Core Insights - The event "Taihu Chulang · Dingdong Future" marks the launch of high-quality development for the yacht industry in Wuxi, Jiangsu, with participation from government officials and industry representatives [1] Group 1: Development Advantages - Wuxi's geographical advantages, with 594 square kilometers of Taihu water area and 142 kilometers of coastline, provide a unique ecological foundation for the yacht industry [2] - The local government is committed to transforming ecological advantages into developmental advantages, aligning with provincial and municipal initiatives to accelerate the growth of water sports and leisure consumption [2][5] Group 2: Industry Growth and Innovation - The region has developed over 100 types of vessels, including the first large electric cruise ship "Yujian 77," which showcases advanced technologies such as low noise and vibration [3] - Wuxi has hosted numerous water sports events, attracting over 500,000 participants annually, indicating a growing public interest in water activities [3] Group 3: New Consumption Scenarios - Future plans include creating innovative water sports consumption experiences that combine culture and tourism, enhancing the synergy between sports and tourism [4] - The successful integration of dining experiences on boats has proven effective, with nearly 10,000 visitors during the National Day holiday, demonstrating the potential for increased tourism [4] Group 4: Strategic Vision - Wuxi's development of the yacht industry is seen as a step towards establishing a new benchmark for water transport in Jiangsu, contributing to the modernization of the region [5]

Event Overview - MiningLamp Technology (Stock Code: 2718.HK) successfully listed on the Main Board of the Hong Kong Stock Exchange on November 3, 2025, marking a significant milestone for the company [3][8]. Professional Hosting Impact - Gloria Ai, the host of the listing ceremony, transformed standard procedures into meaningful capital conversations, emphasizing the company's 19-year technological journey and its evolution from "mathematical contest problems to AI solution systems" [6][8]. - Ai's concluding remarks highlighted that the listing is a new starting point for MiningLamp, reflecting a forward-looking perspective on the industry's future [8]. Diverse Industry Experience - Gloria Ai's extensive experience across various sectors enables her to quickly grasp the core value propositions of different businesses, as demonstrated during the listing ceremonies of companies like Ferretti Group and Airdoc [11][13][15]. - Each hosting opportunity represents deep research into different business models, equipping Ai with the ability to accurately capture the core narratives of diverse enterprises [18]. Professional Credentials - Ai's background as a Harvard alumna and former CCTV financial commentator provides her with a strong foundation in international capital markets, allowing her to support companies in their global journeys [24][29]. - Her experience hosting high-profile international forums has honed her ability to manage significant occasions and exercise professional judgment [29]. Importance of Professional Hosting - The choice of a professional host with financial expertise and an international perspective is crucial for the smooth execution of capital market events and effective communication of corporate value [31][32]. - The increasing recognition of the value of professional hosts in the capital markets reflects a growing appreciation among forward-thinking enterprises [34].

Core Viewpoint - The development of China's yacht economy during the 14th Five-Year Plan period should focus on five key transformations rather than relying solely on fiscal and tax support, aiming to unlock market potential through high-quality development and addressing existing barriers [1][16]. Group 1: Transformation of Yacht Manufacturing - The yacht manufacturing sector in China is currently characterized by a "small, scattered, and weak" structure, lacking international leading enterprises and brands, which hinders large-scale investment in R&D and design [2][3]. - To enhance competitiveness, China should encourage state-owned and large private shipbuilding enterprises to adopt advanced manufacturing practices and improve technical capabilities, particularly in high-performance composite materials and smart manufacturing technologies [3][4]. Group 2: Shift in Yacht Consumption - The yacht economy should transition from being perceived as a luxury to a more accessible consumer product, drawing lessons from mature markets in Europe and the U.S. [5][6]. - Diverse operational models such as time-sharing rentals and P2P yacht leasing platforms should be developed to lower financial barriers and promote widespread yacht usage [6][7]. Group 3: Expansion of Yacht Tourism - The focus should be on transforming yacht tourism from localized experiences to cross-regional and cross-border tourism, creating unique Chinese yacht tourism routes and international yacht tourism centers [8][9]. - Simplifying approval processes for cross-regional navigation and leveraging digital technologies to standardize procedures will facilitate seamless yacht tourism experiences [8][9]. Group 4: Governance System Improvement - A unified governance structure is necessary to address the fragmented management of the yacht economy, which currently involves multiple departments with overlapping responsibilities [10][11]. - Establishing a high-level coordination body for yacht economic development can streamline policies and enhance collaboration among various sectors [10][12]. Group 5: Policy and Regulatory Adaptation - The regulatory framework should evolve from a one-size-fits-all approach to a more adaptable system that reflects the diverse nature of yacht manufacturing and consumption [13][14]. - Implementing differentiated inspection regimes based on yacht size and usage frequency can reduce costs while maintaining safety standards [13][14][15]. Conclusion - The five transformations outlined are essential for the high-quality development of China's yacht economy, aiming to align with global standards and enhance the country's position as a maritime power [16].

