Financial Data and Key Metrics Changes - Adjusted EBITDA increased by $4 million with EBITDA margins up by 70 basis points due to improved price-cost dynamics in Fiber, Polymers, and Integrated segments [14] - Free cash flow rose by almost 400% to $171 million in the quarter, demonstrating the resilience of the business model [14] Business Line Data and Key Metrics Changes - Customized polymer volumes increased by 2.2%, driven by low double-digit growth in small containers, while IBCs and large drums saw mid-single-digit declines [10] - Durable metals volumes declined by 5.8%, reflecting softness in North America and low single-digit declines in EMEA [11] - Sustainable fiber volumes decreased by 7.6%, with URB mills operating above 90% capacity [11] - Integrated Solutions volumes grew by 2.6%, led by strong recycled fiber volumes [12] Market Data and Key Metrics Changes - The markets chosen for investment are resilient despite a mixed macro environment, with targeted end markets like agrochemicals and pharma outperforming [10] - Customer sentiment remains cautious, and the overall macro economy is not robust, impacting volume performance [12] Company Strategy and Development Direction - The company is executing a "Build to Last" strategy, focusing on reshaping the portfolio and optimizing cost structures [20] - Divestments of the containerboard and Timberland businesses are aimed at concentrating efforts on high-growth markets, with expected cash proceeds of approximately €1.75 billion [8] - The company aims to achieve $100 million in cost reductions, with $20 million in run rate savings already achieved [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2027 commitments, emphasizing that as demand recovers, operating leverage will significantly enhance results [20] - The operating environment remains cautious, particularly in North America and EMEA, with no significant changes expected from tariffs [49] Other Important Information - The company plans to close the divestment of its containerboard business by the end of the month, with a focus on capital efficiency and durable shareholder returns [8] - The company has a solid pipeline for M&A opportunities, focusing on businesses that generate at least 18% EBITDA margin and 50% free cash flow conversion [61] Q&A Session Summary Question: How much of the guidance raise for the year was related to containerboard? - Management indicated that there was no containerboard impact in raising guidance, which was primarily due to SG&A cost reductions [24] Question: Can you comment on price-cost trends entering fiscal fourth quarter? - Steel costs have been relatively flat, with no significant changes expected in pricing [25] Question: What is the current normalized EBITDA for containerboard? - The trailing 12-month EBITDA for containerboard was $218 million, with current monthly figures at $25 million [29] Question: How do you view capital allocation following divestitures? - The company expects consistent cash flow generation and prioritizes dividends, maintenance, debt paydown, and organic growth [35][38] Question: What is the expected margin recovery in Integrated Solutions? - OCC pricing was a significant driver of margin squeeze, and the company is focused on maintaining a secure supply chain for recycled fiber [76]

IPO Pipeline Overview - As of August 10, there are 299 companies in the IPO pipeline, with 29 on the Shanghai Main Board, 36 on the Sci-Tech Innovation Board, 26 on the Shenzhen Main Board, 29 on the ChiNext, and 179 on the Beijing Stock Exchange [1][2]. Newly Listed Companies - From August 4 to August 10, three companies were newly listed: - Hansan (Nanjing) Technology Co., Ltd. on the ChiNext with a closing price of 82.89 CNY per share, a rise of 186.72%, and a trading volume of 2.048 billion CNY [4][5]. - Yangzhou Tianfulong Group Co., Ltd. on the Shanghai Main Board with a closing price of 56.80 CNY per share, a rise of 140.68%, and a trading volume of 1.971 billion CNY [5]. - Jiangsu Youli Intelligent Equipment Co., Ltd. on the Beijing Stock Exchange with a closing price of 83.22 CNY per share, a rise of 246.89%, and a trading volume of 732 million CNY [5]. New Counseling Record Companies - Eight companies were newly recorded for counseling from August 4 to August 10, including: - Beijing Jichuang Beifang Technology Co., Ltd., focusing on integrated circuit design [6][7]. - Yao Mazi Food Co., Ltd., specializing in seasoning products [8]. - Changde New Material Technology Co., Ltd., engaged in resource utilization and new materials [8]. - Anhui Jiren Pharmaceutical Co., Ltd., focusing on modern traditional Chinese medicine [8]. - Dongguan Yuanli Optoelectronics Co., Ltd., specializing in LCD backlight modules [8]. - Zhongdao Optoelectronic Equipment Co., Ltd., focusing on detection equipment for displays and solar cells [8]. - Tianbo Intelligent Technology (Shandong) Co., Ltd., producing various automotive sensors [9]. - Zhongxing Micro Technology Co., Ltd., providing video technology solutions based on AI and big data [9]. Approval Status of Companies - Three companies successfully passed the review process from August 4 to August 10: - Zhongcheng Zhixin Engineering Consulting Group Co., Ltd. on the Beijing Stock Exchange [10]. - Suzhou Fengbei Biotechnology Co., Ltd. on the Shanghai Main Board [10]. - Zhuhai Nante Metal Technology Co., Ltd. on the Beijing Stock Exchange [10]. - The review for Jiejia Robot Co., Ltd. was canceled [10]. Registration Approval - Two companies received registration approval from August 4 to August 10: - Guangzhou Bibete Pharmaceutical Co., Ltd., focusing on innovative drug development [16][17]. - Daming Electronics Co., Ltd., specializing in automotive electronic components [18]. Termination of Review - Only one company, Wenduoli Sunshade Materials (Dezhou) Co., Ltd., withdrew its IPO application during this period [20][21].

Group 1 - The provincial government emphasizes the importance of high-quality development to address external uncertainties and stabilize employment, enterprises, and market expectations [1] - The Changtai Yangtze River Bridge construction is nearing completion, with a focus on quality, safety, and efficiency to create a long-lasting infrastructure that supports economic growth [1] - There is a call for increased project planning and implementation to support job creation and enhance development momentum [1] Group 2 - The Liyang High-tech Zone's Chuangzhi Park is the largest near-zero carbon park in the province, aiming to build a renewable energy ecosystem and improve green electricity consumption [2] - Companies are encouraged to invest in breakthrough technologies to enhance their market competitiveness and address operational concerns [2] - The government is implementing measures to boost consumer spending and optimize the consumption environment to strengthen domestic demand [2] Group 3 - The government stresses the need for high-quality housing development that meets market trends and public expectations, ensuring safety and environmental standards [3] - The tourism sector is encouraged to leverage local resources and innovate marketing strategies to enhance visitor experiences and support rural revitalization [3]