人力资源社会保障部等9部门部署开展的2026年春风行动暨就业援助季活动正在全国范围内火热开展。 为促进农村劳动力、高校毕业生等重点群体就业，近期一系列专场招聘会将陆续举办。 面向农村劳动力—— 2月22日，贵州榕江将开展"过春节 看村超 送岗位"活动，针对农村劳动力、城镇登记失业人员等， 在"村超"球场内开展直播带岗送岗就业服务，提供岗位超1万个，涉及电子制造、服装制造、物流运输 等多个领域。 2月22日，江苏南京将举办2026年度"春风行动"留宁返宁高校毕业生新春专场招聘会，近100家企业带来 技术研发类、管理类等岗位2000余个，覆盖人工智能、软件和信息服务、制造业等领域，现场将设置求 职招聘、政策咨询、职业指导、综合服务、直播带岗、AI面试等六大专区，提供就业创业、职业培训 及见习等支持政策。 2月26日至27日，浙江宁波将举办第三十七届高校毕业生供需洽谈会，工程技术(生产制造)、跨境与国 际贸易等产业领域的600余家企业将提供超1万个就业岗位，包括研发与技术创新、业务支持与运营等， 同时推出2条就业创业体验活动线路，助力青年人才实地感受就业创业氛围，了解相关支持政策。 2月27日，山东淄博将在山东化工 ...

Financial Data and Key Metrics Changes - Total revenue increased approximately 16.6% year-on-year to $221.3 million, reflecting organic growth of 6.4%, a 9.4% benefit from acquisitions, and a 0.8% benefit from foreign currency [11] - Adjusted operating margin increased 30 basis points year-on-year to 19% [11] - Adjusted earnings per share increased 8.9% year-on-year to $2.08 [11] - Free cash flow for the second quarter was $13 million, compared to $2.2 million a year ago [12] - Net cash provided by operating activities was $20.7 million in the second quarter, compared to $9.1 million a year ago [11] Business Line Data and Key Metrics Changes - Electronics segment revenue increased 20.6% year-on-year to a record $115.7 million, driven by organic growth of 11.1% and acquisition benefits of 9.1% [12] - Engineering Technologies revenue increased 35.3% to $30.6 million, driven by a 33.4% benefit from the recent McStarlite acquisition [15] - Scientific revenue increased 5.5% to $19.5 million, due to an acquisition benefit of 8.1%, partially offset by an organic decline of 2.6% [16] - Engraving revenue increased 13.6% to $35.7 million, driven by organic growth of 10.3% [17] - Specialty Solutions segment revenue decreased 7.2% year-on-year to $19.8 million [17] Market Data and Key Metrics Changes - Sales into fast growth markets were approximately $61 million, accounting for 28% of total sales [6] - Sales from fast growth markets are expected to grow over 45% year-on-year and exceed $270 million [9] - The company expects mid- to high single-digit organic growth in the fiscal third quarter [4] Company Strategy and Development Direction - The company is focused on aligning organic and inorganic growth investments around secular end markets and new products [20] - The strategy includes increasing R&D spending from 1% of sales to 3% to support new product development [6] - The company aims to expand its presence in fast growth markets such as grid, commercialization of space, and defense [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving mid- to high single-digit organic growth in the fiscal third quarter and reiterated the fiscal year 2026 sales outlook [4][8] - The company is well-positioned to deliver strong results due to the momentum from new product sales and fast growth markets [20] - Management noted that clarity in trade agreements, such as the recent India-EU trade deal, is beneficial for long-term planning and investment [35] Other Important Information - The company paid down approximately $10 million of debt, reducing the net leverage ratio to 2.3 [8] - The company declared a quarterly cash dividend of $0.34 per share, an increase of approximately 6.3% year-on-year [19] - The company expects capital expenditures between $33 million and $38 million for fiscal 2026 [19] Q&A Session Summary Question: Can you walk us through the purchase accounting side related to the Amran and Narayan acquisition? - Management explained the technical aspects of the acquisition and the need for government approval for the remaining 10% of Narayan, which has not been obtained [25][27][29] Question: How would you characterize the competitive environment for the Grid business? - Management described the market as one of customer intimacy, with OEMs increasingly outsourcing low to medium voltage transformers, and highlighted the company's strong relationships with major OEMs [30][32] Question: Can you provide insights on the sales and order growth for the Grid business versus the legacy business? - Management indicated that the Grid business has a book-to-bill ratio of about 1.2, while the core business is around 1.03 to 1.04, with strong demand in the Grid sector [42][45] Question: What is the status of capacity expansion projects in Houston, Mexico, and Croatia? - Management confirmed that capacity has increased by about 50% since the acquisition and that new sites are ramping up, with plans to more than double capacity in the next 3-5 years [62][63] Question: What are the expectations for fast growth sales and the impact of the Amran acquisition? - Management expects fast growth sales to exceed $270 million, with over half attributed to the Grid business, and noted that the Amran acquisition has been beneficial for overall growth [84][86]

