Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, with significant revenue growth and a focus on R&D to strengthen its technological edge [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 57.417 billion yuan, a year-on-year increase of 11.33% - The net profit attributable to shareholders was 7.610 billion yuan, up 5.94% year-on-year, while the non-recurring net profit was 7.389 billion yuan, increasing by 6.31% year-on-year - For Q4 2024, the company reported operating revenue of 25.104 billion yuan, with a quarter-on-quarter increase of 9.1% and a year-on-year increase of 105.8% - The net profit for Q4 2024 was 3.137 billion yuan, reflecting a quarter-on-quarter increase of 3.8% and a year-on-year increase of 77.9% - In Q1 2025, the company achieved operating revenue of 8.895 billion yuan, a year-on-year increase of 15.54%, and a net profit of 680 million yuan, up 14.19% year-on-year [1]. Profitability and R&D Investment - The company's gross margin for 2024 was 26.66%, a slight decrease of 0.14 percentage points year-on-year, while the net margin was 14.19%, down 0.64 percentage points year-on-year - Total R&D investment for the year was 4.032 billion yuan, an increase of 15.94% year-on-year, representing 7.02% of revenue, aimed at enhancing the technological moat in areas such as smart grid upgrades, AI power dispatch, semiconductor devices, and energy storage [1]. Business Segments and Orders - The company signed new contracts worth 66.32 billion yuan in 2024, a year-on-year increase of 13.8%, with a backlog of orders amounting to 50.697 billion yuan - Revenue from the smart grid business was 28.468 billion yuan, up 11.05% year-on-year, while the low-carbon energy business generated 12.185 billion yuan, a significant increase of 26.4% - The digital integration business reported revenue of 12.365 billion yuan, also up 11.05% year-on-year, with the large-scale power model accelerating deployment in scheduling and operation scenarios [2]. International Expansion - The company's overseas revenue reached 3.279 billion yuan in 2024, a remarkable increase of 135.1%, accounting for 5.7% of total revenue - Significant projects include the Saudi ADMS flexible direct valve project and various operations in South America, contributing to a notable increase in overseas order reserves [2]. Investment Outlook - The company is focused on the entire "source-network-load-storage" chain, with multiple cycles in high voltage, new energy storage, and overseas electrification - Projected net profits for 2025-2027 are estimated at 8.324 billion yuan, 9.248 billion yuan, and 10.013 billion yuan, respectively, with corresponding price-to-earnings ratios of 21.4, 19.2, and 17.8 times [2].

Financial Data and Key Metrics Changes - The first quarter sales were $1.365 billion, a decrease largely due to the divestiture of residential lighting, with flat growth otherwise [12] - Operating profit was $264 million, with margins down 40 basis points, impacted by $10 million drag from material inflation and tariffs [13] - The company maintained its full year 2025 outlook, expecting adjusted EPS in the range of $16.85 to $17.35, with organic growth of 6% to 8% [30][32] Business Line Data and Key Metrics Changes - Electrical Solutions segment delivered mid single-digit organic growth, with strong performance in data centers contributing significantly [5][20] - Utility Solutions segment sales were $857 million, down 4% year-over-year, with Grid Automation experiencing a 15% contraction [14] - Grid Infrastructure returned to organic growth, driven by strong demand in transmission and substation markets, with double-digit growth [6][15] Market Data and Key Metrics Changes - The macroeconomic environment has become more dynamic, but the company sees no net change to its prior near-term and long-term views [8] - Recent order trends in distribution markets are encouraging, indicating a normalization from previous inventory destocking [6][16] - The company reported double-digit growth in grid infrastructure orders year-over-year, indicating strong underlying market dynamics [37] Company Strategy and Development Direction - The company is focused on mitigating cost inflation and macroeconomic uncertainty through proactive cost management and operational efficiencies [7][8] - Hubbell aims to capitalize on long-term investment cycles in grid modernization and electrification, supported by strong positions in key markets [38][39] - The company is poised for active investment and shareholder returns, with a strong balance sheet and a focus on acquisitions to enhance product positioning [34][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating near-term uncertainties while maintaining financial commitments for 2025 [39] - The company anticipates a strong ramp-up in the second half of the year, supported by a solid order book and easier year-over-year comparisons [86] - Management highlighted the resilience of utility markets, which tend to perform well even in challenging macroeconomic conditions [52] Other Important Information - The company has implemented price increases to offset the impact of tariffs and raw material inflation, with expectations to neutralize these costs within 2025 [25][31] - The company has reduced its exposure to China by about half over the past several years, focusing on diversifying its supply chain [108][110] Q&A Session Summary Question: Clarification on guidance and sensitivity analysis - Management confirmed that the guidance range reflects a $0.50 sensitivity due to potential tariff impacts, but actions are in place to neutralize this [43][48] Question: Insights on Q2 margins and cost mitigation - Management provided insights indicating a typical seasonal sequential growth in sales, with expectations of a $20 million LIFO headwind in Q2 [46][47] Question: Expectations on utility budgets and spending - Management noted that utility budgets are increasing, with a focus on grid hardening and load growth, indicating a positive outlook for utility spending [50][52] Question: Price elasticity and customer feedback on price increases - Management indicated low elasticity for the first round of tariff-related price increases, with expectations of successful implementation [70][72] Question: Outlook for telecom and grid automation segments - Management reported that the telecom segment is showing signs of improvement, with sales declines flattening and order books growing [117] Question: Competitive landscape in utility T&D - Management identified key competitors in the utility T&D space, including Eaton's Cooper division and ABB's Thomas and Betts [81]

