Core Insights - Ferrari N.V. has published its 2025 Annual Report and filed its annual report on Form 20-F with the United States Securities and Exchange Commission, which includes financial statements for the fiscal year ended December 31, 2025 [1] - The 2025 Sustainability Statement, prepared voluntarily in accordance with the European Sustainability Reporting Standard (ESRS), is included in the 2025 Annual Report [1] Financial Information - The 2025 Annual Report and the annual report on Form 20-F are accessible under the Investors section on Ferrari's corporate website, where they can be viewed and downloaded [2] - Shareholders can request a hard copy of the audited financial statements free of charge [2] Availability - The 2025 Annual Report, which includes information regarding The Netherlands as the Home Member State, is available on Ferrari's corporate website and the SEC's EDGAR database [3]

Financial Data and Key Metrics Changes - The company achieved net sales of $656 million and Adjusted EBITDA of $69 million in the first quarter, both exceeding the outlook range [4][8] - Adjusted EPS was $0.83, above the top end of the outlook range, compared to $1.63 in the prior year [8] - Organic volume increased by 2% year-over-year, driven by strong performance in the electrical segment [4][8] - The tax rate in the first quarter was 3%, a decrease from 21% in the prior year, reflecting a one-time discrete benefit [8] Business Line Data and Key Metrics Changes - Net sales in the electrical segment increased year-over-year, driven by higher volume growth, but adjusted EBITDA margins compressed due to higher material costs and lower average selling prices [10] - The S&I segment saw lower net sales compared to the previous year, primarily due to lower volume, but adjusted EBITDA and margins increased due to productivity gains [10] - The mechanical tube business, including solar-related products, is expected to grow throughout the year due to large utility-scale solar projects [9] Market Data and Key Metrics Changes - The company expects mid-single-digit volume growth for the full year, supported by core construction growth and contributions from solar and global construction services [11][12] - The Dodge Momentum Index forecasts continued growth in core non-residential end markets, indicating favorable conditions for the company [12][16] - The Associated Builders and Contractors estimate a need for approximately 350,000 additional workers in construction services by 2026, growing to 450,000 in 2027 [16] Company Strategy and Development Direction - The company is focused on its core electrical infrastructure portfolio, supported by broader mega trends, and is advancing its strategic alternative process to maximize shareholder value [4][6] - The divestiture of the TekTube mechanical tube product line aligns with the company's 80/20 Initiative, which aims to direct manufacturing capacity to electrical end markets [5][6] - The company plans to exit three manufacturing facilities in the second fiscal quarter to streamline operations and enhance focus on electrical infrastructure products [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the FY 2026 outlook, expecting net sales between $2.95 billion and $3.05 billion, with adjusted EBITDA between $340 million and $360 million [6][12] - The company is optimistic about market demand for the remainder of the year and is focused on continuous improvement initiatives to drive sales and profitability [6][12] - Management noted that while the first quarter was strong, they prefer to maintain current guidance and assess performance over the next quarter before making further adjustments [26][30] Other Important Information - The company recognized approximately $18 million in cash proceeds from the TekTube divestiture during the quarter, with an additional $7 million expected in the second quarter from real estate sales [11] - The balance sheet remains strong, with no debt maturity repayments required until 2030 [11] Q&A Session Summary Question: Can you provide more color on core markets and construction services? - Management noted good growth in PVC and steel conduit markets, with strong backlogs and commitments for data center projects, indicating bullish sentiment for the fiscal year [22][25] Question: Why was there no increase in EBITDA and EPS guidance despite a strong Q1? - Management indicated it is early in the year and they prefer to maintain current guidance while assessing performance in the upcoming quarters [26][30] Question: What is the update on competitive dynamics and pricing? - Management acknowledged ongoing import competition in PVC conduit, while steel conduit pricing has improved due to strong demand and reduced imports [31][32] Question: Can you elaborate on the strategic review and cost-saving efforts? - Management confirmed ongoing strategic alternatives and highlighted expectations for productivity gains from facility closures, estimating $10-$12 million in savings [38][39] Question: How is cash flow expected to evolve throughout fiscal 2026? - Management anticipates cash flow from operations to improve in the second quarter and ramp up in the third and fourth quarters, following a strong Q4 FY 2025 [50][51] Question: What is the status of solar activity and capacity shifts? - Management reported a good backlog for solar projects and noted that the Hobart facility is performing well, contributing to productivity gains [81][85]

