Core Viewpoint - JCDecaux has been recognized for the third consecutive year in CDP's A List, affirming its leadership in environmental transparency and performance in combating climate change [1][2][9] Group Performance and Recognition - Among 20,000 companies assessed by CDP, JCDecaux ranks in the top 4% included in the A List, marking the fifth time the company has achieved this recognition since 2019 [2] - The assessment by CDP is based on a rigorous methodology that evaluates the quality and completeness of disclosed data, governance, and the management of climate-related risks and opportunities [3] Carbon Reduction Commitments - JCDecaux aims to achieve Net Zero Carbon by 2050, with a key milestone of reducing Scope 1 and 2 emissions by at least 73% and Scope 3 emissions by 46% by 2030 compared to 2019 [4][8] - In 2024, JCDecaux reported a 65% reduction in Scope 1 and 2 emissions and a 21% reduction in Scope 3 emissions compared to 2019 [8] Engagement and Collaboration - The company is actively engaging with stakeholders to co-develop responsible media solutions and lower-carbon street furniture, supporting sustainable urban environments [5] - JCDecaux's business model aligns with the European Union Taxonomy, with nearly 50% of its revenue reflecting sustainable practices [6] Key Figures - JCDecaux reported a revenue of €3,935.3 million in 2024 and €1,868.3 million in H1 2025, maintaining its position as the number one outdoor advertising company worldwide [13] - The company operates 1,091,811 advertising panels globally and has a daily audience of 850 million people across more than 80 countries [13]

Core Insights - Delta has achieved double "A List" status in the 2025 CDP reports for "Climate Change" and "Water Security" for the fifth time, with less than 1% of over 22,000 participating companies worldwide reaching this level [1][4] Sustainability Strategies - Delta has integrated multiple environmental issues into its sustainability strategies, elevating oversight to the board level and focusing on Scope 3 emissions reductions towards net-zero goals [1][2] - The company established a board-level sustainability committee in 2025 to ensure direct oversight of sustainability strategies and execution [2] Emission Reductions - Delta achieved a 53.6% reduction in Scope 1 and Scope 2 greenhouse gas emissions in 2024 compared to the 2021 baseline, with an 84% renewable electricity usage rate across global operational sites [2] - In 2024, Delta invested US$ 21 million through its internal carbon pricing mechanism, resulting in carbon emission reductions exceeding 37,000 metric tons [3] Supplier Engagement - Over half of Delta's procurement value comes from tier-1 suppliers committed to Science Based Targets (SBT), with over 60% of significant tier-1 suppliers signing the "Carbon Reduction Commitment" [3] Water Resource Management - Delta's Board approved a Water Resource Policy in 2024 to enhance resilience against climate change and water scarcity, achieving a 30.7% reduction in overall water productivity intensity across manufacturing sites compared to the 2020 baseline [3] Industry Recognition - CDP's assessment is recognized as the gold standard for corporate environmental transparency, with Delta being listed on CDP's "A List" for Water Security for six consecutive years and maintaining "Leadership" recognition for Climate Change ten times [4]

