Financial Data and Key Metrics Changes - Net sales increased by 4.6% to $358.2 million, driven by $24.9 million of inorganic sales from the acquisition of UW Solutions [9][11] - Adjusted EBITDA margin decreased to 12.4%, primarily due to lower price and volume, unfavorable mix, and higher material, tariff, and health insurance costs [9][11] - Adjusted diluted EPS declined to $0.98, primarily driven by lower adjusted EBITDA and higher interest expense [9][11] Business Line Data and Key Metrics Changes - Performance Services net sales increased, driven by inorganic sales from UW Solutions and strong organic growth of 18.6% [10][11] - Architectural Services recorded net sales growth and a sequential backlog increase of over $100 million [4][10] - Glass segment net sales declined, with adjusted EBITDA margin moderating due to reduced volume and price from lower end-market demand [10][11] - Metals segment net sales declined slightly, reflecting a less favorable mix, partially offset by higher volume and price [10][11] Market Data and Key Metrics Changes - The competitive environment for glass has not improved, leading to lowered expectations for glass volume and price [5][12] - Higher aluminum costs are expected to pressure pricing and volume in the Metals segment [5][12] - Bid activity for glass business remains up versus last year, but price pressures are impacting volume [5][12] Company Strategy and Development Direction - The company is focused on acquisitions that fit strategic and financial objectives, aiming to add differentiated products and expand geographic reach [7][8] - Project Fortify II actions and tariff mitigation efforts are in place to enhance organizational agility [6][7] - The company aims to drive year-over-year net sales and adjusted EPS growth in the second half of the fiscal year, primarily through Performance Services [6][12] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment over changes impacting guidance but remains optimistic about year-over-year growth in the second half [5][6] - The company is navigating a challenging macroeconomic environment while building a stronger foundation for future growth [6][17] - Management highlighted the importance of maintaining premium product pricing to protect margins despite competitive pressures [34][35] Other Important Information - The One Big Beautiful Bill Act is expected to provide a cash tax benefit primarily impacting fiscal 2026 [12] - The company has a consolidated leverage ratio of 1.5 and no near-term debt maturities, providing flexibility for future opportunities [11] Q&A Session Summary Question: Can you expand on the organic growth in Performance Services? - The strongest growth was seen in UW Solutions, regaining distribution and leveraging cross-selling opportunities [22][23] Question: What is driving the growth in the flooring side of the business? - Demand for flooring products is driven by automation in distribution centers, with significant interest from a global e-commerce retailer [24][25] Question: What is the reason for the increase in services backlog? - The backlog growth was driven by projects in the Northeast and efforts to expand into new markets [26][27] Question: What are the expectations for glass margins in the next two quarters? - Management expects mid-teens EBITDA margins despite competitive pressures [32][33] Question: How much of the lowered guide for metals is due to cost pressure? - The pressure is mainly from higher aluminum costs, impacting pricing and volume [36][37] Question: What is the realistic downside for FY2026 if market conditions worsen? - Continued upward cost pressure on aluminum could impact the EPS guidance range of $3.60 to $3.90 [50][51] Question: How sensitive is the surfaces segment to a potential slowdown? - Any significant slowdown is more likely to impact Q1 rather than Q3, with visibility into retail demand remaining stable [52][53]

西非经济门户网9月30日报道，在《非洲增长与机遇法案》（AGOA）即将到期之际，特朗普政府 倾向于将该法案再延期一年，尽管如此，但并未消除困扰美国和撒南非洲未来贸易的不确定性。AGOA 自2000年以来为35个非洲国家对美出口产品提供优惠待遇，数千种产品得以免关税进入美国市场，近25 年来，AGOA促进了非洲农业、纺织等行业增长，南非、肯尼亚、坦桑尼亚、莱索托、斯威士兰等国家 均从中获益匪浅。国际贸易中心（ITC）评估，AGOA的终止将直接威胁多个非洲国家的服装和金枪鱼 出口，南非的损失主要集中在金属、汽车、化学品上，预计南非2024年出口量可能下降17%。凯投宏观 一份报告断言：特朗普对非征收的对等关税，意味着事实上废除了AGOA，AGOA的终止代表美国与非 洲脱离关系。与此同时，不是所有国家都面临AGOA终止带来的挑战，安哥拉作为主要产油国，免于美 国新税，处于有利地位；塞内加尔是美国第三大锆供应国，其竞争对手南非和澳大利亚分别面临30%和 10%的加税，因而塞生产的锆在美市场份额将会得到加强。即使美国正式宣布AGOA延长一年，也不能 解决根本问题，而仅仅是向非洲国家提供了一个谈判的窗口期，对非洲来说，进 ...

