Group 1: 5G and 6G Technology Transition - By 2025, the Chinese network connection device market is expected to reach 120 billion RMB, with an annual growth rate of 15%, and to exceed 210 billion RMB by 2030, with a CAGR of 11.8% [1] - Domestic companies like Huawei and Unisoc have made breakthroughs in 5G baseband and Wi-Fi 6/7 chips, but still rely on imported advanced processes below 7nm [1] - The global market share for domestic companies is projected to reach 30%, with significant advantages in 5G base stations and all-optical networks [1] Group 2: Motorcycle Industry Analysis - The motorcycle industry, while less focused on than automobiles and commercial aircraft, has a market size second only to these sectors, with China holding a significant position [2] - China is the largest motorcycle producer globally, with over 5 million units sold domestically and over 10 million exported annually, accounting for more than 30% of the global market [2] - Domestic motorcycle brands have improved their technology and product quality, particularly in the large-displacement motorcycle market, gradually surpassing joint venture brands [4] Group 3: Windsurf Acquisition and AI Coding Market - Windsurf, initially a GPU virtualization startup, transformed into an AI programming platform in 2022, attracting many developers [3] - OpenAI's planned acquisition of Windsurf for $3 billion in April 2023 faced challenges due to restrictions on access to the Claude model, impacting user experience [3] - The AI programming market is becoming increasingly competitive, with platforms like GitHub Copilot and Cursor still supporting the Claude model, but facing potential limitations due to tensions between OpenAI and Anthropic [3] Group 4: Huawei WATCH 5 Launch - Huawei's upcoming WATCH 5 is set to be the world's first 5G-enabled smartwatch, featuring a new Kirin chip and 5G eSIM communication module for high-speed connectivity [4][5] - The device supports dual-engine computing, offering powerful performance in "full mode" and extended battery life in "power-saving mode" [4] - The WATCH 5 also incorporates advanced features like Star Flash technology for improved connectivity and a smart assistant for precise health monitoring [6][7] Group 5: TSMC 2nm Process Yield - TSMC's 2nm process yield improved from 60% to 90% since risk production began in July 2023, leveraging experience from 3nm production [8] - By the end of 2025, TSMC is expected to produce 50,000 to 80,000 2nm wafers monthly, with demand significantly outpacing that for 5nm [8] - The N2 process offers a 10-15% performance increase at the same power level or a 25-30% power reduction at the same performance level, with a 1.7x increase in transistor density [8]

Core Insights - Central Standard Craft Distillery will relocate its main operations to a refurbished 73,000-square-foot space on the historic Harley-Davidson campus in Milwaukee, aiming to open in late spring 2026 [1][3] - The expansion is expected to increase distillery production capacity by 20 times and create new job opportunities, with headcount projected to double [4][3] - Both Central Standard and Harley-Davidson have a strong history of investing in the Milwaukee community, enhancing local economic and tourism landscapes [2][6] Company Developments - Central Standard's new facility will include full distillery production, a tasting room, tours, and private events, consolidating operations currently spread across three locations [1][4] - The project is designed by Minnesota-based firm HGA, which has previously worked on Central Standard's Crafthouse & Kitchen [5] - Harley-Davidson continues to invest in the Juneau Avenue area, recently unveiling Davidson Park as part of its commitment to community revitalization [6][7] Market Position - Central Standard Craft Distillery is recognized as the fastest-growing top-10 distiller in Wisconsin, producing award-winning spirits from locally sourced ingredients [9] - The partnership with Harley-Davidson is seen as a strategic move to enhance Central Standard's presence and engagement within the Milwaukee community [4][3]

Core Points - Harley-Davidson confirmed the election of all nine Director nominees at the 2025 Annual Meeting of Shareholders [1] - The search for Harley-Davidson's next CEO is ongoing, led by the search committee [1] - CEO Jochen Zeitz expressed gratitude to shareholders and emphasized the company's commitment to long-term value creation [2] Company Overview - Harley-Davidson, Inc. is the parent company of Harley-Davidson Motor Company and Harley-Davidson Financial Services, aiming to be the most desirable motorcycle brand globally [3] - The company has a controlling interest in LiveWire Group, Inc., the first publicly traded all-electric motorcycle company in the U.S., focusing on urban adventure and electric motorcycle innovation [3]