Core Viewpoint - The mandatory disclosure of sustainable development reports for listed companies in China is approaching, with significant changes in regulatory requirements and practices expected by 2026 [1][2]. Group 1: Regulatory Changes - The revised "Management Measures for Information Disclosure of Listed Companies" came into effect on July 1, 2023, mandating the publication of sustainable development reports by listed companies [2]. - The Shanghai and Shenzhen Stock Exchanges will implement the "Guidelines for Sustainable Development Reports of Listed Companies" in 2024, requiring companies to disclose their 2025 reports by 2026 [2]. Group 2: Current Practices and Trends - Companies are enhancing their sustainable development report practices by focusing on core performance indicators and aligning with international standards [1][3]. - There is a trend towards separating sustainable development reports from social responsibility reports to improve clarity and focus [3][4]. Group 3: Challenges in Data Disclosure - The disclosure of quantitative data remains a significant challenge, particularly in areas related to climate and supply chain management [5][6]. - As of September 2023, only 37.80% of listed companies disclosed quantitative performance related to greenhouse gas emissions, indicating a gap in data transparency [5]. Group 4: Importance of Quantitative Data - Quantitative data is crucial for linking ESG performance to financial outcomes, influencing investment decisions and company valuations [5][6]. - Companies are encouraged to develop comprehensive indicator systems for effective data collection and management, which is currently hindered by fragmented processes across departments [6][7]. Group 5: Recommendations for Improvement - Suggestions include enhancing policy guidance, promoting industry leaders to set examples, and developing third-party platforms for technical support [9]. - Establishing a standardized framework for information disclosure that aligns with international rules is essential to reduce compliance costs for companies [9].

Core Viewpoint - The mandatory disclosure of sustainable development reports for listed companies in China is approaching, with many companies already preparing their 2025 reports, marking a significant shift from passive compliance to proactive enhancement of ESG information disclosure [1][2]. Group 1: Regulatory Changes - The revised "Management Measures for Information Disclosure of Listed Companies" came into effect on July 1, 2023, mandating companies to publish sustainable development reports as per exchange regulations, elevating ESG disclosure from voluntary to regulatory compliance [2]. - The Shanghai, Shenzhen, and Beijing Stock Exchanges will implement the "Guidelines for Sustainable Development Reports of Listed Companies" in 2024, requiring companies to disclose their 2025 reports by 2026 [2]. Group 2: Reporting Practices - Companies are focusing on core performance indicators to enhance readability and are separating sustainable development reports from social responsibility reports to strengthen thematic clarity [1][3]. - The emphasis on supply chain management and sustainability is increasing, with companies aiming to meet both domestic and international disclosure requirements [3]. Group 3: Challenges in Disclosure - The transition to quantitative data disclosure is challenging, with companies facing difficulties in data collection, talent shortages, and insufficient tools [1][4]. - A significant gap exists in the quantitative disclosure of climate-related data, with only 37.80% of companies actively reporting their greenhouse gas emissions performance [5][6]. Group 4: Industry Insights - The demand for ESG quantitative data is rising, with 102 fund companies issuing 1003 ESG public fund products by September 2023, reflecting an 11.94% increase from the previous year [6]. - Companies are encouraged to develop a comprehensive indicator system for quantitative data, which includes target setting, progress monitoring, and data collection [6][7]. Group 5: Recommendations for Improvement - Suggestions for enhancing ESG disclosure include strengthening policy guidance, promoting industry leaders as role models, and developing third-party platforms for technical support [9]. - Establishing a standardized system for ESG disclosure that aligns with international rules is essential to reduce compliance costs and improve efficiency [9].