Summary of Key Points from the Conference Call Industry or Company Involved - The discussion primarily revolves around the historical fiscal policies of Japan, particularly during significant periods such as the Meiji Restoration, post-World War II, and the economic crises of the 1990s and beyond [1][2][3][6][30]. Core Points and Arguments 1. **Meiji Restoration Fiscal Policies**: - During the early Meiji period (1868-1890), Japan's government issued paper currency and borrowed funds, which led to inflation. The Matsukata fiscal policy later controlled inflation through currency unification and increased taxation, promoting private enterprise [1][2][3]. 2. **Military Expansion Financing**: - Between 1890 and 1910, Japan's fiscal policy shifted to support military expansion, utilizing war reparations from conflicts like the First Sino-Japanese War to enhance national strength and invest in infrastructure and heavy industries [1][5][9]. 3. **Post-World War II Constraints**: - After WWII, Japan faced restrictions from the U.S., leading to a period of fiscal tightening with minimal debt issuance. However, the 1970s oil crisis prompted increased leverage, resulting in strong economic performance [6][20]. 4. **Inflation Management**: - Japan employed various strategies to manage inflation across different historical periods, including tightening monetary supply through fiscal policies and implementing quantitative easing (QE) during economic crises [7][8][28]. 5. **Economic Growth Drivers**: - Japan's economic growth has historically relied on external factors and fiscal support, with significant contributions from wartime reparations and exports. The country’s limited resources necessitate substantial fiscal intervention [3][37]. 6. **Impact of Wars on Fiscal Reforms**: - Wars significantly influenced Japan's fiscal reforms, leading to the introduction of income tax systems and a shift from land rent-based taxation to modern tax structures during wartime [10][16]. 7. **Challenges of Economic Recovery**: - Japan's recovery from economic downturns has been complicated by demographic challenges, including an aging population and declining birth rates, which exert pressure on social welfare systems and long-term growth [35]. 8. **Debt Management and Economic Policies**: - Japan's approach to managing debt has included periods of both tightening and expansionary fiscal policies, with notable strategies during the 1990s and the Abenomics era focusing on monetary easing and fiscal stimulus [30][33]. Other Important but Possibly Overlooked Content 1. **Trade Deficits**: - Despite periods of economic growth, Japan has faced ongoing trade deficits due to insufficient export strength during certain phases [4][22]. 2. **Historical Economic Crises**: - The 1990s asset price bubble and subsequent economic stagnation were pivotal in shaping Japan's current economic landscape, leading to a prolonged period of low growth and deflation [31][39]. 3. **Structural Economic Issues**: - Japan's reliance on indirect financing and the presence of "zombie" companies have hindered its ability to adapt to new technological advancements, contributing to missed opportunities in the IT revolution [34][31]. 4. **Fiscal Policy Characteristics**: - Japan's fiscal policy is characterized by a centralization approach, with a tendency towards large-scale fiscal measures, particularly during crises, and a gradual shift from infrastructure spending to welfare expenditures [32][29]. 5. **Population Dynamics**: - The demographic shift towards an aging population poses significant challenges for Japan's economic sustainability, necessitating reforms to enhance labor productivity and attract immigration [35].

Core Viewpoint - The company, Lens Technology, has established a deep ten-year partnership with a major North American client, positioning itself as a primary core supplier in various sectors, including smart cockpit modules and humanoid robots [2]. Group 1: Business Segments Growth Outlook - **Smartphones and Computers**: The company is expected to benefit significantly from a new innovation cycle initiated by major clients, focusing on exterior and structural components, which will enhance assembly operations and profit margins [2]. - **Smart Automotive and Cockpit**: Continuous introduction of new products such as wireless charging modules and communication modules, along with breakthroughs in multi-functional ultra-thin laminated automotive glass, will increase the per-vehicle value significantly [2]. - **Smart Glasses and Wearables**: The company has successfully applied its developed exterior, structural components, and optical lenses in several high-end AI glasses and headsets, with growth in smart watch components maintaining momentum [2]. - **Other Smart Devices**: Beyond the embodied intelligence market, the company has made new business breakthroughs in smart home, medical devices, high-end gimbals, and premium pet electronics, leveraging its lean manufacturing capabilities [3].

