APi Group (APG) Q1 2025 Earnings Call May 01, 2025 08:30 AM ET Company Participants Adam Fee - VP - Investor RelationsRuss Becker - President & Chief Executive OfficerDavid Jackola - EVP & CFOAndrew Kaplowitz - Managing DirectorTim Mulrooney - Group Head–Global ServicesJasper Bibb - Equity Research AssociateKathryn Thompson - Founding Partner & CEOStephanie Moore - SVP - Equity ResearchSteve Tusa - Managing DirectorJack Cauchi - AVP - Equity Research Conference Call Participants Andrew Wittmann - Senior Res ...

APi Group (APG) Q1 2025 Earnings Call May 01, 2025 08:30 AM ET Speaker0 Good morning, ladies and gentlemen, and welcome to API Group's First Quarter twenty twenty five Financial Results Conference Call. Please note this call is being recorded. I will be standing by should you need any assistance. I will now turn the call over to Adam Phi, Vice President of Investor Relations at ATI Group. Please go ahead. Speaker1 Thank you. Good morning, everyone, and thank you for joining our first quarter twenty twenty f ...

Group 1 - The core viewpoint of the news is that Shengbang Security (688651.SH) reported its Q1 2025 results, highlighting the involvement of institutional investors in its A-share holdings [1] - As of April 30, 2025, a total of 9 institutional investors disclosed holding shares in Shengbang Security, with a combined holding of 13.4355 million shares, representing 17.82% of the total share capital [1] - The proportion of institutional holdings decreased by 0.53 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, there were 2 public funds that increased their holdings compared to the previous period, with an increase ratio of 0.99% [2] - One public fund, Xinhua Small and Medium-sized Value Selection Mixed Fund, reported a slight decrease in holdings compared to the previous quarter [2] - A total of 95 public funds were not disclosed in the current period, including several notable funds such as China Europe Electronic Information Industry Hong Kong-Shanghai Stock A and Huatai-PineBridge Technology Innovation Mixed A [2]

Core Viewpoint - The company reported stable revenue growth in Q1 2025, with a narrowing of losses compared to the previous year [1][4]. Financial Performance - Q1 2025 revenue reached 364 million yuan, a year-on-year increase of 1.84% [1]. - The net profit attributable to shareholders was -102 million yuan, a 32.14% reduction in losses compared to Q1 2024 [1]. - The non-recurring net profit was -108 million yuan, with a 30.41% reduction in losses year-on-year [1]. - Gross margin stood at 55.73%, a decrease of 4.76 percentage points compared to the previous year [1]. Cost Management - The company has implemented cost control measures starting in 2024, leading to a reduction in total operating expenses to 357 million yuan, down 4.8% year-on-year [2]. - Selling expenses were 173 million yuan, a decrease of 4.27% [2]. - R&D expenses were 133 million yuan, down 5.39% [2]. - Management expenses were 51 million yuan, a reduction of 5.95% [2]. Strategic Initiatives - The company is focusing on the "AI + Security" sector, launching the Fengyunwei AI security capability platform, which integrates various models and knowledge bases to enhance security operations and responses [2]. - The AI-Scan product was introduced for assessing risks associated with large models, covering key technologies for security throughout the AI lifecycle [2]. Market Outlook - The company is expected to benefit from the acceleration of Agent deployment driven by open-source models like DeepSeek and Qwen3 [3]. - Revenue forecasts for 2025-2027 have been adjusted to 2.583 billion, 2.792 billion, and 3.148 billion yuan respectively, with net profit forecasts revised to 7 million, 64 million, and 116 million yuan [4].

