Financial Data and Key Metrics Changes - The company reported a revenue growth of 4.9% for the first half of 2025, with an adjusted EBITDA margin maintained at 15.7% [48][49][64] - Adjusted net profit increased by 4.6%, reaching a net profit margin of 5.2% [49][64] - The gross profit margin improved by 1.4 percentage points for core product categories [55] Business Line Data and Key Metrics Changes - The ANC business grew by 5.9%, BNC by 2.9%, and P&C by 8.6% [22] - Nutritional supplements accounted for 65.6% of total revenue, up by 4.1% [18] - The P&C segment saw a 15.5% growth, while the probiotic business experienced a decline of around 10% [9][19] Market Data and Key Metrics Changes - China contributed 70% of total revenue, with a growth driven by IMF sales and nutritional products [20] - The North American market grew by 4.6%, while the ANZ market saw a decline of 15.6% due to Daigou channel sales [20][21] - Expansion markets contributed 66% of revenue, growing by 18.6% [21] Company Strategy and Development Direction - The company aims to maintain its number one position in the ANC market in China and expand into new markets [44][45] - Focus on premiumization and diversification strategies to enhance profitability and market share [46] - Continued investment in product innovation and consumer education to drive growth [15][44] Management Comments on Operating Environment and Future Outlook - Management acknowledged fierce competition in the Chinese market and emphasized the importance of adapting strategies [3] - The company expects to achieve high single-digit sales growth for the full year, with a stable EBITDA margin around 15% [66] - Confidence in overcoming challenges from the Guo Biao transition and maintaining growth momentum [8][49] Other Important Information - The interim dividend payout is set at HKD0.19 per share [12] - The company completed a refinancing of USD 300 million, which is expected to lower financial expenses [11][51] Q&A Session Summary Question: Do you have any guidance update for the whole year's performance? - The company expects high single-digit growth for the whole group, with adjusted EBITDA margin around 15% and adjusted net profit margin close to 5% [66] Question: What are the key drivers for the B&C business growth? - Main drivers include innovative products and penetration into new channels, with a focus on retail and online channels [70][71] Question: Will the IMF gross profit margin be restructured? - Adjustments are being made to improve profitability, with 80% of product categories returning to expected growth [72][73] Question: What is the expectation for the ANC business in ANZ? - The company will continue to promote domestic business growth to offset declines in the Daigou channel, maintaining guidance for the whole year [85][86]

1 Disclaimer ◼These materials have been prepared by China State Construction International Holdings Ltd. ("CSCI" or the "Company") solely for information use during its presentation. It may not be reproduced or redistributed to any other person without the permissions from CSCI. By attending this presentation, you are agreeing to be bound by the foregoing restrictions. ◼It is not the intention to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the compa ...

Core Insights - The company reported a solid revenue growth of +3.4% to €1,868.3 million in the first half of 2025, with organic growth at +3.3% [2][8] - Digital revenue grew significantly by +12.2%, now accounting for approximately 40% of total revenue, driven by a +25.2% increase in programmatic revenue [2][10] - The operating margin improved by +17.6% to €307.4 million, reflecting strong operating leverage with a flow-through rate of 75.8% [4][22] Revenue Performance - The company achieved a +3.3% organic revenue growth in H1 2025, despite a mid-single digit decline in China, with Q2 showing a +1.6% growth [3][9] - Digital Out-of-Home (DOOH) revenue surged by +12.2%, representing about 40% of total revenue, with programmatic revenue now at 10.1% of DOOH revenue [3][11] - Revenue from Street Furniture grew by +4.3%, Transport by +3.2%, while Billboard remained flat [12][18] Geographic Performance - North America and Rest of the World were the fastest-growing regions, while the UK experienced a decline of -2.9% [19][20] - Asia-Pacific saw a +1.3% organic growth despite a mid-single digit decline in China, which now represents 10% of total revenue [19][20] Operational Efficiency - The operating margin as a percentage of revenue reached 16.5%, a 200 basis points improvement year-on-year, with all segments showing margin growth [23][24] - EBIT before impairment charges grew by +11.6% to €125.6 million, with a remarkable +114.7% increase when excluding non-recurring items [4][28] Cash Flow and Financial Position - Operating cash flows increased by +10.7% to €153.7 million, driven by improved operating margins [35] - The company reported a decrease in net capital expenditure by -15.6% to €118.8 million, representing 6.4% of revenue [34] - Financial net debt decreased by €43.9 million year-on-year, amounting to €912.9 million as of June 30, 2025 [38] ESG Performance - The company has been recognized for its strong ESG performance, achieving a place on the CDP A List for the second consecutive year and receiving a Gold Medal from EcoVadis [43][44] - Nearly 50% of revenue is aligned with the Green Taxonomy European regulation, with a commitment to achieve Net Zero Carbon by 2050 [44]