Financial Data and Key Metrics Changes - Total revenue increased approximately 16.6% year-on-year to $221.3 million, reflecting organic growth of 6.4%, a 9.4% benefit from acquisitions, and a 0.8% benefit from foreign currency [10] - Adjusted operating margin increased 30 basis points year-on-year to 19% [10] - Adjusted earnings per share increased 8.9% year-on-year to $2.08 [10] - Free cash flow for the second quarter was $13 million, compared to $2.2 million a year ago [11] - Adjusted gross margin was 42.1%, up 120 basis points year-over-year [7] Business Line Data and Key Metrics Changes - Electronics segment revenue increased 20.6% year-on-year to a record $115.7 million, driven by organic growth of 11.1% and acquisition benefits [11] - Engineering Technologies revenue increased 35.3% to $30.6 million, driven by a 33.4% benefit from a recent acquisition and organic growth of 1.2% [13] - Scientific revenue increased 5.5% to $19.5 million, due to acquisition benefits, partially offset by an organic decline of 2.6% [14] - Engraving revenue increased 13.6% to $35.7 million, driven by organic growth of 10.3% [15] - Specialty Solutions segment revenue decreased 7.2% year-on-year to $19.8 million [15] Market Data and Key Metrics Changes - Sales into fast growth markets were approximately $61 million, accounting for 28% of total sales [5] - Sales from fast growth markets are expected to grow over 45% year-on-year and exceed $270 million [8] - Orders of approximately $231 million were the highest quarterly intake ever, indicating strong demand [6] Company Strategy and Development Direction - The company is focused on aligning organic and inorganic growth investments around secular end markets and new products [18] - The strategy includes increasing R&D spending from 1% to 3% of sales to drive new product development [5] - The company aims to deliver mid- to high single-digit organic growth in the fiscal third quarter and remains on track for fiscal 2026 sales outlook [4][7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving fiscal 2026 sales outlook, barring unforeseen economic disruptions [7] - The company noted that the momentum from new product sales and fast growth markets is expected to continue [18] - Management highlighted the importance of clarity in trade agreements, such as the recent India-EU trade deal, for long-term planning [33] Other Important Information - The company declared a quarterly cash dividend of $0.34 per share, an approximately 6.3% increase year-on-year [17] - The company expects capital expenditures between $33 million and $38 million for fiscal 2026 [17] - The net leverage ratio currently stands at 2.3, with plans to further reduce it [16] Q&A Session Summary Question: Can you explain the purchase accounting related to the redeemable non-controlling interest? - Management provided a detailed explanation of the accounting treatment for the acquisition of Amran and Narayan, emphasizing the alignment of incentives between owners and Standex [24][25][27] Question: How would you characterize the competitive environment for the Grid business? - Management described the market as one of customer intimacy, where they have established strong relationships with major OEMs, allowing them to compete effectively [30][32] Question: What is the status of capacity expansion projects? - Management discussed ongoing capacity expansions in Croatia, Mexico, and Houston, indicating that these expansions are crucial for meeting future demand [61][62] Question: What are the expectations for fast growth sales? - Management confirmed that fast growth sales are expected to exceed $270 million, with significant contributions from the grid business and other sectors [54][82] Question: What are the implications of the recent trade deal between India and the EU? - Management expressed optimism that clarity in trade would benefit their operations and long-term planning [33] Question: Can you elaborate on the margin decline in the Specialty Solutions segment? - Management attributed the decline to challenging market conditions in North America but expects improvements in the upcoming quarter [104] Question: What is the outlook for the engraving business? - Management indicated a positive outlook for the engraving business, with expectations of increased activity in North America and Europe [107]