面对媒体的多次质疑，白宫选择一概不回应、不解释。无论是记者在发布会上提问，还是书面询问，官方一律拒绝 评论。这种"沉默战术"让不少国际媒体，尤其是印度媒体，直接炸锅了。 印度媒体为什么特别不满？因为他们自己正被美国频频"教育"要减少对俄罗斯能源的依赖。比如《印度时报》、 《今日印度》等媒体都纷纷报道了这一现象，并直言："美国自己偷偷买俄罗斯商品，却对我们买俄罗斯石油指手 画脚？" 他们列举出，美国从俄罗斯进口的商品虽不直接是石油，但包括金属、化肥、矿产品等大宗商品，这些实 际上都在变相支撑俄罗斯的经济。 据最新的贸易统计，今年1月到7月，短短7个月内，美国从俄罗斯进口的商品总额已经达到了28.5亿美元。这是个 什么概念？对比一下——去年全年，美国从俄罗斯进口的总额是30亿美元。也就是说，今年才过了7个月，进口额 已经快赶上去年一整年了，照这个速度，2023年全年超过2022年几乎没有悬念。 换句话说，印度人觉得挺双标：你美国一边批评我们和俄罗斯做生意，一边自己进口额还翻倍了？而且白宫居然一 句都不解释。这事儿之所以有意思，不是因为"美国进口俄罗斯商品"本身多意外，而是官方态度和实际行为之间的 反差，以及国际舆 ...

Core Viewpoint - The regulatory authority has imposed significant penalties on Delisted Longyu for financial fraud, emphasizing a zero-tolerance policy towards such violations even after delisting [1][4][8]. Group 1: Regulatory Actions - Delisted Longyu received a total fine of 38.1 million yuan for financial misconduct from 2019 to 2022, including inflated revenues and profits through fictitious trade activities [1][4]. - The actual controller of Delisted Longyu has been banned from the securities market for ten years, alongside substantial fines imposed on other responsible individuals [5][6]. - The Shanghai Securities Regulatory Commission (SSRC) has initiated a thorough investigation into the company's illegal activities, demonstrating a commitment to accountability [4][8]. Group 2: Financial Misconduct Details - From 2019 to 2022, Delisted Longyu inflated its revenues by 2.242 billion yuan, 3.986 billion yuan, 4.024 billion yuan, and 4.288 billion yuan, representing 16.61%, 44.57%, 50.46%, and 42.95% of the reported revenues for those years, respectively [4]. - The company also reported inflated profits totaling 5.73 million yuan, 11.1369 million yuan, 9.5195 million yuan, and 10.9332 million yuan, which accounted for 60.48%, 10.36%, 7.48%, and 23.92% of the disclosed profits during the same period [4]. Group 3: Investor Protection and Market Integrity - The SSRC is actively working to recover losses for affected investors and has already facilitated the return of over 400 million yuan to Delisted Longyu [6]. - The regulatory body is committed to enhancing investor protection and maintaining a healthy market environment, reinforcing the importance of strict enforcement of delisting regulations [9].

Core Viewpoint - Brazil's recent trade policy actions indicate a deepening uncertainty in the global economic landscape, as the country seeks to respond to U.S. tariffs on Brazilian goods through its "reciprocity law" [1][4]. Trade Policy Developments - The Brazilian Ministry of Foreign Affairs has formally requested the trade agency Camex to analyze whether to implement targeted measures under the "reciprocity law" in response to U.S. tariffs [1]. - The "reciprocity law" provides Brazil with a legal framework to impose countermeasures, including tariffs, against unilateral trade barriers [1]. Impact on Trade and Markets - U.S. tariffs on certain Brazilian products have heightened uncertainty in Brazil's export environment, despite some key exports like orange juice and aircraft being temporarily exempt [4]. - The tariff adjustments are expected to affect not only bilateral trade flows but also commodity market prices, multinational supply chain strategies, and investor confidence in Latin American markets [4]. Future Actions and Implications - Camex is set to complete its report within 30 days to evaluate the potential use of the reciprocity law, which may lead to measures targeting specific industries and products [7]. - The initiation of this process signals Brazil's more proactive stance in trade policy, potentially seeking measures in agriculture, mining, or manufacturing sectors [7]. Broader Economic Context - This dynamic increases uncertainty in global trade tensions, with potential short-term volatility in commodity prices such as agricultural products and metals [10]. - The actions taken by Brazil reflect a shift in the stance of emerging market economies in the international trade landscape, possibly encouraging other countries to adopt similar legal mechanisms in future trade disputes [10].