1 . 二 轮 燃 油 摩 托 车： 2025年4月250cc（不含）以上摩托车销量9.3万辆，同比+28.0%，环比+5.6%。 1-4月累计销量29.8万辆，同比+58.3%。 1 ） 2 5 0 m l < 排 量 ≤ 4 0 0 m l ： 4月销售4.4万辆，同比+14.8%，环比+7.9%；1-4月累计销量15.8 万辆，同比+71.3%； 2 ） 4 0 0 m l < 排 量 ≤ 5 0 0 m l ： 4月销售2.9万辆（其中春风1.5万辆），同比+17.1%，环比 +17.8%；1-4月累计销量7.4万辆，同比+12.8%； 4月 数 据 观 察 3 ） 5 0 0 m l < 排 量 ≤ 8 0 0 m l ： 4月销售1.6万辆（其中春风0.7万辆），同比+106.6%，环 比-17.5%，1-4月累计销量5.6万辆，同比+108.6%； 4）排量＞800cc： 4月销售0.29万辆（其中隆鑫0.2万辆），同比+179.2%，环比+34.4%，1-4月累计销量 0.93万辆，同比+189.3%。 2 . 春 风 动 力 ： 排 量 > 2 5 0 m l ：4月销量2.2万辆，同比+4 ...

Core Points - Harley-Davidson shareholders have elected all of the company's Director nominees during the 2025 Annual Meeting of Shareholders [1] - The Board expressed gratitude to shareholders for their trust and support, emphasizing ongoing engagement and commitment to shareholder interests [1] - Preliminary voting results indicated that shareholders approved all other proposals submitted for a vote at the Annual Meeting [1] Company Overview - Harley-Davidson, Inc. is the parent company of Harley-Davidson Motor Company and Harley-Davidson Financial Services, aiming to lead the motorcycle industry through innovation and emotional connection [2] - The company has a controlling interest in LiveWire Group, Inc., the first publicly traded all-electric motorcycle company in the U.S., focusing on urban adventure and electric motorcycle branding [2]

Financial Data and Key Metrics Changes - The company did not achieve the originally set goals for 2024 but believes that the decisions made are strengthening its foundation for the future [17] - Retail sales of the Touring segment were up 18% in the first half of the year, with a full-year increase of more than 8% despite a 4% decline in overall retail sales in North America [18] Business Line Data and Key Metrics Changes - The Touring segment's retail sales growth contributed to Harley Davidson's market share reaching almost 75%, an increase of 3.5% since 2023 [18] - The company continues to invest in core motorcycle segments and plans to launch impactful new products annually, including a new Cruiser lineup and a new trike expected in 2026 [19] Market Data and Key Metrics Changes - LiveWire's global retail performance grew by 46% year over year, maintaining a 65% market share in the US for the fifty-plus horsepower on-road EV segment [20] Company Strategy and Development Direction - The company is focused on creating products beyond motorcycles, such as apparel and licensing, and is pursuing brand collaborations to connect with customers [21] - The company is evaluating an external investment into Harley Davidson Financial Services, with multiple interested parties involved [22] Management's Comments on Operating Environment and Future Outlook - The management highlighted that the headwinds facing the broader powersports and discretionary leisure industry are complicated, particularly in the EV segment [20] - The company is committed to innovation and exploring opportunities in segments with potential for market success and profitability [19] Other Important Information - The company confirmed that the HDFS transaction is progressing, with details expected during the second quarter earnings presentation [22] Q&A Session Summary Question: What is the company doing to improve sales and interest in the products being offered today and into the future? - The company is developing and innovating its product lineup and delivering experiences such as events to grow sales [25][26] Question: LiveWire was possibly premature. Why isn't it being shelved? - The company is evaluating all options for its investment in LiveWire and does not plan to provide additional investments beyond a line of credit agreement [28] Question: Will the results of the share voting be shared publicly? - The results will be shared publicly once official, with necessary SEC filings expected [30]

Urges Shareholders to Vote "FOR ALL" Harley-Davidson Director Nominees on the WHITE Proxy Card MILWAUKEE, May 12, 2025 /PRNewswire/ -- Harley-Davidson, Inc. (the "Company" or "Harley-Davidson") (NYSE: HOG) today urged shareholders to vote their shares ahead of the Company's 2025 Annual Meeting of Shareholders, which is scheduled to be held on May 14, 2025. Time is short, and shareholders should cast their vote NOW by telephone or online "FOR ALL" the Company's highly qualified and experienced director nomin ...

