Financial Data and Key Metrics Changes - In 2024, the company reported a 10% year-over-year increase in revenue to approximately $109 million, driven by strong improvements in average selling price (ASP) [9][34] - The average selling price increased by approximately 14% in the fourth quarter [6][35] - Gross margin for the full year was reported at 36.2%, with a slight decrease in the fourth quarter to 36.3% compared to 49.8% in the prior year [34][36] - The company achieved positive adjusted EBITDA of approximately $3.3 million in Q4 2024, down from $7.2 million in Q4 2023 [36] Business Line Data and Key Metrics Changes - The foundational PAC business has transformed from a loss-making segment to one where every contract is profitable as of 2025 [8] - Selling, general, and administrative expenses (SG&A) decreased from approximately $34 million in 2023 to approximately $29 million in 2024, a reduction of about 15% year-over-year [12] - Research and development costs for Q4 decreased by 39% compared to the prior year period [37] Market Data and Key Metrics Changes - The company is experiencing strong demand in the granular activated carbon (GAC) market, with expectations for significant growth driven by regulatory changes related to PFAS [27][30] - The company is currently contracted for approximately 16 million pounds of GAC, with a strategic approach to delay full contracting to align with production ramp-up [24][66] Company Strategy and Development Direction - The company aims to maximize profitability and future opportunities by diversifying its PAC business and expanding into new markets such as water, cement, and industrial sectors [8][30] - The GAC segment is viewed as a future growth engine, with plans to ramp up production to a nameplate capacity of 25 million pounds by the second half of 2025 [22][30] - The company is focused on innovation, operational excellence, and customer engagement to drive long-term value [43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing sustainable improvements in profitability for the foundational PAC business, despite recognizing that growth may moderate over time [11][10] - The company is optimistic about the future, with a strong balance sheet and improved investor confidence following successful debt refinancing [16][44] - Management acknowledged challenges in 2024, particularly related to CapEx for GAC expansion, but remains focused on driving the project to completion [17][20] Other Important Information - The company successfully raised approximately $42 million in new net equity investment during 2024, and its overall market capitalization more than doubled [14] - The company has a fully integrated domestic supply chain, which positions it favorably against competitors who rely on imported materials subject to tariffs [83] Q&A Session Summary Question: Can you review the ramp-up process for Red River and key milestones? - Management detailed the commissioning process broken down into six functional zones, emphasizing that they have successfully produced granular activated carbon and are fine-tuning the process for efficiency [49][53] Question: How are rising natural gas prices affecting pack sales? - Management noted that higher natural gas prices could lead to a shift from natural gas to coal-fired generation, impacting volumes, but they are expanding into higher-margin adjacent markets [55][56] Question: What are the CapEx expectations for 2025? - Management expects CapEx for 2025 to be between $8 million to $12 million, excluding potential Phase II costs, with plans to use cash flow from the PAC business to fund future expansions [58][59] Question: What is the pricing differential between granular and pack markets? - Management indicated that pricing for granular activated carbon is significantly higher than pack pricing, with a differential of 20% to 40% in adjacent markets [66][70] Question: Are there any tariff implications for the U.S. activated carbon market? - Management stated that tariffs could benefit the company due to its fully domestic supply chain, while competitors relying on imports may face increased costs [83] Question: What is the expected timeline for moving forward with Line Two? - Management anticipates gaining visibility on contracting and demand in the second half of the year, which will inform decisions regarding Line Two [95]