Key Points Summary Group 1: U.S. Pension Policy Changes - The Trump administration signed an executive order on August 7 to ease restrictions on alternative investments in 401(k) accounts, including private equity, real estate, and cryptocurrencies. This move aims to enhance retirement savings opportunities for individuals [1][5][6] - The order directs the Secretary of Labor to review guidelines regarding fiduciary responsibilities related to alternative asset investments in 401(k) plans, indicating a potential shift in regulatory stance [5][6] - There are concerns that relaxing investment restrictions may lead to increased management fees, reduced transparency, and liquidity issues, despite the potential for greater investment flexibility [1][5] Group 2: Argentina's Pension Policy - On August 4, Argentine President Milei vetoed a law aimed at increasing pensions for the elderly and disabled, citing fiscal sustainability as the reason for the decision. This move affects a significant portion of the population, as over 40% of jobs in Argentina are informal and many are excluded from the national pension system [2][6][7] - The government argues that increasing pensions would jeopardize efforts to achieve fiscal balance, with projected additional costs of $5 million this year and $12 million by 2026 [7] Group 3: China's Social Security Policy - On August 1, the Supreme People's Court of China clarified that social insurance contributions are mandatory, reinforcing the legal framework around labor disputes and social security compliance [8][10] Group 4: International Pension Developments - Germany is considering comprehensive reforms to strengthen its occupational pension system, which may include expanding the applicability of the "social partner model" to non-collectively bargained employers [11][12] - Norway's sovereign wealth fund, GPFG, is reviewing its investments in Israel following public outcry over its holdings in a military-related company, indicating a focus on ethical investment practices [12][13] - Harvard and Brown University endowment funds have increased their exposure to Bitcoin ETFs, reflecting a growing interest among traditional institutions in cryptocurrency investments [15][16] Group 5: U.S. Independent Contractor Retirement Benefits - Republican senators have proposed the "Independent Retirement Fairness Act" to establish a portable benefits system for independent contractors, allowing employers to voluntarily contribute to retirement accounts, which could enhance retirement security for this growing workforce [17][20] - The proposal aims to balance flexibility and basic welfare protections for independent contractors, amidst ongoing debates about their classification and benefits [18][20] Group 6: U.K. Sustainability Reporting - The U.K. Financial Conduct Authority (FCA) plans to simplify sustainability reporting requirements for asset managers and insurers, aiming to reduce compliance burdens while enhancing transparency [20][21] Group 7: New York City Pension System Performance - New York City's pension systems achieved a 10.3% investment return for the fiscal year 2024, exceeding the actuarial target of 7%, which is expected to save approximately $2.18 billion in pension contributions over the next five years [22][23]

Financial Data and Key Metrics Changes - The company reported an adjusted EBITDA of $86 million for the June quarter, bringing the first half unaudited adjusted EBITDA to $183.6 million, which is a material outperformance compared to the previous year [4][16] - The twelve-month rolling Total Recordable Injury Frequency Rate (TRIFR) was 1.29, with a Lost Time Injury Frequency Rate (LTIFR) of 0.05 for June, indicating strong safety performance [2][3] Business Line Data and Key Metrics Changes - RKF nickel metal production was 30,463 tonnes, slightly lower than the previous quarter, impacted by kiln realignment and maintenance [4][7] - HPAL production from HNC was 2,075 tonnes of nickel, continuing to operate above nameplate capacity [4] - The Hangjai mine achieved record ore sales of over 3 million wet metric tonnes, with an EBITDA of $41.4 million, a 33% increase from the previous quarter [6][12] Market Data and Key Metrics Changes - MHP pricing remained stable at $11,449, slightly higher than the previous quarter, with payabilities for MHP close to 90% [8][9] - The Hengjia mine's EBITDA increased by CAD10.4 million, highlighting the benefits of integrated operations [8] Company Strategy and Development Direction - The company is focusing on the completion of the E and C project, with commissioning deferred to align working capital requirements [10][11] - The feasibility study to increase the Anglia mine RKB from 9 million tonnes to 19 million tonnes has been approved, indicating growth plans [13] - The Sampala project is progressing well, with a feasibility study lodged for an initial operation of 6 million wet metric tonnes per annum [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about achieving RKAB approval in August and expects to ramp up production from the Hangjai mine significantly [37] - The company remains confident in the exploration target of over 1 billion wet metric tonnes of ore at the Sao Paulo project, with strong margins expected [16][40] Other Important Information - The company is actively managing working capital due to a significant build-up, particularly in RKF operations [20][30] - There are discussions regarding various financing sources, excluding equity raises, to manage cash flow and debt obligations [32][33] Q&A Session Summary Question: Cash flow neutrality despite good EBITDA - Management explained that the neutral cash flow was due to a large working capital build, particularly in RKF operations, which is expected to unwind [20][21] Question: MHP realizations increase - Management noted market tightness leading to improved MHP payabilities, offsetting a decrease in LME prices [22][23] Question: Delaying commissioning of E and C - The decision to delay was significant enough to avoid building up working capital ahead of the sales license [28][30] Question: Debt service requirements - Management confirmed $33 million in interest amortization was paid in July, with another $100 million due in the remainder of the year [31][34] Question: Production ramp-up from Hangjai mine - Management remains optimistic about receiving the RCAB permit in August and targets significantly above 12 million tonnes for the year [37] Question: Development timing for Sao Paulo - The company is targeting completion of the haul road by early Q4, with first ore delivery expected in early H2 next year [40]