Core Insights - Canadian National Railway (CNI) is experiencing positive momentum from its sustainability initiatives and shareholder-friendly actions, but it faces challenges with high operating expenses and weak liquidity [2][8]. Factors Favoring CNI - CNI has made significant progress in sustainability, achieving a 4% reduction in total Scope 1, 2, and 3 greenhouse gas emissions and reaching 27% of its 2030 target for Scope 1 and 2 emissions [3]. - The company has improved operational safety, evidenced by an 8% decrease in the accident rate, although there is an 8% increase in personal injury frequency, indicating a need for ongoing focus on worker safety [3]. - CNI launched its first Indigenous Reconciliation Action Plan with 16 measurable commitments, distributing over $15 billion in economic value and making $3.5 billion in capital investments [4]. - The Falcon Premium intermodal service received the Silver Container Award for sustainable cross-border transportation, reducing greenhouse gas emissions by up to 75% [5]. - CNI's 2025 capital investment program includes a planned $85 million investment in Michigan and approximately $295 million across various U.S. states, focusing on infrastructure modernization and network efficiency [6]. Shareholder Initiatives - CNI has consistently rewarded shareholders through dividends and share repurchases, paying C$2.00 billion in dividends and repurchasing shares worth C$4.71 billion in 2022, with similar figures in subsequent years [7]. Financial Challenges - Operating costs have risen from $10.27 billion in 2022 to $10.8 billion in 2024, with a 3.3% year-over-year increase noted in Q1 2025 [8][9]. - CNI's current ratio, a measure of liquidity, has remained below 1.0 for several years, indicating insufficient short-term assets to cover liabilities, dropping from 0.84 in 2022 to 0.62 in Q1 2025 [11]. - The combination of rising costs and weak liquidity poses significant challenges for CNI, contributing to an 11.4% decline in share value year-over-year, contrasting with a 1% growth in the Transportation - Rail industry [12].