Summary of Shenzhen Envicool Technology (002837.SZ) Conference Call Company Overview - **Company**: Shenzhen Envicool Technology (002837.SZ) - **Industry**: Precision cooling technology for data centers and servers Key Points and Arguments 1. **Target Price Increase**: The target price for Envicool has been raised to Rmb121.1, reflecting a 49.5% increase from the previous target of Rmb81.0, with an expected upside of 18.5% from the current price of Rmb102.19 [1][18] 2. **Market Share Projections**: Envicool is expected to capture a 7% share of the global server liquid cooling market by 2028E, increasing to 10% by 2030E, up from 1% in 2025E [2][35] 3. **Sales and Earnings Growth**: The company anticipates a compound annual growth rate (CAGR) of 44% in total sales and 58% in earnings from 2025E to 2030E, driven by the server cooling segment [2][19] 4. **Global Server Cooling Market**: The total addressable market (TAM) for global server cooling has been revised upwards by 9% to US$7.9 billion in 2025E and US$14.0 billion in 2026E, with a projected growth of 111% year-over-year in 2025 [3][33] 5. **Financial Forecasts**: Revised revenue forecasts for 2025E-2030E show an increase of 1% to 16%, with expected revenues of Rmb6.46 billion in 2025E and Rmb17.23 billion in 2027E [19][35] 6. **Profitability Improvement**: Gross profit margins (GPM) are expected to improve to an average of 30% from 2025E to 2030E, up from a previous estimate of 29% [2][35] 7. **Capex Increase**: Capital expenditure assumptions have been raised by 9% to an average of Rmb1.3 billion to support global production capacity expansion [2][35] 8. **Strong Growth Outlook**: The company is projected to achieve 79% revenue growth and 127% EPS growth in 2026E, with shares currently trading at a forward P/E of 73x [18][35] Additional Important Insights 1. **Liquid Cooling Adoption**: The adoption of liquid cooling technology is expected to accelerate due to increasing demand from AI training servers, with projections indicating that 80% of AI training servers will utilize liquid cooling by 2027E [30][35] 2. **Market Sensitivity Analysis**: A sensitivity analysis indicates that capturing a 15% market share could imply an 80% upside in valuation, while failure to expand overseas could result in a 30% downside risk [20][22] 3. **Valuation Context**: The current stock valuation is considered undemanding compared to sector averages, with a strong growth trajectory and improving margins [35] 4. **Strategic Partnerships**: Envicool has been recognized as a partner in NVIDIA's MGX ecosystem, indicating strong industry relationships that may enhance future sales [28][35] This summary encapsulates the critical insights and projections regarding Shenzhen Envicool Technology's market position, financial outlook, and strategic initiatives within the precision cooling technology sector.

Core Insights - Mitsubishi Power has secured a second order for an H-25 gas turbine for Chang Chun Petrochemical's Miaoli Factory in Taiwan, following a previous order in 2023, with operations expected to commence around mid-2026 [1][2] - The H-25 gas turbine, with an output of approximately 30MW, will be the main component of the new cogeneration facility, which will provide electric power and steam for manufacturing processes [2][3] - The project aims to enhance plant efficiency and reduce carbon dioxide emissions, aligning with Taiwan's energy policy goals [2][4] Company Overview - Chang Chun Petrochemical is a key player within Chang Chun Group, a global petrochemical conglomerate with operations in Taiwan [3] - Mitsubishi Power has a long-standing relationship with Chang Chun Group, having supplied major equipment for power generation and cogeneration facilities since 1984, including nine steam turbines and five boilers [3] Technology and Environmental Impact - The H-25 system is reported to offer higher efficiency and lower CO₂ emissions compared to traditional boiler systems, supporting the shift towards cleaner energy solutions [4] - Mitsubishi Power aims to expand its presence in the distributed power generation market, focusing on industrial private power generation and cogeneration systems to strengthen industrial infrastructure and mitigate energy-related environmental impacts [4]

