Financial Data and Key Metrics Changes - The company reported an adjusted EBITDA of BRL 2.2 billion for the quarter, reflecting a 15% increase compared to the previous year [14][21] - Total investments for the first half of the year reached BRL 2.7 billion, with a full-year investment plan of BRL 2.8 billion [4][11] - The net debt to adjusted EBITDA ratio improved to 1.59, indicating a strong leverage position [18] Business Line Data and Key Metrics Changes - The distribution segment saw significant investments, with nine substations energized and over 2,600 kilometers of low and medium voltage networks constructed [12] - The energy market for semi-distribution experienced a 3.3% drop, attributed to the migration of industrial clients to the free market [21][22] - The gas segment, GASMIG, reported improved EBITDA and net profit due to efficient cost management [29] Market Data and Key Metrics Changes - The company noted a gross effect of BRL 76 million related to price differences in energy submarkets, which is expected to normalize in the future [6][17] - The distributed generation market showed a significant growth of around 20% compared to the previous year [22] Company Strategy and Development Direction - The company is focused on a BRL 59 billion investment plan from 2019 to 2029, primarily targeting distribution to meet unmet load and support distributed generation [36][42] - Future investments will also aim to enhance resilience and automation in operations, responding to regulatory requests [38] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the second half of the year, anticipating positive scenarios regarding tariff adjustments and energy market conditions [5][7] - The company is closely monitoring regulatory changes and their potential impacts on profitability, especially concerning tariff reviews and pension fund expenses [50][54] Other Important Information - The company successfully participated in the GSF auction, securing extensions for three power plants, which is expected to add value in the long term [8][28] - The Supreme Court's recent ruling on tax deductions is viewed positively, although the final impacts are still being assessed [44][45] Q&A Session Summary Question: Comments on capital allocation and future focus - Management highlighted a strategic focus on distribution investments to address unmet load and support distributed generation, with a strict rule to invest only in Minas Gerais [34][36][42] Question: Impact of recent Supreme Court ruling on taxes - Management acknowledged the positive implications of the ruling but emphasized the need to wait for final details to assess the full impact [44][45] Question: Rationale behind increasing short positions for 2027-2028 - Management clarified that the increase in short positions was a result of market conditions and ongoing efforts to close positions and reduce exposure [47][48] Question: Regulatory environment's effect on profitability and pension fund expenses - Management stated that efficiency improvements are a priority, and discussions on tariff adjustments are ongoing, with a focus on reducing costs in pension plans [50][51][54]

Core Viewpoint - Berkshire Hathaway's stock has significantly outperformed the market this year, showcasing Warren Buffett's continued confidence in the U.S. economy despite global economic challenges [1]. Group 1: Views on the U.S. Economy - Buffett has historically expressed unwavering confidence in the U.S. economy, even during crises like the 2008 financial crisis and the COVID-19 pandemic [3][4]. - The IMF has downgraded U.S. economic growth forecasts to 1.8%, citing increased policy uncertainty, trade tensions, and weakening demand as primary factors [3]. - Recent data indicates a 0.3% annualized contraction in U.S. GDP for Q1, marking the first decline since early 2022, raising concerns about potential recession [4]. Group 2: Cash and Buybacks - Berkshire's growing cash reserves are a focal point for investors, with questions about future cash deployment amid anticipated declining interest rates [5]. - Year-to-date, Berkshire's stock has risen 16%, outperforming the S&P 500 by nearly 23 percentage points and the Nasdaq by about 27 percentage points [5]. - Berkshire holds $30.08 billion in U.S. Treasury securities, representing 4.89% of the total short-term U.S. debt, while buyback activity has slowed, with only $2.9 billion in stock repurchased in 2024, the lowest since 2018 [5]. Group 3: Future Investment Plans - Despite reducing equity holdings since 2022, Buffett remains committed to investing primarily in stocks rather than cash, emphasizing a long-term investment strategy [6]. - Buffett has indicated a preference for acquiring stakes in good companies rather than holding cash equivalents, reinforcing his value-oriented investment philosophy [6]. - Recent investments include a significant stake in five major Japanese companies, with a total investment of $13.8 billion now valued at $23.5 billion [7]. Group 4: Artificial Intelligence Evaluation - Buffett has acknowledged the transformative potential of artificial intelligence, expressing both excitement and concern about its implications [9]. - He highlighted the risks of AI-related scams and the potential for significant societal impact, indicating a cautious approach to discussing AI's future [9]. - The discussion on AI is expected to be further elaborated by Berkshire's vice chairman, Greg Abel, during the upcoming shareholder meeting [9]. Group 5: Succession and Company Future - As Buffett approaches 95, succession planning has become a critical topic, with Greg Abel positioned as a potential successor [10]. - Buffett reassured shareholders that the future management team is well-prepared to uphold the company's principles and respond to significant investment opportunities [10][11]. - The company has addressed long-term management strategies, ensuring continuity in its investment philosophy and operational integrity [10].