Core Viewpoint - The recent pilot program in Jiangsu allows 28 engineering master's graduates to obtain intermediate engineer titles based on "course grades + practical achievements," signaling a shift in China's engineering education evaluation system [1][2][3] Group 1: Evaluation System Reform - The traditional evaluation system emphasized "work experience," creating barriers for young professionals; the new approach uses a standard of "80% course grades + two practical achievements" to assess capabilities [1] - The evaluation criteria include quantifiable indicators such as "projects over 200,000 yuan" and "patent standards," which provide actionable guidelines but also raise concerns about potential formalism [2][3] Group 2: Industry Participation - The involvement of industry experts in the evaluation committee aligns assessment standards with market needs, reflecting a strong demand for talent from enterprises [2] - The "school-enterprise co-assessment" model breaks the closed-loop nature of traditional evaluations, making professional titles a true testament to job competency [2] Group 3: Long-term Implications - The pilot program's success depends on the robustness of practical achievement evaluation standards, the alignment of corporate hiring practices, and ensuring equitable opportunities for non-participating students [2][3] - The initiative aims to shift the focus from "papers and degrees" to practical problem-solving abilities, paving the way for young engineers to contribute to major national projects and technological advancements [3]

Core Viewpoint - The cultivation of outstanding engineers is essential for the integrated development of education, technology, and talent, as well as a pressing need for building a modern industrial system [1] Group 1: Progress in Engineer Training - Since the reform began, nearly 26,000 engineering master's and doctoral students have been recruited through school-enterprise collaboration, with over 2,000 graduates now working in the industry [1] - The organized and large-scale training of engineering master's and doctoral students through school-enterprise collaboration has opened new pathways for the independent cultivation of strategic talents [1] Group 2: Breaking Traditional Models - The reform breaks the traditional model of engineering talent cultivation, which relied heavily on universities, by introducing a school-enterprise council system and implementing joint recruitment and alternating training [2] - Engineering master's students are required to have at least one year of practical experience in enterprises, while doctoral students must have at least two years [2] - This new model enhances graduates' practical abilities, allowing them to adapt to job roles more quickly [2] Group 3: Emphasis on Practical Outcomes - The first cohort of over 2,000 engineering master's graduates has achieved more than 2,500 innovative outcomes, including over 300 engineering practice results and 800 intellectual property results [3] - The training process emphasizes the ability to innovate and solve complex engineering problems, with enterprises identifying over 10,000 issues for research and practical projects [3] - A total of 200 core courses have been developed in collaboration with enterprises, facilitating shared resources between schools and companies [3] Group 4: Focus on Key Industries - The Ministry of Industry and Information Technology has recommended over 100 specialized small and medium-sized enterprises and manufacturing champions for collaboration in training engineering master's and doctoral students [4] - There is a strong demand for talents in high-tech fields, necessitating professionals with solid theoretical foundations and strong innovative capabilities [4] - New educational platforms have been established to focus on key areas such as integrated circuits, artificial intelligence, and biomedicine, forming a comprehensive training framework [4] Group 5: Achievements in Practical Training - Graduates have gained a deeper understanding of cutting-edge technologies and practical applications through hands-on learning in research settings [5] - The training aims to meet real demands, solve genuine problems, and produce tangible results, effectively bridging the gap between education and industry [5] Group 6: Collaborative Efforts - A notable achievement includes the first engineering doctoral degree awarded based on practical outcomes, marking a significant step in reforming the evaluation system for engineering degrees [6] - Over 60 engineering master's and doctoral students have received degrees based on practical results, indicating a shift towards aligning academic standards with industry needs [6] - Companies are encouraged to actively participate in the training process to ensure that the practical outcomes align with industry challenges [7]

一座大型桥梁，既有高耸入云的桥塔，也有"看不见、下不去"的水下结构，传统人工检测难以全覆盖。 东南大学熊文教授团队领衔的"基于图像-点云的桥梁数智建养关键技术与应用"项目，聚焦桥梁检测中 的痛点，创新采用无人机搭载激光扫描镜头飞到高空扫测超高桥塔与超长缆索及主梁，同时用三维声呐 采集水下结构形态，通过多源数据拼接，构建出完整的数字孪生模型。同时，针对桥梁晃动或遮挡导致 的数据缺失，项目利用AI技术进行"智能提质"，AI参考设计图纸和历史数据，可以自动修复漏检区域， 并从晃动的数据中计算出桥梁最科学的服役形态，以此跟踪判断桥梁是否安全。目前，项目核心成果已 在江苏、浙江等多个国内省份以及美国、马尔代夫等境外地区进行了全方位推广。 在演唱会等大型活动中，为了保证大家能发朋友圈、看视频，需要网络快速调整覆盖，但这往往会影响 周边网络。5G网络优化"牵一发而动全身"，如何避免"顾此失彼"，始终是行业难题。东南大学王霄峻教 授带领完成的"5G网络智能覆盖与优化关键技术研发及规模化应用"项目，让通信网络更具"智慧"。在 AI技术的加持下，团队成功研发了智能规划优化及运维平台、全业务感知等产品，让网络更加迅速、 可靠，项目 ...