Core Viewpoint - Anheng Information's 2024 annual report reveals a decline in revenue despite a reduction in losses, indicating ongoing market challenges. The company emphasizes the implementation of an AI strategy to enhance product offerings, particularly in data security, MSS, and Xinchuang security sectors [1][10]. Revenue and Profitability - The company achieved a total revenue of 2.043 billion yuan, a year-on-year decrease of 5.87% [1] - The net profit attributable to shareholders was -198 million yuan, a 45.01% improvement from the previous year's loss [1] - The non-recurring net profit was -237 million yuan, reflecting a 38.84% reduction in losses compared to the previous year [1] AI Strategy Implementation - Anheng Information fully embraced an AI strategy in 2024, launching next-generation AI-integrated products across various security domains [4] - The revenue from pure AI products exceeded 17 million yuan, while indirect AI product revenue reached 62 million yuan, totaling over 79 million yuan in AI-related income [4] - Despite significant growth in AI-related revenue, the overall revenue decline indicates that the full implementation of the AI strategy requires more time [4][6] Data Security Business Growth - The data security segment saw a contract value increase of over 40%, with API security contracts soaring by 200% and network DLP products growing by 150% [5] - Anheng Information was recognized as a leading vendor in data classification and ranking by Gartner and ranked third in China's data security software market by IDC [5] - Despite strong performance in data security, overall revenue decline suggests that other business areas did not sufficiently support growth [5][6] MSS Business Performance - The MSS Tianqiong business experienced over 25% revenue growth year-on-year, driven by AI technology integration [7] - The Tianqiong AI security operation platform improved the identification, warning, and handling of security incidents [7] - However, the MSS business's contribution to overall profitability remains limited, with the company still facing a net loss [7] Xinchuang Security and Major Event Support - Xinchuang security business achieved over 78% growth, with comprehensive coverage of various security products [8] - The company maintained a "zero-accident" record in major event security, successfully safeguarding several international events [8] - Despite these achievements, the contribution to overall revenue remains limited, indicating a need for improved profitability [8] Military Corps Strategy - The military corps strategy showed significant revenue growth, with the electric power corps increasing by over 70% and the transportation corps by over 40% [9] - The strategy facilitated vertical management across various sectors, establishing industry benchmarks [9] - However, regional operational quality still requires enhancement, with some areas showing significant improvement while others lag [9]

Financial Data and Key Metrics Changes - The company reported $29 million of adjusted free cash flow, representing a 62% conversion of adjusted EBITDA [6] - First quarter orders grew by 11.5%, primarily driven by nuclear power orders, marking the best first quarter performance since going public [6][10] - Adjusted EBITDA totaled $47 million, an 18.2% increase year-over-year, with margins improving by 260 basis points to 23.1% [8][23] - Adjusted EPS increased by 67% to $0.10 per share compared to $0.06 in Q1 2024 [9][24] Business Line Data and Key Metrics Changes - Organic revenue grew by 6% year-over-year, with significant contributions from the nuclear power end market [8][22] - The Nuclear Safety segment saw first quarter revenue of $133.4 million, a 6% increase, with organic revenue up 7.6% [24] - The Medical segment reported first quarter revenue of $68.6 million, a 2.7% increase, with organic revenue growth of 3% [27][29] Market Data and Key Metrics Changes - The nuclear power market is expected to see high single-digit growth for the full year, driven by the existing installed base [25][70] - The company noted that 79% of the year-over-year nuclear power order growth came from the existing nuclear fleet [15][66] - The 2024 National Nuclear Energy Public Opinion Survey indicated that over 75% of Americans support the use of nuclear energy, reflecting growing public and political support [12] Company Strategy and Development Direction - The company aims for adjusted EBITDA margins of 30% by 2028, supported by operating leverage and procurement savings [8][15] - The acquisition of OncoSpace, a cloud-native data analytics platform, is expected to enhance the company's cancer care portfolio and go-to-market strategy [6][7] - The company is maintaining a disciplined approach to M&A activity amid uncertain market dynamics [7][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the prospects for large one-time opportunities in the pipeline, estimated at $300 to $400 million [10][20] - The company is well-positioned to navigate the current economic environment, with over 70% of revenue being recurring or repeat in nature [14][19] - Management reaffirmed full-year guidance for organic revenue growth, adjusted EBITDA, adjusted EPS, and adjusted free cash flow [20][32] Other Important Information - The company repurchased 1.2 million shares for $18.6 million as part of its capital deployment strategy [9][31] - The expected tariff exposure for 2025 is estimated to be between $3 million tailwind and $8 million headwind, with mitigating actions in place [19][20] Q&A Session Summary Question: Can you elaborate on the situation in China regarding tariffs? - Management indicated that most exposure comes from medical equipment produced in the U.S. and that there is potential for some products to be exempt from retaliatory tariffs [38] Question: What is the timeline for the $300 to $400 million pipeline? - Management expects a majority of contracts to be awarded within 2025, with projects being larger than typical flow business [47] Question: How is the company positioned regarding pricing power? - Management believes that competitive advantages may strengthen due to anticipated long-term tariff scenarios, potentially enhancing pricing power [78]

