lock volume and lower expenses [11] - Adjusted total revenue for the quarter was $292 million, compared to $278 million in the previous year [11] - Total expenses decreased by $5 million or 2% from the prior quarter, driven by one-time benefits in salary and general and administrative expenses [13] Business Line Data and Key Metrics Changes - Pull through rated rate lock volume was $6.3 billion, a 17% increase from the prior quarter's volume of $5.4 billion, reflecting seasonal increases in home buying activity [11] - Loan origination volume increased by 30% to $6.7 billion from $5.2 billion in the previous quarter [12] - Servicing fee income rose from $104 million in Q2 2024 to $108 million in Q2 2025, reflecting an increase in the unpaid principal balance of the servicing portfolio [12] Market Data and Key Metrics Changes - The company expects third quarter pull through weighted lock volume to be between $5.25 billion and $7.25 billion, and origination volume between $5 billion and $7 billion [14] - The guidance reflects recent market volatility, high mortgage interest rates, and affordability challenges in the housing market [14] Company Strategy and Development Direction - The company aims to return to profitable market share growth and technology-powered efficiency, focusing on digital transformation and operational improvements [9][10] - The addition of new technology leaders is expected to enhance the company's capabilities in loan manufacturing and digital strategy [9][10] - The company plans to leverage its unique assets, including its brand, servicing portfolio, and multichannel origination strategy, to drive growth [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to grow market share and profitability, particularly in the refinancing market as interest rates potentially decrease [15] - The company remains focused on maintaining a strong balance sheet and managing costs while pursuing growth opportunities [15] Other Important Information - The company acknowledged the retirement of LDI Mortgage President Jeff Walsh, who played a significant role in the company's growth [5] - The company ended the quarter with $409 million in cash, an increase of $37 million since the first quarter [15] Q&A Session Summary Question: Steps to Drive Market Share Growth - Management emphasized the need to achieve scale and utilize technology to increase efficiency during the loan process [17][18] Question: Balancing Growth Investments with Debt Load - Management highlighted the stability of the servicing business and the potential for growth in the refinancing market, indicating a cautious approach to investments while enhancing technology tools [21][22][24]

Financial Data and Key Metrics Changes - Consolidated gross profit for Q2 2025 was $22.3 million, an increase of 11.4% compared to Q2 2024, marking the highest gross profit in the past 13 quarters [16] - Adjusted EBITDA for Q2 2025 was $8.1 million, up 12.9% from $7.2 million in Q2 2024 [16] - Adjusted EPS for Q2 2025 was $0.69, a growth of 21.1% from $0.57 in Q2 2024 [16] Business Line Data and Key Metrics Changes - In Healthcare, gross profit for Q2 2025 was $12.3 million, a 15.4% increase from $10.6 million in Q2 2024 [16] - School revenue for Q2 2025 was $37.2 million, up 21.1% from $30.7 million in Q2 2024 [17] - In Engineering, gross profit for Q2 2025 was $6.5 million, an 8.8% increase from $6.0 million in Q2 2024, marking the best engineering gross profit quarter in history [17] - In IT, Life Sciences, and Data Solutions, gross profit for Q2 2025 was $3.5 million, a 3.4% increase from $3.4 million in Q2 2024 [18] Market Data and Key Metrics Changes - The company has seen strong growth in the healthcare services group, driven by quality, innovation, and client satisfaction, with a robust pipeline for future opportunities [4][5] - The life sciences division is experiencing momentum due to investments in AI-driven equipment qualification and data integrity solutions, enhancing competitive positioning [6][7] - The Aerospace and Defense Group exceeded revenue goals by nearly $3 million in Q2 2025, with significant year-over-year increases in gross margin and EBITDA [12] Company Strategy and Development Direction - The company is focused on aligning talent in growth markets and strengthening brand equity to diversify and enhance the core client base [3] - A strategic emphasis on digital transformation and operational excellence is evident in the life sciences division, with a dedicated engineering group being established [6][7] - The engineering segment is integrating custom engineering capabilities with turnkey EPC solutions to meet increasing market demand [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in entering the new school year with strong momentum and a robust pipeline of opportunities [4][5] - The company anticipates continued low double-digit growth in adjusted EBITDA for 2025, with expectations for Q4 2025 to be the highest adjusted EBITDA quarter of the year [19] - Management highlighted the potential for significant growth in the aerospace and defense sector, driven by new contracts and existing client relationships [14] Other Important Information - The company has been included in the Russell 2000 Growth Index for the first time, marking a significant milestone [3] - There is a noted seasonality in Q3 due to summer school closures, which complicates forecasting [19] Q&A Session Summary Question: Insights on data center infrastructure and multiyear agreements - Management indicated that marquee projects are enhancing brand equity and attracting attention, leading to increased business opportunities [24][25] Question: Expansion in healthcare contracts - The majority of new contracts are in the K-12 sector, with management expressing excitement about the upcoming school year [29][30] Question: Engineering gross margins and new contracts - Management noted that while new contracts may start at lower margins, the focus remains on maintaining competitive pricing and quality [50][53] Question: Cash collections and receivables - Management explained that receivables were impacted by two schools running out of funds, but they expect to collect the majority soon [56][57] Question: Immigration and nurse supply - Management is confident in growth regardless of immigration policies, but noted that increased nurse supply could enhance future performance [61][62] Question: Dividend considerations - Management acknowledged the potential for a dividend given the company's strong position and reduced share count, but emphasized ongoing evaluations [71][72]

