GreensKeeper Asset Management, an investment management company, released its third-quarter 2025 investor letter. A copy of the letter can be downloaded here. The Value Fund has ended the quarter with a +4.0% gain, taking the YTD return to +0.2% net of fees and expenses. The US dollar continued to pose a challenge, negatively impacting performance by -3.7% so far this year. The year’s market rally was primarily led by AI, crypto, and speculation. In addition, you can check the fund’s top 5 holdings to dete ...

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]

Second-Quarter 2025 Financial Performance - The company reported second-quarter revenue of $13,304 million [6], representing a 9% increase compared to $11,968 million in the second quarter of 2024 [6] - Second-quarter earnings were $1,305 million [6], a 29% increase from $1,014 million in the same period last year [6] - Second-quarter diluted EPS was $340 [6], up 26% from $270 in 2024 [6] First-Half 2025 Financial Performance - First-half revenue reached $26,422 million [8], a 113% increase compared to $22,707 million in the first half of 2024 [8] - First-half earnings were $2,573 million [8], a 18% increase from $2,174 million in the same period last year [8] - First-half diluted EPS was $740 [8], up 25% from $614 in 2024 [8] Aerospace Segment - Aerospace revenue increased by 4%, reaching $3,062 million [10] compared to $2,940 million in the second quarter of 2024 [10] - Aerospace operating earnings increased by 26%, reaching $403 million [10] compared to $319 million in the second quarter of 2024 [10] - Aerospace backlog reached $199 billion [10] driven by orders of $4 billion [11] Marine Systems Segment - Marine Systems revenue increased by 22%, reaching $4,220 million [16] compared to $3,453 million in the second quarter of 2024 [16] - Marine Systems backlog reached a record $53 billion [17], including over $18 billion in awards [17]

Core Insights - JETOUR hosted over 130 media members and influencers at Auto Shanghai 2025, showcasing its "Travel" culture and unveiling new technologies [1][4] - The company introduced its GAIA architecture, featuring advanced power systems and intelligent off-road capabilities [5][6] - JETOUR launched the JETOUR Media Alliance (JMA) to enhance global engagement and brand positioning [9] Group 1: Event Highlights - The event included a city tour of Shanghai, allowing media and influencers to experience iconic landmarks [2] - Guests were immersed in the "Travel+" lifestyle, showcasing outdoor gear and JETOUR's conservation initiatives [3] - Test drives of the T1, T2 i-DM, and G700 models provided hands-on experience with JETOUR's latest innovations [10][12] Group 2: Product Innovations - The GAIA architecture supports two advanced power systems: Super Hybrid iDM-O and Amphibious Off-Road Range Extender iEM-O [5] - The G700 and G900 models are positioned as premium off-road SUVs, exceeding expectations in design and performance [6] - The T1 features an innovative XWD intelligent four-wheel drive system, enhancing off-road capabilities [11] Group 3: Strategic Developments - The media workshop engaged over 40 automotive journalists to discuss JETOUR's global expansion and product positioning [8] - The JETOUR Media Alliance aims to create systematic engagement with media partners to drive brand strategy [9] - JETOUR plans to expand its "Travel" lifestyle mantra through global partnerships [16]