湖北证监局：深化常态化走访工作 携手地方政府助推上市公司高质量发展 记者4月17日从湖北证监局了解到，为持续做好常态化走访上市公司工作，湖北证监局联合地方政府通过"面对面"问需企业、"点对 点"精准服务等方式，实现政企沟通零距离、零障碍。2024年10月以来，湖北在前期走访上市公司全覆盖、累计推动解决答复上市公司106 个诉求建议的基础上，走访上市公司40家次，推动解决上市公司诉求15项，为辖区资本市场高质量发展注入强劲动力。 "急难愁盼"问题集中"会诊" 据介绍，今年，湖北以"培育壮大新质生产力，推进湖北上市公司科技创新和产业创新"作为年度走访工作主题。湖北证监局与地方政府 协同配合，形成了"聚焦一个主题、划分三个层次、多部门联动"的走访工作安排，分层、有序开展走访工作。 截至目前，已有多位湖北省领导带队，分别到万润新能、马应龙等行业龙头和区域重点上市公司实地调研，以点带链推动湖北优势产业 发展。湖北证监局则联合相关职能部门走访经营遇到困难、出现风险的上市公司，推动企业化解风险，重回发展正轨。湖北各级政府也对8 家上市公司进行走访，了解公司技术研发、市场布局、发展规划等情况，现场协调帮助企业解决困难。 丨 ...

Group 1: Financial Performance - The company's gross profit margin in Q1 was higher due to a decrease in low-margin power engineering business and an increase in high-margin power equipment business [4] - The fluctuation in operating cash flow in Q1 was mainly due to a large engineering payment in the previous year, with no significant changes otherwise [4] - The company has a healthy cash flow throughout the year despite fluctuations in accounts receivable [5] Group 2: Market Insights - The domestic power grid industry maintained stable growth, while external demand has slowed down due to reduced growth in the new energy sector [7] - The company expects a more positive outlook for domestic demand due to recent economic stimulus policies [7] - The company’s indirect exports have increased due to rising overseas orders when local capacities are insufficient [13] Group 3: Operational Strategy - The company primarily uses direct sales in overseas markets, with some consideration for distributors in early development stages [14] - The company has no immediate plans to build factories in the Middle East but will consider local opportunities if conditions change [21] - The company’s overseas production layout focuses on local market penetration rather than capacity considerations [16] Group 4: Competitive Landscape - The company faces challenges in competing with established brands that have decades of market presence and brand influence [29] - Price is not a key competitive factor; reliability and stability of products are prioritized by customers [30] Group 5: Future Outlook - The company anticipates that the overall situation for orders and market demand will become clearer in the second half of the year [10] - The company plans to maintain a stable gross margin despite potential increases in costs due to overseas expansion and raw material prices [46] - The company aims to improve its service capabilities in overseas markets as its market share grows [52]

