Financial Data and Key Metrics Changes - The company reported record high sales of $422 million for Q1 2026, a 2.1% increase from $413.2 million in the same quarter last year [12][13] - Adjusted EBITDA for the quarter was $106.4 million, representing a margin of 25.2%, up from $94.1 million or 22.8% in the prior year [17][18] - Net income for Q1 was $170.9 million compared to $39.6 million in the prior year, with adjusted net income of $53.8 million or adjusted diluted EPS of $1.78, up from $44 million or $1.46 [17][19] Business Line Data and Key Metrics Changes - The Metal Coatings segment saw a 6% increase in sales due to higher steel volume processed, while Precoat Metals experienced a slight decline of 0.8% in sales due to inventory challenges [12][13][14] - Adjusted EBITDA margins for Metal Coatings were 32.9%, while Precoat Metals had margins of 20.7% [6][12] - The company incurred a $3.8 million restructuring charge related to the closure of a powder coating facility and divestiture of a plating facility [14] Market Data and Key Metrics Changes - Demand from infrastructure-related projects benefited the company across multiple end markets, particularly in construction and electrical sectors [20] - The aluminum transition in food and beverage packaging remains a key growth driver, with the new Greenfield plant ramping production [20] - Prepainted imports fell 38% year-over-year in May, indicating a positive impact from tariffs on domestic sourcing [38] Company Strategy and Development Direction - The company is focused on disciplined execution of its strategic plan, including market share expansion and converting customers from post-paint to prepay [23] - Recent acquisitions, such as Canton Galvanizing, are aimed at scaling the galvanizing business and enhancing customer relationships [9][10] - The company plans to pursue regular and opportunistic share repurchases and has increased its quarterly cash dividend by 17.6% [19][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's financial position and growth trajectory, despite ongoing tariff uncertainties [56] - The company anticipates continued demand growth driven by infrastructure spending and reshoring initiatives [20][21] - Future sales and EBITDA guidance remains unchanged, with adjusted diluted EPS expected to increase by 10-20% over the previous fiscal year [24][23] Other Important Information - The company generated cash flow from operations of $314.8 million, including $273.2 million from the Avail divestiture [18] - The net leverage ratio improved to 1.7 times, down from 2.8 times in the prior year [19] - The company is committed to maintaining a disciplined capital allocation strategy focused on debt reduction and strategic acquisitions [19] Q&A Session Summary Question: Did Q1 benefit from normalization in volumes? - Yes, about half of the recovery was from Q4 and the other half was organic growth [27] Question: What drove improved zinc utilization for Metal Coatings? - The team has been focusing on digital tools, training, and operational excellence, nearing theoretical zinc efficiency levels [28][29] Question: How are customer inventory levels impacting Precoat? - Customers are pulling down inventory, indicating true demand, despite overall market declines [36] Question: What is the outlook for Precoat given tariff impacts? - Precoat has been affected by tariffs, but margins are up, demonstrating adaptability in cost structure [72] Question: Will share repurchases increase in future quarters? - Yes, the company is committed to share buybacks and has a $100 million facility approved for this purpose [46] Question: What is the outlook for solar projects? - There is an expectation of a pull forward in solar projects due to recent legislative changes [81]

一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 中交地产股份有限公司 www.lhratings.com 联合〔2025〕4326 号 联合资信评估股份有限公司通过对中交地产股份有限公司主体 及其相关债券的信用状况进行跟踪分析和评估，确定维持中交地产 股份有限公司主体长期信用等级为 AA+，维持"21 中交债"信用等 级为 AAA，评级展望为稳定。 特此公告 联合资信评估股份有限公司 $$\begin{array}{r}{{\exists\mathbb{H}}\&\oplus\mathbb{H}:}\\ {{\underline{{{-\odot{\underline{{{-\pi}}}}}}}\exists\mathbb{H}}\&\exists\mathbb ...