Core Viewpoint - The Chinese coffee market is exhibiting unique characteristics, with the impact of soaring coffee bean prices being relatively muted compared to international markets [2][5]. Group 1: Coffee Bean Price Trends - The International Coffee Organization reported a 75.8% year-on-year increase in the coffee price index as of January 2025, with the average ICO composite indicator price at 310.12 cents per pound [6]. - As of February 11, 2024, Arabica coffee futures prices exceeded 430 cents per pound, marking a 118.57% increase over the past year [6]. - Brazil's coffee prices reached a historical high of 2769.45 reals per 60 kg bag, the highest since records began in 1996 [6]. Group 2: Domestic Market Response - In contrast to international markets, domestic companies like Kudi and Luckin Coffee have managed to maintain stable pricing strategies despite rising coffee bean costs [10][12]. - Kudi Coffee has achieved positive cash flow since May 2024, with significant revenue growth primarily from service fees [10]. - Luckin Coffee's CEO stated that the overall impact of coffee bean prices is manageable, and the company has no plans for price increases [10][12]. Group 3: Cost Structure and Management - The cost structure of coffee production includes raw materials, rent, and labor, with coffee bean costs being a manageable portion of the overall expenses [11]. - Kudi has implemented cost control measures by producing various materials in-house and transitioning to smaller store formats to reduce rent [11]. - Luckin Coffee has secured a memorandum for the procurement of 240,000 tons of coffee beans from Brazil, enhancing its supply chain resilience [12]. Group 4: Consumer Preferences and Market Dynamics - Chinese consumers show a preference for milk-based coffee drinks, which mitigates the impact of rising coffee bean prices since these drinks require less coffee bean content [13]. - The competitive landscape is intensifying, with new entrants like Mixue Ice City entering the coffee market, prompting existing players to increase brand and marketing investments [20][21]. - Despite the challenges posed by rising coffee bean prices, the ongoing price war among coffee brands continues, with both Kudi and Luckin maintaining their 9.9 yuan pricing strategy [18][19].

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 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。本 公 告 下 文 所 載 的 資 料 僅 供 參 考，並 不 構 成 收 購、購 買 或 認 購 本 公 司 股 份 的 邀 請 或 要 約。 （於 香 港 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1029） 截 至2024年12月31日止三個月的 第四季最新營運資料 產量及銷量較上一季有所上升 及 盈利警告 2025年2月27日（星 期 四）：鐵江現貨有限公司（「鐵江現貨」或「本公司」，連 同 其 附 屬 公 司 統 稱 「本集團」）董 事（「董 事」）會（「董事會」）欣然提呈截至2024年12月31日止三個月（「2024年第四季」） 的 第 四 季 最 新 營 運 資 料。 摘 要－2024年第四季 K ...

古茗创始人 王云安 县域奶茶之王古茗的成长之路。 文丨宋玮 管艺雯 2014 年，一位知名连锁业学者办了个培训班，为期两天，吸引了全国各地的茶饮创业者，包括王云安、张红甫、王霄 锟、彭心、王斌、单卫钧，他们分别创立了古茗、蜜雪冰城、茶百道、奈雪的茶、书亦烧仙草和沪上阿姨。 六个挤在连锁经营课堂里的无名小老板，缔造了中国茶饮史上最传奇的同学会。 十年后，这里走出了 4 家上市公司，包括 2 月 12 日在港交所挂牌的古茗和即将上市的蜜雪冰城，他们也是中国茶饮行 业的第二名和第一名。 虽然上的是同一个培训班，但古茗创始人王云安和其他创始人的经营思路，似乎是反着来。 茶饮行业动辄全国扩张，古茗固守在三四线，很长一段时间不踏入黄河以北，开到万店，也坚决不去临近的大市场—— 上海、南京；茶饮创始人较量谁的产品更创新，古茗却花大力气投入到研发和冷链物流，向乡镇门店两日一配鲜果和鲜 奶；行业偏爱有资源的大加盟商，但古茗只要那些 "迫切想改变命运的人"，其加盟商的通过率大约只有 1%。 这家公司实在太过低调偏安。古茗上市前仅有的一轮投资，投资人是听蜜雪冰城提起古茗才第一次知道它，意外发现这 公司一年能赚 4 亿元——当时赶上 ...