Core Insights - Harley-Davidson and MotoGP are launching a new global racing championship featuring Harley-Davidson bagger motorcycles, set to debut in 2026 [1][3] - The championship will consist of twelve races at six Grands Prix across Europe and North America, with two races per round [1][4] Company Overview - Harley-Davidson has a rich history of over 120 years in pioneering performance both on and off the road, and aims to expand its global racing ambitions through this new series [5] - The company is focused on innovation and maintaining its status as the most desirable motorcycle brand in the world, offering customizable motorcycles and a lifestyle experience [6] Technical Specifications - The racing motorcycles will weigh approximately 280 kilograms (617 pounds), produce over 200 horsepower, and generate 245 Nm (180 lb-ft) of torque, capable of reaching speeds over 300 kilometers per hour (186 mph) [4] - All bikes in the series will be identical to ensure close competition, with an expected grid of six to eight teams, each fielding two riders [4] Strategic Collaboration - The partnership between Harley-Davidson and MotoGP is seen as an opportunity to expand Harley-Davidson's global reach and bring a new audience to the sport [5] - The collaboration aims to deliver a unique spectacle for fans, enhancing the Grand Prix weekends where the series will compete [5]

Core Viewpoint - Harley-Davidson urges shareholders to vote "FOR ALL" of its director nominees, emphasizing the company's progress under the Hardwire strategic plan and strong governance, while criticizing the reports from Glass Lewis and Egan-Jones for failing to recognize these achievements [1][2]. Group 1: Company Performance and Strategy - Harley-Davidson has outperformed its peers during challenging macroeconomic conditions, achieving a total shareholder return (TSR) approximately 10 percentage points higher than the peer median since Jochen Zeitz became CEO [8][20]. - The company reported operating margins around 4 percentage points above the peer median from 2022 to 2024, and free cash flow as a percentage of EBITDA was 70%, more than double the peer median [8][21]. Group 2: Board Governance and Director Nominees - The Board of Directors emphasizes its strong oversight of the Hardwire strategic plan and the importance of retaining experienced independent directors during the CEO transition process [2][9]. - The Board believes that removing two independent directors would introduce significant risk and jeopardize shareholder value, as these directors possess critical institutional knowledge [2][9]. Group 3: Response to H Partners' Campaign - Harley-Davidson criticizes H Partners' campaign as lacking substantive alternatives and introducing unnecessary uncertainty at a crucial time for the company [4][2]. - The company asserts that H Partners had opportunities to address their concerns while having a representative on the Board but failed to do so, indicating that their campaign is misguided [2][9].

Core Viewpoint - Institutional Shareholder Services Inc. (ISS) has recommended that shareholders vote "FOR ALL" of Harley-Davidson's director nominees, concluding that H Partners has not made a compelling case for change and that their campaign has likely hindered the ongoing CEO search process [1][2]. Group 1: Harley-Davidson's Strategy and Performance - The strategy introduced by CEO Jochen Zeitz has positively impacted Harley-Davidson's trajectory, reversing a decline that occurred prior to his leadership [4]. - Harley-Davidson has kept pace with its peers, a significant improvement compared to its prior underperformance before the Hardwire strategy was implemented [4]. - The board's actions in initiating the CEO search process were timely and appropriate, accommodating the dissident's preferences without dismissing them outright [4]. Group 2: Board and Governance - ISS acknowledges the strength of Harley-Davidson's board and governance structure, emphasizing the board's role in overseeing the execution of the Hardwire strategic plan [2]. - The board believes that H Partners' intentions are to undermine corporate governance practices by seeking to appoint unelected directors to influence the CEO search process [2]. - The criticisms against CEO Zeitz are considered overstated, with evidence suggesting his tenure has been more beneficial than detrimental [4]. Group 3: Shareholder Engagement - Harley-Davidson urges shareholders to protect their investment by voting "FOR ALL" of the company's nominees on the WHITE proxy card [5]. - The company has provided resources for shareholders needing assistance with the voting process, including a dedicated proxy solicitor [5].