"中国近年来在扩大市场准入、优化营商环境方面取得了显著成效，增强了跨国企业在华发展的信 心。""信心"是夏弘业接受专访时用到的高频词，"我们对中国持续投入生态转型的承诺充满信心，相信 这将为中外企业创造更多合作机会，推动全球可持续发展。" 2026年是"十五五"规划的开局之年，中国持续扩大高水平对外开放，欢迎更多跨国企业来华投资兴 业。"中国的五年规划为市场提供了清晰稳定的政策导向，这种可预期的营商环境对跨国企业的长远战 略规划具有重要意义。"夏弘业表示，"展望未来，我们将继续发挥自身在环保领域的技术与项目专长， 紧密契合中国市场的绿色发展诉求，以创新驱动未来发展，与中国伙伴共同推动更多高质量、务实高效 的合作。" 多年来，苏伊士集团见证并深度参与了中国各领域绿色转型的实践。在上海，苏伊士集团为中石化等化 工巨头提供全方位的水务和固废处置服务，在处理高浓度污水和实现危险废物资源化利用的同时降低碳 排放；在澳门，苏伊士集团利用数字解决方案助力这座高人口密度的城市提升水资源利用效率，将供水 漏损率从1985年的18.1%降至目前的约8%，居世界领先行列；在山东烟台，苏伊士集团建设的工业膜法 海水淡化厂项目已投入运 ...

"今年是苏伊士集团进入中国市场50年。我们十分珍视这段跨越半个世纪的合作历程，以及与中方伙伴 建立的深厚信任关系。"法国苏伊士集团首席执行官夏弘业日前在接受本报记者专访时表示，"法中两国 企业拥有深厚的专业知识和强大的产业实力，现在正是我们携手开拓新合作、应对当前挑战和推动可持 续发展的关键时刻。" 日前，法国总统马克龙对中国进行国事访问。作为马克龙总统访华商务代表团成员，苏伊士集团此行与 江苏省和山东省的合作伙伴达成了两项环保领域的新合作。"法中两国在应对气候变化、环境保护、清 洁能源等领域长期保持密切合作，我们期待进一步深化两国在相关领域的协同创新与合作。"夏弘业 说。 多年来，苏伊士集团见证并深度参与了中国各领域绿色转型的实践。在上海，苏伊士集团为中石化等化 工巨头提供全方位的水务和固废处置服务，在处理高浓度污水和实现危险废物资源化利用的同时降低碳 排放；在澳门，苏伊士集团利用数字解决方案助力这座高人口密度的城市提升水资源利用效率，将供水 漏损率从1985年的18.1%降至目前的约8%，居世界领先行列；在山东烟台，苏伊士集团建设的工业膜法 海水淡化厂项目已投入运营，经过处理的海水作为当地化学工业园区的补 ...

"中国近年来在扩大市场准入、优化营商环境方面取得了显著成效，增强了跨国企业在华发展的信 心。""信心"是夏弘业接受专访时用到的高频词，"我们对中国持续投入生态转型的承诺充满信心，相信 这将为中外企业创造更多合作机会，推动全球可持续发展。" 2026年是"十五五"规划的开局之年，中国持续扩大高水平对外开放，欢迎更多跨国企业来华投资兴 业。"中国的五年规划为市场提供了清晰稳定的政策导向，这种可预期的营商环境对跨国企业的长远战 略规划具有重要意义。"夏弘业表示，"展望未来，我们将继续发挥自身在环保领域的技术与项目专长， 紧密契合中国市场的绿色发展诉求，以创新驱动未来发展，与中国伙伴共同推动更多高质量、务实高效 的合作。" （文章来源：人民日报） "今年是苏伊士集团进入中国市场50年。我们十分珍视这段跨越半个世纪的合作历程，以及与中方伙伴 建立的深厚信任关系。"法国苏伊士集团首席执行官夏弘业日前在接受本报记者专访时表示，"法中两国 企业拥有深厚的专业知识和强大的产业实力，现在正是我们携手开拓新合作、应对当前挑战和推动可持 续发展的关键时刻。" 多年来，苏伊士集团见证并深度参与了中国各领域绿色转型的实践。在上海，苏伊士 ...