Group 1 - The total new orders for the company in the first nine months of 2025 reached €771 million, representing an approximate growth of 4.6% compared to €737 million in the same period of 2024 [1] - In the third quarter of 2025, the new orders totaled €304 million, showing a significant increase of about 36% compared to the third quarter of 2024, primarily driven by the positive impact of the Mediterranean boat show season [1] Group 2 - As of September 30, 2025, the company's cumulative orders amounted to €1.498 billion, reflecting an approximate growth of 12.9% compared to the same period in 2024 [2] - The net revenue from new yachts for the first nine months of 2025 was €887 million, which is a growth of about 2.5% compared to the same period in 2024, mainly contributed by custom yachts and superyachts [2]

Core Insights - The company has reported strong new orders and cumulative orders, indicating a positive trend in demand for its products [1][2] Group 1: New Orders - New orders for the first nine months of 2025 reached €771 million, an increase of approximately 4.6% compared to €737 million for the same period in 2024 [1] - New orders in the third quarter of 2025 totaled approximately €304 million, representing a significant increase of about 36% from the third quarter of 2024, driven by improved macroeconomic and geopolitical conditions [1] Group 2: Cumulative Orders - Cumulative orders as of September 30, 2025, amounted to €1.498 billion, reflecting a 12.9% increase from €1.326 billion as of September 30, 2024, and a 3.6% increase from €1.445 billion as of June 30, 2025 [1] - Net cumulative orders stood at €795 million as of September 30, 2025, up 4.5% from €761 million as of June 30, 2025, and a 1.9% increase from €780 million as of September 30, 2024 [1] Group 3: Revenue from New Yachts - Revenue from new yachts for the first nine months of 2025 was €887 million, a 2.5% increase from €865 million in the same period of 2024, primarily due to contributions from custom yachts and superyachts [1] Group 4: Executive Insights - The CEO expressed satisfaction with the strong new orders achieved during the period, attributing success to improved macroeconomic and geopolitical conditions, as well as the company's superior positioning and unique brand [2] - The CEO noted that ongoing negotiations are at a high level, reflecting steady growth in demand, and expressed confidence in the market recovery for the upcoming year-end and new U.S. season [2]

Core Insights - The company, Ferretti Group, is participating in major Mediterranean boat shows in September 2025, starting from a private preview in Monaco and concluding with the Monaco Yacht Show [1] Order Summary - New orders for the first nine months of 2025 reached €771 million, an increase of approximately 4.6% compared to €737 million for the same period in 2024 [1] - New orders in the third quarter of 2025 totaled approximately €304 million, representing a 36% increase from the third quarter of 2024, driven by improved macroeconomic and geopolitical conditions [1] - Cumulative orders as of September 30, 2025, amounted to €1.498 billion, a 12.9% increase from €1.326 billion on September 30, 2024, and a 3.6% increase from €1.445 billion on June 30, 2025 [1] - Net cumulative orders as of September 30, 2025, were €795 million, up 4.5% from €761 million on June 30, 2025, and a 1.9% increase from €780 million on September 30, 2024 [1] Revenue Insights - New yacht net revenue for the first nine months of 2025 was €887 million, a 2.5% increase from €865 million in the same period of 2024, primarily due to contributions from custom yachts and superyachts [2] Executive Commentary - The CEO expressed satisfaction with the strong new orders achieved during the period, attributing success to improved macroeconomic and geopolitical conditions that allowed the company to seize opportunities effectively [2] - The company highlighted its superior positioning, product mix, and brand uniqueness as key factors in the successful Mediterranean boat show season [2] - Ongoing negotiations are at a high level, reflecting steady demand growth, and the overall market recovery strengthens confidence for the end of the year and the upcoming U.S. season [2]

