Forward-looking statements Safe Harbor Statement Q1 2025 Earnings Call APRIL 29, 2025 1 Financial Results: Statements included in this presentation that are not a description of historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are generally accompanied by words or phrases such as "anticipate," "assume," "believe," "could," "estimate," "expect," "fo ...

Financial Data and Key Metrics Changes - In Q1 2025, Zebra Technologies reported sales exceeding $1,300,000,000, representing a 12% increase compared to the prior year [7] - Adjusted EBITDA margin was 22.3%, a 240 basis point increase year-over-year [7][12] - Non-GAAP diluted earnings per share were $4.2, a 42% increase from the previous year [7][12] - Adjusted gross margin increased by 150 basis points to 49.6% due to favorable business mix and volume leverage [11] Business Line Data and Key Metrics Changes - Asset Intelligence and Tracking segment sales increased by 18% [10] - Enterprise Visibility and Mobility segment sales grew by 9% [10] - Strong sales growth was observed across all major product categories and regions, with double-digit growth in most vertical end markets [7][10] Market Data and Key Metrics Changes - North America sales grew by 7%, with notable strength in data capture, print, and RFID [11] - EMEA sales increased by 18%, particularly strong in Northern Europe [11] - Asia Pacific sales rose by 13%, led by Australia and New Zealand [11] - Latin America sales grew by 18%, with significant strength in Mexico [11] Company Strategy and Development Direction - The company is focused on returning to profitable growth, extending market leadership, and advancing its portfolio of solutions [5] - Zebra Technologies is diversifying its supply chain beyond China and maintaining a capital-light business model to remain agile [5][14] - The company continues to invest approximately 10% of sales in research and development to enhance its innovative solutions [22] Management's Comments on Operating Environment and Future Outlook - Management noted that demand remained strong into Q2 2025, supported by robust retail year-end spending [6][31] - The company is cautious about the global trade environment and its potential impact on customer behavior, but has not observed significant changes in purchasing behavior to date [32][76] - The anticipated impact from U.S. import tariffs is estimated to be $70,000,000 for the full year, which is $50,000,000 higher than prior guidance [20] Other Important Information - Zebra Technologies generated $158,000,000 of free cash flow in Q1 2025 [12] - The company repurchased $125,000,000 of stock in Q1 and an additional $75,000,000 in April [13] - The acquisition of Photo Neo, a leading 3D machine vision company, is expected to contribute approximately 30 basis points to Zebra's overall sales growth in 2025 [13] Q&A Session Summary Question: Demand picture and changes throughout the quarter - Management indicated that demand remained strong through April, supported by strong retail spending from the previous year [31][32] Question: Actions regarding tariffs and manufacturing footprint - Management discussed ongoing assessments of the manufacturing footprint and strategies to mitigate tariff impacts, including diversifying supply chains and adjusting production locations [32] Question: Manufacturing end market performance - Manufacturing showed high single-digit growth but lagged behind other verticals, with management noting ongoing improvements [38] Question: Pricing increases and realization - Management expressed confidence in the ability to implement price increases effectively, aligning with competitive actions in the market [70][72] Question: Visibility into demand and customer behavior - Management noted improved visibility into demand but highlighted ongoing uncertainty related to tariffs affecting customer sentiment [76] Question: Tariff impacts and mitigation strategies - Management confirmed that the anticipated tariff impact for the year is $70,000,000, with ongoing efforts to mitigate this through various strategies [20][114]