Core Insights - Mido Group has submitted its listing application to the Hong Kong Stock Exchange, with CCB International as the sole sponsor [1] - The company is a leading and rapidly growing integrated service platform providing digital marketing and operational support for cross-border e-commerce businesses [1] - Mido Group is projected to be the fifth largest cross-border e-commerce service provider in China based on 2024 revenue [1] Revenue Composition - In the first half of 2025, Mido Group's revenue reached $5,578 million, up from $3,072 million in the same period last year, with a loss of $1,985 million [1] - The overseas marketing service is the core business line, generating $5,503.5 million, which accounts for 98.7% of total revenue [2] - The company also reported $35.2 million from overseas e-commerce operations (0.6%) and $39.2 million from digital exhibition services (0.7%) [2] Client Concentration - Mido Group has a high client concentration, with the top five clients accounting for 37.2% of revenue in the first half of 2025, down from 62.2% in 2022 [2] - The largest client contributed 10.5% of total revenue [2]

Core Viewpoint - Mido Group is a leading and rapidly growing integrated service platform providing digital marketing and operational support services for cross-border e-commerce companies, aiming to enhance their sales of Chinese manufactured goods to overseas consumers [1] Group 1: Business Overview - Mido Group is positioned as the fifth largest cross-border e-commerce service provider in China based on projected revenue for 2024 [1] - The company develops digital solutions that enable clients to reach target overseas consumers through major international digital media platforms such as Google, TikTok, Meta, and Amazon [1] Group 2: Fundraising and Strategic Plans - The company plans to use the funds raised from its IPO to expand its global business coverage, focusing on localizing marketing services in overseas markets, developing overseas e-commerce operations, and investing in or acquiring synergistic companies, particularly in the Southeast Asian e-commerce supply chain [1] Group 3: Financial Performance - For the fiscal year 2024, Mido Group reported a revenue of $71.132 million, a year-on-year increase of 0.4%, and a net loss attributable to shareholders of $0.059 million, an improvement from a loss of $16.414 million in the previous year [1] - The net cash flow from operating activities for 2024 was $2.735 million, a decrease of 0.44% year-on-year [1] Group 4: Recent Financial Results - From January 1 to June 30, 2025, the company achieved a revenue of $55.779 million, representing an 81.6% year-on-year increase, while the net loss attributable to shareholders was $13.528 million, compared to a loss of $0.015 million in the same period last year [2] - The net cash flow from operating activities for the first half of 2025 was $3.856 million, a significant increase from -$1.001 million in the same period last year [2] Group 5: Asset and Liability Changes - As of June 2025, accounts receivable increased by 1.62%, while cash and cash equivalents rose by 80.58%, indicating a stronger liquidity position [10] - Accounts payable increased by 48.2%, and prepayments rose by 42.33%, reflecting changes in the company's liabilities [13]

Core Viewpoint - Mido Duo Group has submitted an IPO application to the Hong Kong Stock Exchange, aiming to leverage its position as a leading and rapidly growing comprehensive service platform for cross-border e-commerce businesses [1] Group 1: Company Overview - Mido Duo Group provides digital marketing and operational support services to cross-border e-commerce enterprises, enabling them to sell Chinese-manufactured goods to overseas consumers [1] - The company is the fifth largest cross-border e-commerce service provider in mainland China based on projected revenue for 2024 [1] Group 2: Financial Performance - Revenue for Mido Duo Group from 2022 to 2024 is projected to be $65.17 million, $70.85 million, and $71.13 million respectively, with profits of $1.64 million, -$16.41 million, and -$0.163 million [1] - The gross profit for the same period is expected to be $5.182 million, $2.931 million, and $3.119 million, with gross margins of 8%, 4.1%, and 4.4% respectively [1] - In the first half of 2025, the company reported revenue of $55.78 million, up from $30.72 million in the same period the previous year, with a loss of $19.85 million [1] Group 3: Revenue Composition - The overseas marketing service is the core business line, generating $55.035 million in revenue in the first half of 2025, accounting for 98.7% of total revenue [2] - The overseas e-commerce operation and digital exhibition services contributed $35.2 thousand and $39.2 thousand respectively, making up 0.6% and 0.7% of total revenue [2] Group 4: Customer and Supplier Concentration - Mido Duo Group has a high customer concentration, with the top five clients accounting for 37.2% of revenue in the first half of 2025, down from 62.2% in 2022 [2] - The company relies heavily on a few suppliers, with the top five suppliers accounting for 96.5% of procurement, including Google and TikTok, which together represent 91.0% [2] - A significant reduction in Google's rebate rate from 8.9% to 3.2% has led to a 3.9 percentage point decline in gross margin, highlighting the impact of platform policy changes on profitability [2] Group 5: Shareholding Structure - Prior to the IPO, the chairman Ruan Weixing holds 41.27% of the issued share capital through RUANQi Holding, making him the controlling shareholder [3] - CEO Deng Hai holds 21.49% through INMI Holding, while Lu Xiaokun holds 5.39% through LUXK Holding [3]

