Financial Performance - Adjusted EBITDA was $3286 million[16], with Refining & Marketing contributing $1890 million[21], and Midstream contributing $1641 million[67] - Cash Flow from Operations, excluding changes in working capital, reached $2605 million[10, 16] - Share repurchases amounted to $692 million[8, 16] - Dividends paid out totaled $279 million[16] Strategic Initiatives - Announced the Northwind Midstream acquisition for $2375 million[7, 11], expecting a mid-teen return on investment[13] - The Northwind Midstream acquisition supports MPLX's Permian wellhead-to-water strategy, covering over 200,000 dedicated acres and 200+ miles of gathering pipelines[11] Segment Performance - Refining & Marketing segment Adjusted EBITDA per Barrel was $6.79[16] - Refining & Marketing margin reached $4895 million[24] - Year-to-date Midstream Segment Adjusted EBITDA increased by 5% year-over-year to $3361 million[27, 28] Sustainability - The company is targeting a 30% reduction in Scope 1 & 2 GHG Emissions Intensity by 2030 and a 38% reduction by 2035 from 2014 levels[38] - The company is targeting a 20% reduction in Freshwater Withdrawal Intensity by 2030 from 2016 levels[39]

Core Viewpoint - The company has faced challenges in the past year but believes that strategic measures, including a merger with Thames Ventures VCT 2 plc, have strengthened its foundations and positioned it for long-term value creation for shareholders [3][4][5]. Financial Highlights - The company reported a net asset value (NAV) per share of 90.1p as of 31 March 2025, a decrease of 16.7% from the previous year [6]. - Total dividends paid during the year amounted to 4.6p per share, equivalent to 4.3% of the opening net assets of the previous financial year [7]. - The company raised £0.9 million through an offer for subscription during the year, with an additional £2.5 million raised post year-end [10]. Investment Performance and Portfolio Activity - The company invested £4.9 million in eight Unquoted Growth companies during the year, with two new investments totaling £1.6 million and six follow-on investments costing £3.3 million [11][39]. - The overall investment portfolio experienced a net valuation loss of £14.3 million, with £7.1 million attributed to Quoted Growth investments and £7.2 million from unquoted investments [12][14]. - Significant losses were noted in Maestro Media Limited (£2.0 million) and Cambridge Touch Technologies Ltd (£1.5 million), while positive performances were seen in Ayar Labs Inc and Rated People Limited, with valuation increases of £2.5 million and £1.6 million respectively [14]. Share Buybacks - The company has adopted a policy of buying back its own shares at a 2.5% discount to NAV, purchasing and cancelling 13,072,899 shares at an average discount of 3.9% during the year [21]. Management Charges and Performance Incentive - The annual management fee for the year ended 31 March 2025 was £1.8 million, equating to 2.0% of net assets [23]. - A new performance incentive scheme was approved as part of the merger, which will motivate the manager to enhance shareholder value [25][26]. Board Composition - The board has undergone changes, with Andrew Mackintosh joining from Thames Ventures VCT 2 plc and Barry Dean set to retire [27][29]. VCT Sunset Clause - New regulations have extended the UK's VCT scheme by ten years to April 2035, providing clarity and support for further investments in early-stage companies [30]. Outlook - The company is cautiously optimistic about 2025, anticipating improved conditions for portfolio companies due to decreasing inflation and interest rates, which may encourage increased deal activity in the UK [32][33].

Core Viewpoint - JX Luxventure Group Inc. has been recognized for its commitment to social responsibility and innovation in the wholesale trade and tourism sectors, receiving two prestigious awards at the 2025 China Brand Boao Summit [1][2]. Company Overview - JX Luxventure Group Inc. is headquartered in Haikou, China, and operates in the wholesale trade sector, focusing on duty-free and cross-border consumer goods [3]. - The company provides integrated solutions in wholesale trade, including logistics, supply chain management, and technology solutions to enhance the distribution of tourism-related products [3]. Awards and Recognition - The company was awarded the 2025 (Industry) Most Socially Responsible Enterprise Award at the 2025 China Brand Boao Summit [1]. - CEO Sun "Ice" Lei received the 2025 (Industry) Brand Influence Figure Award, highlighting the company's leadership in the industry [1][2]. Commitment to Sustainability - The company emphasizes its dedication to innovation, sustainability, and social impact through its proprietary aggregated supply chain system, which prioritizes carbon reduction [2]. - Initiatives in education, rural revitalization, and global philanthropy reflect the company's commitment to creating shared value for society [2].

Financial Performance - CONMED's Q1 2025 worldwide revenue reached $321.3 million[22] - The company's GAAP EPS was $0.19, a decrease of 69.3% year-over-year[22, 25] - Adjusted EPS was $0.95, an increase of 20.1% year-over-year[22, 25] - Single-use products accounted for 86% of worldwide revenue[24] - The company anticipates approximately 4% to 6% constant currency revenue growth for the full year 2025, projecting reported revenue between $1350 million and $1378 million[26] Segment Performance - Orthopedic surgery revenue was $138.3 million with 3.9% constant currency growth[22] - General surgery revenue was $183.0 million with 3.8% constant currency growth[22] - Domestic revenue accounted for 57% and international revenue accounted for 43% of the total revenue[22] - Domestic revenue grew 3.4% and international revenue grew 5.4% (3.8% in constant currency)[22] Market and Strategy - The orthopedics market is estimated to be between $5.1 billion and $5.3 billion[10] - The US capital equipment market within orthopedics represents 38% of the total, while international accounts for 62%[10] - The general surgery market includes segments like access ($1.5 to $1.7 billion), energy ($3.1 to $3.3 billion), and endoscopic technologies ($3.1 to $3.3 billion)[11] - The company aims to achieve above-market revenue and profitability growth over the long term[9]