Conestoga Capital Advisors, an asset management company, released its third-quarter 2025 investor letter. A copy of the letter can be downloaded here. Equity markets continued their momentum that began in early April, reaching new all-time highs in the third quarter. Conestoga Smid Cap Composite underperformed the Russell 2500 Growth Index in the quarter and returned -1.1% net-of-fees vs +10.7% for the index. The narrow and “low quality” leadership in the stock market rally that began in April grew stronger ...

Core Insights - Dover reported adjusted earnings per share (EPS) of $2.44 for Q2 2025, exceeding analyst expectations of $2.39, with GAAP revenue reaching $2.05 billion, slightly above the $2.04 billion estimate, marking a 5% increase compared to Q2 2024 [1][2][5] - The growth in revenue and profit was primarily driven by recent acquisitions and favorable foreign exchange rates, rather than organic growth from core businesses [1][5] - Operating margin improved to 17.3%, and management raised its full-year adjusted EPS outlook to $9.35–$9.55, reflecting confidence in margin structure and underlying demand trends [1][12] Financial Performance - Adjusted EPS for Q2 2025 was $2.44, a 16% increase year-over-year from $2.10 in Q2 2024 [2] - GAAP revenue was $2.05 billion, up 5% from $1.95 billion in Q2 2024 [2] - Operating margin improved by 34 basis points to 17.3% [2] - Free cash flow increased by 34% to $151 million compared to $113 million in Q2 2024 [2] Business Segments Overview - Dover operates in five main segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions, and Climate & Sustainability Technologies [3] - The Clean Energy & Fueling segment reported revenue of $546.1 million, an 18% increase year-over-year, with organic sales up 8% [7] - Pumps & Process Solutions saw a 9% revenue increase, with organic growth at 3.9% and a segment margin of 30.6% [7] - Engineered Products experienced a revenue decline of 3.3%, with organic sales down 5.1% [8] - Climate & Sustainability Technologies reported a 4.7% decline in revenue but improved profit margin to 18.6% [9] Strategic Focus and Investments - Dover is focusing on expanding digital offerings, improving operational efficiency, and investing in high-growth areas such as clean energy and biopharma process solutions [4] - The company completed two acquisitions in the Pumps & Process Solutions segment, continuing its strategy of adding high-growth, high-margin businesses [10] - Capital expenditures increased to $60.9 million in Q2 2025, aimed at expanding productive capacity and upgrading facilities [10] Future Outlook - Management raised its full-year 2025 adjusted EPS guidance to $9.35–$9.55, assuming revenue growth of 4% to 6% [12] - There is cautious optimism regarding ongoing macroeconomic volatility and potential tariff impacts, particularly on the vehicle services business [12][13] - Orders received in Q2 2025 rose 7% year-over-year to $2.01 billion, indicating a strong revenue pipeline for the next quarter [11]

本报讯 （记者昌校宇）4月22日，普洛斯投资（上海）有限公司（以下简称"普洛斯"）发布的《新经济引擎 高质量发展 ——普洛斯中国2024年可持续发展报告》显示，在过去一年，普洛斯在中国市场的业务发展稳中有进，积极履行企业社会责 任，为产业、经济、环境、社会带来长期价值。 普洛斯中国区常务副董事长、执委会主席诸葛文静表示："普洛斯将ESG理念落在实处。通过为客户提供清洁能源解决方 案和高效的基础设施服务，持续为客户创造价值；秉持对投资人负责任的态度开展资产投资和管理，赋能被投企业实现前沿科 技和业务模式的突破。" 具体到报告亮点上，普洛斯新能源资产开发规模持续增长，分布式光伏、集中式光伏、风电以及储能等新能源基础设施累 计开发规模超过2GW，2024年新增开发规模近1GW。战略合作和投资方面，普洛斯与保碧新能源联合发起的分布式绿色能源 投资平台——洛能资本，在2024年完成新能源开发基金一期首轮关账，专注于对工商业分布式光伏、分散式风电等优质新能源 基础设施资产进行投资，预计总投资规模达100亿元，对应开发规模约3GW。 普洛斯通过旗下隐山资本等私募股权投资平台，深度链接智慧供应链与绿色经济，推动被投企业与普洛 ...