Core Insights - The company has announced its financial and commercial data for the nine months ending September 30, 2025, highlighting significant developments in its operations and market presence [1][2] Group 1: Financial Performance - The company reported new orders totaling €770.9 million for the first nine months of 2025, representing a year-on-year increase of approximately 4.6% [2] - In the third quarter of 2025, new orders amounted to approximately €303.6 million, which is an increase of about 36% compared to the third quarter of 2024, driven by improved macroeconomic and geopolitical conditions [2] Group 2: Strategic Developments - The company increased its stake in SeaLion to 100% in July 2025, solidifying its position in the ownership of the "Wally" brand [1] - In June 2025, the company launched "Riva Volare," an exclusive interior design project for Flexjet's aircraft cabins, inspired by the style of Riva motorboats [1] - The company participated in major Mediterranean boat shows throughout 2025, including events in Monaco, Cannes, and Genoa [1]

Financial Data and Key Metrics Changes - The order intake increased to €771 million, a 4.6% rise compared to the first nine months of 2024 [3] - The net backlog rose by 4.5% to €795 million from €761 million in the previous quarter [3] - Revenues increased by 2.5% to €887 million from €863 million in the previous nine months [3] - EBITDA also grew by 2.5%, reaching €142 million compared to €138 million in the prior year [19] Business Line Data and Key Metrics Changes - The made-to-measure segment saw a significant increase of 32% over the nine months and 185% compared to the previous quarter, representing 55% of the order intake [8][16] - The composite segment remained stable compared to last year, with over half of the intake being above 80 feet, indicating high marginality [16] Market Data and Key Metrics Changes - Europe was the leading market, with a 32% increase compared to the previous nine months and an 89% increase quarter over quarter [16] - The Middle East market performed well with an 18% increase, excluding superyacht orders from the previous year [17] - The U.S. market remained stable, with expectations for improvement in the upcoming season [17] Company Strategy and Development Direction - The company is focused on the made-to-measure segment, which is the most profitable, and is investing in expanding production capacity [10][21] - The company aims to maintain its market position by avoiding aggressive discounting strategies that competitors are employing [19][75] - Future growth is anticipated from the U.S. market, with a strong order pipeline and upcoming boat shows expected to drive sales [28] Management's Comments on Operating Environment and Future Outlook - Management noted that the market is stabilizing after a period of uncertainty due to geopolitical tensions and tariffs [7] - The company is optimistic about the upcoming American season and the Asia Pacific market, despite current challenges in that region [35][36] - The management emphasized the importance of brand strength and customer loyalty, with 44% of order intake coming from repeat clients [37] Other Important Information - The company confirmed its guidance for net revenues of €1,221 million and an adjusted EBITDA margin of 16.5% for the year [30] - Capital expenditures for the first nine months were €64 million, with a target to remain below €90 million for the year [21] Q&A Session Summary Question: Consumer outlook in different regions and early October trends - Management reported positive trends in October, with negotiations converting into contracts and good results from the U.S. and Middle East markets [35] Question: EBITDA margin improvement strategies - Management outlined cost containment measures and expected contributions from the U.S. market to help achieve the EBITDA target [41][42] Question: Update on M&A pipeline - Management is in the process of due diligence for potential acquisitions and is optimistic about signing exclusivity rights with targets [39] Question: Segment mix in ongoing negotiations - Management confirmed that ongoing negotiations are global, with sales across various regions, including Asia Pacific and Europe [47] Question: Pricing dynamics in the second-hand market - Management indicated that the second-hand market is not a concern due to the limited availability of units and the company's focus on scarcity [48] Question: Competitive dynamics and discounting strategies - Management stated that they do not engage in aggressive discounting and focus on maintaining brand value, contrasting with competitors offering steep discounts [75]