Financial Data and Key Metrics Changes - The company reported a net income of $1.1 million or $0.02 per diluted share for Q4 2024, a significant decrease from $129 million or $2.47 per diluted share in Q4 2023 [24] - Adjusted EBITDA for Q4 2024 was $53 million, down from $164 million in the same quarter last year, with an adjusted EBITDA margin of 18% compared to 45% in Q4 2023 [25][27] - Total revenues decreased to $297 million in Q4 2024 from $364 million in Q4 2023, primarily due to a 34% drop in average net selling prices [27] Business Line Data and Key Metrics Changes - Sales volume in Q4 2024 was 1.9 million short tons, up from 1.5 million short tons in Q4 2023, driven by better production volumes [12][14] - Production volume increased to 2.1 million short tons in Q4 2024 from 2 million short tons in the same quarter of 2023, with Mine 4 achieving record production of 2.8 million short tons for the year [14][24] - The company achieved a gross price realization of 86% for Q4 2024 and 89% for the full year, influenced by product mix and geography [10] Market Data and Key Metrics Changes - The PLV FOB Australia index ended Q4 2024 at $178 per short ton, down $7 from Q3, while the PLBCFR China index ended at $180 per short ton [10] - Global pig iron production decreased by 1.8% in 2024, with China's production falling by 2.3% [11] - Sales into Asia increased from 25% of the geographic mix in Q4 2023 to 38% in Q4 2024, while sales into Europe decreased from 56% to 36% [13] Company Strategy and Development Direction - The company is focused on the Blue Creek growth project, with total project investment reaching $717 million, funded entirely from internally generated cash flows [18][20] - The company anticipates incremental annualized production of at least 4.8 million short tons after the startup of the longwall, enhancing its cost curve positioning [21] - The company plans to maintain tight capital spending discipline while preparing for the longwall production expected to start by Q2 2026 [20][21] Management's Comments on Operating Environment and Future Outlook - Management noted that weak market conditions are expected to persist, impacting steelmaking coal prices due to excess supply and low demand [9][31] - The company remains confident in its operational performance outlook for 2025, expecting higher sales and production volumes despite market challenges [31] - Management emphasized the importance of maintaining liquidity to complete the Blue Creek project and prepare for future market improvements [20][35] Other Important Information - The company generated cash from operations of over $367 million in 2024, returning over $43 million to stockholders via dividends [7] - Free cash flow for Q4 2024 was negative $88 million, primarily due to capital expenditures related to Blue Creek [30] - The company ended 2024 with total available liquidity of $655 million [30] Q&A Session Summary Question: Contribution from Blue Creek versus Mine 4 and Mine 7 - The company projects about 1 million tons from Blue Creek and over 2 million tons from Mine 4 for the year [40] Question: Cash cost guidance reductions - The lower cash cost guidance is primarily attributed to lower met coal prices affecting transportation and royalties [41][42] Question: Sales by geography and potential shifts - Tons that would have gone to China are expected to flow into other Asian markets without significant transportation cost differentials [43] Question: Shipment timing for Blue Creek - The majority of Blue Creek's shipments are expected in the second half of the year [48] Question: Price realizations for high vol A coal - The company maintains a price realization expectation of 85% to 90% for now, with potential changes as volumes increase [49] Question: Inventory targets for year-end 2025 - The company aims to normalize inventory levels to a couple of hundred thousand tons per mine by year-end 2025 [55] Question: New labor contract negotiations - Ongoing negotiations with the United Mine Workers are still in progress, with uncertain outcomes [64] Question: Future cash balance considerations - The company plans to maintain a higher minimum cash balance as it scales up operations with Blue Creek [66]

以下文章来源于晚点Auto ，作者晚点团队 晚点Auto . 从制造到创造，从不可能到可能。《晚点LatePost》旗下汽车品牌。 朱江明说，中大型 SUV 将来应该只卖 5 万元。 文丨司雯雯 编辑丨宋玮 2024 年中国车市竞争无比残酷，零跑却意外地挤了上来。年初月销量 1 万台左右， 11 月，它的销量超 过 4 万台，新势力里只有理想和鸿蒙智行比它多。 它的增长源于一点——在大众市场做更有性价比的车。创始人朱江明归纳为以成本定价、控制好成本、做 好产品和营销，他有一个观点——中大型 SUV 将来应该只卖 5 万元。 在汽车行业，这绝对是个非共识。 生于 1967 年的朱江明创业生涯始于 31 年前，他是安防龙头大华股份的联合创始人、CTO。凭借大型软硬 件集成的经验和对再成功一次的渴望，2015 年，他跨界进入汽车行业。 朱江明几乎不发微博，也不爱教别人做产品。创业到了第十年，他们做的产品也只有车。他擅长用最平静 的表情说出最狠的话："我们的成本控制能力不比比亚迪差。" 一切都要充分集成：汽车尽量用同一种零部件， 零跑自研的高度集成电子电气架构 LEAP 3.0 通用率超过 80%，零部件尽量做集成， ...