Economic Resilience and Market Opportunities - China's economy is showing a positive trend despite complex international challenges, highlighting its strong resilience and potential [1] - The country has a large domestic market with over 1.4 billion people and more than 400 million middle-income groups, providing significant development space [5] Trade and Market Strategies - To counter external risks, companies are actively expanding into diverse markets and leveraging domestic consumption through promotional activities [3] - E-commerce platforms are accelerating efforts to assist foreign trade enterprises in transitioning to domestic sales and enhancing service offerings [7] Corporate Adaptation and Innovation - Many foreign trade companies are focusing on internal adjustments to respond to market changes, emphasizing the importance of self-reliance [9] - A medical protective equipment company in Shandong is expanding its product line through cross-border mergers and acquisitions [11] - An agricultural technology company in Shandong is innovating its hardware to meet international market demands, showcasing automated "plant factories" [13] Open Market Initiatives - China is adopting a more proactive approach to global engagement, with measures such as reducing the negative list for foreign investment and optimizing the business environment [14] - The number of newly established foreign-invested enterprises in China is projected to reach 59,000 in 2024, reflecting a 9.9% year-on-year increase [19]

Group 1 - The company HeMai Co., Ltd. announced the investment in the construction of a new headquarters building to meet future development needs and optimize resource allocation [1] - HeMai Shenghe, a wholly-owned subsidiary of HeMai Co., Ltd., purchased the land use rights and ownership of buildings from Sina Jifu Technology Development (Hangzhou) Co., Ltd. for a total amount of RMB 548,014,183.71 [1] - The total investment for the construction project is expected to be no more than RMB 1.07 billion, funded by self-owned and self-raised funds [1] Group 2 - HeMai Co., Ltd. was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 20, 2021, with an issue price of RMB 557.80 per share and a total of 10 million shares issued [2] - The total amount raised from the initial public offering (IPO) was RMB 5.578 billion, with a net amount of RMB 5.406 billion after deducting issuance costs [2] - The company plans to use the raised funds for projects including the HeMai Intelligent Manufacturing Base, energy storage inverter industrialization, and upgrading of smart electrical equipment [2] Group 3 - The total issuance costs for the IPO were RMB 172 million, including underwriting and sponsorship fees of RMB 142 million [3] - The company announced dividend plans in 2022, 2023, and 2024, with varying amounts per 10 shares and stock bonuses [3]

Group 1 - The company guarantees the authenticity, accuracy, and completeness of the information disclosed in its quarterly report, and assumes legal responsibility for any false records or misleading statements [2][22][34] - The first quarter report has not been audited [21][24] - The company reported a 41.07% increase in trading financial assets due to the purchase of structured deposits [4] Group 2 - Accounts receivable increased by 45.31% due to the peak collection period at year-end and subsequent sales period [6] - Accounts payable increased by 45.23% as a result of payments made according to procurement agreements with suppliers [7] - The company reported a 139.07% increase in taxes payable, attributed to the accrual of taxes based on operational conditions [9] Group 3 - Investment income increased by 214.08% compared to the same period last year, mainly due to interest received from structured deposits [10] - Credit impairment losses increased by 42.49% due to the accrual of various credit impairment provisions [11] - The company reported a 100.07% decrease in asset disposal income, primarily due to non-sustainable items affecting the period [12] Group 4 - The net cash flow from operating activities was -99.343 million yuan, influenced by normal business operations and inventory adjustments [15] - The net cash flow from investing activities was -35.9812 million yuan, mainly due to investments in trading financial assets [16] - The net cash flow from financing activities was 3.8355 million yuan, reflecting normal and stable operations with increased bank borrowings [18] Group 5 - The company signed distribution agreements with Schneider Electric (China) Co., Ltd. for a total procurement target amount of 3.449605 billion yuan [20] - The company approved the use of idle funds for entrusted wealth management, increasing the limit from 500 million yuan to 800 million yuan [41][42] - The company provided a guarantee of up to 180 million yuan for its wholly-owned subsidiary, supporting its business development [27][34]

