Core Insights - The company, Huaying Yachts, is expanding its market presence in Southeast Asia with recent agreements signed with distributors in Indonesia and Vietnam, marking a new starting point for its Aquila brand yachts [1] - The A70 yacht, which is the largest and highest manufacturing level yacht produced by Huaying Yachts, has a unit price of 40 million RMB and has been delivered to clients in the Asia-Pacific market this year [1][2] - The company is facing challenges due to a decline in the U.S. market share, which previously accounted for nearly all of its export volume, but is actively investing in R&D and exploring new markets [2][4] Company Developments - Huaying Yachts has developed the A70 model over three years, which is recognized as a key product in Zhejiang Province's equipment manufacturing sector [2] - The company has adopted an order-based production model, catering to diverse customer demands from various regions, including Southeast Asia and Australia [3] - Increased R&D investment has led to the design of 3 to 4 new yacht models this year, including specialized fishing boats tailored to Australian preferences [4] Market Strategy - The company is establishing service networks globally to ensure adequate after-sales support and is participating in renowned yacht exhibitions in France and Singapore to enhance brand visibility [4] - Huaying Yachts is adapting its marketing strategies by selling yachts to resorts in Thailand, allowing these resorts to offer boating experiences to tourists [4] - The company emphasizes that mid-sized yachts are the mainstream vessels for water sports and leisure activities abroad, indicating significant market potential for expansion [5] Industry Context - Huaying Yachts represents a microcosm of the broader trend in Chinese manufacturing, transitioning from "made in China" to "intelligent manufacturing in China" [5] - The company’s approach aligns with three major trends in manufacturing upgrades: technological breakthroughs, market diversification, and brand development [5] - The resilience and adaptability of the company in the face of international trade challenges highlight its commitment to innovation and market responsiveness [6]

Core Insights - The Zhuhai Jinwan District is positioned to become a hub for yacht maintenance and services, capitalizing on the "yacht free travel" trend in the Guangdong-Hong Kong-Macau Greater Bay Area [1][2] - The Zhuhai Pingsha Yacht Industrial Park, covering only 1 square kilometer, is home to 35 yacht-related enterprises, making it the largest and most complete yacht manufacturing base in China [1] - The park has seen significant growth, with 13 enterprises projected to achieve a total output value of 786 million yuan in 2024, reflecting a year-on-year increase of 15.89% [1] Industry Development - The Jinwan District aims to attract 30% of the 15,000 yachts in Hong Kong and Macau for maintenance, potentially generating an additional 2 billion yuan in annual revenue for related enterprises [2] - The district is enhancing its infrastructure, including the construction of an open port and yacht inspection facilities, to facilitate the entry of Hong Kong and Macau yachts for maintenance [2] - The transformation of the yacht industry is underway, with companies like Jieteng Shipbuilding focusing on both manufacturing and maintenance services, indicating a shift towards a more integrated business model [3] Future Plans - Jinwan District plans to extend the yacht industry towards consumer and service sectors, exploring synergies with events, tourism, and financial services [4] - The goal is to establish the Pingsha Yacht Manufacturing Base as a comprehensive "4S" service center, integrating high-end manufacturing, maintenance, and consumer experiences [4]

Group 1 - The core viewpoint of the report indicates a downward adjustment of the revenue forecast for Ferretti Group due to macroeconomic headwinds affecting yacht demand, with 2025 revenue projected at €1.29 billion, a 3% decrease, and adjusted EBITDA forecasted at €203 million, a 4% decrease [1] - The report introduces a new revenue forecast for 2026 at €1.37 billion and adjusted EBITDA at €221 million, reflecting the company's high-end positioning and market leadership supporting profitability improvement and business resilience [1] - The company showcased seven significant yachts at the 2025 Venice Boat Show, including two global premieres, highlighting its leadership in innovation and luxury yacht craftsmanship [2] Group 2 - Ferretti Group reported a strong performance in Q1 2025, with a record order backlog of €1.77 billion, a 7.6% year-on-year increase, and net revenue (excluding second-hand sales) of €330 million, a 5.0% increase [2] - The company previously provided guidance for 2025, expecting net revenue (excluding second-hand sales) between €1.22 billion and €1.24 billion, with an EBITDA margin improvement of 30 to 50 basis points [3] - The company maintains confidence in achieving its annual and mid-term targets due to a robust order backlog and the resilience of its high-end customer base [3]

