Asia Pacific Equity Research 26 June 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. China Battery The worst is behind: industry UTR improves, prices recover; initiate CATL-H at OW; u/g EVE & CALB to N Chinese EV Battery supply chain stocks have recover ...

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

1Q25 wrap-up CITI'S TAKE 08 May 2025 21:33:19 ET │ 13 pages Flash | Monthly battery installation data pack from Real Lithium suggests that March 2025 China EV battery installation totaled 61.4GWh, +54% MoM / +56% YoY, bringing 1Q25 EV battery installation to 148.9Wh (+54% YoY). We notice (1) CATL is inevitably shifting to the low-end market YTD, and (2) Xiaomi extends the robust momentum into 2025 with a new model SU7 Ultra gaining the market share whilst Huawei trended weaker. We are relatively cautious on ...

Exxon Mobil (XOM) Q1 2025 Earnings Call May 02, 2025 09:30 AM ET Company Participants Jim Chapman - VP - Treasurer and Investor RelationsDarren Woods - Chairman and CEOBetty Jiang - Managing DirectorDevin Mcdermott - Executive DirectorKathryn Mikells - EVP & CFONeil Mehta - Head of Americas Natural Resources Equity ResearchJohn Royall - Executive DirectorBiraj Borkhataria - Global Head, Energy Transition ResearchJean Ann Salisbury - Managing DirectorBob Brackett - Head - Research DivisionJosh Silverstein - ...

Exxon Mobil (XOM) Q1 2025 Earnings Call May 02, 2025 09:30 AM ET Speaker0 Good morning, everyone. Welcome to ExxonMobil's first quarter twenty twenty five earnings call. Today's call is being recorded. We appreciate your joining us today. I'm Jim Chapman, vice president, treasurer, and investor relations, and I'm joined by Darren Woods, Chairman and Chief Executive Officer and Kathy Michaels, Senior Vice President and Chief Financial Officer. This quarter's presentation and prerecorded remarks are available ...

Financial Data and Key Metrics Changes - The company reported earnings of $7.7 billion in the first quarter, a decrease of approximately $500 million compared to the same quarter last year, primarily due to market forces across its businesses [29] - Cash flow from operations reached $13 billion, the highest among all integrated oil companies, with a five-year compound annual growth rate of cash flow from operations being double that of the next highest IOC [23][24] - The net debt to capital ratio was 7%, leading all other integrated oil companies, with total distributions to shareholders amounting to $9.1 billion, including $4.8 billion in share buybacks [14][25] Business Line Data and Key Metrics Changes - In the upstream segment, more than 60% of production is expected to come from advantaged assets in the Permian, Guyana, and LNG by 2030, contributing to an increase in upstream profitability from $10 to $13 per barrel [15] - The company's advantaged projects delivered $2.1 billion of earnings in 2024, with expectations of roughly $4 billion per year more from these projects by the end of the decade [16] - The company produced approximately 3.5 million tons of performance chemicals, lubricants, and lower emission fuels in the first quarter, showing growth compared to the same period last year [16] Market Data and Key Metrics Changes - Crude prices remained roughly flat, while natural gas prices improved due to stronger global demand driven by LNG exports and colder weather in the U.S. and Europe [26] - Global industry refining margins were lower, particularly in Asia Pacific, but the company's energy products business generated higher sequential margins due to its majority weighting in the North American market [27] - Chemical margins stayed below the ten-year range, but the chemicals business performed well due to a focus on high-value chemical products and cost reductions [28] Company Strategy and Development Direction - The company maintains a disciplined approach to capital allocation, focusing on long-term growth by investing in advantaged opportunities across its portfolio [5][10] - The company is executing on 10 key project startups in 2025, including the China Chemical Complex and an advanced recycling unit in Baytown, which are expected to deliver significant earnings [11][20] - The company aims to achieve $18 billion in structural savings by 2030, having already delivered $12.7 billion in savings since 2019 [19][24] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of flexibility in navigating economic uncertainty and emphasized that the company is built to excel in any market environment [3][4] - The company is prepared to capitalize on opportunities despite ongoing economic challenges, with a focus on disciplined capital allocation and leveraging competitive advantages [38] - Management expects scheduled maintenance in the upstream segment to decrease volumes in the second quarter, but anticipates ramping up production at the China Chemical Complex [36] Other Important Information - The company has secured contracts for carbon capture and storage, aiming to permanently store 30 million tons of CO2 by 2030 [14] - The company showcased a revolutionary EV battery case prototype made from Proxima products, indicating a strong position in the growing market for high-performance materials [12][13] Q&A Session Summary Question: What are the expectations for the second quarter? - The company expects scheduled maintenance in the upstream segment to decrease volumes by about 100,000 oil equivalent barrels per day compared to the first quarter [36] - Lower scheduled maintenance in Product Solutions is anticipated, with production ramping up at the China Chemical Complex throughout the year [36] Question: How is the company addressing economic uncertainty? - Management reiterated that the company is built to excel in any market environment and remains focused on its proven strategy and cost discipline [38]