招股书提到，根据灼识咨询的资料，以2024年的收入计算，米多多集团股份有限公司为中国第五大跨境 电商服务供货商。公司的数字解决方案让企业客户能够通过包括但不限于Google、TikTok、Meta及 Amazon等国际领先的数字媒体平台触达目标海外消费者。 本文源自：智通财经网 智通财经获悉，据港交所12月9日披露，米多多集团股份有限公司向港交所主板递交上市申请，建银国 际为其独家保荐人。据招股书，米多多集团股份有限公司是领先及快速增长的综合服务平台，为跨境电 商企业提供数字营销及运营支持服务。公司为企业客户开发数字解决方案，赋能通过跨境电商向海外消 费者销售中国制造的商品。 ...

Group 1 - The core viewpoint of the article is that Mido Group Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CCB International as its sole sponsor [1] - Mido Group is identified as a leading and rapidly growing integrated service platform that provides digital marketing and operational support services for cross-border e-commerce businesses [1] - The company develops digital solutions for enterprise clients, enabling them to sell Chinese-made products to overseas consumers through cross-border e-commerce [1] Group 2 - According to the prospectus, Mido Group is the fifth largest cross-border e-commerce service provider in China based on projected revenue for 2024 [1] - The company's digital solutions allow enterprise clients to reach target overseas consumers through major international digital media platforms, including but not limited to Google, TikTok, Meta, and Amazon [1]

Financial Data and Key Metrics Changes - Revenue increased to $14,400,000,000, representing pro forma growth of 4% year over year [13] - Adjusted EBITDA reached $1,100,000,000, an increase of 5% year over year [13] - Adjusted diluted earnings per share (EPS) of $2.22 was up 11% [13] - Free cash flow totaled $516,000,000, supporting debt reduction objectives and bringing net leverage to 3.2 times [13][34] Business Line Data and Key Metrics Changes - Digital Solutions generated revenues of $1,500,000,000 for the quarter and $5,500,000,000 for the year, representing 117% growth [31] - Global Engineering Solutions generated revenues of $2,400,000,000 for the quarter and $8,900,000,000 for the year, representing 92% growth [32] Market Data and Key Metrics Changes - The company submitted $35,000,000,000 in bids, achieving a full year book to bill ratio of 1.2 times and a quarterly book to bill ratio of 1.6 times [14] - Backlog grew 5%, reaching over $47,000,000,000, with $20,000,000,000 in proposals awaiting awards [14] Company Strategy and Development Direction - The company aims to integrate and deliver end-to-end advanced engineering and technology solutions across key markets, including defense, nuclear energy, intelligence, and space [8] - Focus on core growth areas such as RDT&E, intelligence operations, and environmental remediation, while also targeting accelerating growth markets like Space Systems and Technologies and global nuclear energy [20][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to adapt to changing government priorities and maintain operational resilience [18] - The outlook for fiscal year 2026 includes expected revenues in the range of $13,950,000,000 to $14,300,000, reflecting 3% growth at the midpoint [35] - Adjusted EBITDA is expected to be in the range of $1,100,000,000 to $1,140,000, reflecting underlying growth of 5% [36] Other Important Information - The company has exited all transition service agreements and completed key integration milestones on time and within budget, aiming for at least $60,000,000 in net run rate synergies by the end of fiscal year 2026 [12] - The company ended the year with $437,000,000 in cash and an undrawn $850,000,000 revolver, with no near-term maturities [34] Q&A Session Summary Question: Can you discuss the level of timing or one-time margin and cash flow dynamics in the quarter? - Management noted that additional working days generated around $20,000,000 in cash, which should be normalized in FY 2026 [42] Question: Can you talk through the multiyear margin progression in terms of synergy targets? - The long-term goal is to achieve 8.5% to 9% margins by FY 2028, with expected margin expansion of 20 basis points in FY 2026 [46] Question: How do you think about the timing, magnitude, and multiple of any potential divestitures? - Management expressed excitement about the current portfolio and capabilities, indicating that any potential divestitures would be evaluated based on growth opportunities [56] Question: Can you remind us how you play throughout the entire nuclear life cycle? - The company plays a critical role across the entire nuclear energy life cycle, representing about 17% of its business today [88] Question: How much of the business is commercially oriented defense? - The company is heavily engaged with both government and commercial sectors, with significant opportunities in both areas [66] Question: When do you think you may be able to go on offense with capital deployment? - Management indicated that they are on track to achieve net leverage of less than three times by the end of FY 2026, which would allow for potential capital deployment strategies [75]