Core Insights - The company reported a strong financial performance for Q1 2025, with a record order volume of €1.7686 billion, reflecting a growth of 7.6% compared to March 31, 2024, and 6.3% compared to December 31, 2024 [2] Group 1: New Orders - New orders for Q1 2025 amounted to €270.6 million, representing an increase of approximately 1.5% from €266.6 million in Q1 2024, driven by strong performance in the custom yacht segment [1] - Cumulative orders as of March 31, 2025, reached €1.7686 billion, up 6.3% from €1.6639 billion on December 31, 2024, and up 7.6% from €1.6434 billion on March 31, 2024, supported by larger vessel orders received in the previous quarter [1] Group 2: Net Orders - The net cumulative orders as of March 31, 2025, stood at €839.6 million, a slight decrease of about 1.3% from €900 million on December 31, 2024, but an increase of 7.6% from €828.7 million on March 31, 2024 [1] Group 3: New Yacht Revenue - New yacht net revenue for Q1 2025 was €328.5 million, an increase of approximately 5.0% from €313 million in Q1 2024, attributed to a significant backlog of orders from 2023 and 2024, with a continued rise in the share of large yachts, custom yachts, and superyachts [1]

TODAY'S PRESENTERS Q1 2025 BUSINESS UPDATE unaudited data CHIEF FINANCIAL OFFICER MARCO ZAMMARCHI ALBERTO GALASSI MARGHERITA SACERDOTI CHIEF EXECUTIVE OFFICER TBD INVESTOR RELATIONS 2 TODAY'S AGENDA | 1 | Key Highlights | | --- | --- | | 2 | Business Dynamics | | 3 | Financial Results | | 4 | Final Remarks | | Q&A | | 3 Key Highlights 01 01 Key Highlights SOUND PERFORMANCE IN MAIN KPIs ORDER BACKLOG1 (€mln) ADJ EBITDA margin3 (%) Q1'24 16.0% Q1'25 +60bps 15.4% 1,643 1,769 Q1'24 Q1'25 +7.6% New- record high ...

Core Viewpoint - Weihai Jinyun Yacht Co., Ltd. has been recognized as a "gazelle enterprise" in Shandong Province, showcasing its robust growth in the marine economy through technological innovation and compliance with tax regulations [1][2]. Group 1: Company Overview - Weihai Jinyun Yacht Co., Ltd. integrates research and development, design, manufacturing, and sales, establishing itself as a significant player in the yacht market with a "full-chain closed-loop" operational model [1]. - The company has expanded its customer base from domestic coastal areas to international markets, with nearly 100 yachts sold in 2024, marking it as an industry "dark horse" [1]. Group 2: Technological Innovation - The company's core competitive advantage lies in technological innovation, exemplified by the 'JY101' leisure fishing boat, which achieved a speed of 30 knots and fuel consumption of 7 liters per nautical mile after extensive optimization [2]. Group 3: Tax Compliance and Support - The Weihai tax authority plays a crucial role in supporting yacht enterprises by ensuring compliance with tax regulations and providing guidance on tax risk management [2][3]. - The tax department has offered specific compliance suggestions to Jinyun Yacht, covering areas such as invoice management, export tax rebates, and tax incentives for high-tech enterprises [3]. Group 4: Future Outlook - The company is optimistic about its future, planning to showcase new products at industry exhibitions in Shenzhen and Qingdao, aiming to enhance brand recognition and capture a larger market share [3].