be . a 1 ng in the Fi 人民网记者 0:00 人民网马鞍山5月24日电（记者汪瑞华、张俊、陈曦、苗子健）这阵子，沈飞特别忙，但凡得空，还要准备"大国工匠培育"计划的结业答辩。 见到他时，身穿蓝色工装、头顶白色工帽的沈飞，正在车轮车轴厂的精品作业区，埋头测量车轮辐板孔直径。 "过去用的都是内径百分表，精度只有0.01毫米，现在用内径千分尺，能测到小数点后三位，精度可达0.001毫米。"沈飞一边调试参数一边说，后续车轮要 安装制动盘，所以对孔径精度要求特别高，工序内要求做到100%检测。 说话间，左手执尺、右手旋动微调机构的沈飞，注视着数值显示屏上不断变化的尺寸，直到尺寸固定在25.010毫米。"干我们这一行的，讲究的就是那毫 厘之间。" 全国劳动模范沈飞。人民网记者 苗子健摄 沈飞，宝武集团马钢轨交材料科技股份有限公司车轮精加工技能大师，爱琢磨、肯钻研、敢创新，是同事们对他的一致评价。 3年后，沈飞转岗进入原马钢车轮公司，那时的他，心中如同燃烧着一团炽热的火焰，满怀着对未来的憧憬，就此和车轮精加工结下不解之缘。 沈飞在车间测量车轮辐板孔直径。人民网记者 张俊摄 老话说得好，"干一行、爱一行" ...

【文/观察者网 周盛明 编辑/ 高莘】"事实证明，关税最终给美国企业带来的痛苦让特朗普难以承 受。"《纽约时报》5月13日的报道表示，"对中国商品征收关税最终证明对美国企业来说过于痛苦，特 朗普总统无法承受。 "受益于中美日内瓦经贸会谈后双方相互下调关税的决定，中国出口的汽车零部件对美国市场重新具有 吸引力。"，"美国客户依然对中国生产的零部件有强烈需求。"《南华早报》5月14日的报道称。 但长期来看，鉴于特朗普政府政策的反复，目前达成的关税暂停协议在90天的期限后是否会生变，仍有 待观察。 汽车行业仍面临较高关税 根据中美双方5月12日发布的《中美日内瓦经贸会谈联合声明》（下文简称《联合声明》），中美双方 承诺于5月14日前实施以下措施：美方将14257号行政令中对华商品24%的关税（含港澳地区）在初始的 90天内暂停实施，保留10%关税，同时撤销14259号及14266号行政令加征关税。 美对中"对等关税"税率变化 《纽约时报》 中方将同步调整税委会2025年第4号公告对美商品24%的关税在初始的90天内暂停实施并保留10%关 税，取消第5、6号公告加征关税，并终止4月2日起实施的非关税反制措施。 中对美 ...

