January 28, 2026 Forward-Looking Statements; Non-GAAP Measures This presentation contains forward-looking statements (FLS), including statements about the company's future operational and financial performance, which are based on management's expectations, estimates, projections and assumptions. Words such as "expects," "anticipates," "plans," "believes," "forecasts," "scheduled," "outlook," "estimates," "should" and variations of these words and similar expressions are intended to identify FLS. In making F ...

Core Insights - The LIWA International Off-Road Festival in Abu Dhabi attracts over 600,000 visitors annually, showcasing off-road culture and community [1] - JETOUR serves as the Chief Partner of the LIWA Festival, hosting the 2025 JETOUR Global Fan Festival under the theme "GO WILD GO BEYOND" [3] - JETOUR's success in the Middle East is attributed to its localized operations and a Research Institute that develops region-specific upgrades [4] Company Performance - JETOUR has sold over 2.1 million vehicles globally in 88 months, with the T2 series alone accounting for 414,000 units sold in 26 months [5] - The brand operates in 100 countries and regions, supported by over 2,000 sales and service networks [5] Strategic Approach - JETOUR's "Travel+ Lifestyle" strategy aims to transform the brand from a product provider to a lifestyle co-creator, engaging users as active participants [6] - The company organized product co-creation sessions during the fan festival to gather feedback from global distributors and users, enhancing brand-user interaction [8] Product Development - JETOUR competes in the premium off-road segment by innovating locally and co-creating with users to optimize product experiences [9] - The brand promotes a "Product + Modification" approach, allowing for personalized vehicle modifications and fostering community through exclusive owner clubs [10] Future Direction - JETOUR aims to deepen its strategy by integrating product excellence with lifestyle elements, replicating its successful model in global markets [11]

Core Insights - GreensKeeper Asset Management's Value Fund achieved a +4.0% gain in Q3 2025, with a year-to-date return of +0.2% net of fees and expenses, despite a -3.7% negative impact from the US dollar [1] - The market rally this year has been primarily driven by AI, cryptocurrency, and speculative investments [1] Company Performance - General Dynamics Corporation (NYSE:GD) reported a one-month return of -0.57% but has seen a significant 29.66% increase in value over the past 52 weeks, closing at $337.49 per share with a market capitalization of $91.163 billion on December 16, 2025 [2] - In Q3 2025, General Dynamics was the third-best performer for the Value Fund, with a return of +16.9%, benefiting from the resolution of manufacturing challenges in its Aerospace division and a strong backlog driven by demand for new business jets [3] Market Position and Outlook - General Dynamics secured several billion-dollar defense contracts in Q3 2025, reinforcing its government business strength amid elevated global geopolitical tensions [3] - Despite the potential of General Dynamics as an investment, some analysts suggest that certain AI stocks may offer greater upside potential and less downside risk [4]

Core Insights - The 2025 JETOUR Media Alliance (JMA) Tech Tour successfully concluded in Wuhu, Anhui Province, showcasing JETOUR's advancements in new energy and hybrid off-road technologies [1] - The GAIA architecture, which includes four core modules, was presented as a key component of JETOUR's strategy for all-terrain mobility in the new energy era [2] - The G700, an all-terrain premium hybrid off-road SUV built on the GAIA architecture, received broad recognition for its performance and intelligent control systems during the first global media test-drive [3] Company Developments - The Tech Tour marked a significant milestone in collaboration within the JETOUR Media Alliance, featuring workshops for in-depth exchanges with global media [4] - The combination of seminars and hands-on experiences provided insights into JETOUR's technical roadmap and strategic direction in the hybrid off-road sector, with the G700 noted for its balance of performance, intelligence, and efficiency [5] - JETOUR is accelerating towards its vision of becoming the world's leading hybrid off-road brand, supported by a "6+N" global R&D system and a team of 4,000 innovators [6] Global Strategy - JETOUR operates in 91 countries and regions with 8 overseas subsidiaries, enhancing its global network and redefining hybrid off-road standards [7]