文 | 银行螺丝钉 （转载请注明出处） 有偏离自己制定的投资计划。 第二是我们在定投的时候，要综合考虑自 己的心理承受能力和投入的资金量。 定投开始时投入的钱不多，所以心理压 力会小一点。 IEA J V L J F J F J F J F J L L J ▼点击阅读原 文，免费学习大额家庭资产配置课程 而如果遇到下跌的时候感到恐慌，往往 说明这个时候你投的钱可能超出自己的 心理承受能力了。 投的钱越多，心理压力越大。这时候可 能就容易头脑一昏，做出错误的决策。 因此,最好用长期不用的闲钱投资,这笔 钱是遇到下跌你也不慌的金额。 说一个极端的例子，就是这笔钱哪怕打 水漂了，你也不会觉得心疼的那种。 这种程度的资金,做长期投资更容易坚 挂下求。 ...

Financial Data and Key Metrics Changes - In Q1 2025, the company reported worldwide sales of $21.9 billion, reflecting a 4.2% increase despite a 470 basis point headwind from Stelara [25][27] - Net earnings for the quarter were $11 billion, with diluted earnings per share at $4.54, significantly up from $1.34 a year ago, primarily due to a $7 billion reversal related to the talc settlement proposal [26][40] - Adjusted net earnings were $6.7 billion, with adjusted diluted earnings per share at $2.77, representing increases of 1.9% and 2.2% respectively compared to Q1 2024 [26][40] Business Line Data and Key Metrics Changes - Innovative Medicine achieved worldwide sales of $13.9 billion, up 4.2%, with U.S. growth at 6.3% and international growth at 1.5% [27][30] - In Oncology, DARZALEX grew by 22.5%, while PERVICTI saw over 100% growth, driven by share gains and capacity expansion [28][30] - MedTech reported worldwide sales of $8 billion, increasing by 4.1%, with U.S. growth at 5.1% and international growth at 3% [32][33] Market Data and Key Metrics Changes - U.S. sales growth was 5.9%, while international sales growth was 2.1% [25] - The company experienced a positive impact of 90 basis points from acquisitions and divestitures on worldwide growth [25] - MedTech performance was affected by one-time events, particularly in orthopedics, which declined by 3.1% [37] Company Strategy and Development Direction - The company plans to invest over $55 billion in the U.S. over the next four years to enhance manufacturing, R&D, and technology [13][15] - The acquisition of Intra Cellular Therapies is expected to bolster the neuroscience portfolio, with CAPLYTA projected to have over $5 billion in peak year sales potential [16][46] - A restructuring program is being implemented to simplify operations in the surgery business, with an estimated cost of $900 million [44][45] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2025 guidance despite challenges from Stelara's biosimilars and Part D redesign [7][76] - The company anticipates higher growth in the second half of the year, particularly in MedTech, as new products gain traction [44][51] - Management highlighted the resilience of the diversified business model in navigating headwinds and delivering on financial commitments [57] Other Important Information - The company increased its dividend for the 63rd consecutive year, reflecting its commitment to returning capital to shareholders [17][46] - The effective tax rate for the quarter was 19.3%, influenced by the reversal of the talc settlement accrual [40] Q&A Session Summary Question: Impact of tariffs on guidance - The company discussed $400 million in tariffs primarily affecting MedTech, with limited price leverage to pass costs to customers [58][60] Question: Gross margins in the quarter - Management noted that gross margins were impacted by the loss of Stelara and Part D redesign, with expectations for improvement moving forward [68][70] Question: Erosion of Stelara due to biosimilars - Management indicated that the impact of Stelara's biosimilars was in line with expectations, with overall business growth remaining strong despite this headwind [74][76] Question: Recession impact on business - Management expressed confidence in the healthcare sector's resilience during economic downturns, noting that elective procedures may be delayed but not abandoned [81][84] Question: Section 232 potential pharma tariffs - Management is analyzing the potential impact of Section 232 tariffs, emphasizing the importance of partnering with the administration to mitigate supply chain vulnerabilities [90]

Group 1 - The company held its 37th meeting of the 8th Board of Directors on March 31, 2025, with all 6 participating directors voting [1][2] - The board approved the revision of the internal audit system, with a unanimous vote of 6 in favor [1] - The company approved its investment plan for 2025, totaling 331.3686 million yuan, which includes 288.4672 million yuan for major projects and 42.9014 million yuan for general updates and renovations [1][2] Group 2 - The company authorized the general manager to adjust specific investment projects within the approved investment plan to enhance decision-making efficiency, with a unanimous vote of 6 in favor [2] - The board approved the appointment of Mr. Li Gang as the new Chief Financial Officer, following a nomination and review process, with a unanimous vote of 6 in favor [2] - Mr. Li Gang has a background in accounting and has held various positions in finance, including as the financial head of the company [2]