Core Viewpoint - Meritage Homes reported weaker-than-expected Q3 2025 results, with earnings and revenues declining year-over-year, attributed to ongoing housing market challenges and increased costs [2][3][4]. Earnings & Revenue Discussion - Earnings per share (EPS) of $1.39 fell 18.7% short of the Zacks Consensus Estimate of $1.71 and declined 48% year-over-year from $2.67 [4]. - Total revenues amounted to $1.424 billion, down from $1.597 billion reported in the year-ago period [4]. - Total closing revenues were $1.42 billion, an 11% decline from the prior-year quarter and missing the consensus mark of $1.52 billion by 6.6% [5]. Segment Details - Home closing revenues of $1.40 billion declined 12% from the prior-year quarter due to lower average selling prices (ASPs) and reduced closing volumes [6]. - The company closed 3,685 units, down 7% from the year-ago quarter, with an ASP of $380,000, a 5% decline year-over-year [7]. - The quarter-end backlog totaled 1,699 units, down 26% year-over-year, with a backlog value decrease of 28% to $670 million [8]. Cost and Margin Analysis - Home closing gross margin contracted 570 basis points to 19.1%, primarily due to increased buyer incentives and higher lot costs [8]. - SG&A expenses as a percentage of home closing revenues rose to 10.8% from 9.9% in the prior-year quarter, driven by reduced leverage on lower revenues [9]. Financial Position and Shareholder Returns - The company ended the quarter with $729 million in cash and equivalents, up from $652 million at year-end 2024, with a debt-to-capital ratio of 25.7% [11]. - During the quarter, Meritage returned $85 million to shareholders, including $55 million in share repurchases and $30 million in dividends [12]. Q4 2025 Guidance - The company expects home closings between 3,800 and 4,000 homes, with projected home closing revenues between $1.46 billion and $1.54 billion [13]. - EPS is expected to be between $1.51 and $1.70, down from $2.36 reported a year ago [13]. Estimate Revisions and Market Outlook - There has been a downward trend in estimates, with the consensus estimate shifting -12.57% [14]. - Meritage has a Zacks Rank 4 (Sell), indicating expectations of below-average returns in the coming months [16]. Industry Comparison - Meritage belongs to the Zacks Building Products - Home Builders industry, where PulteGroup reported revenues of $4.4 billion, a year-over-year change of -1.6% [17].

本公告乃根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條及 證券及期貨條例（香港法例第571章）第XIVA部項下的內幕消息條文（定義見上市 規則）作出。 於2025年11月20日（香港時間交易時段結束後），本公司控股股東及母公司網易股 份有限公司（「網易」）（美國納斯達克上市公司，納斯達克代號：NTES，及香港聯 合交易所有限公司（「聯交所」）上市公司，港交所代號：9999），公佈截至2025年9 月30日止第三季度的未經審計財務業績（「網易業績公佈」）。網易業績公佈載有對 本公司2025年第三季度的財務表現的提述。網易業績公佈的副本分別可於聯交所 網站www.hkexnews.hk及網易網站http://ir.netease.com/查閱。 網易業績公佈所載的財務業績，包括與本公司相關者，已按美國公認會計準則編 製，該準則與國際財務報告準則（「國際財務報告準則」）不同。本公司採用國際財 務報告準則編製及呈列本公司的財務資料。因此，網易業績公佈所載的財務資料 與本公司已公佈及將公佈的財務業績不可直接比較。 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 ...

Core Insights - Amer Sports, Inc. reported better-than-expected third-quarter financial results and raised its FY25 guidance above estimates [1][3] Financial Performance - The company reported third-quarter adjusted earnings per share of 33 cents, exceeding the analyst consensus estimate of 25 cents [1] - Quarterly sales reached $1.756 billion, reflecting a 30% year-over-year increase, surpassing the Street view of $1.710 billion [1] Segment Performance - All three segments performed exceptionally well, driven by strong growth in Salomon footwear, a reacceleration in Arc'teryx omni-comp, and solid growth from Wilson Tennis 360 and Winter Sports Equipment franchises [2] Guidance Update - Amer Sports raised its 2025 GAAP earnings guidance to a range of 88 cents to 92 cents per share, up from the previous range of 77 cents to 82 cents, now above the 78-cent analyst estimate [3] - The company also increased its 2025 sales forecast to $6.375 billion to $6.427 billion, compared to the previous range of $6.22 billion to $6.27 billion, aligning with the $6.361 billion consensus [3] Market Reaction - Following the earnings announcement, Amer Sports shares rose by 5% to trade at $34.98 [3] Analyst Ratings - Evercore ISI Group analyst Michael Binetti maintained an Outperform rating and raised the price target from $43 to $46 [5] - UBS analyst Jay Sole maintained a Buy rating and increased the price target from $52 to $54 [5]