2025 Interim Results 7 August 2025 1 Disclaimer This document does not constitute an offer or invitation to purchase or subscribe for any securities or relevant derivatives of China Mobile Limited (the "Company") or the rendering of any investment advice, and no part thereof shall be relied upon or taken as the basis of any contract, commitment or investment decision relating to such securities or relevant derivatives, and this document does not constitute a recommendation in respect of the securities or re ...

Financial Data and Key Metrics Changes - Reported sales increased by 5% year over year, with organic sales up over 4% [9][24] - Adjusted EPS was $2.82, exceeding expectations due to higher volume and strong execution on cost reduction [14][24] - Free cash flow reached $489 million, which is $251 million higher than the previous year, with a conversion rate of 153% [25][24] Business Segment Data and Key Metrics Changes - Intelligent Devices organic sales rose by 1%, with double-digit growth in products offsetting declines in longer cycle configured to order business [10] - Software and Control organic sales grew by 22% year over year, driven by strong hardware sales [11] - Lifecycle Services organic sales declined by 6% year over year, aligning with expectations due to difficult comparisons [13] Market Data and Key Metrics Changes - Discrete sales grew by 10% year over year, driven by automotive and e-commerce sectors [14] - Hybrid industries sales increased by high single digits, with strong growth in Food and Beverage and Life Sciences [16][17] - Process Industries sales were down low single digits, affected by weak global demand and volatile commodity prices [18] Company Strategy and Development Direction - The company plans to invest over $2 billion in plants, digital infrastructure, and talent over the next five years to enhance competitiveness and expand margins [7][39] - Focus on operationalizing cost reduction and margin expansion initiatives as part of the core business strategy [38] - Emphasis on automation and digital transformation to drive efficiency and improve customer experiences [7][39] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about returning to year-over-year growth and improving outlook in key verticals [45] - The company anticipates continued challenges from trade policy uncertainties and geopolitical risks [21][22] - Expectations for modest sales growth in the second half of the fiscal year, with annual recurring revenue projected to grow in the high single digits [23][22] Other Important Information - The company achieved its full-year productivity goal of $250 million a quarter earlier than anticipated [6] - The adjusted effective tax rate for Q3 was 15.2%, up from 13.3% in the prior year [24] - Share buybacks in Q3 totaled approximately 500,000 shares at a cost of $123 million, with $1 billion remaining under the repurchase authorization [33] Q&A Session Summary Question: Discussion on CapEx investments - Management clarified that the $2 billion investment is a strategic move to expand margins and enhance operational capacity, not merely a catch-up on past investments [51][54] Question: Outlook on growth and operating leverage - Management remains optimistic about year-over-year growth and expects to mitigate tax headwinds while continuing to focus on margin expansion [61][62] Question: Clarification on pull forward of sales - Management indicated that the pull forward primarily affected product orders, while project delays were more pronounced in configured order businesses [90][89]

