Financial Data and Key Metrics Changes - For Q3 2025, total revenue was approximately $1 billion, a 7% sequential increase, exceeding expectations by about $65 million [6][12] - Adjusted EBITDA margin for Q3 was 17.1%, exceeding expectations by approximately 140 basis points [6][12] - GAAP EPS for Q3 was $1.28, while adjusted EPS was $1.94, excluding certain one-time items [8][12] - The company raised its full-year 2025 revenue guidance to between $3.76 billion and $3.79 billion, reflecting strong Q3 results [12][13] Business Line Data and Key Metrics Changes - JBT segment revenue was $465 million, a 2% increase year-over-year and sequentially, with adjusted EBITDA of $71 million, a 13% decrease [10][11] - Marel segment revenue was $537 million, a 12% sequential increase, with adjusted EBITDA of $100 million and a margin of 18.6% [11] - Year-over-year synergy savings for Q3 amounted to $14 million, contributing to improved margins [7][12] Market Data and Key Metrics Changes - Combined JBT/Marel orders totaled $946 million, a 7% increase from the prior year, with strong demand in the poultry industry [3][4] - North America showed strong demand, while Europe and Asia were softer sequentially; Latin America had a good quarter with large orders [4][12] - The company ended Q3 with a backlog of $1.3 billion, providing visibility for the remainder of the year [4][12] Company Strategy and Development Direction - The integration of JBT and Marel is on track, focusing on capturing synergy savings and enhancing customer value [4][12] - New segment reporting will be introduced in Q4, dividing operations into Protein Solutions and Prepared Food and Beverage Solutions [10][12] - The company aims to achieve annual run rate savings of $150 million within three years of the combination [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing demand in the poultry market and anticipated continued investment in related projects [3][39] - The company expects to see a ramp in tariff expenses impacting margins in Q4, but remains optimistic about overall demand [8][29] - Visibility into 2026 revenue is strong, with expectations for growth supported by a healthy backlog and order pipeline [42][43] Other Important Information - The company made significant progress on deleveraging its balance sheet, reducing the leverage ratio from four times to 3.1 times by the end of Q3 [12] - A new global production center was inaugurated in Pune, India, enhancing the company's manufacturing capabilities in the Asia-Pacific region [16][18] - Sustainability remains a core focus, with the publication of the first joint sustainability report highlighting efforts to minimize waste and improve food safety [17][18] Q&A Session Summary Question: What is driving the high EBITDA margin in the Marel segment? - Management highlighted strong volume throughput and operating leverage as key factors, along with a higher share of synergies and improved technology [25][26] Question: What are the expectations for Q4 revenue and cost impacts? - Management expects lower revenue in Q4 compared to Q3 due to a one-time boost in Q3 from backlog clearance and anticipates increased tariff expenses impacting margins [28][29] Question: How is automation trending in the business? - Automation remains a key focus, particularly in the protein sector, with significant opportunities in secondary processing areas [31] Question: Can you provide insights on cross-selling opportunities? - Management noted improvements in cross-selling opportunities, with successful integration of JBT and Marel portfolios leading to stronger pipeline development [33][36] Question: What is the outlook for the AGV business? - The AGV business is expected to see strong demand moving into Q4 and 2026, despite a weaker performance in Q3 due to tariffs and delayed orders [52] Question: How is the company managing tariff impacts on pricing? - The company has enacted price increases to mitigate tariff impacts and has maintained strong order levels, indicating effective management of customer relationships [47][53]

Core Viewpoint - The company, Dongfulong, emphasizes its international development strategy and competitive advantages in overseas markets, supported by over 20 years of market development experience [1] Group 1: International Development Strategy - The company has established a strong overseas customer base and market competitiveness through extensive international market development [1] - A high-quality, professional international team is in place to provide multi-dimensional services to overseas clients [1] Group 2: Marketing and Client Engagement - Significant investments have been made in customer visits, global exhibitions, forums, and seminars to enhance client engagement [1] - The company has built a marketing network in multiple countries and regions, serving over 10,000 pharmaceutical devices and drug manufacturing systems [1] Group 3: Global Reach and Future Plans - The company currently serves nearly 3,000 globally renowned pharmaceutical enterprises across more than 50 countries and regions [1] - Future plans include expanding global marketing areas, deepening existing markets, and targeting new markets, particularly in high-end sectors in Europe, the United States, and Japan [1]