Financial Data and Key Metrics Changes - Subscription revenue grew 20% year over year, while total revenue increased by 17% year over year, exceeding the high end of guidance [6][37] - Operating margin for Q1 was 2.4%, slightly ahead of guidance, with gross margin improving by 100 basis points to 79% [38][39] - The number of customers reached 6,385, an increase of 311 from the previous year, with a gross retention rate of 97% and a net retention rate of 110% [40] Business Line Data and Key Metrics Changes - The number of contracts valued over $100,000 increased by 23%, contracts over $300,000 rose by 32%, and those over $500,000 also increased by 32% compared to Q1 2024 [8][41] - Professional services revenue remained flat at $21 million, with higher XBRL services offset by a decline in setup and consulting services [37] Market Data and Key Metrics Changes - The company noted a more cautious buying environment towards the end of Q1, influenced by regulatory uncertainties and macroeconomic conditions [9][34] - Demand for sustainability solutions remained strong, with significant multi-six figure deals in Europe despite the cautious environment [50][52] Company Strategy and Development Direction - The company remains focused on long-term growth strategy and productivity initiatives, emphasizing the importance of its platform for customer outcomes [9][34] - The company is committed to product innovation, having launched new capabilities for SEC reporting and a fund reporting solution for public funds [31][33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term market opportunity despite a cautious buying environment, reaffirming the full-year revenue guidance [34][72] - The company highlighted the importance of sustainability reporting as a growing market, driven by both regulatory requirements and corporate performance needs [27][50] Other Important Information - The company has a cash position of $767 million as of March 31, 2025, with a share repurchase program in place [42] - The guidance for Q2 2025 expects total revenue between $208 million and $210 million, with subscription revenue growth projected at approximately 20% [43][44] Q&A Session Summary Question: Guidance and cautious buying environment - Management maintained the full-year revenue guidance despite a cautious buying environment, citing strong Q1 performance and confidence in long-term market opportunities [47][48] Question: Demand for ESG and sustainability solutions - Demand for sustainability solutions has continued to grow, with clarity from recent EU legislation expected to drive further opportunities [49][51] Question: Impact of market volatility on capital markets - The outlook for capital markets remains consistent, with no changes expected in contributions from this segment [85] Question: Changes in customer spending behavior - Management noted that while there is a cautious environment, demand across all solutions remains strong, with no specific verticals or regions showing significant weakness [79][80] Question: Pricing philosophy - The company focuses on providing value and expanding accounts rather than solely increasing prices, maintaining a customer-centric approach [81][82]

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倚賴該等內容而引致的任何損失承擔任何責任。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：6806） 海外監管公告 本公告乃由申萬宏源集團股份有限公司（「本公司」）根據香港聯合交易所有限公司證券上市規 則第13.10B條作出。 茲載列本公司於深圳證券交易所網站發佈之《申萬宏源集團股份有限公司第六屆董事會第六次 會議決議公告》，僅供參閱。 承董事會命 申萬宏源集團股份有限公司 董事長 劉健 一、同意《申万宏源集团股份有限公司 2024 年度董事会工作报 告 》， 并 提 请 公 司 股 东 大 会 审 议 批 准 。 （详见巨潮 资 讯 网 http://www.cninfo.com.cn） 表决结果：11票同意，0票反对，0票弃权。 二、通过《申万宏源集团股份有限公司 2024 年度总经理工作报 告》。 1 表决结果：11票同意，0票反对，0票弃权。 北京，2025年3月28日 於本公告日期，董事會成 ...