Financial Data and Key Metrics Changes - In Q1 2025, Zebra Technologies reported sales exceeding $1.3 billion, representing a 12% increase year-over-year [7][10] - Adjusted EBITDA margin was 22.3%, an increase of 240 basis points compared to the previous year [7][12] - Non-GAAP diluted earnings per share were $4.2, a 42% increase year-over-year [7][12] Business Line Data and Key Metrics Changes - Asset Intelligence and Tracking segment sales increased by 18% [10] - Enterprise Visibility and Mobility segment sales grew by 9% [10] - Strong sales growth was observed across all major product categories and regions, with double-digit growth in most vertical end markets [7][10] Market Data and Key Metrics Changes - North America sales grew by 7%, with notable strength in data capture, print, and RFID [11] - EMEA sales increased by 18%, particularly strong in Northern Europe [11] - Asia Pacific sales rose by 13%, led by Australia and New Zealand, while Latin America sales grew by 18%, especially in Mexico [11] Company Strategy and Development Direction - The company is focused on returning to profitable growth and expanding its market leadership through innovative solutions [5][21] - Zebra Technologies is diversifying its supply chain beyond China and maintaining a capital-light business model to remain agile [5][14] - The company continues to invest approximately 10% of its sales in research and development to enhance its portfolio [21][22] Management's Comments on Operating Environment and Future Outlook - Management noted that demand remained strong into Q2 2025, supported by robust retail year-end spending [6][31] - Despite macroeconomic uncertainties, the company is well-positioned to benefit from trends in digitization and automation [5][21] - Management expressed caution regarding the impact of tariffs on profitability, projecting a gross profit impact of $70 million for the full year 2025 [16][20] Other Important Information - Zebra Technologies generated $158 million in free cash flow in Q1 2025 and ended the quarter with a net debt to adjusted EBITDA leverage ratio of 1.2 [12][14] - The company repurchased $125 million of stock in Q1 and an additional $75 million in April [13][14] - The acquisition of Photo Neo for $62 million is expected to contribute approximately 30 basis points to overall sales growth in 2025 [13] Q&A Session Summary Question: Demand trends throughout the quarter - Management indicated that demand remained strong through April, with customers maintaining positive capital budgets and project momentum despite global trade uncertainties [31][32] Question: Mitigation actions regarding tariffs - Management discussed ongoing assessments of the manufacturing footprint and strategies to mitigate tariff impacts, including shifting production out of China and pricing adjustments [33][34] Question: Manufacturing end market performance - Management acknowledged that while manufacturing growth was lagging compared to other verticals, it still showed high single-digit growth [38] Question: Pricing increases and realization - Management expressed confidence in the ability to implement price increases effectively, noting that competitive pricing considerations were taken into account [70][72] Question: Visibility into demand - Management stated that visibility into demand has improved, but uncertainty regarding tariffs remains a significant concern for customers [75][76] Question: Regional performance differences - Management clarified that EMEA's strong growth was influenced by favorable prior year comparisons, while North America experienced solid growth across most end markets [94][95]

Company Overview - Bel Fuse Inc. is a leading global manufacturer of products that power, protect, and connect electronic circuits [1] - The company operates in various industries including defense, commercial aerospace, networking, telecommunications, computing, general industrial high-speed data transmission, transportation, and eMobility [1] - Bel's product groups include Power Solutions and Protection, Connectivity Solutions, and Magnetic Solutions [1] Investor Conference Schedule - Bel Fuse Inc. will participate in Oppenheimer's 20th Annual Industrial Growth Conference on May 8, 2025, with a fireside chat at 12:45 pm ET [2] - The company will also attend the 22nd Annual Craig-Hallum Institutional Investor Conference on May 28, 2025, at the Depot Renaissance Hotel Minneapolis [2] - Additionally, Bel will be present at the KeyBanc Industrial & Basics Conference on May 29, 2025, at the InterContinental Boston [2]

