Garmin (NYSE:GRMN) Q3 2025 Earnings Call October 29, 2025 10:30 AM ET Company ParticipantsTim Long - Managing DirectorIvan Feinseth - Chief Investment OfficerTeri Seck - Director of Investor RelationsErik Woodring - Managing DirectorDoug Boessen - CFO and TreasurerJordan Lyonnais - Equity Research AssociateCliff Pemble - President and CEOJoseph Cardoso - VP of Equity ResearchConference Call ParticipantsBen Bollin - AnalystJoe Nolan - Associate AnalystNoah Zatzkin - VP and Equity Research AnalystOperatorHell ...

围绕重点产业建圈强链，绵阳全面部署"587"产业体系攻坚突破路径。在政策赋能、产业赛道、成 果转化等方面加速推进科技与产业的深度融合，聚力打造更高能级产业集群。 经济日报记者 刘畅 四川省绵阳市是党中央、国务院批准建设的中国唯一科技城。从雷达到火箭，从大型科学仪器共享 平台到国内首座商用多室质子治疗系统……"绵阳造"在国家重大科技项目中屡屡建功。 这里有深厚的创新底蕴和丰富的创新资源，更不缺与时俱进、抢滩竞逐新赛道的决心和魄力。近年 来，四川省建立了重点产业链协同推进机制，明确了绵阳作为四川省人工智能、低空经济、航空航天、 医药健康以及新型显示五大重点产业链主要承载地。同时，银发经济、现代物流等八条产业链也在绵阳 实现了协同发展。以此为统揽，绵阳精选出七条特色产业新赛道——"587"产业体系应运而生。 政策赋能与时俱进 "全球每4部手机就有1部使用'王者熊猫'盖板玻璃"——在四川虹科创新科技有限公司的展厅里，这 条标语给每一位参观者留下深刻印象。为了打破某些国家针对超薄触控屏盖板玻璃的技术封锁，虹科创 新的前身——四川旭虹光电科技有限公司的技术研发团队曾以中控室为家，吃住在里面近40天。以此技 术的成功研发为 ...

四川省绵阳市是党中央、国务院批准建设的中国唯一科技城。从雷达到火箭，从大型科学仪器共享平台 到国内首座商用多室质子治疗系统……"绵阳造"在国家重大科技项目中屡屡建功。 这里有深厚的创新底蕴和丰富的创新资源，更不缺与时俱进、抢滩竞逐新赛道的决心和魄力。近年来， 四川省建立了重点产业链协同推进机制，明确了绵阳作为四川省人工智能、低空经济、航空航天、医药 健康以及新型显示五大重点产业链主要承载地。同时，银发经济、现代物流等八条产业链也在绵阳实现 了协同发展。以此为统揽，绵阳精选出七条特色产业新赛道——"587"产业体系应运而生。 围绕重点产业建圈强链，绵阳全面部署"587"产业体系攻坚突破路径。在政策赋能、产业赛道、成果转 化等方面加速推进科技与产业的深度融合，聚力打造更高能级产业集群。 今年，绵阳出台《关于进一步支持科技创新十条政策（修订）》，注重打通科技创新与产业发展中间的 堵点，着力构建科技产业协同创新生态，推动更多科技成果转化为现实生产力。 2023年至今，绵阳各类国省级创新平台增加了60余个；连续两年，国家级高新技术企业每年新增100余 家；2024年，全市技术合同成交额突破了200亿元，连续三年翻番。当 ...

2023年9月，习近平总书记在浙江考察时指出："要把增强科技创新能力摆到更加突出的位置，整合科技 创新力量和优势资源，在科技前沿领域加快突破。强化企业科技创新主体地位，推动创新链产业链资金 链人才链深度融合，加快科技成果落地转化。" 深入贯彻落实习近平总书记重要指示精神，杭州推进科技创新和产业创新深度融合，加快建设更高水平 创新活力之城。 夯实科技创新底座—— 嫩绿的稻苗在不同激光光源下有序生长；激光穿透层层绿叶，直接作用于番茄植株，促进果实发育与成 熟……位于杭州萧山区的湘湖实验室里，研究人员正在探索激光在农业上的创新应用。 "作为农业领域研发机构，我们致力于突破生物育种与生态高效农业的关键技术，加快打造原创性引领 性标志性成果。"湘湖实验室常务副主任杨华说。 大科学设施"杭州超重力场"模型机和验证机达到验收指标，"杭州极弱磁场"在前沿技术领域取得重大进 展；形成"国家—省—市"三级自然科学基金体系，承担省重点项目124项……聚焦优势领域，杭州不断 夯实科技创新底座。 最新数据显示，今年浙江共有137家全省重点实验室新获认定，其中依托在杭单位牵头建设的有94家， 占全省68.6%。在杭单位牵头建设的全省重点 ...