Investment Rating - The report recommends a "Buy" rating for the industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more in the upcoming period [5]. Core Insights - AMG Lithium's sales volume of lithium concentrate increased by 16% quarter-on-quarter to 15,409 tons in Q3 2025, although it decreased by 32% year-on-year. The average selling price for lithium concentrate was $530 per ton, down 15% quarter-on-quarter and 39% year-on-year. The average cost of lithium concentrate fell by 14% to $420 per ton [1][7]. - AMG Technologies reported a significant revenue increase of 59% year-on-year, reaching $250 million, driven by higher antimony sales prices and strong performance in turbine blade coating furnace projects [12]. - AMG Vanadium's revenue grew by 2% year-on-year to $154 million, primarily due to rising sales prices of ferrovanadium and chromium metals, despite a decline in sales volume due to production issues [11]. Summary by Sections 1. AMG Lithium - Q3 2025 revenue was $32.7 million, a 33% year-on-year decline, attributed to an 8% drop in lithium market prices and a 32% decrease in sales volume. The average sales price for tantalum increased, partially offsetting the negative impact [9][10]. - The adjusted EBITDA for AMG Lithium was $2.916 million, down 72% year-on-year due to decreased sales volume and lower lithium prices [10]. 2. AMG Vanadium - Revenue for Q3 2025 was $154 million, a 2% increase year-on-year, driven by higher sales prices despite a decline in sales volume due to supplier production issues [11]. - Adjusted EBITDA increased by 81% year-on-year to $19.471 million, benefiting from price increases and reduced inventory costs [11]. 3. AMG Technologies - Revenue reached $250 million in Q3 2025, a 59% increase year-on-year, mainly due to higher antimony prices and strong sales in engineering projects [12]. - Adjusted EBITDA was $41.235 million, more than double the previous year's figure, reflecting improved profitability in key business segments [12]. 4. Financial Performance Overview - Total revenue for Q3 2025 was $435 million, a 22% increase year-on-year. Adjusted gross profit rose by 38% to $88 million, with a gross margin of 20.2% [7][15]. - Net income attributable to shareholders was $13.074 million, marking the highest level since Q2 2023, compared to a loss of $13.353 million in the same quarter last year [7][15].

Group 1 - The "Future City" dialogue and Nanjing city promotion event in Munich marks the beginning of the 2025 "Nanjing Week" and celebrates the 50th anniversary of diplomatic relations between China and the EU [1] - Nanjing has a strong manufacturing base and numerous higher education institutions, while Munich excels in high-end manufacturing and engineering, indicating significant potential for technological cooperation and industrial synergy [1][2] - Jiangsu province has over 400 investment projects in Germany, totaling over $4 billion, and aims to enhance the business environment for foreign enterprises [1] Group 2 - Nanjing has historically been a key node for East-West trade and cultural exchange, maintaining good economic and cultural relations with several German cities [2] - The event featured discussions on deepening cooperation in sectors such as automotive, artificial intelligence, and green industries, with an invitation for German partners to experience Nanjing's unique charm [2] - The event included presentations from Nanjing's investment promotion bureau, showcasing the city's investment environment and industrial advantages, particularly in alignment with Germany's "Industry 4.0" initiative [2][3] Group 3 - Qinhuai District contributes 8.3% of GDP and 38% of total tourism revenue with only 0.75% of the city's land, highlighting its economic effectiveness [3] - Jianye District focuses on finance and digital economy, positioning itself as a modern international city center [3] - Representatives from various sectors engaged in discussions on joint research, talent cultivation, and shared opportunities, emphasizing the ongoing industrial collaboration between China and Germany [3] Group 4 - The Bosch global R&D center in Nanjing is the largest of its kind for the group, showcasing the city's role in international cooperation [4] - The event coincided with the China International Import Expo, providing a platform for Nanjing's cooperation with Stuttgart, including a special exhibition for friendly cities [4] - The event aimed to strengthen industrial connections between Nanjing and Munich, creating a key platform for building a cooperative ecosystem [4] Group 5 - Nanjing's cultural outreach strategy includes the 2025 "Nanjing Week" in various German cities, promoting cultural heritage and deepening Sino-German integration [5] - The collaboration includes vocational training projects with German enterprises, fostering friendship and mutual trust between the two nations [5]