Financial Data and Key Metrics Changes - The order intake increased to €771 million, a 4.6% rise compared to the first nine months of 2024 [3] - The net backlog rose by 4.5% to €795 million from €761 million at the end of the previous quarter [3] - Revenues increased by 2.5% to €887 million from €863 million in the previous nine months [3] - EBITDA also grew by 2.5% to €142 million compared to €138 million in the prior year [19] Business Line Data and Key Metrics Changes - The made-to-measure segment saw a significant increase of 32% over the nine months and 185% compared to the previous quarter, representing 55% of the order intake [7][15] - The composite segment remained stable compared to last year, with over half of the intake being above 80 feet, which has similar marginality to made-to-measure [15] Market Data and Key Metrics Changes - Europe was the leading market, with a 32% increase compared to the previous nine months and an 89% increase quarter-over-quarter [16] - The Middle East market performed well with an 18% increase, excluding superyacht orders from the previous year [17] - The U.S. market remained stable, with expectations for improvement in the upcoming season [17] Company Strategy and Development Direction - The company is focused on the made-to-measure segment, which is the most profitable, and has invested in CapEx to increase production capacity [10][21] - The company aims to maintain its position in the luxury market, avoiding aggressive discounting strategies that could harm brand value [26][74] - Future growth is anticipated from the U.S. market, with a focus on larger boats and customization [28] Management's Comments on Operating Environment and Future Outlook - Management noted that the market is stabilizing after a period of uncertainty due to geopolitical tensions and tariffs [6] - There is confidence in achieving the annual guidance, with expectations for continued order intake growth and improved profitability [30] - The company is optimistic about the upcoming boat shows and the potential for increased orders, particularly in the U.S. [28] Other Important Information - The company has a positive net financial position of €65 million, with expectations to exceed €100 million by year-end [22] - CapEx for the first nine months was €64 million, with guidance to remain below €90 million for the year [20][21] Q&A Session Summary Question: Consumer outlook in different regions and early October trends - Management reported strong negotiations turning into contracts, particularly in the U.S. and Middle East, while expressing disappointment in the Asia Pacific market [34][35] Question: EBITDA margin improvement strategies - Management outlined cost containment measures and volume discounts from suppliers as key strategies to maintain EBITDA margins [39][40] Question: Update on M&A pipeline - Management confirmed ongoing discussions with potential targets and entering due diligence processes [38] Question: Segment mix in ongoing negotiations - Management indicated that ongoing negotiations are global, with sales across various regions, including Asia Pacific and Europe [45] Question: Pricing dynamics in the second-hand market - Management stated that the second-hand market is not a concern due to the scarcity of units and limited production [46] Question: Working capital expectations - Management confirmed expectations to achieve a net working capital to sales ratio around 10% by year-end [50]

Financial Performance Highlights - Revenue increased by 2.5% to €887 million in 9M'25 compared to €865 million in 9M'24 [8, 45] - Order intake increased sharply by 4.6% to €771 million in 9M'25 from €737 million in 9M'24 [8, 33] - Adjusted EBITDA increased by 2.5% to €142 million in 9M'25 compared to €138 million in 9M'24, with a stable EBITDA margin of 16.0% [10, 48] - Net backlog increased by 1.9% year-over-year and 4.5% compared to June 30, 2025, reaching €795 million [9, 29] - Net profit decreased slightly by 1.9% to €61 million in 9M'25 from €62 million in 9M'24 [47] Order Intake Dynamics - Order intake in Q3'25 increased by 36% year-over-year, driven by the European boat show season, reaching approximately €304 million [29, 35] - Made-to-measure yachts accounted for 55% of total order intake in 9M'25, showing a significant increase of 31.9% year-over-year [37, 56] - Order intake from Europe increased significantly by 32.3% in 9M'25 compared to 9M'24 and 89% in Q3'25 compared to Q3'24 [41, 43] Business Operations - The company launched 3 new products in Q3'25, including 2 range expansions and 1 range update [18] - Capex for 9M'25 was approximately €64 million, and the full-year 2025 capex is expected to be below €90 million [50, 56] - Negotiations for potential orders are up 48% year-over-year, reaching approximately €430 million, providing solid visibility ahead of the USA Boat Show season [35, 58] Market Outlook and Guidance - The company confirmed its 2025 annual guidance, with net revenue expected to be between €1,220 million and €1,240 million and adjusted EBITDA between €201 million and €207 million [59]