（原标题：垂直一体化，破解AI算力爆发与能源需求矛盾？） 21世纪经济报道记者雷椰 李德尚玉 实习生刘诗媛 北京报道 一是技术一致性，将能源与算力中心架构融合。未来，机电设备与服务器的深度耦合将催生集装箱式算 力中心、模块化算力单元等新形态，实现工厂化制造与装配。 二是资本一致性，在AI时代，资本需覆盖从能源、装备到算力服务的上中下游。这与过去产业分工明 确的模式不同。目前海外领先的AI公司与大模型企业，均已采用这种一体化的资本布局。 三是运营一致性，企业运营需打破传统分工边界。我们自身就从数据中心向上游延展至装备制造、新能 源发电与储能，同时基于持有的硬件与算力，向下游提供算力服务与网络传输。 近日，在《联合国气候变化框架公约》第三十次缔约方大会（COP30）召开期间，BCI Group创始人、 CEO居静和他的团队展示了其绿色算力基础设施样本。居静近日接受21世纪经济报道专访，探讨如何通 过垂直一体化破解AI算力爆发与能源需求的矛盾。 居静告诉21世纪经济报道记者，传统的数据中心业态具有过渡性质。"早在七年前布局大同时，我们就 提出了'垂直一体化'模式。"居静表示，其核心是实现三个层面的"一致性"： ...

Core Insights - Hon Hai Technology Group (Foxconn) is transforming into an AI-powered technology platform service company, showcasing partnerships with major players like NVIDIA, OpenAI, and Alphabet at its annual Hon Hai Tech Day 2025 [1][2][3] Group 1: Partnerships and Collaborations - Foxconn's Chairman Young Liu emphasized the company's competitive strength in vertical integration, enabling deep collaborations with world-class technology leaders [3] - OpenAI's CEO Sam Altman highlighted the importance of a new partnership with Foxconn to strengthen supply chains for AI infrastructure components, which are currently in high demand [3] - Alphabet's Chief Product Officer Hiroshi Lockheimer acknowledged Foxconn as an important partner, contributing to significant technological innovations over the past decade [4] Group 2: Technological Advancements - Foxconn is investing US$1.4 billion in an advanced supercomputing center, utilizing 10,000 NVIDIA Blackwell Ultra GPUs and next-generation NVIDIA GB300 NVL72 AI infrastructure, set to launch in the first half of 2026 [4][5] - The event featured discussions on the evolution of humanoid robots in smart manufacturing and the potential of quantum technologies to enhance future artificial general intelligence (AGI) [6] Group 3: Product Showcases - Over 200 products and technologies were displayed at HHTD25, including an AI-ready modular container data center and various electric vehicle models [7][8] - The MODEL A, a B-segment class electric vehicle, was presented, showcasing AI technology and modular versatility for diverse applications [7]

MP Materials (MP) has secured a transformative three-way joint venture with the U.S. Department of War and Saudi Arabian mining company, Maaden, to develop a major rare earth refinery in Saudi Arabia. The agreement expands Western access to critical materials essential for defense systems and clean energy technologies and builds upon the LA-headquartered firm’s landmark deal with the Pentagon in July 2025. More News from Barchart MP Materials stock extended gains following the announcement today but rem ...

OrthoLite has opened a new facility in the Ninh Binh province in North Vietnam. The move is part of the premium insole maker’s strategy to localize the entire product creation process from end-to-end, while also “strengthening the company’s production capabilities” to better support its regional and global brand partners. More from WWD OrthoLite North Vietnam, led by country manager Michael Hsu, is a state-of-the-art manufacturing facility offering local production that reduces lead times and enhances sup ...

Rheinmetall (OTCPK:RNMB.F) 2025 Capital Markets Day November 18, 2025 03:00 AM ET Company ParticipantsKlaus Neumann - CFONone - Company RepresentativeRené Gansauge - COOArmin Papperger - CEOConference Call ParticipantsSam Burgess - Equity Research AnalystJoe Orchard - Equity Research AnalystNone - AnalystAdrien Rabier - AnalystNone - Analyst 1George McWhirter - AnalystNone - AnalystNone - AnalystSven Schaefer - AnalystMarie-Thérèse Grübner - AnalystNone - Analyst 2Alessandro Pozzi - Equity AnalystSebastian ...