Iron Mountain (NYSE:IRM) 2025 Conference Summary Company Overview - **Company**: Iron Mountain - **Date**: September 09, 2025 - **Speaker**: Barry Hytinen, CFO Key Points Industry and Business Transformation - Iron Mountain has diversified into high-growth sectors such as Data Centers, Asset Lifecycle Management (ALM), and Digital Solutions, alongside its legacy Records and Information Management services [3][4] - The company serves a client base of 240,000 with a customer retention rate exceeding 99% [3] Growth Metrics - Digital Solutions business is currently at a run rate of over $500 million, growing at a 20% CAGR [4] - ALM revenue was $38 million in 2021, projected to reach approximately $575 million this year, with 40% organic growth and 70% total growth last quarter [4][5] - Data Center revenue is expected to approach $800 million this year, with significant margin improvements [9][10] Market Opportunities - The market for Asset Lifecycle Management is fragmented, with many small vendors, presenting consolidation opportunities [6] - Data center business has 450 megawatts of operational capacity, with 98% leased, and an additional 200 megawatts under construction [10] Revenue Growth Projections - The growth portfolio (Data Centers, Digital Solutions, ALM) is expected to account for 25-28% of total revenue, up from 8-9% six years ago [11] - Data Center business is projected to grow by approximately 25% next year based on existing backlog [12] Legacy Business Performance - The legacy Records and Information Management business has shown slight positive organic growth, attributed to high customer retention and ongoing consolidation of share [20][21] - Average box lifecycle is 15 years, with slight annual growth expected [20][24] Revenue Management Program - The revenue management program has been in place for nine years, yielding mid to high single-digit growth from pricing increases [25][26] - The program is expected to remain sustainable, with minimal elasticity observed in client volume despite pricing actions [28][32] Data Center Business Insights - Data Center business grew 26% organically in Q2, with guidance for nearly 30% growth in the second half of the year [33] - The company has a high visibility on revenue generation due to signed leases from previous years [34][35] Challenges and Adjustments - A reduction in data center signings was noted, attributed to a shift in demand towards inference rather than large-scale AI training deployments [42][44] - The company anticipates a turnaround in leasing activity in the second half of the year [44] Asset Lifecycle Management Performance - ALM revenue growth was 42% year-over-year organically, with three-quarters of growth driven by volume [46] - Pricing in the ALM sector is expected to remain consistent, benefiting from increased demand in the secondary market [47] Digital Solutions and Government Contracts - The company is awaiting a decision from the U.S. Treasury Department on a five-year contract, currently operating on a month-to-month agreement [48][49] - There are ongoing efforts to pitch smaller opportunities to the government, which could provide additional growth [51] Capital Expenditure Trends - Iron Mountain plans to spend around $2 billion in CapEx this year, primarily for data center growth initiatives [52] - Future CapEx is expected to stabilize or slightly increase, depending on leasing activity [54][55] Conclusion Iron Mountain is strategically positioned for growth across its diversified business segments, with strong revenue projections and a focus on leveraging existing client relationships. The company is navigating challenges in the data center market while maintaining a robust performance in its legacy business and emerging sectors.