Core Viewpoint - The Ministry of Industry and Information Technology and the State Administration for Market Regulation have issued the "Action Plan for Stable Growth of the Electronic Information Manufacturing Industry (2025-2026)", which outlines 16 specific measures to promote industrial upgrading, enhance the high-quality supply system, facilitate economic circulation, and drive technological and industrial innovation integration [1][3]. Group 1: Expected Goals - The average growth rate of the value-added in the computer, communication, and other electronic equipment manufacturing industries is projected to be around 7% from 2025 to 2026, with the annual revenue growth rate of the electronic information manufacturing industry expected to exceed 5% when including related fields such as lithium batteries and photovoltaics [3]. - By 2026, it is anticipated that the revenue scale and export ratio will maintain the top position among 41 industrial categories, with five provinces achieving over 1 trillion yuan in electronic information manufacturing revenue, and the server industry scale exceeding 400 billion yuan [3]. - The domestic market penetration rate for color televisions of 75 inches and above is expected to exceed 40%, while personal computers and mobile phones will advance towards higher levels of intelligence and premium quality [3]. Group 2: Industrial Upgrading and Innovation - The plan emphasizes promoting high-end electronic complete machines and enhancing product supply levels, focusing on key areas and industry applications, and continuously strengthening the supply level of electronic products [3]. - It encourages the integration of artificial intelligence terminals with end products, developing a grading method and standards for the intelligence of AI terminals, and promoting innovative applications of AI terminals across various regions [3]. Group 3: Quality Development and Consumption Expansion - The plan aims to eliminate "involution" competition in the photovoltaic sector and achieve high-quality development by legally addressing low-price competition in photovoltaic products [4]. - It supports the orderly layout of photovoltaic and lithium battery industries at the local level, implements quality management for photovoltaic modules and lithium battery products, and strengthens policy coordination with investment, finance, and safety [4]. - To expand consumption scenarios, the plan proposes improving the design level of smart products for the elderly and increasing the supply of high-quality terminal products for smart health and elderly care [4].

Core Viewpoint - The investment promotion conference themed "Aviation Electronics Building Low Altitude Navigation" was held in Shenzhen, focusing on the low-altitude economy and fostering collaboration between Mianyang and the Greater Bay Area [1]. Group 1: Event Overview - The conference was organized by the Mianyang Municipal Committee and the Mianyang Economic Cooperation Bureau, with support from the Shenzhen Mianyang Chamber of Commerce and the Shenzhen Bao'an District Low Altitude Unmanned Systems Industry Association [1]. - The event aimed to discuss new opportunities in the low-altitude economy and inject vitality into the industrial collaboration between Mianyang and the Greater Bay Area [1]. Group 2: Investment Environment Promotion - Mianyang officials presented the advantages of the aviation electronics industry and the regional capacity for investment, extending a "cooperation invitation" to enterprises in the Greater Bay Area [1]. - Three aviation electronics companies from Shenzhen conducted live presentations to align their technological achievements with market needs, facilitating precise matching [1]. Group 3: Economic Collaboration - The conference aimed to advance the cooperation between Mianyang and the Greater Bay Area in the low-altitude economy from initial engagement to deeper collaboration, contributing to high-quality development [1].

Core Insights - The in-flight entertainment system (IFE) is becoming a new value growth point in the aviation industry, driven by advancements in wireless and network technologies, with increasing demand from passengers for information services [1][6][17] - The global IFE market is projected to reach approximately $4 billion in 2024 and $5.238 billion in 2025, while China's IFE market is expected to grow from 1.727 billion yuan in 2024 to 2.837 billion yuan in 2025 [1][8][6] Industry Definition - IFE refers to cabin entertainment equipment designed for passenger leisure, providing services such as music, movies, and flight map access [2] - The system consists of various subsystems, including overhead entertainment, seat entertainment, passenger power, and cabin wireless entertainment [2] Current Industry Status - The IFE market has seen a decline from approximately $4.576 billion in 2017 to $2.191 billion in 2020 due to the pandemic, but is gradually recovering [6] - China's IFE market, although starting late, is experiencing steady growth, with a market size of 1.727 billion yuan in 2024, an increase of 408 million yuan from 2023 [8] Industry Chain - The IFE industry chain includes upstream components like display and audio devices, software, satellite communication, and content platforms; midstream involves integration and manufacturing; downstream is primarily focused on airlines and passengers [10] Competitive Landscape - The IFE market is dominated by major players such as Panasonic Avionics, Thales, Rockwell Collins, and Honeywell, with Panasonic and Thales holding the largest market shares [15] - Emerging systems and portable devices are diversifying the market, with key Chinese players including China Electronics Technology Group, Donica, and Feitian United [15][16] Development Trends - The importance of IFE is increasing due to diverse passenger demands, with future developments focusing on reducing system weight and power consumption while enhancing passenger comfort [17] - Integration with portable electronic devices and the introduction of AR, VR, and other technologies are expected to enhance the in-flight experience [17]