Core Insights - Steve Madden reported a revenue increase of 6.9% year-over-year to $667.9 million for Q3 2025 [1] - The gross margin remained stable at 41.5%, while the adjusted gross margin improved to 43.4% from 41.6% in the same period of 2024 [1] - Net income attributable to Steven Madden, Ltd. was $20.5 million, or $0.29 per diluted share, down from $55.3 million, or $0.77 per diluted share in Q3 2024 [1] Financial Performance - Revenue: $667.9 million, a 6.9% increase year-over-year [1] - Gross Margin: 41.5% (unchanged from 2024); Adjusted Gross Margin: 43.4% (up from 41.6% in 2024) [1] - Operating Expenses: 36.8% of revenue, compared to 28.6% in 2024; Adjusted Operating Expenses: 36.4% of revenue, up from 27.9% in 2024 [1] - Operating Income: $31.4 million, representing 4.7% of revenue; Adjusted Operating Income: $46.3 million, or 6.9% of revenue, down from $85.4 million, or 13.7% in 2024 [1] Profitability Metrics - Net Income: $20.5 million, down from $55.3 million in Q3 2024 [1] - Adjusted Net Income: $30.4 million, or $0.43 per diluted share, compared to $64.8 million, or $0.91 per diluted share in 2024 [1]

Core Insights - Chegg, Inc. reported break-even earnings in Q3 2025, exceeding Zacks Consensus Estimate but showing a year-over-year decline [1][3][8] - Net revenues of $77.7 million surpassed the consensus mark but fell 43% year over year [3][8] - Following the earnings report, Chegg's shares rose by 3.4% in after-hours trading [1] Revenue Performance - The decline in performance was attributed to a decrease in the number of subscribers, lower enrollments in Chegg Skills, and reduced advertising revenues [2] - Subscription Services revenues decreased by 42% to $69.1 million, while Skills and Other product line revenues fell by 49% to $8.6 million [4] Operating Highlights - Gross profit decreased by 50.6% year over year to $46 million, with gross margin contracting by 900 basis points to 59% [5][8] - Total operating expenses dropped by 80% to $63.2 million from $315.5 million [5] - Adjusted EBITDA was $13.3 million, down from $22.3 million in the prior year [5][8] Liquidity and Cash Flow - As of September 30, 2025, Chegg had cash and cash equivalents of $38.2 million, down from $161.5 million in 2024 [6] - For the first nine months of 2025, net cash provided by operating activities was $24.5 million, a decrease from $107.1 million in the previous year [6] - Free cash flow at the end of Q3 was $2.8 million, down from $45.4 million a year ago [6] Q4 2025 Outlook - Chegg expects Q4 net revenues to be in the range of $70-$72 million, compared to $143.5 million in the same quarter last year [7][8] - Chegg Skilling revenues are projected to be $18 million [7] Margin and EBITDA Projections - The gross margin for Q4 is expected to be between 57% and 58%, down from 68% reported a year ago [9] - Adjusted EBITDA is projected to be between $10 million and $11 million, significantly lower than the $36.6 million reported a year ago [9]