Financial Data and Key Metrics Changes - Earnings per diluted share were reported at $3.88, with revenue of $12.9 billion, operating earnings of $1.3 billion, and net income of $1.59 billion, reflecting a revenue increase of $1.24 billion or 10.6% year-over-year [4] - Operating earnings increased by $150 million or 12.7%, while net earnings rose by $129 million or 13.9%, and earnings per share increased by $0.53 or 15.8% compared to the same quarter last year [4] - Year-to-date revenue reached $38.2 billion, up 11%, with operating earnings up 15.7% and net earnings up 16.4% [4] Business Line Data and Key Metrics Changes - Aerospace segment revenue was $3.2 billion, up $752 million or 30.3%, with operating earnings of $430 million, a 41% increase [6][7] - Combat systems revenue was $2.3 billion, a modest increase of 1.8%, with earnings of $335 million, up 3.1% [8][9] - Marine systems revenue reached $4.1 billion, up 13.8%, with operating earnings of $291 million, a 12.8% increase [10][11] - Technologies segment revenue was $3.3 billion, down 1.6%, but year-to-date revenue was up 3.5% [11][12] Market Data and Key Metrics Changes - Strong order momentum was noted across all segments, with a book-to-bill ratio of 1.5:1 for the company, and a record backlog of $109.9 billion, up 19% year-over-year [18] - The aerospace market showed accelerated interest, particularly in North America, contributing to strong order intake [8] - Combat systems backlog was approximately $18.7 billion, reflecting strong demand, particularly in Europe [10] Company Strategy and Development Direction - The company is focused on operational performance improvements and expects continued margin strength and strong cash generation [16] - Strategic investments in differentiated defense electronics are anticipated to drive future growth in the technologies segment [16] - The company plans to maintain its core competencies and invest prudently to support growth in its existing markets [72] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the potential impacts of the ongoing government shutdown on cash flow and contract timing [24][39] - The company anticipates annual revenue of around $52 billion with margins of approximately 10.3%, while increasing EPS forecast to between $15.30-$15.35 [24] - Management noted that the supply chain remains a critical factor affecting production and delivery schedules, particularly for the Columbia class submarines [72] Other Important Information - The company generated $2.1 billion in operating cash flow, with free cash flow of $1.9 billion for the quarter, representing 179% of net income [19][22] - Capital expenditures were $212 million in the quarter, with a target of over 2% of sales for the full year [22] - The company ended the quarter with a cash balance of $2.5 billion and a net debt position of $5.5 billion, down $1.7 billion from the previous quarter [23] Q&A Session Summary Question: What factors drove the strong orders in aerospace? - Management indicated that the strength of the economy, a resilient order book, and improved delivery cadence contributed to the strong orders [26] Question: Is there a particular geographic area of strength? - North America was highlighted as the area of particular strength [27] Question: Are there any changes in the contracting environment with the new administration? - Management noted an emphasis on speed in contracting but did not observe wholesale changes [77] Question: What is the outlook for the Columbia class contracts? - Management expects those contracts to be executed this year, emphasizing a close working relationship with the government [82] Question: How does the company view the future growth potential in Europe? - Management sees robust growth potential in Europe, particularly in indigenous operations [71]