全国政协委员、360集团创始人周鸿祎对凤凰网财经指出，民营经济促进法的出台，为破解民营企业的 发展难题提供了法治"金钥匙"，也为民营经济与国家战略协同"搭桥指路"，这无疑是我国民营经济发展 史上的重要里程碑。 凤凰网财经讯 4月30日，十四届全国人大常委会第十五次会议表决通过民营经济促进法，自2025年5月 20日起施行。 "近几年自己一直在关注民营经济促进法立法进展，今天感到很振奋，也非常有获得感，未来创新发展 不仅有'底气'，更有'心气'。"周鸿祎指出，360作为一家兼具"安全+AI"能力的民营科技企业，始终围绕 国家数字化战略，担当社会责任，持续"上山、下海、助小微"：上科技高山，努力破解"看不见"国家级 攻击的卡脖子难题，攻克人工智能安全的世界前沿课题；下数字化蓝海，打造数字化的安全新基建和新 服务，推动企业级垂直大模型方案落地，助力城市和企业"数转智改"；扶助中小微企业，为中小微企业 提供免费的安全保护服务和人工智能工具，推动数字化"共同富裕"。 周鸿祎结合自身经历，回顾了民营经济促进法从2023年7月的《关于促进民营经济发展壮大的意见》， 到2024年10月的《民营经济促进法（草案征求意见稿）》， ...

齐向东：听到这个好消息，我感到非常暖心、非常振奋，对民营经济的未来充满信心。《民营经济促进法》的审议通过，就像一场"及时雨"，让民营经济在 中国式现代化征程中扎根更深、生长更活跃。"两个毫不动摇"、促进"两个健康"首次写入法律，意味着党和国家对民营经济的关心爱护，已经从政策层面 的"精准施策"升华为制度层面的"刚性保障"，让我们真切感受到党和国家对民营经济"把舵护航"的坚定决心，对民营企业家"自己人"地位深刻认同和尊重， 再次吃下发展"定心丸"。作为高研发投入的科技企业，这部法律让我们信心倍增，让我们可以更加心无旁骛地在科技创新中挑大梁、在产业链升级中当主 角、在国际竞争中展实力，成长为更具创造力、竞争力、担当力的时代生力军。 4月30日，十四届全国人大常委会第十五次会议表决通过民营经济促进法，自2025年5月20日起施行。 作为我国首部专门针对民营经济发展的基础性法律，该法的出台在企业家群体引起强烈反响。全国工商联副主席、奇安信集团董事长齐向东向凤凰网财经表 示，《民营经济促进法》审议通过的好消息，能多维度、多层次振奋士气，充分释放民营经济的发展活力，进而为高质量发展注入不竭动力。 凤凰网财经：当您听到民营 ...

安博通2024年营业收入达到7.37亿元，同比增长34.4%，显示出公司在网络安全领域的强劲增长势头。 这一增长主要得益于公司在网络安全、数据安全及AI安全领域的技术突破，以及海外市场的积极拓 展。特别是在香港地区，公司全资子公司安博通国际成功开展了信息与通信基础设施模组产品的采购与 销售业务，初步完成了供销网络搭建，成为公司新的业绩增长点。 然而，尽管营业收入大幅增长，公司净利润却出现了严重亏损。归属于上市公司股东的净利润为-1.19 亿元，同比下降1107.0%；扣非净利润为-1.22亿元，同比下降2297.9%。这一亏损主要源于公司在研发 创新和市场拓展方面的大量投入，导致短期内利润承压。此外，公司对行业客户的应收账款回款情况进 行了审慎评估，信用减值损失的计提增加，进一步加剧了净利润的下滑。 AI安全布局：未来增长的关键？ 营收增长显著，但净利润承压 2025年4月30日，安博通（688168）发布了2024年年报。报告显示，公司全年实现营业收入7.37亿元， 同比增长34.4%；归属于上市公司股东的净利润为-1.19亿元，同比下降1107.0%；扣非净利润为-1.22亿 元，同比下降2297.9%。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 本次提请股东大会授权事宜包括以下内容： （一）确认公司是否符合以简易程序向特定对象发行股票条件 授权董事会根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司证券发行注册管理办 法》等有关法律法规和规范性文件的规定，对公司实际情况进行自查和论证，确认公司是否符合以简易 程序向特定对象发行股票条件。 本次发行股票所有发行对象均以现金方式认购。 发行对象存在《上市公司证券发行注册管理办法》第五十七条第二款规定情形的，相关发行对象不参与 本次发行定价的询价过程，但接受其他发行对象申购竞价结果并与其他发行对象以相同价格认购本次发 行的股票。 （四）定价方式、价格区间和限售期 1、本次发行采取询价发行方式，本次发行的定价基准日为发行期首日。 本次发行价格不低于定价基准日前20个交易日股票交易均价的80%。定价基准日前20个交易日股票交易 均价=定价基准日前20个交易日股票交易总额/定价基准日前20个交易日股票交易总量。若公司股票在该 20个交易日内发生除权、除息事项引起股价调整情形的，则对调整前交易日的交易价格参照发行底价调 整方式进行调整后的价格计算。 在定 ...