Summary of Centre Testing International Group (CTI) Conference Call Company Overview - **Company Name**: Centre Testing International Group Co., Ltd. (CTI) - **Stock Code**: 300012.SZ - **Industry**: Testing, Inspection, and Certification (TIC) Key Points Revenue Growth Guidance - Management has raised the 2026 revenue growth guidance to **15%** (10% organic and 5% inorganic) from the previous **10%** due to better-than-expected 4Q25 results and order momentum [1][10] - The target price has been increased to **RMB 24** from **RMB 19** based on this revised guidance [1] Financial Performance - **4Q25 Net Profit Growth**: Achieved a growth rate of **15-20%** year-over-year, with a sequential acceleration from previous quarters [2] - **Operating Cash Flow (OCF)**: Increased by **1.2X** year-over-year to **RMB 596 million** during 9M25, compared to an attributable net profit of **RMB 766 million** (up **9.5%** year-over-year) [3] - **2025 Earnings Forecast**: Expected to be a record-high year with a net profit of **RMB 1,021 million** and diluted EPS of **RMB 0.607** [9] Segment Performance - **Medical and Chipset Segments**: Expected to achieve breakeven in 2026, with significant growth anticipated in Chipset testing due to the AI boom and humanoid robot development [4][10] - **Revenue Contribution**: The Pharmacy and Medical segment is projected to be the fastest-growing, driven by CRO normalization and device ramp-up [10] Inorganic Growth Drivers - CTI has begun consolidating several acquisitions in 4Q25, which are expected to contribute approximately **5%** to total revenue in 2026 [11] - Acquisitions include companies in food safety, greenhouse gas certification, and supply chain sustainability services across various countries [11] Market Position and Strategy - CTI is positioned as a leading private TIC player in China, benefiting from the government's opening of the TIC market for private players [19] - The company aims to continue expanding through both organic growth and M&A, with a focus on technology acquisition to support overseas business development [11][19] Risks and Challenges - Key risks include unfavorable policy changes, slower revenue growth due to market downturns, rising labor and rental costs, and potential failures in M&A [21][22] Valuation - The target price of **RMB 24** is based on a **33x PE** for FY26E, reflecting a three-year EPS CAGR of **15%** through 2027E [20] - DCF valuation suggests an implied fair value of **RMB 25**, indicating strong free cash flow generation potential in the mid- to long-term [20] Investment Recommendation - The stock is rated as a **Buy**, with an expected share price return of **44.8%** and a total return of **45.6%** [5][9] Conclusion Centre Testing International Group is poised for significant growth driven by strong order momentum, strategic acquisitions, and a favorable market environment. The revised revenue guidance and robust financial performance underscore its potential as a leading player in the TIC industry.

Core Insights - Bureau Veritas reported robust organic revenue growth of 6.7% in H1 2025, with total revenue reaching EUR 3,192.5 million, up 5.7% year-on-year [5][22] - The company achieved an adjusted operating profit of EUR 491.5 million, reflecting an 8.8% increase compared to H1 2024, with an adjusted operating margin of 15.4%, up 44 basis points year-on-year [5][23] - Bureau Veritas confirmed its full-year 2025 outlook, expecting mid-to-high single-digit organic revenue growth and continued margin improvements [4][19] H1 2025 Key Figures - Revenue: EUR 3,192.5 million, up 5.7% year-on-year [7] - Adjusted operating profit: EUR 491.5 million, up 8.8% [7] - Adjusted net profit: EUR 292.4 million, up 1.4% [7] - Attributable net profit: EUR 322.3 million, up 37.6% [7] - Free cash flow: EUR 168.0 million, down 11.5% year-on-year [7] H1 2025 Highlights - Strong organic growth across various sectors, with nearly a third of the portfolio achieving double-digit growth [8] - Significant contributions from Marine & Offshore and Industry segments, driven by trends in decarbonization and energy transition [8] - The company completed six bolt-on acquisitions, contributing approximately EUR 60 million in annualized revenue [5][11] Strategic Developments - Bureau Veritas executed a EUR 200 million share buyback program, representing about 1.5% of the company's shares [9][10] - Changes in the Executive Committee were announced to enhance strategy execution and operational efficiency [6][14] - The company aims to create new strongholds in fast-growing sectors and expand leadership positions in existing markets [12][13] Financial Position - Adjusted net financial debt stood at EUR 1,254.7 million, with a stable adjusted net debt/EBITDA ratio of 1.11x [34][36] - The company maintained a solid financial structure with EUR 867.5 million in cash and cash equivalents as of June 30, 2025 [34][36] - Working capital requirement decreased to EUR 439.0 million, representing 6.8% of revenue [33] Business Segment Performance - Marine & Offshore revenue increased by 10.6%, with a strong order book growth of 22.7% year-on-year [37][38] - Agri-Food & Commodities reported a 5.0% organic growth, with double-digit growth in Metals & Minerals [45][47] - The Industry division achieved 12.3% organic growth, driven by strong energy spending and demand for decarbonization services [52][53] Market Outlook - Bureau Veritas anticipates continued strong cash flow with a cash conversion rate above 90% [19] - The company is focused on executing its LEAP | 28 strategy, aiming for high single-digit total revenue growth and consistent margin improvements through 2028 [20][21]

As filed with the Securities and Exchange Commission on September 3, 2024. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S–1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 UL Solutions Inc. (Address, including zip code, and telephone number, including area code, of registrant's principal executive offices) Charles Allen Linn Interim Chief Legal Officer UL Solutions Inc. 333 Pfingsten Road Northbrook, Illinois 60062 (847) 272–8800 (Name, address, ...

As filed with the Securities and Exchange Commission on November 13, 2023. Registration No. 333 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 THE SECURITIES ACT OF 1933 UL Solutions Inc. (Exact name of registrant as specified in its charter) FORM S–1 (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial REGISTRATION STATEMENT UNDER Classification Code Number) Delaware 8734 27–0913800 (I.R.S. Employer Identification No.) Jennifer F. Scanlon Pres ...