Financial Data and Key Metrics Changes - The company reported earnings of $3.88 per diluted share on revenue of $12.9 billion, with operating earnings of $1.3 billion and net income of $1.059 billion, reflecting a revenue increase of $1.24 billion or 10.6% year-over-year [4][5] - Operating earnings increased by $150 million or 12.7%, while net earnings rose by $129 million or 13.9%, and earnings per share increased by $0.53 or 15.8% compared to the same quarter last year [5][6] - Year-to-date revenue reached $38.2 billion, up 11%, with operating earnings up 15.7% and net earnings up 16.4% [5] Business Line Data and Key Metrics Changes Aerospace - Aerospace revenue was $3.2 billion, up $752 million or 30.3% year-over-year, with operating earnings of $430 million, a 41% increase [7][8] - The operating margin for Aerospace improved to 13.3%, up 100 basis points from the previous year [8] - Year-to-date, Aerospace revenue is up $1.82 billion or 24.2%, with operating earnings up $386 million or 43.9% [9] Defense Combat Systems - Combat Systems revenue was $2.3 billion, a modest increase of 1.8%, with earnings of $335 million, up 3.1% [12] - Year-to-date revenue is $6.7 billion, up 1.7%, and earnings are $950 million, up 3.3% [13] Marine Systems - Marine Systems revenue reached $4.1 billion, up $497 million or 13.8%, with operating earnings of $291 million, a 12.8% increase [15] - Year-to-date, Marine revenue is $11.9 billion, up 14.7%, and earnings are $832 million, up 13.2% [16] Technologies - Technologies revenue was $3.3 billion, down 1.6%, with operating earnings of $327 million, essentially unchanged [17] - Year-to-date revenue is $10.2 billion, up 3.5%, and earnings are $987 million, up almost 5% [18] Market Data and Key Metrics Changes - The overall book-to-bill ratio for the company was 1.5 to 1, with all segments experiencing a book-to-bill of at least 1.2 times [25] - The backlog reached a record level of $109.9 billion, up 19% year-over-year and 6% from the previous quarter [26] Company Strategy and Development Direction - The company anticipates annual revenue of around $52 billion and margins of approximately 10.3% for the year [33] - The management emphasized the importance of operational performance and cash generation, expecting continued margin strength in the future [24][27] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about the potential impacts of a government shutdown on cash flow and contract timing, indicating a prudent approach to cash conservation [28][30] - The company remains optimistic about growth driven by international demand, particularly in combat vehicles and munitions [76] Other Important Information - The company generated $2.1 billion of operating cash flow, with free cash flow of $1.9 billion for the quarter, representing 179% of net income [27] - The tax rate for the quarter was 16.7%, with an expected full-year rate around 17.5% [32] Q&A Session Summary Question: What factors drove the strong orders in aerospace? - Management indicated that the strength of the economy and a robust order book were primary drivers, along with improved delivery cadence and new models [36][37] Question: Are there any impacts from the government shutdown on cash collection or contracts? - Management noted no immediate impacts on cash collection but mentioned potential delays in contracting processes due to government personnel being sent home [50][51] Question: How is the company addressing efficiency in shipbuilding? - Management highlighted improvements in the supply chain and investments in productivity, robotics, and employee training as key levers for enhancing shipbuilding efficiency [56][58] Question: What is the outlook for the Columbia Class program? - Management stated that the first Columbia is about 60% complete and emphasized ongoing efforts to improve production cadence and address supply chain challenges [68][90] Question: How does the company view the future of combat systems in Europe? - Management expressed confidence in the growth potential in Europe, particularly due to indigenous operations and increasing international demand [76][87]

Core Insights - The G700, an all-new hybrid off-road vehicle, was showcased at the Hongyangshan Automotive Sports Park, emphasizing innovation and future mobility [1] Performance and Technology - The G700 demonstrated exceptional all-terrain capabilities during field tests, effectively navigating challenging courses with its Intelligent XWD System, which showcased superior recovery and control [3][5] - The GAIA Chassis, featuring electromagnetic air suspension and a Hydroformed One-Piece Frame Rail, provided enhanced comfort by absorbing impacts on rough terrain [6] - The Intelligent X Mode integrates ADAS vision with multi-dimensional perception data, automatically adjusting driving strategies based on road conditions, receiving positive feedback from media participants [8] Hybrid Technology - The GAIA iDM-O system, JETOUR's flagship hybrid off-road technology, combines a 2.0T engine with dual electric motors, delivering a maximum system torque of 1,135 N·m for effective low-speed climbing and recovery [9] - The G700 achieves impressive acceleration, going from 0-100 km/h in just 4.6 seconds, and boasts a combined range of 1,400 km with a fuel consumption of only 8.8L/100 km, highlighting its performance and energy efficiency [10] Future Outlook - JETOUR aims to redefine premium hybrid off-road vehicles through advanced intelligent manufacturing, aspiring to become the "World's Leading Hybrid Off-road Brand" [11]

Core Insights - The "Innovation · Defining the Future" JETOUR JMA Global Media Alliance Tech Tour showcased JETOUR's advancements in hybrid technology and off-road capabilities, emphasizing the company's commitment to innovation and global expansion [1][2][8]. Group 1: Event Overview - The event took place from October 17 to 20, 2025, in Wuhu, Anhui Province, featuring technology exhibitions, product co-creation workshops, and test drives [1]. - Global media representatives participated in the "Innovation·Defining the Future" Global Innovation Conference 2025, gaining insights into JETOUR's advancements in off-road, hybrid, and intelligent technologies [2]. Group 2: Technological Advancements - JETOUR introduced the Generation of All-terrain Intelligent Architecture (GAIA), optimized for off-road conditions, enhancing vehicle adaptability across various terrains [3]. - The G700, JETOUR's first premium off-road vehicle built on the GAIA architecture, accelerates from 0 to 100 km/h in 4.6 seconds and can wade up to 970 mm, positioning it as a leading solution in the hybrid off-road market [4]. Group 3: Strategic Discussions - Discussions during the event focused on "Building a Hybrid Off-Road Technology Brand" and "Gaining Strong User Acceptance in the Premium Off-Road Segment," providing valuable insights for JETOUR's global development [6]. - Mr. Yan Jun, Executive Vice President of JETOUR International, highlighted the importance of media partnerships in supporting JETOUR's globalization efforts and promoting the "Travel+" spirit [8][10].