浙江亚光科技股份有限公司 Zhejiang Yaguang Technology Co.,Ltd. （温州经济技术开发区滨海园区滨海三道 4525 号） 首次公开发行股票并上市 招股说明书 保荐人（主承销商） （成都市青羊区东城根上街 95 号） 浙江亚光科技股份有限公司 招股说明书 本次发行概况 | 发行股票类型 | 人民币普通股（A 股） | | --- | --- | | | 万股，占发行后总股本的 25.0336%。本次发行股份 3,350.00 | | 本次发行股数 | 全部为发行新股，不涉及公司股东公开发售股份。 | | 每股面值 | 人民币 1.00 元 | | 每股发行价格 | 18.00 元/股 | | 预计发行日期 | 年 月 日 2023 3 3 | | 拟上市的交易所和板块 | 上海证券交易所 | | 发行后总股本 | 13,382.00 万股 | | | （一）发行人控股股东和实际控制人 | | | 陈国华、陈静波承诺：1、自公司股票上市交易之日起 个 36 | | | 月内（以下简称"锁定期"），不转让或者委托他人管理本 | | | 人在本次发行及上市前直接或间接持有的发行人股份， ...

浙江亚米木 分有限公司 Zhejiang Yaguang Technology Co.,Ltd. (温州经济技术开发区滨海园区滨海三道 4525 号) 首次公开发行股票并上市 招股说明书摘要 股份有限公司 (成都市青羊区东城根上街 95 号) 浙江亚光科技股份有限公司 招股说明书摘要 声明及承诺 发行人及全体董事、监事、高级管理人员承诺招股说明书及其摘要不存在虚 假记载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担个别和连 带的法律责任。 公司负责人和主管会计工作的负责人、会计机构负责人保证招股说明书及其 摘要中财务会计资料真实、完整。 保荐人承诺因其为发行人首次公开发行股票制作、出具的文件有虚假记载、 误导性陈述或者重大遗漏，给投资者造成损失的，将先行赔偿投资者损失。 中国证监会、其他政府部门对本次发行所做的任何决定或意见，均不表明其 对发行人股票的价值或投资者的收益作出实质性判断或者保证。任何与之相反的 声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责，由此变化引致的投资风险，由投资者自行负责。 保荐人(主承销商) 投资者若对本招股说明书及 ...

浙江亚光科技股份有限公司 Zhejiang Yaguang Technology Co.,Ltd. （温州经济技术开发区滨海园区滨海三道 4525 号） 首次公开发行股票并上市 招股意向书 保荐人（主承销商） （成都市青羊区东城根上街 95 号） 浙江亚光科技股份有限公司 招股意向书 本次发行概况 | 发行股票类型 | 人民币普通股（A 股） | | --- | --- | | | 万股，占发行后总股本的 25.0336%。本次发行股份 3,350.00 | | 本次发行股数 | 全部为发行新股，不涉及公司股东公开发售股份。 | | 每股面值 | 人民币 1.00 元 | | 每股发行价格 | 【】元/股 | | 预计发行日期 | 年 月 日 2023 3 3 | | 拟上市的交易所和板块 | 上海证券交易所 | | 发行后总股本 | 13,382.00 万股 | | | （一）发行人控股股东和实际控制人 | | | 陈国华、陈静波承诺：1、自公司股票上市交易之日起 个 36 | | | 月内（以下简称"锁定期"），不转让或者委托他人管理本 | | | 人在本次发行及上市前直接或间接持有的发行人股份，也不 | ...

（温州经济技术开发区滨海园区滨海三道 4525 号） 浙江亚光科技股份有限公司 Zhejiang Yaguang Technology Co.,Ltd. 首次公开发行股票并上市 招股意向书摘要 保荐人（主承销商） （成都市青羊区东城根上街 95 号） 浙江亚光科技股份有限公司 招股意向书摘要 声明及承诺 发行人及全体董事、监事、高级管理人员承诺招股意向书及其摘要不存在虚 假记载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担个别和连 带的法律责任。 公司负责人和主管会计工作的负责人、会计机构负责人保证招股意向书及其 摘要中财务会计资料真实、完整。 保荐人承诺因其为发行人首次公开发行股票制作、出具的文件有虚假记载、 误导性陈述或者重大遗漏，给投资者造成损失的，将先行赔偿投资者损失。 中国证监会、其他政府部门对本次发行所做的任何决定或意见，均不表明其 对发行人股票的价值或投资者的收益作出实质性判断或者保证。任何与之相反的 声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责，由此变化引致的投资风险，由投资者自行负责。 投资者若对本招股意向书及其摘要存在任 ...