Core Insights - The company held an investor conference call on November 3, 2025, with participation from 45 institutions, including major asset management and securities firms [1][2] Group 1: Financial Performance - In Q3 2025, the company's performance showed significant improvement, with a gross margin of 7.15%, up 2.09 percentage points quarter-on-quarter, and a net margin of 2.3%, up 2.26 percentage points [3] - The improvement in gross margin was attributed to three main factors: rapid sales growth leading to economies of scale, continuous optimization of product structure with key models contributing more to sales, and effective cost reduction measures across various operational aspects [5] Group 2: Industry Trends - The heavy truck industry is experiencing a recovery driven by two main factors: the ongoing "old-for-new" policy and the demand from major domestic engineering projects. The industry is expected to maintain good growth potential in the future as economic and construction demands increase [4] - The penetration rate of new energy vehicles in commercial vehicles is rapidly increasing, with expectations for further growth due to improved infrastructure and decreasing costs of new energy models. The company is strategically planning to enhance its market competitiveness by increasing the sales proportion of new energy products [6] Group 3: Future Plans - The company has completed capacity layout during the "13th Five-Year" and "14th Five-Year" periods and is currently in the output phase. Future capital expenditures will focus on optimizing resource input-output ratios and increasing R&D investment to maintain innovation capabilities and product launch pace [7] - The company has initiated comprehensive cost reduction efforts, with leadership actively involved in reducing expenses. Future strategies will include expanding overseas markets and enhancing after-market services to improve operational quality [8]

Financial Data and Key Metrics Changes - In Q3 2025, the company reported an EPS of $0.06 per share compared to a net financial loss of $0.09 per share in the previous year, marking a significant turnaround [20] - Year-to-date NFE reached $313.4 million or $3.13 per share, an increase of nearly 55% year-over-year, driven by higher utility margins and improved performance across various segments [20][21] Business Line Data and Key Metrics Changes - New Jersey Natural Gas remains the strongest contributor to NFEPS, benefiting from a recent rate case settlement and customer growth [8] - Clean Energy Ventures (CED) is expected to contribute over 20% of NFEPS this year, supported by high-performing operating assets and the monetization of the residential solar portfolio [8] - The Save Green program saw a capital projection increase of over 30%, with expected investments rising to $90 million to $95 million, driven by growing adoption of efficient HVAC systems [10][11] Market Data and Key Metrics Changes - The company serves approximately 588,000 customers, with over 90% being residential, primarily in economically vibrant counties experiencing solid population growth [9] - The storage and transportation segment is positioned to serve growing energy demand, with favorable market conditions for storage [17] Company Strategy and Development Direction - The company raised the lower end of its fiscal 2025 NFEPS guidance range to $3.20 to $3.30 per share, reflecting strong operating performance and greater visibility into full-year results [6][7] - The capital plan for fiscal 2025 and 2026 ranges from $1.3 billion to $1.6 billion, aligning with a long-term NFEPS growth target of 7% to 9% [21] - The company emphasizes a disciplined capital deployment strategy focused on utility infrastructure, clean energy investments, and optimizing storage and transportation capabilities [21][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate changing environments and allocate capital effectively to meet evolving customer needs [25][26] - The company is optimistic about the resolution of the Adelphia Gateway rate case and expects to file an offer of settlement with FERC soon [17][32] Other Important Information - The company maintains a strong balance sheet with $825 million of credit capacity across its facilities, supporting its capital plan and working capital needs [24] - The Save Green program is highlighted as a key strategic advantage, providing benefits to customers while supporting decarbonization goals [11][61] Q&A Session Summary Question: Impact of Adelphia rate case settlement in 2026 - Management indicated that details are still under negotiation and will be shared once finalized [31][32] Question: CEV's 131 megawatt target relative to initial expectations - Management clarified that the target reflects projects nearing construction and expressed confidence in achieving capital targets despite market dynamics [33][34] Question: Timeline for Leaf River expansion decision - Management expects to narrow down the expansion details in the coming months, with a focus on customer needs and regulatory approvals [40][52] Question: Strength of Storage and Transportation segment - Management attributed strong performance to a robust natural gas market and increased demand for infrastructure [41] Question: Higher CapEx in Save Green program - Management noted strong demand for energy-efficient systems and effective program execution as key drivers for increased CapEx [60] Question: Future dividend considerations - Management stated that dividend increases will align with historical growth rates and past performance [54] Question: Interest in gas infrastructure growth projects - Management confirmed ongoing investments in reliability and infrastructure to support customer growth [64]

Core Viewpoint - TSMC indicates that its capital expenditure planning will take into account macroeconomic uncertainties, and the likelihood of a sudden significant decrease in capital expenditure is low [1] Group 1 - TSMC is considering macroeconomic uncertainties in its capital expenditure planning [1] - The company believes that a sudden large decline in capital expenditure is unlikely [1]

Group 1 - The company, TSMC, indicates that it will take into account macroeconomic uncertainties in its capital expenditure planning [1]