Core Viewpoint - The 2025 World Engineering Organization General Assembly and Global Engineering Conference opened in Shanghai, highlighting significant engineering achievements that have global impact and practical validation over the past five years [1] Group 1: Engineering Achievements - The "2025 Global Top Ten Engineering Achievements" were announced, showcasing major innovations in engineering technology, including antibody-drug conjugates, Blackwell GPU architecture, DeepSeek open-source large language model, deep-sea manned submersible, high-performance carbon fiber composites, humanoid robots, Perseverance Mars rover, Euclid space telescope, South-to-North Water Diversion Project, and Taklamakan Desert edge-locking project [1] Group 2: Characteristics of Achievements - The engineering achievements reflect four key characteristics: 1. They represent the most advanced technological levels or significant original breakthroughs in engineering technology [1] 2. They demonstrate systematic innovation through technology integration, system optimization, and resource collaboration to achieve overall goals [1] 3. They highlight the development direction of new productive forces, with potential to stimulate new industries and economic growth [1] 4. They emphasize the critical role of engineering in overcoming global challenges through continuous breakthroughs [1]

Financial Data and Key Metrics Changes - Total revenue increased approximately 23.2% year on year to $222 million, reflecting a 23.4% benefit from recent acquisitions and a 1.2% benefit from foreign currency, partially offset by an organic revenue decline of 1.4% [18][20] - Adjusted operating margin increased 350 basis points year on year to a record 20.6%, with adjusted operating income increasing 48.8% on the revenue increase [20] - Adjusted earnings per share increased 20.6% year on year to a record $2.28 [20] Business Line Data and Key Metrics Changes - **Electronics Segment**: Revenue increased 43.2% year on year to $115.2 million, driven by a 41% benefit from acquisitions and organic growth of 0.3% [20][21] - **Engineering Technologies Segment**: Revenue increased 26.8% to $32 million, driven by a 25% benefit from the recent NexStarlight acquisition and organic growth of 0.9% [23] - **Scientific Segment**: Revenue increased 2.3% to $17.9 million, due to a 16.1% benefit from recent acquisition, partially offset by an organic decline of 13.9% [24] - **Engraving Segment**: Revenue increased 0.6% to $33 million, driven by a 1.2% benefit from foreign currency, partially offset by an organic decline of 0.6% [25] - **Specialty Solutions Segment**: Revenue decreased 1.2% year on year to $23.9 million, primarily due to general market softness [25] Market Data and Key Metrics Changes - Sales into fast growth markets were approximately $184 million, exceeding expectations of $170 million, driven by growth in data center demand and grid modernization [30] - Fast growth market sales are expected to grow approximately 45% year on year, exceeding $265 million in fiscal year 2026 [31] Company Strategy and Development Direction - The company is focused on new product development, with plans to launch more than 15 new products in fiscal year 2026, expected to contribute over 300 basis points of incremental growth [31] - The company aims to achieve fiscal year 2028 long-term targets of sales exceeding $1.15 billion and adjusted operating margin greater than 23% [32] - The company is positioned to benefit from long-term secular tailwinds in end markets, particularly in electrical grid, space, and defense [15][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving over $100 million in incremental sales growth in fiscal year 2026, driven by acquisitions, new products, and fast growth markets [10][31] - Management noted that the company is well-positioned in a fluid economic environment due to strong customer relationships and disciplined pricing strategies [32] Other Important Information - The company paid down approximately $27 million in debt during the fiscal fourth quarter, with a net leverage ratio currently at 2.6 [27][28] - The company declared a quarterly cash dividend of 32¢ per share, representing a 6.7% increase year on year [28] Q&A Session Summary Question: Potential for upside in the $100 million revenue increase for fiscal 2026 - Management indicated that the $100 million estimate could be conservative, with potential upside from acquisitions and organic growth [36][38] Question: Performance of the EV business - Management noted a slight dip in EV sales in 2025 but anticipates growth in 2026 with new model introductions [39][40] Question: Ramp-up of the Amarin business in Croatia - Management expects initial shipments of single-digit millions in fiscal 2026, with potential growth to over $30 million in three years [41][42] Question: Demand in the electronics segment - Management reported a 16% year-on-year increase in orders, primarily driven by OEMs [50][52] Question: Scientific segment margins and NIH funding impact - Management acknowledged the impact of NIH funding cuts but does not expect significant changes in demand from that channel [67] Question: Acquisition pipeline and appetite for new acquisitions - Management confirmed ongoing work in the acquisition pipeline and a willingness to pursue new opportunities as leverage improves [97]