First Phosphate Closes Oversubscribed Private Placement to Existing and Follow-on InvestorsNovember 17, 2025 7:11 AM EST | Source: First Phosphate Corp.THIS NEWS RELEASE IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATESSaguenay, Quebec--(Newsfile Corp. - November 17, 2025) - First Phosphate Corp. (CSE: PHOS) (OTCQX: FRSPF) (FSE: KD0) ("First Phosphate" or the "Company") is pleased to announce that, on November 14, 2025, it closed its financing (the "Offering") to a strategic investor, and othe ...

Summary of Man Wah Holdings Earnings Call Company Overview - **Company**: Man Wah Holdings (1999.HK) - **Industry**: Upholstered Furniture Manufacturing Key Financials - **1H FY26 Results**: - Total Revenue: HK$8,045 million, a decrease of 3% year-over-year - Net Profit: HK$1,146 million, an increase of 1% year-over-year - Revenue and profit were in line with expectations, with profits exceeding forecasts by 7% [1][2][4] Core Insights 1. **Domestic Demand**: - Domestic demand remains under pressure due to property market weaknesses - Limited contribution from trade-in subsidies; however, online sales grew by over 15% year-over-year during Singles' Day [2][4] - Management aims to increase average ticket size to improve same-store sales growth (SSSG) [2][4] 2. **Overseas Business**: - Management plans to optimize the global supply chain and explore acquisition opportunities, particularly in the US - Stable demand in the US, but risks from tariff uncertainties remain [3][4] 3. **Margins**: - Gross Profit Margin (GPM) increased by 0.9 percentage points to 40.4% in 1H FY26, supported by cost tailwinds despite a decline in average selling prices - Operating Profit Margin (OPM) increased by 0.4 percentage points to 17.9% [4][5] 4. **Dividend Policy**: - Management intends to maintain the current dividend policy over the next 2-3 years, willing to distribute profits if no major capital expenditure plans arise [5] Geographic Performance - **Domestic Sales**: - Declined by 6% year-over-year in 1H FY26, an improvement from a 16% decline in 2H FY25 - Online sales grew by 14%, while offline sales decreased by 12% [4][5] - **Overseas Sales**: - North America: 0% growth year-over-year - Europe: -5% decline year-over-year - Other overseas markets: 23% growth year-over-year [4][5] Investment Outlook - **Rating**: Neutral - **Target Price**: HK$4.8, based on a 9X exit multiple applied to FY2028E EPS, discounted back to FY2027E using a 10% cost of equity - **Risks**: Include macroeconomic conditions, product expansion rates, raw material costs, competition intensity, and tariff impacts [8][11] Additional Considerations - The company has transitioned from an export-focused model to a significant player in the domestic retail market, although aggressive store expansion has led to declining SSSG amid market challenges [8] - The potential boost from the trade-in program could provide some relief to domestic demand weaknesses [8] This summary encapsulates the key points from the earnings call, highlighting the financial performance, strategic insights, and market outlook for Man Wah Holdings.