央视网消息：2024年中国"三新"经济增加值占GDP的比重突破18%，助力经济发展，催生新就业岗位，展现出了强大的活力。 中国香港 文汇网：中国"三新"经济迅猛发展 "三新"经济是以新产业、新业态、新商业模式为核心内容的经济活动的集合。经核算，2024年中国"三新"经济增加值为242908亿元，比上 年增长6.7%，占GDP的比重为18.01%，占比逐年提高。"三新"经济催生了大量新就业岗位。中国日前发布第七批新职业与新工种，包括17个 新职业、42个新工种信息，其中人工智能、无人机及新消费领域的就业带动效应显著。 中国香港 中评网：工业经济运行"向稳向新向优" 面对更加严峻复杂的外部环境，中国的新型工业化加快推进，呈现出"向稳、向新、向优"的特点。产业创新平台建设持续推进，截至今年 6月底，中国已建成33家国家级制造业创新中心，241家中试平台纳入重点培育库。人工智能赋能作用持续加强，中国培育并开源人工智能大模 型，加快在电子、原材料、消费品等行业应用，形成了一批新模式新业态。接下来中国还将扎实推动科技创新和产业创新融合发展，加快实 施"人工智能+"行动，推动人形机器人、元宇宙、脑机接口等未来产业创新发展。 ...

Financial Data and Key Metrics Changes - Group revenue increased by 1.8%, adjusted gross profit rose by 3%, and adjusted profit from operations grew by 1.9% [8][24] - Adjusted diluted EPS increased by 1.7% [21] - The company anticipates full-year revenue at the top end of the 1% to 2% guidance [8][24] Business Line Data and Key Metrics Changes - Smokeless products now account for 18.2% of group revenue, up 70 basis points year-over-year, with 1.4 million new smokeless consumers added [3] - New categories revenue increased by 2.4%, driven by modern oral growth of over 40% and heated products growth of more than 3% [9] - Combustibles revenue increased by 0.8%, with volume decline offset by strong pricing [11] Market Data and Key Metrics Changes - In the U.S., combustibles revenue grew by 3.8%, marking a return to revenue and profit growth for the first time since 2022 [13] - The AME region saw revenue rise by 3.5%, with combustibles up nearly 3% [15] - APMEA region experienced a total revenue decline of 4.8%, with combustibles down 7.9% [17] Company Strategy and Development Direction - The company is focused on quality growth and balancing top and bottom line delivery, with a strong emphasis on cash generation [4][6] - A multi-category strategy is being pursued to capitalize on consumer trends towards new categories [26] - The introduction of the "Fit to Win" program aims to simplify operations and enhance agility, targeting £500 million in annualized savings by 2028 [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the pathway ahead, highlighting the transformation of the nicotine industry and the company's readiness to benefit from these changes [26] - The company remains optimistic about regulatory developments in the U.S. that could improve the market for smokeless products [40] - Future growth is expected to be driven by continued strength in the U.S. and the rollout of new products [24][45] Other Important Information - The company has increased its 2025 share buyback program by £200 million to £1.1 billion [3][23] - The company has delivered nearly £900 million in productivity savings since 2023 and aims to exceed £1.2 billion by year-end [18] Q&A Session Summary Question: Can you discuss the early performance of the GloHilo launch in Japan? - Feedback from consumers has been positive, with competitive offers tailored for the Japanese market [53][54] Question: What is the momentum for VeloPlus in the U.S.? - VeloPlus is maintaining strong momentum with a high retention rate of 70% and increasing market share [56] Question: Can you clarify the Fit to Win program's costs? - There will be some costs in 2025, but these are included in the guidance, with £500 million in annualized savings targeted by 2028 [60] Question: What is the performance of the vape business in the AME region? - The vape business has faced challenges in Canada due to regulations, but there is potential for growth as the market transitions to closed systems [68] Question: How is the company addressing the illegal vapor market in the U.S.? - The company is seeing a 40% reduction in illicit vapor shipments, and there is optimism about regulatory enforcement improving the market [72][74]