Core Insights - The company reported a revenue of 8.376 billion yuan for 2024, with fluctuations in net profit attributed to declining gross margins, increased expense ratios, impairment losses on real estate assets, and increased fair value losses [1] - In Q1 2025, the company achieved a revenue of 2.051 billion yuan, representing a year-on-year growth of 6.75%, while net profit surged by 267.63% to 22.299 million yuan due to revenue growth and reduced expense ratios [1] - The company has been focusing on core business sectors such as network communication, data communication, mobile communication, and automotive electronics, while also expanding into the electronic manufacturing sector to capitalize on the opportunities presented by the wave of intelligent development [1][2] Network Communication Business - In 2024, the company's PON series products saw a slight increase, and it continued to receive mass production orders for the Wi-Fi 7 project from key clients [1] - The company successfully promoted domestic Wi-Fi products and entered the shortlist for network product OEMs for domestic operators [1] Data Communication Business - The company achieved a breakthrough in its industrial switch JDM project in 2024, with the 800G data center switches beginning to ship [2] - By early April 2025, the company had mass-produced general servers, with cumulative shipments exceeding 7,000 units [2] Mobile Communication Business - The company advanced its business expansion and cost reduction efforts in 2024, with the base station product center completing the development of a new platform and multiple new products [2] - Significant cost reductions of over 20% were achieved for the BOM of the full series of fencing products through various strategies [2] Automotive Electronics Business - The company officially entered the automotive electronics sector in 2022, establishing Suzhou Gongjin Automotive Technology Co., Ltd. [2] - In 2024, the company made significant breakthroughs in key clients for millimeter-wave radar and steering gear, as well as in laser radar and automotive amplifier products [2] Future Outlook - The company demonstrated strong resilience in its core business areas throughout 2024 and aims to strengthen cost control while implementing intelligent manufacturing principles to ensure steady progress in a complex market environment [3]

Core Viewpoint - Yingqu Technology (002925.SZ) reported a decline in both revenue and net profit for the third consecutive year, with revenue of 3.573 billion yuan, down 7.45% year-on-year, and a net profit of 251 million yuan, down 44.17% year-on-year, primarily due to a painful revenue structure adjustment and a significant drop in its innovative consumer electronics business [2][3][6]. Revenue and Profit Performance - The company has experienced a continuous decline in revenue and net profit over the past three years, with revenue dropping from 7.061 billion yuan in 2021 to 3.573 billion yuan in 2024, and net profit decreasing from 1.093 billion yuan to 251 million yuan during the same period [6][12]. - The gross profit margin for 2024 was recorded at 28.36%, down from 30.70% in the previous year, reflecting a decrease of 2.36 percentage points [6]. Business Segment Analysis - The innovative consumer electronics segment, which previously accounted for over 60% of revenue, saw a significant decline, with revenue falling to 1.137 billion yuan in 2024, representing 31.82% of total revenue, down from over 43.05 billion yuan in 2021 [3][5]. - The automotive electronics segment was the only area showing positive growth, achieving revenue of 614 million yuan in 2024, a year-on-year increase of 19.43%, but it still only accounted for 17.19% of total revenue [5][6]. - The smart control components business has shown slow growth and volatility, with revenues fluctuating between 9.55 billion yuan and 11.45 billion yuan from 2020 to 2024, including a decline in 2022 and 2024 [4][6]. Financial Management and Shareholder Actions - Despite the declining performance, the company declared a substantial dividend of 323 million yuan, which represents 195.07% of its net profit for 2024, raising concerns about the sustainability of such payouts amid ongoing financial pressures [7][12]. - The major shareholder, Wanlida, has pledged over 60% of its shares, indicating potential liquidity issues, as the high dividend payout may be a strategy to alleviate financial strain on the major shareholder [7][14]. Investment and Future Outlook - The company is focusing on expanding its UDM (User Defined Manufacturing) model and plans to strengthen its automotive electronics and health environment businesses by 2025 [3][6]. - Yingqu Technology has been investing heavily in construction projects, with significant funds allocated to multiple manufacturing facilities, including a 500 million USD investment in a Mexican manufacturing base, which is currently only 24.46% complete [9][13].