Financial Data and Key Metrics Changes - The company reported a total portfolio NOI growth of 21% year-over-year, with adjusted EBITDA improving by more than 30% [8][19] - Same-store occupancy increased by 90 basis points sequentially to 87.7%, reaching an average of 88% in October, marking a portfolio high [8][10] - The company achieved a year-over-year REF core increase of 4.7% [16] Business Line Data and Key Metrics Changes - The 19 communities acquired in 2024 showed a sequential improvement of 370 basis points from Q2 to Q3, with average occupancy rising from 76.3% to 83.7% over the past 12 months [9][12] - The acquisition portfolio NOI increased by $900,000 or 22% on a sequential quarter basis [17] Market Data and Key Metrics Changes - The company noted that move-outs due to deaths have returned to normal operating levels, contributing to the occupancy increase [20] - The overall labor costs, excluding benefits, increased by 70 basis points from the previous quarter due to rapid occupancy spikes [22] Company Strategy and Development Direction - The company signed a merger agreement to acquire C&L Healthcare Properties for $1.8 billion, which is expected to enhance growth and shareholder value [5][6] - The company aims to recycle lower-growth assets into higher-return acquisitions, having acquired 23 assets over the last 18 months [6][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving margin expansion as occupancy levels approach 90% and emphasized the importance of technology in labor management [11][40] - The company is focused on retaining and developing talent to support growth, with favorable trends in employee turnover [14] Other Important Information - The company is in compliance with all financial covenants required under its mortgages and credit facility [26] - The total transaction costs related to the merger are estimated at $75 million, with $6 million incurred in the current quarter [35] Q&A Session Summary Question: Same-store occupancy trend below industry average - Management acknowledged the occupancy improvement to 89% and noted that the increase in move-ins from internal sources has been beneficial [32][34] Question: Recurring costs related to the merger - Management confirmed that transaction costs are expected to continue as part of the merger preparation [35] Question: Long-term RevPAR versus expense trends - Management indicated that higher occupancy levels will help push rates and expand margins, with a target of achieving over 30% margins [39][41] Question: Agency labor trends in the acquired portfolio - Management reported minimal contract labor and noted improvements in permanent staffing, contributing to NOI boosts [42]

Core Insights - Expedia Group (EXPE) reported third-quarter 2025 adjusted earnings of $7.57 per share, exceeding the Zacks Consensus Estimate by 4.99% and reflecting a year-over-year increase of 23.5% [1] - Revenues reached $4.41 billion, an 8.7% year-over-year rise, also surpassing the Zacks Consensus Estimate by 2.61% [1] - B2B revenues grew by 18.2% year over year to $1.39 billion, while B2C revenues increased by 3.7% to $2.88 billion [1] - Advertising revenues saw a significant jump of 16% year over year [1] Gross Bookings - Total gross bookings amounted to $30.73 billion, marking a 12% year-over-year increase, with a 1-point benefit from foreign exchange [2] - B2C gross bookings grew by 7%, while B2B gross bookings surged by 26% year over year, achieving the 17th consecutive quarter of double-digit growth [2] - Lodging gross bookings increased by 13% year over year to $22.71 billion, driven by a 15% rise in hotel bookings [2] Operating Performance - Adjusted EBITDA for the quarter was $1.45 billion, up 15.9% year over year, with an adjusted EBITDA margin of 32.8%, expanding by 210 basis points [4] - Direct sales and marketing expenses were $1.98 billion, accounting for 44.8% of revenues, which is a 6.5% increase year over year [4] - Overhead expenses totaled $620 million, representing 14.1% of revenues, up 3% year over year [4] Profitability Metrics - Adjusted EBIT rose by 27.1% year over year to $1.13 billion, with an adjusted EBIT margin improving by 370 basis points to 25.7% [5] Balance Sheet Overview - As of September 30, 2025, cash and cash equivalents and short-term investments were $6.17 billion, down from $6.67 billion as of June 30, 2025 [6] - Long-term debt stood at $4.468 billion, slightly up from $4.466 billion as of June 30, 2025, with a gross leverage ratio of 1.9x [6] Cash Flow Situation - Net cash provided by operating activities was negative $497 million for the quarter, while free cash flow was negative $686 million, indicating continued cash outflows [7] Future Guidance - For Q4 2025, Expedia expects gross bookings growth in the range of 6-8% and revenue growth also in the 6-8% range [10] - The company raised its FY25 guidance, now projecting 7% gross bookings growth, up from the previous 3%-5% forecast [10] - Adjusted EBITDA margin is expected to expand by approximately 2% year over year, doubling the earlier projection of 1% [11]

（於開曼群島註冊成立之有限公司） （股份代號：813） 海外監管公告 世茂集團控股有限公司的附屬公司 上海世茂股份有限公司 截至 2025 年 9 月 30 日止九個月之未經審核財務業績公告 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，概不對因本公告全 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。 | | 2025年9月30日 | 2024年12月31日 | | --- | --- | --- | | | 人民幣 | 人民幣 | | 資產 | | | | 流動資產 | 36,092,664,068.43 | 42,773,424,656.82 | | 非流動資產 | 30,855,184,100.81 | 33,222,483,968.89 | | 資產合計 | 66,947,848,169.24 | 75,995,908,625.71 | | 負債及股東權益 | | | | 流動負債 | 61,133,818,705.55 | 66,011,418,358.40 | | 非流動負債 | 10,032,533 ...