Group 1: Investment and Financing Activities - Shaanxi Yungu Zhonghui Biopharmaceutical Co., Ltd. completed seed and angel round financing totaling approximately 50 million RMB, aimed at establishing a hollow microneedle medical device production base and other facilities [2] - Hangzhou Yige Cloud Technology Co., Ltd. announced the completion of nearly 100 million RMB in Pre-B round financing, which will be used to develop an AI-driven integrated enterprise office support platform [3] - Suzhou Guangsu Technology Co., Ltd. secured tens of millions RMB in angel and Pre-A round financing to accelerate the development of core inkjet printing technology for perovskite tandem solar cells [4][5] - "Renren Rent," a one-stop circular rental service platform, completed D1 round financing of several hundred million RMB to enhance AI technology integration in its services [6] - Silicon Flow, an AI startup, completed several hundred million RMB in A round financing, with plans to expand its AI infrastructure offerings [7] - Beijing Zhilian An Technology Co., Ltd. completed D+ round financing of several hundred million RMB, marking its tenth round of financing since its establishment [8][9] - Longxing Aviation successfully completed A++ round financing of over 100 million RMB to enhance its research and development capabilities in the aviation electronics sector [10] - Wuxi Danikel Automation Technology Co., Ltd. announced a strategic financing round of over 100 million RMB, aimed at expanding its core technology and production capacity [11] - Meta confirmed a significant investment of 14.3 billion USD in Scale AI, which will enhance its AI capabilities and data services [12][13] Group 2: Company Developments and Innovations - Shaanxi Yungu has developed a full-chain production platform for microneedles, breaking foreign monopolies and planning to complete its first automated production line by September 2025 [2] - Yige Cloud has shown rapid growth with over 100% annual growth for three consecutive years, serving over 400 top clients across various industries [3] - Suzhou Guangsu is the only company in China to achieve commercial delivery of inkjet printing equipment for perovskite solar cells, with a focus on core process equipment [4][5] - Renren Rent has provided no-deposit rental services to over 15 million users, significantly reducing the total deposit amount by over 30 billion RMB [6] - Silicon Flow's platform has surpassed 6 million users and thousands of enterprise clients, becoming one of the fastest-growing third-party cloud service platforms in China [7] - Zhilian An Technology specializes in AIoT chips and has developed a series of core technologies for communication and signal processing [8][9] - Longxing Aviation aims to become a leading manufacturer of domestic aviation electronics, with a focus on developing products for major aircraft manufacturers [10] - Danikel has established a comprehensive product system for automated assembly solutions, with international certifications for its core products [11] - Scale AI reported strong revenue growth, projecting 2 billion USD in revenue for the current year, indicating robust demand for its data services [12][13]

Group 1 - The 14th International Forum on Aircraft Avionics was successfully held in Shanghai, focusing on the theme of "Digital Intelligence and Multi-core Empowering the Future Green and Smart Development of Avionics" [1][3] - The forum lasted for two days, featuring 38 specialized presentations and attracting over 600 industry professionals from more than 100 organizations, including government agencies, aircraft manufacturers, avionics system suppliers, and research institutions [3][4] - The Vice President of the China Aviation Society highlighted three core directions for avionics systems: digital intelligence, multi-core technology, and green and smart development [4] Group 2 - The Chairman of AVIC Avionics Systems emphasized that avionics technology is crucial for flight safety and economic efficiency, proposing three action initiatives: building a next-generation avionics architecture, promoting green aviation, and deepening global collaborative innovation [5] - Key discussions during the forum included topics such as airworthiness regulation systems, intelligent flight control systems, advanced testing technologies, and eVTOL (electric vertical takeoff and landing) [5]

Core Insights - The 20th China Western International Expo opened in Chengdu, focusing on "deepening reform, increasing momentum, expanding openness, and promoting development" [1] - Mianyang signed 21 projects on the opening day, covering key industries such as commercial aerospace and robotics, with participation from 8 Fortune Global 500 companies [1] Group 1: Mianyang's Economic and Technological Development - Mianyang is recognized as China's only science and technology city, the second-largest economy in Sichuan, and the third city in the Chengdu-Chongqing economic circle [1] - The exhibition showcased over 130 innovative products, including the Tianlian robot and Changhong FLASH radiotherapy system, highlighting Mianyang's 25 years of innovative development [1][2] Group 2: Key Industry Exhibitions - The "Innovation Chain Drives New Ecological Exhibition Area" displayed 20 high-tech products from national research institutes and universities, including models of small nuclear power devices and advanced flight control systems [2] - The "Industry Chain Drives New Vitality Exhibition Area" focused on seven key industries, including robotics and commercial aerospace, showcasing Mianyang's industrial strengths and future potential [2] Group 3: Nuclear Medicine and Advanced Technologies - The nuclear medicine exhibition featured nine high-tech products, including the Changhong FLASH radiotherapy system, which aims to lead a technological revolution in cancer treatment [3] - Mianyang is developing a comprehensive industrial chain in nuclear medicine, from isotope production to clinical applications, with significant advancements in technology and market application [3] Group 4: Economic Goals and Development Strategy - Mianyang aims to leverage its status as a science and technology city to accelerate its development into a provincial economic sub-center, targeting an economic total of 500 billion yuan and progressing towards 600 billion yuan [3]