点击上图▲立即报名 文 / 巴九灵（微信公众号： 吴晓波频道） 过去二十年，中国企业顺应全球化浪潮，实现了从产品出海、资本出海到能力出海的跃迁。 未来，随着中国企业在全球价值链上的不断攀升，我们有望见证更大范围的中国跨国企业崛起。 正如美国在20世纪初，日本在战后经济腾飞时期，通过出海战略催生了通用、福特、丰田、三菱、索尼等一大批国际化企业，今天的中国企业也 正站在全球化的新起点上。 麦肯锡数据显示，中国领先企业海外收入占比为30%—40%，而这一比例在成熟的全球化企业中达到了80%。这一显著差距，体现出中企出海未来 的发展潜力巨大。 但差距背后也有隐忧，据麦肯锡调查，超过50%的中企认为人才短缺是其国际化进程中最为艰巨的挑战之一。 这暴露出一个亟待弥补的深层问题—— 数百万精通跨国经营、跨文化管理、全球合规的人才缺口。 当TikTok在欧美遭遇审查甚至禁令，当新能源车企在东南亚陷入本土化困局，我们比任何时候都清楚： 没有一支素质过硬的"全球战队"，再好的 战略也只是纸上蓝图。 企业出海，人才先行 上世纪80年代，美国通用汽车在欧洲建厂，福特将流水线推向全球；90年代，日本丰田以"精益生产"席卷欧美，索尼用W ...

Group 1 - The European STOXX 600 index saw a preliminary increase of 0.39%, closing at 525.23 points [1] - The Eurozone STOXX 50 index experienced a slight decline of 0.04%, ending at 5168.24 points [1] - Notable declines were observed in companies such as Schneider Electric, which fell over 6%, and Atos Group, which dropped over 3% [1] - Other companies like Adidas, Mercedes-Benz Group, and Infineon Technologies also saw declines exceeding 2% [1] - Conversely, L'Oréal and SAP recorded gains of over 2% [1] Group 2 - The FTSE Europe 300 index registered a preliminary increase of 0.41%, closing at 2085.89 points [1]

Market Overview - A total of 76 stocks hit the daily limit up in the A-share market, with 61 stocks remaining after excluding 15 ST stocks, resulting in a limit-up rate of 75.25% [1] Stock Performance - Liou Co. had the highest limit-up order volume with 1.1835 million hands, followed by Yuzhong Three Gorges A, ST Huayuan, and Hongbo Co. with 281,900, 201,500, and 176,500 hands respectively [2] - In terms of consecutive limit-up days, Maoye Commercial achieved 4 consecutive limit-ups, while Yuzhong Three Gorges A and Hongbo Co. had 3 consecutive limit-ups [2] Financial Highlights - Liou Co. reported a net profit of 108 million yuan for Q1 2025, marking a turnaround from losses year-on-year. The company is leveraging AI marketing concepts through its AIGC ecosystem platform "LEOAIAD" [3] Industry Insights PEEK Materials - Several stocks related to PEEK materials hit the limit up, including Jusa Long, Xinhan New Materials, and Zhongxin Fluorine Materials. Jusa Long has made progress in developing modified PEEK composites and holds relevant patents [4] - Xinhan New Materials produces DFBP, a core raw material for PEEK production, while Zhongxin Fluorine Materials has established a production capacity of 5,000 tons of DFBP [5] Computing Power - Stocks such as Hongbo Co., Meili Cloud, and Litong Electronics saw limit-up performance. Hongbo Co.'s subsidiary is focused on providing GPU computing services for AI demands [6] - Meili Cloud is committed to developing data center infrastructure, while Litong Electronics aims to expand its computing power business both domestically and internationally [6] Robotics - Stocks like Tianqi Co., Jihua Group, and Fangzheng Electric experienced limit-up. Tianqi Co. is advancing its embodied intelligent robotics business in collaboration with leading robotics manufacturers [7] Investment Trends - Liou Co. topped the net buying list on the Dragon and Tiger list with over 200 million yuan in net purchases, followed by Bochuang Technology and Meili Cloud [10][11] - Institutional investors showed significant net buying in stocks like Daye Co. and Hailian Jinhui, indicating strong interest in these companies [11][12]