Mitsubishi Power has secured a second order for an H-25 gas turbine to be installed at Chang Chun Petrochemical's Miaoli Factory in north-central Taiwan. This order follows a previous order placed back in 2023, with operations scheduled to begin around mid-2026. Chang Chun Petrochemical is converting the cogeneration facility at its Miaoli Factory by replacing the existing heavy oil and coal-fired boilers with a natural gas-fired system. The H-25 gas turbine, with an output of around 30MW, will be the c ...

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]

Core Insights - AMG Critical Materials N.V. reported a strong first quarter in 2025, with revenue of $388 million, an 8% increase from $358 million in Q1 2024, and an adjusted EBITDA of $58 million, an 88% increase from $31 million in Q1 2024 [1][2][11]. Financial Performance - Revenue for Q1 2025 was $388 million, up 8% from Q1 2024's $358 million [11]. - Adjusted gross profit increased by 56% to $82.6 million from $53.0 million in Q1 2024 [11][14]. - Operating profit surged to $18.7 million, a 597% increase from $2.7 million in Q1 2024 [11]. - Net income attributable to shareholders was $5.0 million, compared to a loss of $16.3 million in Q1 2024 [11]. - Cash from operating activities was $9 million, a significant improvement from the $15 million used in Q1 2024 [1][14]. Segment Performance - AMG Technologies segment achieved a revenue increase of 34% to $202.3 million, driven by strong orders for turbine blade coating furnaces [20][23]. - AMG Lithium segment saw a revenue decline of 23% to $32.0 million, primarily due to a 27% drop in lithium market prices and a 22% decrease in sales volumes [13][15]. - AMG Vanadium's revenue decreased by 7% to $153.8 million, attributed to lower volumes of ferrovanadium and titanium alloys, although partially offset by increased sales prices [18][19]. Operational Highlights - AMG Technologies achieved its highest order backlog in history at $416 million as of March 31, 2025 [7][23]. - The company is transitioning from a heavy capital expansion phase, with successful production of battery-grade lithium hydroxide at its Bitterfeld facility [4][8]. - AMG Lithium signed an exclusive agreement to become the first producer of lithium concentrate in Portugal, with an initial capacity of 8,000–9,000 tons per annum by 2027 [8]. Strategic Outlook - The company plans to focus on small, highly accretive investments to preserve growth options while maintaining a strong balance sheet [5]. - AMG increased its adjusted EBITDA outlook for 2025 from $150 million to $170 million, despite low lithium and vanadium prices [33]. - The company aims for long-term guidance of an EBITDA of $500 million or more within five years at normalized market prices [34].

Group 1 - AMG Critical Materials N.V. will release its first quarter 2025 financial results on May 7, 2025, at approximately 18:00 CEST [1] - A conference call to discuss the financial results will be held on May 8, 2025, at 09:00 CEST [1] - Participants are advised to connect approximately 10 minutes prior to the call, with specific call-in information provided [1] Group 2 - AMG's mission focuses on providing critical materials and related process technologies to promote a less carbon-intensive world [2] - The company is engaged in the production and development of energy storage materials, including lithium, vanadium, and tantalum [2] - AMG also produces systems aimed at reducing CO2 emissions in aerospace engines and other markets [2] Group 3 - AMG's Lithium segment aims to reduce the CO2 footprint across the lithium value chain [3] - The Vanadium segment is a market leader in recycling vanadium from oil refining residues [3] - The Technologies segment leads in advanced metallurgy and provides engineering for the aerospace engine sector [3] Group 4 - AMG operates globally with approximately 3,600 employees and production facilities in multiple countries, including Germany, the UK, and the US [4] - The company has sales and customer service offices in Japan [4]