全年展望方面，Chewy 将销售指引上调至125.8亿至126.7亿美元(此前为125.0亿至126.0亿美元)。虽然新 中值(126.2亿美元)略高于市场预期，因部分机构对全年营收预期高达126.7亿美元，使得市场反应偏负 面。 本文源自：智通财经网 现金流方面，公司运营活动产生的净现金增长13.3%至2.079亿美元，推动自由现金流同比提升15.8%至 1.758亿美元。 不过，尽管季度表现亮眼，公司发布的未来指引令投资者感到失望。Chewy管理层预计，第四季度每股 盈利将在0.24~0.27美元区间，营收预计为32.4亿至32.6亿美元，均低于市场预估的0.29美元EPS和32.6亿 美元营收。 智通财经获悉，在线宠物用品零售商Chewy(CHWY.US)股价走高，截至发稿，该股涨4%，报36.2美 元。该股盘前一度下挫逾7%。该公司公布了优于预期的第三季度业绩，但其对第四季度及全年展望不 及预期。 第三季度，Chewy营收同比增长8.3%至31.2亿美元，推动利润同比大增60%，每股盈利(EPS)达到0.32美 元，显著高于市场预期。公司指出，业绩向好主要得益于自动订购(Autoship)订单的增长、 ...

Core Insights - Amgen reported strong Q3 2025 earnings, with adjusted earnings of $5.64 per share, surpassing the Zacks Consensus Estimate of $5.00, and total revenues of $9.6 billion, exceeding the estimate of $8.9 billion, reflecting a 12% year-over-year increase [2][3] Financial Performance - Total product revenues increased by 12% year-over-year to $9.17 billion, driven by a 14% rise in volume, although partially offset by a 4% decline in pricing [3] - Other revenues rose by 19.3% year-over-year to $420 million, primarily due to higher royalty income [3] - Adjusted operating margin decreased by 2.5 percentage points to 47.1%, with operating expenses increasing by 18% to $5.25 billion [22] Key Product Performance - Prolia revenues reached $1.14 billion, up 9% year-over-year, significantly exceeding the Zacks Consensus Estimate of $911 million [6] - Evenity sales grew by 36% year-over-year to $541 million, surpassing the Zacks Consensus Estimate of $519 million [7] - Repatha generated revenues of $794 million, a 40% increase year-over-year, beating the Zacks Consensus Estimate of $720 million [7] - Biosimilar portfolio sales surged by 52% year-over-year to $775 million [5] Guidance and Outlook - Amgen raised its 2025 revenue and earnings outlook, expecting total revenues between $35.8 billion and $36.6 billion, and adjusted earnings per share in the range of $20.60 to $21.40 [24] - Adjusted operating margin is anticipated to be around 45%, with R&D expenses expected to grow at a mid-20s percentage rate year-over-year [25] Pipeline Developments - Enrollment has been completed in two phase III studies for MariTide, with approximately 5,000 adults enrolled [27] - Ongoing enrollment in two other phase III studies for atherosclerotic cardiovascular disease and heart failure [28]

Core Viewpoint - UBS has downgraded Uni-President China (00220) earnings per share estimates for 2025 to 2027 by 1% to 3% and reduced the target price from HKD 11.5 to HKD 10.5 while maintaining a "Buy" rating [1] Financial Performance - Uni-President's net profit for the first three quarters increased by 23% year-on-year, with the third quarter net profit rising by 8% to RMB 726 million, aligning with UBS and market expectations [1] Management Outlook - The management has maintained its revenue growth target for the year at 6% to 8% and expects continued profit improvement from the fourth quarter into the next year [1] Strategic Response - In response to intensified competition in the beverage sector, the company plans to maintain stable pricing and focus on expanding well-performing sales points [1] Market Challenges - UBS notes that while the performance and outlook from management are as expected, the recent downturn in the beverage business presents greater pressure and uncertainty for the company [1]

瑞银发表研究报告指，统一企业中国首三季净利润按年增23%，意味着第三季净利润按年升8%至7.26亿 元，符合该行及市场预期。统一管理层继续维持今年收入增长目标6至8%，又预计今年第四季至明年的 利润将持续改善。为应对加剧的饮料业务竞争，公司策略是维持稳定定价，并专注于扩展表现良好的销 售点。 该行认为，统一的业绩和管理层的展望均属意料之中，但近期饮料业务的低迷趋势为公司带来更大压力 及不明朗因素，因此将其2025至27年的每股盈测下调1至3%，并将目标价11.5港元下调至10.5港元，维 持"买入"评级。 ...