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $1.6 million, down from $3.6 million in Q3 2024, primarily due to lower average selling prices from discontinued SKUs [10] - Gross loss for Q3 2025 was $8.9 million compared to a gross profit of $0.6 million in the same period last year, resulting in a gross margin of negative 576% versus 16% [10] - Net loss for Q3 2025 was $10.9 million, or negative $0.90 per diluted share, compared to a net loss of $3.4 million, or negative $0.33 per diluted share in Q3 2024 [11] - Adjusted EBITDA for Q3 2025 was negative $10.9 million, worsening from negative $1.9 million in Q3 2024, mainly due to inventory charges [11] - Cash and cash equivalents at the end of Q3 2025 were $387.3 million, a significant increase from $3.7 million at the end of 2024 [12] Business Line Data and Key Metrics Changes - The company has streamlined operations and reduced fixed costs, including vacating the Mockingbird facility and planning to vacate the Rock Quarry facility, leading to significant cost savings [4][5] - Payroll efficiencies have lowered monthly costs by approximately $40,000 while maintaining quality and innovation [5] Market Data and Key Metrics Changes - The company is launching two new SKUs in March 2026 with a national retailer, which will include the Caramel Crunch SKU, marking a significant retail strategy milestone [6] - There is a noted shift in retailer demand towards innovative SKUs featuring proprietary textures and clean ingredients, reflecting broader market trends [8] Company Strategy and Development Direction - The company is focused on optimizing its cost structure, expanding retail distribution, and executing private label partnerships to drive long-term growth and return to profitability [13][14] - Future initiatives include digital asset strategies to enhance capital efficiency and shareholder value [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about entering 2026 with a leaner and more efficient structure, ready to scale profitably [16] - The company anticipates gradual margin improvement starting mid-2026, supported by operational efficiencies and new product launches [15] Other Important Information - The company has received commitments for additional capital, with insiders committing $1 million, reflecting confidence in the company's strategy [9] Q&A Session Summary Question: Can you provide any more details on the financial commitments that you have in hand at this point? - Management confirmed a commitment of $1 million from insiders [19] Question: What do you think your current cash burn is on a monthly basis at this point? - Management indicated that cash burn will decrease significantly after January, providing a runway for private label initiatives [22] Question: Is this million dollars coming in, is it equity, debt, or it's not formal yet at this point? - Management stated that the commitment is not formal yet but should be finalized within the next week [24] Question: When do you think you need to do revenue to break even at this point or after January? - Management noted that break-even visibility will improve around March or April, with expected monthly expenses in the $450-$550 range [26] Question: Are the economics of the Caramel Crunch business very similar to your other products? Or is it higher margin? - Management indicated that the Caramel Crunch will have similar economics, with potential for improved margins as manufacturing processes are fine-tuned [27] Question: Can you talk about how effective the expanded sales effort has been? - Management expressed satisfaction with the sales team's performance, particularly in securing private label partnerships and expanding into non-traditional retail environments [32]

Financial Data and Key Metrics Changes - For Q3 2025, revenue was $2.2 million, reflecting a 13% sequential increase and a 74% year-over-year increase, driven by stronger average Bitcoin pricing of $114,000 and contributions from the newly operational Mississippi facility [11] - Mining margins improved to 49%, attributed to a shift from hosting fees to self-mining and higher fleet efficiency [11] - The company reported a net loss of $3.7 million and a core EBITDA loss of $1.4 million, primarily due to increased staff costs and payroll expenses [11] - As of October 31, the Bitcoin treasury stood at approximately 295 Bitcoin, valued at roughly $31.9 million, or $2.62 per share, compared to a stock price near $1.07 [12] Business Line Data and Key Metrics Changes - Bitcoin production increased by 28% from September to October, rising from 5.9 Bitcoin to 7.6 Bitcoin, reflecting expanded capacity and operational improvements [6][9] - The company moved from a single-site facility with approximately 0.48 exahash in June to roughly 0.71 exahash by the end of October, representing a 50% hash rate expansion [8] Market Data and Key Metrics Changes - The company exited September with approximately 304.5 Bitcoin in treasury, valued at nearly $35 million, highlighting a disconnect between treasury value and market capitalization [5] Company Strategy and Development Direction - The company aims to increase Bitcoin per share and grow intrinsic value over time, focusing on disciplined capital allocation and operational control [4][14] - The acquisition of the Mississippi facility has been successful, and the company plans to expand its capacity there by an additional 4 megawatts [19][20] - The strategy includes balancing Bitcoin accumulation, strategic investments, and opportunistic share repurchases to enhance per-share value [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term value of Bitcoin and the company's ability to endure volatility while scaling into the next cycle [15] - The focus remains on increasing production, efficiency, and Bitcoin per share, with upcoming enhancements from new immersion-cooled machines expected to improve operational efficiency [10][14] Other Important Information - The company executed an $8 million private repurchase of around 3.3 million shares and 7.3 million warrants, which reduced dilution and improved per-share economics [11][12] - The current mining cost per Bitcoin was reported at $66,000, down from $70,000 in the previous quarter, indicating improved cost efficiency [26] Q&A Session Summary Question: Thoughts on the path for Bitcoin mining infrastructure in 2026 - Management noted that the Mississippi acquisition has worked well and there is potential for further growth, with Oklahoma also set to become a long-term mining site due to favorable energy pricing [19] Question: Are there plans for additional site acquisitions? - Management stated that they are always exploring site acquisitions based on energy tariffs and property availability, but nothing appealing is currently in progress [21] Question: How to allocate between mining business and acquiring additional Bitcoin? - Management emphasized a long-term strategy, balancing mining growth with treasury strategy, and making decisions based on future Bitcoin pricing rather than current circumstances [22] Question: Management of old machines in storage - Management indicated that old machines are being kept in reserve for quick deployment as power becomes available, aligning with their strategy of upgrading the fleet [25] Question: Current cost of mining one Bitcoin - The current mining cost per Bitcoin was reported at $66,000, reflecting a reduction from the previous quarter [26]