Group 1 - Chengdu International Auto Show officially opened on August 29 [1][2] - Chery showcased 31 models under the theme "Chinese Cars, Global Champions," highlighting advanced technologies such as range extension technology [2] - Geely's self-developed Shield Brick battery passed extreme tests, enhancing vertical integration capabilities in battery manufacturing [3] Group 2 - Lexus launched the new NX model with a starting price of 299,800 yuan, aiming to cater to diverse consumer needs [4] - G700 from Zhongheng received significant attention at the Chengdu Auto Show, with over 10,782 orders placed within three hours of global blind booking [5] - Jietu's Mountain Sea L7 PLUS was officially launched with a pure electric range of 220 km and a comprehensive range of 1,700 km, achieving 27,000 orders within 24 hours [6][7] Group 3 - The pre-sale of the Bingguo S from SAIC-GM Wuling started with a price range of 68,800 to 81,800 yuan, targeting the small electric vehicle market [8] - GAC Trumpchi's Xiangwang S9 Qian Kun began pre-sale at a starting price of 259,900 yuan, featuring advanced driving assistance systems [9] - Dongfeng Honda's new Ailey Shen was launched with four versions priced between 249,800 and 303,800 yuan, focusing on hybrid technology [10] Group 4 - Hyundai's 2026 model of the Parisian SUV began pre-sale with a price range of 293,800 to 363,800 yuan, featuring a 2.5T hybrid system [11] - Great Wall Motors launched the new Tank 500 with prices ranging from 335,000 to 375,000 yuan, emphasizing its upgraded intelligent features [12][13] - The extreme pre-sale of the small electric SUV, Extreme Fox T1, started with a price range of 68,800 to 93,800 yuan, targeting the A0-level electric vehicle market [14]

Core Insights - General Dynamics reported Q2 2025 revenue of $13 billion, an 8.9% increase year-over-year, with three of four business segments showing gains [5][10] - The company raised its FY2025 revenue and earnings guidance, citing strong order flow and record backlog [7][46] - The Marine Systems segment saw a significant backlog increase of $14.6 billion, or 38%, primarily from Virginia class submarine contracts [7][28] Financial Performance - Operating earnings for Q2 2025 were $1.3 billion, reflecting nearly 13% growth year-over-year [8][10] - Net income was slightly over $1 billion, a 12% increase, with diluted EPS of $3.74, up 14.7% compared to the previous year [8][10] - The backlog reached a record level of $103.7 billion, up 14% from a year ago, with a total estimated contract value exceeding $160 billion [8][13] Segment Performance - **Marine Systems Segment**: Revenue of $4.22 billion, up 22.2% year-over-year, with a backlog increase of $14.6 billion [8][27] - **Aerospace Segment**: Revenue of $3.06 billion, a 4.1% increase, with operating earnings of $403 million, up 26.3% [8][18] - **Combat Systems Segment**: Revenue was $2.28 billion, flat year-over-year, but operating earnings increased by 3.5% [8][30] - **Technologies Segment**: Revenue of $3.5 billion, up 5.5%, with operating margin at 9%, down 10 basis points [8][35] Order Activity and Backlog - The company achieved a book-to-bill ratio of 2.2, driven by $28 billion in orders, particularly in Marine Systems [8][12] - The Marine segment's strong order activity was highlighted, with significant contracts for submarine construction [12][28] - GDIT experienced significantly lower contract award adjudications in the first half of 2025 compared to the same period in 2024, which may impact second-half results [6][39] Guidance and Future Outlook - The company expects approximately $51.2 billion in revenue for 2025, with an operating margin of 10.3% and EPS between $15.05 and $15.15 [46] - Capital expenditures were $198 million in Q2 2025, expected to exceed 2% of sales for the full year [16][46] - The first G800 deliveries are anticipated in Q3 2025, with about 13 deliveries expected for the year [8][20]