Core Insights - Vail Resorts reported a wider-than-expected net loss for Q4 fiscal 2025, with revenues missing estimates despite a year-over-year increase [2][3] - The company experienced a decline in skier visits, yet managed to maintain a stable EBITDA margin for the full year [5][9] - There has been a downward trend in estimates for the company's performance, leading to a Zacks Rank of 5 (Strong Sell) [12][13] Financial Performance - Q4 fiscal 2025 revenues were $271.3 million, up 2.2% from $265.3 million year-over-year, but below the Zacks Consensus Estimate of $272 million [2] - The net loss attributable to shareholders was $185.5 million, or $5.08 per share, compared to a loss of $176.6 million, or $4.70 per share, in the previous year [3] - Full-year fiscal 2025 revenues reached $2.96 billion, a 2.7% increase year-over-year, with net income rising to $280 million ($7.53 per share) from $231.1 million ($6.09 per share) in fiscal 2024 [3] Margins and Profitability - Resort Reported EBITDA for Q4 was a loss of $123.6 million, compared to a loss of $114.6 million in the prior-year period, influenced by higher costs related to CEO transition and resource efficiency [4] - The full-year Resort Reported EBITDA margin was 28.5%, showing modest expansion despite a 3% decline in skier visits [5] Segment Performance - The Mountain segment net revenues increased by 2.9% year-over-year to $180.9 million in Q4, driven by dining and ski school [6] - Lodging segment net revenues were $90.3 million, up 0.9%, with Lodging Reported EBITDA growing 48% to $4.1 million [6] Balance Sheet and Capital Management - As of July 31, 2025, Vail Resorts had $440 million in cash and total liquidity of approximately $1.4 billion, with net debt at $2.75 billion [7] - The company repurchased 1.29 million shares for $200 million in Q4, totaling $270 million for the full year, representing 4.5% of outstanding shares [8] Guidance and Outlook - For fiscal 2026, Vail Resorts anticipates net income between $201 million and $276 million, with Resort Reported EBITDA projected at $842 million to $898 million, indicating a margin of roughly 28.8% [9] - The guidance reflects expected efficiency savings and normalized weather conditions, but is tempered by lower pass unit sales and cost inflation [9]

Core Insights - The company reported flat like-for-like sales growth of EUR 5.66 billion for the first nine months of 2025, with an ORfA of EUR 267 million [3] - In the third quarter, sales amounted to EUR 1.9 billion, reflecting a decrease of 1.2% like-for-like, and an ORfA performance of EUR 148 million, down EUR 52 million compared to 2024 [3] Sales Outlook - The company revised its 2025 sales outlook from an expected organic sales growth of 2.2% to 4% to a forecast of stable to slightly positive sales growth [4]

Financial Data and Key Metrics Changes - Sales for Q3 2025 totaled $468 million, reflecting an 8% growth on a reported basis and 7% growth organically [18] - Adjusted operating income increased by 14% year-over-year, with adjusted earnings per share (EPS) growing by 25% to $1.79 [13][20] - For the full year 2025, the company expects reported sales to be in the range of $1.84 billion to $1.85 billion, reflecting growth of 7% to 8% [25] Business Line Data and Key Metrics Changes - Cardio and Vascular sales increased by 15% in Q3 2025, driven by new product ramps in electrophysiology and strong demand in neurovascular [21] - Cardiac Rhythm Management and Neuromodulation sales grew by 2% year-over-year in Q3 2025, with expectations for low single-digit growth for the full year [22] - Adjusted net income for Q3 2025 was $63 million, up 27% year-over-year, driven by operational improvements and lower interest expenses [23][24] Market Data and Key Metrics Changes - The company anticipates a 3% to 4% headwind to total company sales in 2026 due to slower market adoption of three new products [15][32] - The expected organic sales growth for 2026 is flat to up 4%, with reported sales expected to decline by 2% to increase by 2% [16][31] Company Strategy and Development Direction - The company remains confident in its long-term growth strategy, focusing on early design wins in high-growth markets [17][35] - A strong product development pipeline is expected to drive above-market organic sales growth in 2027 [34] - The company plans to continue its tuck-in acquisition strategy while maintaining a leverage ratio within the targeted range of 2.5 to 3.5 times [36] Management Comments on Operating Environment and Future Outlook - Management acknowledged recent customer forecast changes impacting the financial outlook but expressed confidence in the long-term strategy [6][8] - The company expects a recovery to market growth in the second half of 2026 as new product headwinds moderate [16][17] - Management emphasized that the recent forecast changes are unusual and not expected to recur [108] Other Important Information - The adjusted effective tax rate for 2025 is expected to be between 17% and 18%, an improvement from previous guidance [24] - The company generated $66 million in cash flow from operations in Q3 2025, with free cash flow remaining flat at $46 million [24] Q&A Session Summary Question: Can you elaborate on the organic growth expectations for the rest of the portfolio? - Management indicated that without new product introductions, the rest of the portfolio is expected to grow at market rates, which is typically 6% to 8% [40] Question: What are the expected headwinds for Cardio and Vascular products? - The headwinds are related to two electrophysiology products with slower-than-anticipated market adoption, impacting growth forecasts [45][46] Question: How confident is the company in returning to market growth in the second half of 2026? - Management expressed confidence due to steady backlog and customer forecasts, despite recent changes [47][49] Question: Were the changes in forecasts known prior to Q3? - Management confirmed that the changes were not known until Q3, which is unusual for multiple products to experience significant forecast changes simultaneously [53][108] Question: Is the decline in neuromodulation sales similar to that in electrophysiology? - Yes, the decline is attributed to slower market adoption among select customers, similar to the dynamics seen in electrophysiology [61][66] Question: How does the company plan to manage profitability in 2026? - The company plans to focus on cost management and operational efficiencies to maintain profitability despite expected sales challenges [98]