产品布局方面，在SIP封装，半导体封测及汽车电子领域的交付取得了新进展；面向先进封装及半导体 行业储备了多项核心产品，如第三代半导体领域的SIC晶圆老化设备及SICKGD分选设备；成功开拓光 通讯行业应用场景，推出800G光模块自动化线体。 对于2025年的经营计划，凯格精机表示，公司仍要坚持"强攻击抓机会"，积极拥抱市场的变化，持续提 升市场份额。同时，基于中长期的发展战略，坚定投入，为公司持续增长打下坚实的基础。在内部运营 方面，公司会持续推进精益与高效运营，坚持向流程要效率，向创新要利润，向管理要效益。（文穗） 校对：陶谦 年报披露，公司积极践行"提质增效"，坚持开源节流，通过研发创新、产品拓展、管理优化、人才培养 等方面多措并举，不断提升经营质量。 研发创新方面，公司研发中心进行了多项技术创新与应用，如将AI视觉模型应用于封装设备中的芯片 检测及缺陷检测、点胶机的胶点检测、植球机的缺陷检测；将3D视觉应用于五轴点胶机的胶路引导与 检测环节，提高了点胶的精度、稳定性和检测的效率；研发并储备了先进封装领域"印刷+植球+检测 +补球"的整线技术。报告期内，新增授权发明专利18项、实用新型专利30项，并与华为 ...

Core Insights - Bel Fuse Inc. reported preliminary financial results for Q1 2025, showing a significant increase in net sales and gross profit margin compared to the same period last year [1][9] - The company anticipates continued strength in defense, space, and AI markets, which are expected to offset declines in rail, e-Mobility, and consumer markets [3][4] - A management transition is set to occur, with Farouq Tuweiq appointed as the new President and CEO [5][9] Financial Performance - Net sales reached $152.2 million, up from $128.1 million in Q1 2024, marking an 18.9% increase [9] - Gross profit margin improved to 38.6%, compared to 37.5% in Q1 2024 [9] - GAAP net earnings attributable to Bel shareholders were $17.9 million, an increase from $15.9 million in Q1 2024 [9] Market Dynamics - The company is experiencing increased demand in defense and commercial aerospace sectors, as well as in the emerging AI market [3] - Approximately 75% of global sales are not currently affected by recent U.S. tariffs, with only about 10% of sales linked to products manufactured in China [4] - The company has adjusted its Q2 2025 sales guidance to $145 to $155 million, accounting for potential impacts from tariffs [4] Product Group Performance - Power Solutions and Protection sales increased to $83.1 million from $60.2 million, while Connectivity Solutions saw a decline of 6.5% [18] - Magnetic Solutions experienced a 36.1% increase in sales, reflecting strong demand [18] Non-GAAP Financial Measures - Non-GAAP net earnings attributable to Bel shareholders were $16.8 million, slightly down from $17.0 million in Q1 2024 [9] - Adjusted EBITDA for Q1 2025 was $30.9 million, representing 20.3% of sales, compared to $22.4 million or 17.5% of sales in Q1 2024 [9][19]

Core Viewpoint - CTS Corporation is set to release its earnings for the first quarter of 2025 on April 30, 2025, at 8:00 a.m. (ET) [1] Earnings Release Details - The conference call to discuss the first quarter 2025 results is scheduled for April 30, 2025, at 10:00 a.m. (ET) [2] - Dial-in numbers for the conference call include +1-833-470-1428 (Toll-Free) and +1-404-975-4839 (Local) for U.S. callers, with additional global dial-in numbers available for international participants [2] Webcast Information - A live audio webcast of the conference call will be accessible from the Investors section of CTS Corporation's website and will be archived for one year [3] Company Overview - CTS Corporation is a leading designer and manufacturer of products that Sense, Connect, and Move, producing sensors, actuators, and electronic components across North America, Europe, and Asia [4] - The company serves various markets, including aerospace/defense, industrial, medical, and transportation [4]

大族数控(301200.SZ)发布2025年第一季度报告，公司实现 营业收入9.6亿元，同比增长27.89%；归属于 上市公司股东的 净利润1.17亿元，同比增长83.6%。 ...