以下文章来源于财经三分钟 ，作者杨瑞 财经三分钟 . 4 亿中产财经资讯平台，专注深度财经商业报道。由财经媒体人杨瑞团队执笔，出品《广州租售同 权》、《北京学区房多校划片》、《国家抢占人工智能制高点》等多篇千万级刷屏文章。 作者：杨瑞 来源： 财经三分钟（ID： qgq1818 ） 截至目前，华为问界M9已经连续6个月在中国50万以上豪车销量排行榜中，牢牢占据第一宝座。 这个成绩足够华为吹很久，而在一边的中国最大的新能源汽车巨头比亚迪有点"失落"。 取得胜利的华为余承东，在今年上半年称，华为更擅长打造高价值产品，在卷价格方面比不上比亚 迪。 有人表示，华为余承东这话抬高了自己，讥讽了对手。 听完余承东的发言，心里出现了一个疑问，目前比亚迪虽然在中低端新能源汽车市场占据无人能比的 地位，但它到底有没有能力再往上走，冲击豪华车市场？ ▲图 源：余承东微博截图 在豪华高端汽车市场上，比亚迪和华为注定要发生一场大战。 01 余承东批评价格战， 向比亚迪射了一支 " 毒箭 " 问界M9成功后，余承东批评价格战，他坦言自己不会参与价格战的战争。 价格战损害了车企的利益。很多车企参与价格战，虽然提高了销量，但代价是每卖一辆 ...

先上结论 ： 1 - 从2023年开始 ， 我国出海 对外投资 （ ODI ） 的规模已经超过了外资对华直接投资 （ FDI ） 。 2 - 对外直接投资的主要目的地 ： 亚洲的 新加坡 和 越南 ， 欧洲的 匈牙利 ， 以及中美洲的 墨西哥 。 废话不多说 ， 直接上数据 。 从上图中的数据 ， 我们可以清楚地看到 ， 大约从2023年第三季度开始 ， 中国对外直接投资的规模 ， 已经超过了同时期的外国对中国直接投资 。 在最新 的2024年第二季度 ， 对外投资规模达到近4000亿人民币 ， 同期收到的外国直接投资规模为2000亿人民币左右 ， 两者规模相差近一倍 。 这种倒挂现象 ， 是过去几十年没有见过的 。 数据是没有感情的 ， 它只是告诉我们真相 ， 那就是 ： 我国企业出海已经成为趋势 。 当然 ， 接下来的问题是 ： 为什么企业会选择出海 ？ 很多人给出了不同答案 ， 但究其本质 ， 资本流动的方向关键取决于预期回报 。 也就是说 ： 国内的投入资本回报率 （ ROIC ） 不如海外 。 资本家是无国 界的 ， 哪里的投资回报率高 ， 他就会选择投去哪里 。 国外的资本 ， 未必比国内资本聪明 ...