智通财经APP获悉，周三，德州仪器(TXN.US)跌6%，报170.08美元。消息面上，德州仪器预计，第四 季度收入将达到42.2亿-45.8亿美元，分析师此前的平均预期为45亿美元，每股收益为1.13至1.39美元， 也逊于市场预期。这一业绩展望表明，在应对日益加剧的贸易紧张局势和不稳定的经济之际，客户正在 放缓订单。 摩根士丹利维持对德州仪器"减持"评级，将目标价从192美元下调至175美元。 由Joseph Moore领衔的分 析师表示："德州仪器在9月份业绩有所增长，我们原本预计12月份会面临一些利润率压力，但营收指引 不佳这一情况出乎我们的意料。" （原标题：美股异动 | 德州仪器(TXN.US)跌6% Q4业绩逊预期遭大行下调目标价） ...

Core Insights - Levi Strauss & Co. raised its full-year revenue and profit forecast after a stronger-than-expected quarterly performance driven by robust denim demand and growth in direct-to-consumer sales [1] - Despite the positive outlook, shares fell over 11% following Morgan Stanley's analysis indicating disappointing profitability flow-through from the upgraded guidance [1] Financial Performance - For Q3, Levi reported earnings of $0.34 per share, exceeding Wall Street's consensus estimate of $0.30 [1] - Revenue increased to $1.54 billion from $1.50 billion year-over-year, surpassing analyst expectations of $1.50 billion [1] Future Guidance - The company now forecasts fiscal 2025 adjusted earnings of $1.27 to $1.32 per share, up from the previous range of $1.25 to $1.30 [2] - Levi raised its reported net revenue growth outlook to around 3%, an increase from the prior estimate of 1% to 2% [2] - Projected organic growth is now roughly 6%, compared to the earlier estimate of 4.5% to 5.5% [2] Margin Expectations - Gross margin is expected to expand by 100 basis points this year, an increase from the prior forecast of 80 basis points [2] - Adjusted EBIT margin is anticipated to remain between 11.4% and 11.6% [2]

Financial Outlook - The company projects a revenue of 1.8 billion CNY for 2025, with a net profit of 100 million CNY and a net profit of 90 million CNY after excluding non-recurring gains and losses [2][3] - The financial targets are internal management indicators and do not constitute a formal profit forecast or commitment to investors [2] Strategic Focus - The management will focus on several key areas to achieve the financial targets, including: - Market-oriented innovation and breakthroughs [3] - Active market expansion to consolidate market share [3] - Implementation of lean management to enhance quality and efficiency [3] - Promotion of expansion projects to increase production capacity [3] - Strengthening cost control to improve overall efficiency [3] - Optimizing internal management for standardized operations [3] Market Engagement - The company is currently focused on the development of liquid product packaging equipment and has no immediate plans to enter other machinery sectors [3] - As of September 15-19, 2025, the company participated in the drinktec 2025 exhibition in Munich, Germany, engaging in technical exchanges and business discussions with global enterprises [3] - The number of shareholders is to be disclosed in the company's regular reports [3]