Financial Data and Key Metrics Changes - Pan American Silver reported record mine operating earnings of $250.8 million for Q1 2025, continuing the upward trend from 2024 [5] - Revenue for Q1 was $773 million, with net earnings totaling $169 million or $0.47 per share, and adjusted earnings of $153 million or $0.42 per share [7] - Operating cash flow before non-cash working capital changes was $240 million, with free cash flow for the quarter at $112.6 million [8] Business Line Data and Key Metrics Changes - Silver production in Q1 was just over 5 million ounces, slightly above guidance, with all-in sustaining costs at $13.94 per ounce, well below the guided range [6] - Gold production was 182,200 ounces, in line with guidance, and all-in sustaining costs for the gold segment were $14.85 per ounce, better than expected [7] Market Data and Key Metrics Changes - The company benefited from higher byproduct credits due to increased gold production at Cerro Moro and higher zinc and lead production across polymetallic operations [6] - The favorable precious metal prices are expected to generate strong profit margins throughout 2025 [11] Company Strategy and Development Direction - The La Colorada Skarn project is the largest organic growth opportunity, with ongoing engineering work and exploration [9] - The company is also investing in the La Colorada vein mine operations to explore extensions to the mineral resource [10] - Discussions with the Guatemalan government regarding the Escobal project are ongoing, with no set date for the completion of the consultation process [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining production guidance for 2025, with expectations for higher production in the latter half of the year [11] - The company is optimistic about the potential for strong profit margins due to favorable metal prices [11] Other Important Information - Cash and short-term investments increased to a record $923 million, with total available liquidity of approximately $1.7 billion [8] - The company plans to release its 2024 sustainability report, emphasizing its commitment to ESG performance [67] Q&A Session Summary Question: Cost performance and future guidance - Management acknowledged strong cost performance but indicated that adjustments to guidance are not typically made after one quarter [15][17] - Future costs may see an uptick in Q2 but are expected to decrease in the second half as production increases [18] Question: Drivers of gold and silver sales - The increase in gold and silver sold was attributed to strong Q4 production and timing of shipments [20][21] Question: Issues at Minera Florida - Management noted challenges due to mine sequencing, lower grades, and absenteeism, with expectations to recover production in Q3 and Q4 [22][24] Question: Geotechnical challenges at Bell Creek - Management confirmed ongoing geotechnical challenges at Bell Creek, particularly related to seismicity [30][32] Question: Progress on Escobal project discussions - Management reported slow but positive progress in discussions with the Guatemalan government regarding the Escobal project [36][37] Question: Capital allocation priorities - Management indicated a focus on shareholder returns, including dividends and share buybacks, while also investing in growth projects like the Skarn development [55][58]

Financial Data and Key Metrics Changes - Pan American Silver reported record mine operating earnings of $250.8 million in Q1 2025, continuing the upward trend from 2024 [3] - Revenue for Q1 was $773 million, with net earnings totaling $169 million or $0.47 per share, and adjusted earnings of $153 million or $0.42 per share [5] - Operating cash flow before non-cash working capital changes was $240 million, with free cash flow for the quarter at $112.6 million [6] Business Line Data and Key Metrics Changes - Silver production in Q1 reached over 5 million ounces, slightly above guidance, with all-in sustaining costs at $13.94 per ounce, well below the guided range [4] - Gold production was 182,200 ounces, in line with guidance, and gold segment all-in sustaining costs were $14.85 per ounce, better than expected [5] Market Data and Key Metrics Changes - The company benefited from higher byproduct credits due to increased gold production at Cerro Moro and higher zinc and lead production across polymetallic operations [5] - The favorable precious metal prices are expected to generate strong profit margins throughout 2025 [10] Company Strategy and Development Direction - The La Colorada Skarn project is identified as the largest organic growth opportunity, with ongoing engineering work and exploration [7] - The company aims to retain maximum exposure to silver in its deposits while exploring extensions to mineral resources in existing operations [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining production guidance for 2025, with expectations for higher production in subsequent quarters [10] - The company is optimistic about the favorable operating environment, driven by strong metal prices and effective cost management [10] Other Important Information - The company has approximately $1.7 billion in total available liquidity, providing capacity to pursue growth objectives [6] - Discussions with the Guatemalan government regarding the Escobal project are ongoing, with no set timeline for completion [9] Q&A Session Summary Question: Cost performance and future adjustments - Management acknowledged strong cost performance but indicated that adjustments to guidance are not typically made after one quarter [14][16] Question: Drivers of gold and silver sales - The increase in sales was attributed to strong Q4 production, with significant inventory sold in January [20][21] Question: Issues at Minera Florida - Management noted challenges due to mine sequencing, lower grades, and absenteeism, with expectations to recover production in Q3 and Q4 [22][23] Question: Geotechnical challenges at Bell Creek - Management confirmed ongoing seismicity issues at Bell Creek, which have impacted production plans [29][32] Question: Progress on Escobal project discussions - Management reported slow but positive progress in discussions with the Guatemalan government, focusing on environmental concerns [35] Question: Capital allocation priorities - Management emphasized a balanced approach to capital allocation, including shareholder returns and investment in growth projects [50][56]