华泰联合证券有限责任公司 关于闻泰科技股份有限公司 重大资产出售 之 独立财务顾问报告 独立财务顾问 签署日期：二〇二五年五月 闻泰科技股份有限公司 独立财务顾问报告 独立财务顾问声明和承诺 华泰联合证券有限责任公司（以下简称"华泰联合"、"本独立财务顾问"） 接受闻泰科技股份有限公司（以下简称"闻泰科技"、"上市公司"或"公司"） 委托，担任本次重大资产出售（以下简称"本次交易"）的独立财务顾问，就该 事项向上市公司全体股东提供独立意见，并制作本独立财务顾问报告。 本独立财务顾问核查意见是依据《中华人民共和国公司法》、 《中华人民共和 国证券法》、 《上市公司重大资产重组管理办法》、 《上市公司并购重组财务顾问业 《公开发行证券的公司信息披露内容与格式准则第 26 号——上市公 务管理办法》 司重大资产重组》《上市公司监管指引第 9 号——上市公司筹划和实施重大资产 重组的监管要求》和《上海证券交易所上市公司重大资产重组审核规则》等法律 法规及文件的规定和要求，以及证券行业公认的业务标准、道德规范，经过审慎 调查，本着诚实信用和勤勉尽责的态度，就本次交易认真履行尽职调查义务，对 上市公司相关的申报和披露文件 ...

股票代码：600745 股票简称：闻泰科技 上市地：上海证券交易所 闻泰科技股份有限公司 重大资产出售报告书（草案） 摘要 交易对方 注册地址 广东省深圳市宝安区沙井街道蚝一西部三洋新 立讯精密 工业区 A 栋 2 层 一、上市公司声明 本公司及本公司全体董事、监事及高级管理人员保证上市公司及时、公平地 披露信息，保证重组报告书及其摘要内容的真实、准确、完整，不存在虚假记载、 误导性陈述或者重大遗漏，保证重组报告书所引用的相关数据的真实性和合理性， 并对所提供信息的真实性、准确性、完整性负相应的法律责任。 如本次交易所披露或提供的信息涉嫌虚假记载、误导性陈述或者重大遗漏， 被司法机关立案侦查或者被中国证监会立案调查的，在形成调查结论以前，不转 让在该上市公司拥有权益的股份，并于收到立案稽查通知的两个交易日内将暂停 转让的书面申请和股票账户提交上市公司董事会，由董事会代其向证券交易所和 证券登记结算机构申请锁定；未在两个交易日内提交锁定申请的，授权董事会核 实后直接向证券交易所和证券登记结算机构报送本人或本单位的身份信息和账 户信息并申请锁定；董事会未向证券交易所和证券登记结算机构报送本人或本单 位的身份信息和 ...

证券代码：300190 证券简称：维尔利 债券代码：123049 债券简称：维尔转债 维尔利环保科技集团股份有限公司 投资者关系活动记录表 编号：2025 -001 答:尊敬的投资者您好,2024年公司完成西安餐厨项 目和浏阳填埋场项目的处置交接工作。截止2024年末， 另有部分项目处置工作取得了一定进展。敬请关注后续 公告，感谢您对公司的关注。 4.请问公司高管，对公司未来发展还有没有信心！ 我是老股民了，一直持有你们的股票，希望公司能给我 们一点信心啊 | 投资者关系活动类别 | ☐特定对象调研 ☐分析师会议 | | --- | --- | | | ☐媒体采访 业绩说明会 | | | ☐新闻发布会 ☐路演活动 | | | ☐现场参观 | | | ☐其他（请文字说明其他活动内容） | | 参与单位名称及人员 | 线上参与公司2024年度网上业绩说明会的投资者 | | 姓名 | | | 时间 | 2025年05月08日 15:00-17:00 | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 | | 上市公司接待人员姓名 | 董事长 李月中 | | | 副董事长 宗韬 ...