2025 Annual Results Operations Analysis Disclaimer The information, statements and opinions contained in this Presentation and subsequent discussion do not constitute an offer to sell or solicitation of any offer to subscribe for or purchase any securities or other financial instruments or any advice or recommendation in respect of such securities or other financial instruments. Potential investors and shareholders of the Company (the "Potential Investors and Shareholders") are reminded that information con ...

Core Viewpoint - Halliburton (HAL.US) has shown significant financial performance and market activity, with a focus on its latest earnings report and business outlook [1]. Financial Performance - On January 21, 2026, Halliburton reported a net profit of $589 million for Q4 2025, with adjusted earnings per share of $0.69, exceeding market expectations of $0.55 [1]. - Total revenue reached $5.66 billion, with international revenue increasing by 7% to $3.5 billion quarter-over-quarter [1]. - Operating cash flow was $1.17 billion, and the company repurchased $250 million of its common stock [1]. Stock Performance - On February 4, 2026, Halliburton's trading volume reached $599 million, a 61.15% increase from the previous day, with a stock price of $34.34, reflecting a daily increase of 1.39% [1]. - Year-to-date, the stock price has risen by 21.51%, and over the past 52 weeks, it has increased by 30.37%, indicating heightened short-term market interest [1]. Market Outlook - On January 22, 2026, Halliburton forecasted that international revenue would remain flat or see slight growth, while North American revenue is expected to decline by a high single-digit percentage [1]. - Total revenue growth for 2025 was approximately 4% [1]. - Institutions such as JPMorgan (target price of $35) and RBC Capital Markets (target price of $38) have recently issued ratings, highlighting potential opportunities in the Venezuelan market and the impact of weak demand in North America [1]. Business Developments - In Q4, Halliburton signed an agreement with Volta Grid to develop distributed generation solutions for data centers, planning to deliver a 400 MW project by 2028 [2]. - The company also secured a comprehensive drilling services contract with Shell in Nigeria, strengthening its position in the energy services sector [2].

Business Outlook - The overall expectation for business conditions in Q3 2025 is less optimistic, with 10% of respondents anticipating better conditions compared to 18% expecting worse conditions, indicating a negative sentiment [1] - Compared to Q2 2025, the proportion of respondents expecting better business conditions in Q3 2025 has slightly increased from 9% to 10%, while the proportion expecting worse conditions remains stable at 18% [1] Industry Analysis - In several industries, respondents generally expect a decline in business/output volume for Q3 2025 compared to Q2 2025, particularly in construction, transportation, warehousing and express services, import and export trade, accommodation and food services, and retail [2] Employment Expectations - Overall, respondents expect employment numbers to remain relatively unchanged in Q3 2025 compared to Q2 2025. However, in the information and communications sector, more respondents anticipate a decline in employment numbers, while in the real estate sector, more expect an increase [3] Pricing Expectations - Most industries expect product prices/service charges to remain stable in Q3 2025 compared to Q2 2025. Notably, in the construction industry, a significant number of respondents expect a decrease in bidding prices [4] - A government spokesperson noted a slight improvement in the overall short-term business outlook for large enterprises compared to the previous quarter, with stable hiring intentions [4]

Core Viewpoint - Li Auto expects vehicle deliveries in Q2 2025 to range from 123,000 to 128,000 units, representing a year-over-year growth of 13.3% to 17.9% [1] - The total revenue is projected to be between RMB 32.5 billion (approximately $4.5 billion) and RMB 33.8 billion (approximately $4.7 billion), reflecting a year-over-year increase of 2.5% to 6.7% [1] Financial Outlook - The company’s business outlook indicates a current and preliminary view of its operational status and market conditions, which may change [1]