Summary of Shenzhen Envicool Technology (002837.SZ) 3Q25 Earnings Call Company Overview - **Company**: Shenzhen Envicool Technology - **Stock Code**: 002837.SZ - **Market Cap**: Rmb75.5 billion / $10.6 billion - **Industry**: China Industrial Tech & Machinery Key Financial Highlights - **3Q25 Results**: - Revenue: Rmb1,453 million (+25% YoY, -15% vs. Guidance) - Gross Profit: Rmb427 million (+12% YoY, -7% vs. Guidance) - EBIT: Rmb197 million (+16% YoY, -9% vs. Guidance) - Net Income: Rmb183 million (+8% YoY, -15% vs. Guidance) - Gross Profit Margin: 29% (-1pp YoY, +2pp vs. Guidance) [1][17][15] - **Outlook for 4Q25**: - Forecasted Revenue: Rmb2,379 million (+39% YoY, +64% QoQ) - Forecasted Net Income: Rmb220 million (+120% YoY, +20% QoQ) [1][15] Core Insights - **Domestic Project Cycle**: The company experienced a longer domestic data center project deployment cycle due to uncertainties in AI chip supply, impacting revenue recognition and cash collections [1][15]. - **Order Backlog**: Inventories and contract liabilities increased by 37% and 38% YoY respectively, indicating a solid domestic order backlog [1][15][18]. - **Overseas Expansion**: Envicool is making progress in the global liquid cooling supply chain and expects significant overseas sales contributions starting in 2026 [1][16]. Strategic Developments - **Partnerships**: Envicool is recognized as one of NVIDIA's partners for supporting designs of NVIDIA's new server racks, indicating strong industry relationships [1][16]. - **Product Development**: The company has released a new in-row Coolant Distribution Unit (CDU) based on Google specifications, enhancing its product offerings [1][16]. Market Position and Growth Potential - **Market Share Goals**: Envicool aims to capture 5% of the global server liquid cooling market by 2027 and 10% by 2030, up from less than 2% in 2025 [1][16]. - **Revenue Growth Projections**: Expected sales and earnings compound annual growth rates (CAGRs) of 42% and 53% from 2025 to 2030 [1][16]. Risks and Challenges - **Competition**: The company faces risks from tougher competition in the liquid cooling market and potential margin pressures [1][25]. - **ESS Demand**: There is a risk of hiccups in energy storage system (ESS) demand growth, which could impact overall sales [1][25]. Investment Thesis - **Recommendation**: The company maintains a "Buy" rating with a 12-month price target of Rmb81.0, based on a strong growth trajectory and improving margins [1][23][25]. Conclusion Shenzhen Envicool Technology is positioned for growth in the precision cooling market, with a solid domestic order backlog and expanding overseas opportunities. However, it must navigate challenges related to project cycles and competitive pressures.

AMSilk Overview - AMSilk has transitioned to full-scale production, indicating strong commercial validation and readiness to meet market demand for biofabricated materials [1] - The company has installed dedicated production facilities at key industrial partners to manufacture its proprietary silk-based protein materials [1] Funding and Growth - AMSilk secured €52 million (approximately $61.1 million) in funding, which will be used to scale up production and establish a new industry for high-performance biotech materials [5] - The funding round was led by Athos, with participation from MIG Capital and Novo Holdings, combining $35.25 million in equity and $22.85 million in convertible bonds, reflecting strong investor confidence [4] Production Agreements and Strategy - AMSilk has entered into multi-year production agreements to establish a long-term basis for industrial output and supply reliability [2] - The company is focused on creating robust processes and resilient supply chains to deliver on its industrial commitments and scale its biomaterials for global markets [3]

Summary of Shenzhen Envicool Technology (002837.SZ) Conference Call Company Overview - **Company**: Shenzhen Envicool Technology - **Ticker**: 002837.SZ - **Industry**: Precision cooling technology for data centers and energy storage systems (ESS) Key Financial Highlights - **2Q25 Results**: - Revenue: Rmb1,641 million (+70% YoY) - Gross Profit: Rmb426 million (+37% YoY) - EBIT: Rmb197 million (+64% YoY) - Net Income: Rmb168 million (+38% YoY) - Gross Profit Margin (GPM): 26% (-4pp YoY) - Operating Profit Margin (OPM): 12% (stable YoY) - Net Profit Margin (NPM): 10% (-2pp YoY) [1][10][12] Core Business Insights - **Data Center Cooling**: - Sales grew by 58% YoY to Rmb1,351 million in 1H25, indicating strong demand [1] - Contract liabilities increased by 109% YoY, suggesting a solid order backlog [1] - **Liquid Cooling Adoption**: - Recorded over Rmb200 million in liquid cooling revenue in 1H25, with products gaining traction among leading chipmakers [2] - **Energy Storage System (ESS) Cooling**: - Sales reached approximately Rmb800 million (+35% YoY) in 1H25, showing resilience despite global trade tensions [3] Margin Analysis - **Gross Profit Margin Decline**: - GPM decreased by 4 percentage points YoY due to regional and product mix changes and increased competition in the data center cooling market [4] - **Stable Operating Profit Margin**: - OPM remained stable at 12%, with SG&A expenses growing at a slower rate than sales [7] Operational Challenges - **Cash Flow Issues**: - Cash outflow from operations widened to Rmb234 million, attributed to higher receivable and inventory days [8] - **Capex Reduction**: - Capital expenditures declined by 19% YoY to Rmb141 million, below management's guidance [8] Investment Thesis - **Long-term Growth Drivers**: - The digital economy and carbon reduction initiatives are expected to drive demand for precision cooling technologies [12] - Increasing investment in generative AI is anticipated to boost liquid cooling adoption in data centers [12] - **Valuation**: - Current stock valuation is considered attractive with a 12-month target price of Rmb34.50, representing a potential downside of 50.9% from the current price of Rmb70.20 [14][15] Risks - **Competitive Landscape**: - Risks include tougher competition in cooling technology and slower-than-expected adoption of liquid cooling solutions [14] Conclusion Shenzhen Envicool Technology has demonstrated strong revenue growth in its core segments, particularly in data center and ESS cooling. However, challenges such as margin pressure, cash flow issues, and competitive risks need to be addressed to sustain growth and improve profitability. The long-term outlook remains positive, driven by global trends in digitalization and energy efficiency.