Financial Data and Key Metrics Changes - Total company revenue for Q3 2025 rose 20% year over year to $92 million, with year-to-date revenue expanding 15% to $272 million compared to the same period last year [9][19] - Adjusted EBITDA improved 72%, with a near break-even adjusted EBITDA loss of $1.9 million in Q3 2025 compared to a $13 million loss in Q3 2024, reflecting significant progress towards profitability [13][24] - Gross profit increased 82% year over year, with gross margin expanding by roughly 500 basis points [12][13] Business Line Data and Key Metrics Changes - MRO revenue grew 103% year over year in Q3, reaching $3.1 million, surpassing 2024's full-year revenue in the first nine months of 2025 [10][22] - Retail membership grew 51% year over year, with Jet Club sales increasing 17% and fractional sales up 68% year-to-date compared to last year [12][21] - Flight revenue in Q3 grew 17% year over year, driven by stronger aircraft performance and higher utilization [19][20] Market Data and Key Metrics Changes - The wholesale flight revenue totaled $47.5 million in Q3 2025, a 15% growth compared to Q3 of last year, with year-to-date wholesale revenue growing 4% to over $134 million [21] - Contractually committed hours grew 30% compared to Q3 2024, enhancing revenue visibility and predictability [9][20] Company Strategy and Development Direction - The company is focused on fleet modernization, having eliminated 26 non-performing aircraft over the past year, which has significantly improved operational efficiency and financial performance [5][26] - The strategy includes increasing the number of high-performing aircraft, with plans to reduce non-performing aircraft to mid-single digits by the end of 2025 and fully eliminate them in 2026 [6][26] - The company aims to leverage its MRO operations as a revenue driver and competitive advantage, expanding its internal capabilities to support fleet uptime and customer satisfaction [11][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining positive adjusted EBITDA going forward into 2026 and beyond, citing record demand and operational improvements [15][16] - The company anticipates continued growth in the fourth quarter, traditionally its busiest, with strong demand across all business segments [16][18] - Management highlighted the transformation achieved over the past year, emphasizing a more efficient, profitable, and reliable business model [28][29] Other Important Information - The company has a merger agreement with JetAI, which is expected to provide operational synergies and capital for growth [27] - An amendment to the Aircraft Management Services Agreement with Volado was announced, expected to generate $6 million-$8 million in profit in Q4 2025 [28] Q&A Session Summary Question: What are the expectations for future profitability? - Management indicated that they expect to generate positive adjusted EBITDA in the near term, with significant improvements in operational efficiency and fleet performance [24] Question: How is the company addressing the non-performing aircraft issue? - The company has reduced non-performing aircraft from 37 in 2024 to 11 in Q3 2025, with plans to further decrease this number [26] Question: What is the outlook for the MRO business? - The MRO business is expected to continue growing, with external demand driving significant revenue increases and supporting fleet operations [10][22]