Group 1 - In July, U.S. core capital goods orders increased by 1.1%, exceeding all forecasts from economists surveyed by Bloomberg, indicating a positive shift in business investment plans as uncertainties around trade and tax policies diminish [1][5] - Total durable goods orders fell by 2.8%, with Boeing reporting a decline in orders for July compared to June, highlighting challenges in the aerospace sector [1][6] - Despite the growth in core capital goods orders, economists expect business investment to remain weak for the remainder of the year, with a potential recovery not anticipated until 2026 [5][6] Group 2 - The report indicated that shipments of core capital goods, excluding defense and aircraft, rose by 0.7%, suggesting a stable outlook for equipment investment [6][7] - The durable goods report showed increases in orders for electrical equipment, computers, machinery, and metals, along with a rebound in automotive orders [6][7] - The Atlanta Fed's GDPNow forecast predicts a slight increase in business equipment spending for the third quarter, with equipment spending contributing 0.26 percentage points in Q2 and 1.11 percentage points in Q1 [7]

Group 1 - The core point of the article highlights that despite a decline in total durable goods orders in July, core capital goods orders have shown the fastest growth in nearly three years, indicating a strengthening in U.S. business investment [1][2][4] - The U.S. Department of Commerce reported a month-over-month decline of 2.8% in durable goods orders, with a year-over-year increase slowing to 3.5% due to volatility in Boeing orders and the fading effect of preemptive orders caused by previous tariff policies [1][4] - Core capital goods orders, excluding aircraft and military hardware, rebounded by 1.06% after a revised decline of 0.6% in June, marking the fourth consecutive month of growth, which alleviates concerns about an economic slowdown [2][4] Group 2 - The details of core orders reveal underlying strength in the U.S. business sector, with durable goods orders excluding transportation equipment showing a year-over-year growth of 3.8%, the fastest since November 2022 [4] - Non-defense capital goods shipments, which directly contribute to GDP, increased by 0.7% month-over-month, with previous month data also revised upward, providing a positive outlook for the third quarter [4] - Investment in artificial intelligence is emerging as a new growth point, with companies increasing equipment spending to accelerate AI applications, which could enhance productivity and offset higher costs, including import tariffs [6][7] Group 3 - The report indicates growth in orders for electrical equipment, computers, machinery, and metals in July, along with a rebound in automotive orders, reflecting a recovery in investment demand across multiple industries [7] - Despite the growth observed, economists anticipate that business investment will remain weak for the remainder of the year, although investment activity is expected to accelerate by 2026 following tax incentives from recent legislation [7]

Group 1: Global Market Overview - The global central bank meeting in Jackson Hole, Wyoming, is drawing attention, with an 80% probability of a 25 basis point rate cut by the Federal Reserve in September [1] - Investor sentiment is cautious, leading to mixed performance in the Asia-Pacific markets, with Southeast Asian stock markets mostly declining [1] - The Thai SET index fell by 0.48% to 1253.39 points, while the Vietnamese Ho Chi Minh index rose by 1.04% to 1647.03 points [1] Group 2: Economic Analysis of Thailand - Thailand's economy grew by 2.8% year-on-year in Q2, slightly above market expectations but lower than the previous quarter's 3.2% [2] - The economic growth rate decreased from 0.7% in Q1 to 0.6% in Q2, with exports being the main driver, although challenges from U.S. tariff policies and declining tourism are expected to hinder sustainability [2][4] - Capital Economics forecasts Thailand's GDP growth at 2.7% for 2025, only slightly above 2024's 2.5% [3] Group 3: Regional Economic Performance - Indonesia's GDP grew by 5.12% year-on-year in Q2, exceeding market expectations and marking the fastest quarterly growth since Q2 2023 [4] - Singapore's GDP grew by 1.4% quarter-on-quarter and 4.3% year-on-year in Q2, driven by pre-tariff export activities [5] Group 4: Stock Market Trends in Southeast Asia - Malaysia's stock market has faced continuous net selling for 20 days, with global funds selling $12.9 million worth of Malaysian stocks on August 21 [6] - Foreign investors' holdings in Thai stocks decreased by 24% in the first half of 2025 compared to the end of 2024, with the SET index down by 10.49% as of August 22 [7] - The decline in foreign investment in Thailand is attributed to political uncertainties and a lack of appeal in traditional business sectors compared to growing tech investments [7] Group 5: Monetary Policy Developments - Indonesia's central bank unexpectedly cut the benchmark interest rate by 25 basis points to 5%, marking the fourth cut this year [8] - Following the rate cut, the Indonesian stock market reacted positively, with the benchmark index rising over 1% [8] - Analysts remain optimistic about Indonesia's economic growth potential, with Citibank projecting a 5.4% growth target for 2026 [8]