Group 1 - The company, AMG Critical Materials N.V., has declared an interim dividend of €0.20 per ordinary share, which remains unchanged from the previous year [1][2] - The interim dividend is for the period from January 1, 2025, to June 30, 2025, and will be payable on August 15, 2025, to shareholders of record as of August 7, 2025 [2] - The ex-dividend date is set for August 6, 2025, and a Dutch withholding tax of 15% will be deducted from the dividend [2] Group 2 - AMG's mission focuses on providing critical materials and related process technologies to promote a less carbon-intensive world, emphasizing energy storage materials like lithium, vanadium, and tantalum [4] - The company is a leader in recycling vanadium from oil refining residues and operates in various segments including lithium, vanadium, and advanced metallurgy for aerospace engines [5] - AMG has a global presence with approximately 3,600 employees and production facilities in multiple countries including Germany, the United States, and China [6]

Core Insights - JCDecaux SE has reported its half-year liquidity contract statement, detailing the resources on its liquidity account as of June 30, 2025, in accordance with AMF Decision N°2021-01 [2][4]. Financial Performance - The liquidity account showed a total of 139,425 shares valued at €3,197,469.14 as of June 30, 2025 [4]. - The number of buy-side executions for the semester was 8,865, with a traded volume of 1,949,178 shares amounting to €30,039,726.86 [4]. - The sell-side executions totaled 8,796, with a traded volume of 1,970,822 shares valued at €30,507,873.96 [4]. Company Overview - JCDecaux is recognized as the number one out-of-home media company globally, with a daily audience of 850 million people across more than 80 countries [4]. - The company operates 1,091,811 advertising panels worldwide and is present in 3,894 cities with populations exceeding 10,000 [4]. - JCDecaux's 2024 revenue was reported at €3,935.3 million [4]. Sustainability and Recognition - The company has received approval for its carbon reduction trajectory from the Science Based Targets initiative (SBTi) and is part of the Euronext Paris CAC® SBT 1.5° index [4]. - JCDecaux has been recognized for its extra-financial performance, achieving ratings such as CDP (A), MSCI (AAA), and Sustainalytics (13.1), along with a Gold Medal status from EcoVadis [4].

Group 1 - AMG Critical Materials N.V. has appointed Mr. Thomas Swoboda as the new global Head of Investor Relations, succeeding Ms. Michele Fischer who has transitioned to Head of Human Resources [1] - Mr. Swoboda brings over 18 years of international capital market experience, previously serving as Director of Equity Research at Société Generale/Bernstein and as a Senior Equity Analyst at MainFirst Bank/Stifel [2] - He holds a degree in Business Administration from Mannheim University and is multilingual, proficient in German, English, and Portuguese [2] Group 2 - AMG's mission focuses on providing critical materials and related process technologies to promote a less carbon-intensive world, emphasizing energy storage materials like lithium, vanadium, and tantalum [4] - The company is a market leader in recycling vanadium from oil refining residues and operates in advanced metallurgy, serving the aerospace engine sector globally [5] - AMG has approximately 3,600 employees and operates production facilities in multiple countries including Germany, the UK, France, the US, China, Mexico, Brazil, India, and Sri Lanka [6]