以下文章来源于晚点Auto ，作者晚点团队 晚点Auto . 从制造到创造，从不可能到可能。《晚点LatePost》旗下汽车品牌。 低毛利下，极致降本。 文丨司雯雯 编辑丨冒诗阳 宋玮 新势力创业者中，零跑汽车朱江明也许才是最 " 疯狂 " 的那个。 况且，对手规模远超零跑。2023 年，比亚迪销量 302 万辆，是零跑的 21 倍。 差距悬殊，更常见的做法是打差异化。李斌、李想、何小鹏的共同判断是，先避开大众价位，理想 强调产品、蔚来看重服务、小鹏主打技术领先，这些都是传统车企不足的地方。 一位也在 10 万元造车的汽车人士一开始就判断，规模优势下，和比亚迪拼成本，"没有任何可能 赢，你便宜它更便宜"。 新势力中，只有朱江明这么选。 他认为有得打，"我们的成本控制不比比亚迪差"。比亚迪降价，那就跟牌，"我们今年不就在跟 吗？" 再降呢？"那就看看它能不能把别人打掉"。他不回避正面竞争。 比亚迪的成本优势，主要来自高度垂直整合的供应链。2023 年，瑞银证券拆解了一辆比亚迪海豹， 发现约 75% 的零部件都是自制。 朱江明认可比亚迪整体的成本控制，但觉得建太多产能，风险也随之增加。"它为什么要降价？它现 在的 ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q1 2024 was $91.7 million, down from $100.1 million in Q1 2023, reflecting a decrease in performance [17][18] - The company reported a net loss of $306.7 million or $5.56 per share, with an adjusted net loss of $40.1 million or $0.73 per share [17] - The medical loss ratio at Elixir Insurance is expected to trend higher than initially forecasted, impacting adjusted EBITDA for fiscal 2024 [17][18] Business Line Data and Key Metrics Changes - Retail Pharmacy segment revenues increased by 3.4% year-over-year, driven by acute and maintenance prescriptions, but offset by reduced COVID-related revenue and front-end sales [18] - Same-store sales increased by 8.4%, with pharmacy sales up 13.3% and front-end sales down 4.4% [18][19] - Elixir's revenues decreased by 30% year-over-year to $1.2 billion, with adjusted EBITDA dropping to $21.7 million from $26.4 million [20] Market Data and Key Metrics Changes - The company experienced a 4.7% increase in same-store prescriptions adjusted to 30 days, or 7.4% excluding COVID impacts [19] - Front-end sales on a comp store basis were down 7.9%, attributed to reduced demand for respiratory products and supply chain challenges [12][19] Company Strategy and Development Direction - The company is focused on a turnaround strategy that includes controlling SG&A expenses, growing scripts, and reducing drug purchasing costs [7][8] - Plans to exit the individual Medicare Part D market effective January 2024 due to unfavorable changes in utilization and drug mix [15][17] - The company aims to improve front-end sales through initiatives like enhancing product assortment and pricing strategies [34][48] Management's Comments on Operating Environment and Future Outlook - Management acknowledged headwinds such as soft front-end sales and higher medical loss ratios but emphasized strong script growth and cost control initiatives [7][8] - The company expects front-end sales trends to improve in subsequent quarters, although overall sales for the year may be lower than initially planned [25] - Management remains optimistic about the potential for growth in the pharmacy business and is focused on long-term success [8][16] Other Important Information - The company ended the fiscal quarter with approximately $1.15 billion in liquidity, with a noted increase in leverage ratio [22] - The company is evaluating options for addressing 2025 debt maturities but did not provide specific updates [23] Q&A Session Summary Question: Impact of COVID vaccines and tests in the quarter - The company administered about 1.7 million COVID vaccines last year, dropping to less than 500,000 this year, and dispensed about 2.5 million antigen kits, lower than last year's Q1 [29][31] Question: Financial benefits of adherence programs - Strong script growth of 7.4% without COVID impacts is driven by adherence initiatives, with expectations for continued improvement throughout the year [33] Question: Impact of exiting the individual Part D market - The company serves about 300,000 lives in the Med D plan, which are expected to be lost as of January 1, 2024, and these lives are not profitable [35] Question: Debt securities and capital structure discussions - The company is in open dialogue with lenders and evaluating several pathways to address capital structure, focusing on long-term growth [38] Question: Shrink issues and new leadership - The company faced a $9 million increase in shrink compared to last year, and new leadership is expected to bring innovative solutions to address this ongoing issue [49][50] Question: Stabilization in generic pricing - The company is seeing stabilization in generic pricing and is maximizing flexibility in purchasing arrangements to capture savings [51]