Financial Data and Key Metrics Changes - Net sales for Q1 2025 were $322 million, compared to $316 million in the prior year period, showing a slight increase [15] - Adjusted EBITDA for Q1 2025 was $25 million, with a margin of 15%, down from $31 million and 18% in the prior year [16] - The net loss for Q1 2025 was $13 million, which is a $20 million improvement compared to the same period last year [16] - Unlevered free cash flow increased to $33 million from $8 million in the prior year, driven by lower working capital [18] - Total cash on the balance sheet as of March 31, 2025, was $54 million, with no amounts drawn on the $60 million revolving credit facility [18] Business Line Data and Key Metrics Changes - Value-added sales decreased by approximately $3 million compared to the prior year, primarily due to lower unit sales and negative FX impact, partially offset by favorable pricing [16] - The company experienced a setback in April when certain North American customers notified them of a shift in sourcing, representing 33% of expected revenue for 2025 [6] Market Data and Key Metrics Changes - The company noted an unprecedented level of quoting activity, with over 53 million lifetime views year-to-date, which is double the level compared to the same time last year [5][11] - Tariff dynamics in Europe and North America are creating significant opportunities, with tariffs on Chinese imports exceeding 100% and Moroccan imports into Europe nearing 50% [10] Company Strategy and Development Direction - The company is focusing on a recapitalization transaction to significantly deleverage the balance sheet and improve financial strength [8][21] - The strategy includes enhancing the local manufacturing footprint in Mexico and Poland to support existing and new customers [5][11] - The company aims to recover recent contract losses through short-term opportunities and is committed to pursuing recovery of these customers [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging macroeconomic environment but expressed confidence in the company's ability to navigate through hardships [13] - The company is suspending its full-year 2025 guidance due to uncertainties stemming from recent events and ongoing discussions with lenders [21] Other Important Information - The company is actively engaged in discussions with lenders for covenant relief and additional term loans to secure short-term liquidity [6][20] - The company has made progress in reducing total debt, with net debt at $462 million, down $18 million from the end of 2024 [19] Summary of Q&A Session - There were no questions taken during this earnings call, as the company focused on providing updates and expressing gratitude for the team's efforts [22]

Financial Data and Key Metrics Changes - First quarter sales reached $355 million, reflecting a 6.5% increase year-over-year, with adjusted earnings per share at $0.23, aligning with expectations [7][24] - Gross margin improved by 200 basis points sequentially to 30.9%, while adjusted gross margin decreased to 30.9% from 32.3% year-over-year due to a shift in product mix [7][25] - Net loss for the quarter was $259.7 million, or negative $6.23 per diluted share, primarily due to a goodwill impairment charge [26] Business Line Data and Key Metrics Changes - In the Powered Vehicles Group (PVG), net sales increased by 3.4% to $122.1 million, driven by motorcycle business growth [12] - The Aftermarket Applications Group (AAG) saw net sales rise by 9.9% to $111.9 million, with adjusted EBITDA margin improving to 15.2% [15] - Specialty Sports Group (SSG) reported a 6.6% increase in net sales to $121 million, although adjusted EBITDA margins decreased to 19.3% due to seasonality and investments in product engineering [17] Market Data and Key Metrics Changes - The automotive sector is showing signs of stabilization, particularly in the premium truck category, despite broader market caution [13] - The motorcycle business is experiencing growth, offsetting declines in traditional powersports product lines [12][15] - The company is leveraging international growth opportunities, particularly in Asia, to mitigate domestic market challenges [53] Company Strategy and Development Direction - The company is focused on operational efficiency, innovation, and strategic growth initiatives to drive long-term shareholder value [22][32] - Key initiatives include simplifying and consolidating manufacturing footprint, optimizing product portfolio, and enhancing working capital management [9][10] - The company aims to achieve $25 million in cost savings through various strategic actions throughout 2025 [11][30] Management's Comments on Operating Environment and Future Outlook - Management remains cautious about the broader market environment but is optimistic about sequential margin improvements and top-line growth across segments [21][32] - The company is continuously analyzing tariff impacts and implementing mitigation strategies, including cost reductions and price adjustments [22][31] - Despite uncertainties, management reaffirms full-year guidance for 2025, anticipating continued growth and margin improvement [29][30] Other Important Information - The company completed the closure of one of its Taiwan facilities, which is expected to yield cost benefits starting in Q2 [9][18] - The company is actively managing inventory levels to support demand and prepare for potential tariff impacts [27][44] Q&A Session Summary Question: Update on demand from bicycle OEM partners regarding tariffs - Management noted a spectrum of responses from OEM customers, with no significant demand reduction observed due to tariffs [38][39] Question: Key drivers of growth in the upfitting business - Growth is attributed to better product execution, improved dealer relationships, and a favorable product mix [41][42] Question: Quality of inventory and potential for cash generation - Management emphasized a strategic approach to inventory builds, focusing on high-demand aftermarket products [43][44] Question: Updates on international opportunities - The company is expanding its international relationships, particularly in Asia, to diversify its market presence [53] Question: Impact of tariffs on supply chain and consumer demand - Management discussed various strategies to mitigate tariff impacts, including commodity price adjustments and insourcing [64][66] Question: Did the company see any pull-forward in demand due to tariffs? - Management indicated minimal pull-forward in demand, with some product launches influencing sales [70][71] Question: Insights on the performance of the lower-priced fork in the market - The lower-priced fork has expanded market share and is performing well [105]

