💡 Bybit’s H1 2025 Report isn’t just numbers.It’s a story of resilience, innovation, and market leadership. ...

Market Seasonality & Trends - Strategus notes that while September is historically a weak month, a strong prevailing market trend can mitigate this [2][3] - The market's leadership, with banks and discretionary sectors performing well, suggests limited downside risk [4] - Global markets are generally performing well, further reducing bearish sentiment [4][5] Economic Indicators & Tariffs - The market indicates that the impact of tariffs is not significant, supported by strong consumer discretionary stocks [7] - Credit conditions have not deteriorated, and discretionary stocks are outperforming staples, suggesting no imminent economic weakening [8] - Countries in the "crosshairs" of trade tensions, such as China, the EU, and Japan, have not shown significant weakness [9] Bond Yields & Bank Stocks - Despite breakouts in bond yields across multiple countries (German, French, UK, Japanese, and US 30-year bonds), bank stocks are not responding negatively [9][10] - Japan's NIK index continues to perform well despite movements in Japanese Government Bond (JGB) yields, indicating underlying strength [10] Potential Market Correction - A period of "chop" or consolidation is considered reasonable, especially given pullbacks in stocks like Nvidia and Broadcom [4][5] - A worst-case consolidation scenario is estimated around 6150-6200 [5]

Core Insights - Autoliv reported record net sales of $2.7 billion in Q2, a 4% year-over-year increase, with adjusted operating income rising 14% to $251 million and adjusted operating margin improving by 80 basis points to 9.3% [1] - The company increased its quarterly dividend to $0.85 per share and reaffirmed its annual stock repurchase plans of $300 million to $500 million [1] Financial Performance - The company estimates its tariff exposure will double to around $200 million, with 80% of tariff costs recovered in Q2, limiting the operating margin impact to 35 basis points [2][3] - Adjusted operating margin reached 9.3%, up 80 basis points year over year, with gross margin improving by 30 basis points to 18.5% due to efficiency gains from a reduction of 3,200 direct production staff and investments in automation [4][5] Market Position and Growth - Autoliv achieved 16% growth in sales to domestic OEMs in China and maintained a 60% market share in India, contributing an additional $100 million to sales in 2025 [6][8] - The company expects continued positive sales trends in China as mix effects improve, despite challenges in North America and Western Europe [7][8] Future Outlook - Management projects 2025 organic sales growth of around 3%, an adjusted operating margin of approximately 10% to 10.5%, and operating cash flow of around $1.2 billion, despite anticipated declines in global light vehicle production [9]