Core Insights - Howmet Aerospace Inc. reported third-quarter 2025 adjusted earnings of 95 cents per share, exceeding the Zacks Consensus Estimate of 91 cents, marking a 34% year-over-year increase [1][10] - Total revenues reached $2.09 billion, surpassing the consensus estimate of $2.05 billion, and reflecting a 14% increase from the previous year, driven by strong demand in the commercial aerospace market [1][10] Segment Performance - The Engine Products segment generated revenues of $1.11 billion, accounting for 52.9% of total revenues, with a 17% year-over-year increase, supported by growth in commercial aerospace, defense aerospace, industrial gas turbine, and oil and gas markets [2] - The Fastening Systems segment reported revenues of $448 million, representing 21.5% of total revenues, with a 14% year-over-year increase, primarily due to growth in the commercial aerospace market, although partially offset by weakness in commercial transportation [3] - The Engineered Structures segment's revenues increased 14% year-over-year to $289 million, benefiting from growth in defense and commercial aerospace markets [4] - The Forged Wheels segment generated revenues of $247 million, a 1% year-over-year increase, driven by higher aluminum cost pass-through, despite a 16% decline in volumes in the commercial transportation market [5] Financial Metrics - Cost of goods sold rose 8.9% year-over-year to $1.37 billion, while selling, general, and administrative expenses increased 17.6% to $100 million [6] - Adjusted EBITDA, excluding special items, was $614 million, up 26.1% year-over-year, with an adjusted EBITDA margin of 29.4%, an increase of 290 basis points [6] - Adjusted operating income increased 29.4% year-over-year to $542 million, with an adjusted operating income margin of 25.9%, up 310 basis points [7] Balance Sheet and Cash Flow - As of the end of the third quarter, Howmet had cash and cash equivalents of $659 million, up from $564 million at the end of December 2024, and long-term debt decreased to $3.19 billion from $3.31 billion [8] - In the first nine months of 2025, Howmet generated net cash of $1.23 billion from operating activities, compared to $818 million in the same period last year, with capital expenditures totaling $329 million [9] Future Outlook - For the fourth quarter of 2025, Howmet expects revenues between $2.09 billion and $2.11 billion, with adjusted EBITDA projected between $605 million and $615 million [12] - The 2025 revenue outlook has been raised to a range of $8.175 billion to $8.195 billion, with adjusted EPS forecasted between $3.66 and $3.68 [13]

Core Insights - ITT Inc. reported third-quarter 2025 adjusted earnings of $1.78 per share, exceeding the Zacks Consensus Estimate of $1.67, marking a 21.1% year-over-year increase driven by sales growth in the Connect & Control Technologies and Industrial Process segments [1][9] Revenue Performance - Total revenues reached $999.1 million, surpassing the consensus estimate of $977 million, reflecting a 12.9% year-over-year increase. Organic sales grew by 6.1%, supported by pump project shipments in the Industrial Process segment and increased demand in aerospace and industrial connectors [2] Segmental Results - **Industrial Process Segment**: Revenues totaled $383.9 million, up 15% year over year, with organic sales increasing 11.3% and adjusted operating income growing 18.7% [3] - **Motion Technologies Segment**: Revenues amounted to $355.6 million, a 3.1% year-over-year increase, with organic revenues rising 0.7%. Adjusted operating income increased by 15.4% [4] - **Connect & Control Technologies Segment**: Revenues of $259.2 million rose 25.1% year over year, with organic growth of 6.1%. Adjusted operating income increased by 20.3% [5] Margin Profile - Cost of revenues increased by 12.9% year over year to $643.9 million, while gross profit also rose by 12.9% to $355.2 million. Adjusted operating income increased by 13.8% to $184.7 million, with a margin expansion of 20 basis points to 18.5% [6] Balance Sheet and Cash Flow - At the end of Q3, ITT had cash and cash equivalents of $516.4 million, up from $439.3 million at the end of Q4 2024. Short-term borrowings decreased to $418 million from $427.6 million [7] - In the first nine months of 2025, net cash generated from operating activities was $441 million, compared to $339.4 million in the previous year. Free cash flow reached $368 million, up from $251.9 million [8] 2025 Outlook - ITT updated its 2025 adjusted earnings guidance to a range of $6.62-$6.68 per share, indicating a 13-14% increase from the prior year. Revenue growth is projected at 6-7%, with an adjusted operating margin between 18.2% and 18.5% [12][13]