Core Viewpoint - The 15th China (Guangrao) International Rubber Tire and Auto Parts Exhibition is set to take place from May 15 to 17, showcasing the growth and significance of the rubber tire industry in Guangrao County, with a focus on market-driven and innovative exhibition practices [2][3]. Group 1: Exhibition Overview - The exhibition has been held since 2010, with 12 offline and 2 online events, evolving into a globally recognized platform for technology exchange and trade cooperation in the rubber tire industry [2]. - The 14th exhibition achieved significant success, with the operational model recognized as an innovative case for 2024 [2]. - Guangrao County's rubber tire industry has seen substantial growth, with an industrial output value of 46.67 billion yuan in 2024, a year-on-year increase of 13.1%, and exports reaching 25.95 billion yuan [2]. Group 2: Exhibition Features - The upcoming exhibition will cover an area of 55,000 square meters, an increase of 3,000 square meters from the previous year, with 800 planned exhibition booths [3]. - The exhibition will feature eight major areas, including new energy and recycling, and will host over 50 global top 500 companies and 9 of the top 10 tire manufacturers [3]. Group 3: International Participation - The exhibition aims to attract professional buyers from over 70 countries and regions, with a focus on markets in the EU, Southeast Asia, and the Middle East [4]. - Extensive promotional efforts have been made through over 150 media outlets, with expectations of attracting at least 30,000 professional buyers and over 150,000 total attendees [4]. Group 4: Platform Functionality - The exhibition will serve as a comprehensive platform for showcasing cutting-edge products and technologies, facilitating one-on-one supply-demand matching, and promoting industry-academia collaboration [5]. - Various events, including industry forums and innovation conferences, will be held to drive the digital transformation of the rubber tire industry [5]. Group 5: Service Enhancements - The exhibition will focus on improving service quality through digital platforms and optimized venue facilities, ensuring a seamless experience for exhibitors and attendees [7]. - Efforts will be made to maintain a conducive environment for business interactions, including urban management and transportation order [7].

Group 1: Financial Performance - In 2024, the company achieved operating revenue of 306,939.11 million yuan, a year-on-year decline of 22.31% [4] - The net profit attributable to the listed company was 51,977.7 million yuan, down 13.50% year-on-year [4] - The increase in operating cash flow was attributed to improved collection of accounts receivable and reduced inventory [3] Group 2: Business Challenges - The company faced numerous lawsuits primarily due to increased efforts to collect receivables from domestic construction contractors [2] - The high tariffs imposed by the U.S. on Chinese goods are expected to impact the company's export business, prompting a shift towards expanding overseas production capacity [2][4] - A significant decline in steel structure sales was noted, attributed to a strategic reduction in domestic orders and increased focus on receivables collection [3][5] Group 3: Strategic Initiatives - The company plans to enhance product quality and differentiate itself from competitors in traditional sectors like wheel and steel structure businesses [3] - There is an intention to strengthen communication with industry analysts and investors to improve market visibility [3][4] - The company is actively working on cost reduction and efficiency improvements through automation and technology integration in production lines [3][4] Group 4: Market and Shareholder Insights - The number of shareholders increased significantly in the second half of 2024 due to heightened stock price volatility and trading activity [5] - The company is committed to improving its market chain and product competitiveness in response to market fluctuations [4][5] - Future growth drivers include aligning with national policies and expanding into the Belt and Road Initiative markets [5]