Market Risk - Venus Protocol's utilization rate is reaching 99% [1] - USD1 depegs 200 basis points (2%) on BNB Chain every Sunday at 2 AM UTC [1] Investment Implication - Funding 20% APY exits [1]

Core Argument - The formula for success is impact, which consists of utilization, decisiveness, and lingering effect [2][3][21] - Impact and success are not mutually exclusive [3] - Impact is defined as a forceful contact or a figurative feeling that changes you forever [4][5] - Impact lingers and doesn't necessarily mean there's nothing you can do; you can react and shape it [7][8] Key Components of Impact - **Utilization:** Using what you have in the capacity that you have it in, when you have it, and where you have it [21] - **Decisiveness:** Making a choice every day to take action [21][22] - **Lingering:** An extension of ourselves that goes beyond ourselves [22] Practical Application for High Schoolers - Make a decision to learn and be taught every day [23][24] - Utilize what you have and enjoy [25] - True impact must be beyond oneself and replicable to another person's narrative [26] Organizational Impact - Participation in organizations like CISV and ISEC can lead to self-actualization and personal development [9][10] - These organizations share similar visions based on the principles of impact [15][16] - CISV educates and inspires, while ISEC drives towards a vision [16] Project Example - The "Render Zen" project aimed to engage the youth in climate action through art [17][18] - The project gave contributors a space to be themselves and contribute in their own capacity [20]

Utilization Analysis - Falconstable 的利用率需要停止停留在 1.7% [1] Financial Metrics - 36 倍的乘数应用于 Pendle 的 90 亿美元 TVL (Total Value Locked，总锁定价值) [1]

Financial Data and Key Metrics Changes - Revenue doubled from 2023 to 2024, reaching EUR 249 million [34] - EBITDA tripled from EUR 42 million to EUR 126 million, indicating strong scalability in the business [34][44] - Adjusted utilization rate was 83%, with unadjusted utilization at 66% due to lower performance from specific vessels [35][41] - Backlog increased by 47% to EUR 2.5 billion, with 94% of the backlog having final investments [22][94] Business Line Data and Key Metrics Changes - The company successfully delivered the Wind Peak and Wind Maker vessels on time and on budget, contributing to operational efficiency [6][11] - Significant O&M (Operations and Maintenance) projects were secured, indicating a growing demand in this segment [27][84] - The company is focusing on expanding its O&M services, which are expected to enhance vessel utilization and overall financial performance [27][86] Market Data and Key Metrics Changes - The European market remains the primary driver for offshore wind, with a significant number of projects under discussion [15][20] - The Asia Pacific market is also active, particularly in Taiwan, Japan, and Korea, with potential for future growth [15][19] - The North American market is viewed cautiously, with ongoing projects but political headwinds affecting the overall outlook [16][17] Company Strategy and Development Direction - The company aims to maintain a strong focus on the European market while exploring opportunities in Asia and cautiously entering the U.S. market [14][15][19] - There is a strategic emphasis on long-term agreements with clients, reflecting a shift towards more stable revenue streams [22][74] - The company is committed to sustainability, enhancing its leadership in this area and implementing measures to reduce its environmental footprint [63][68] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong financial performance and growth trajectory for 2025, with expectations for continued high utilization and project execution [6][54] - The company is optimistic about the demand for larger turbines and deeper water installations, which align with its capabilities [75][93] - Management acknowledged challenges in the newbuild market, including rising costs and limited shipyard capacity, impacting future orders [100][102] Other Important Information - The company has achieved SOX compliance without material weaknesses, reflecting strong internal controls [38] - A significant focus on human rights and sustainability initiatives has been established, including a human rights impact assessment and enhanced supplier due diligence [64][66] Q&A Session Summary Question: O&M market demand and contract economics - Management noted an increasing contract economics profile for O&M projects, with clients discussing longer-term commitments and support structures [98] Question: Prospects for newbuilds and pricing - Management highlighted challenges in newbuild deliveries, with prices estimated to be 30% to 45% higher than previous orders, making it difficult to secure new capital for new vessels [100][102] Question: 2025 guidance and newbuild delivery timing - Management indicated that while there are moving parts, they expect to maintain delivery schedules for new vessels, with a focus on locking down utilization capacity [110]