Accessible version Basic Materials - China Copper/Aluminum/Gold Lifted; Ally Margin Slides; Steel Prices Rose Industry Overview Metals: Copper/Ally/Gold Lift; Lithium& Uranium advance US Nov'25 CPI came in below expectations, boosting prospects for a rate cut in Mar'26. LME copper gained 2.0% WoW to US$11,764/t, while China's price fell 1.4% to RMB 92,640/t. LME aluminum edged up 1.3% WoW to US$2,872/t, whereas China's price slipped 1.0% to RMB 21,820/t, squeezing margins by RMB 170/t WoW to RMB 5,915/t. CO ...

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Core Insights - Anoto Group AB reported a decrease in net sales and gross margin for both the third quarter and the first nine months of 2025 compared to the same periods in 2024 [5][6] - The company has entered into a secured convertible loan agreement to support its financing needs and global expansion efforts [2][5] Financial Performance - For Q3 2025, net sales were MSEK 7, up from MSEK 5 in Q3 2024 - Gross margin for Q3 2025 decreased to 40% from 52% in Q3 2024 - Operating loss for Q3 2025 was MSEK -13, slightly improved from MSEK -15 in Q3 2024 - Earnings per share before and after dilution improved to SEK -0.03 from SEK -0.07 in Q3 2024 [5] - For the period of January to September 2025, net sales amounted to MSEK 17, down from MSEK 24 in the same period of 2024 - Gross margin for this period decreased to 54% from 57% - Operating loss increased to MSEK -47 from MSEK -45 in the previous year - Earnings per share before and after dilution remained at SEK -0.07, improved from SEK -0.12 [6] Financing Activities - In October 2025, Anoto Group AB secured a convertible loan of approximately USD 2.4 million with an 8% annual interest rate, maturing on 1 October 2027, convertible at SEK 0.06 per share [2] - The loan is secured by a SEK 20 million floating charge over Anoto AB and a share pledge over Anoto AB's shares in KAIT Knowledge AI Holdings Pte. Ltd. - Previous convertible loans totaling USD 1.4 million were set off against this new financing [2]

Summary of China Basic Materials Monitor (November 2025) Industry Overview - The report focuses on the **China Basic Materials** industry, highlighting signs of **weaker demand** across various sectors, including white goods, renewables, and construction, which are experiencing a sequential deterioration beyond seasonal factors [1][1][1]. - **Infrastructure** projects are at multi-year low start rates due to funding challenges from local governments [1][1][1]. - The **automotive sector** remains robust currently, but concerns are emerging for the first quarter of 2026 [1][1][1]. - **Energy Storage System (ESS) batteries** are seeing accelerated growth, with positive expectations for 2026 based on producer feedback [1][1][1]. Demand Trends - Current demand in China is reported to be **7-12% lower year-on-year** for cement and construction steel, and **5-10% lower** for flat steel, copper, and aluminum [1][1][1]. - Finished goods inventory has increased, primarily due to metal fabrications and selected appliances and machinery [1][1][1]. - The **forward orderbook trend** is mostly stable month-on-month, with **61%** of respondents indicating an increase in downstream sectors and **35%** in basic materials for November [2][2][2]. Supply Dynamics - On the supply side, there is excess production and safety inspections leading to a contraction in output in key coal-producing regions [1][1][1]. - Incremental changes in cement and steel production have been limited [1][1][1]. - Recent weeks have seen improvements in margins/pricing for coal, aluminum, copper, and lithium, while steel prices have softened and cement prices remain stable [1][1][1]. Key Statistics - The report indicates a **deceleration in demand** due to high commodity prices and the diminishing momentum from trade-in programs [1][1][1]. - The **current demand** metrics reflect a significant decline across various materials, indicating potential risks for investors in the basic materials sector [1][1][1]. Conclusion - The China Basic Materials industry is facing challenges with weaker demand across multiple sectors, particularly in construction and infrastructure, while some segments like automotive and ESS batteries show resilience. The supply side is also adjusting to these demand changes, with implications for pricing and production strategies moving forward.

Summary of Key Points from Conference Call Industry Overview Basic Materials - China - **Copper Prices**: LME copper rose 1.5% WoW to US$10,856/t, while the China price increased 1.3% WoW to RMB87,200/t [1][31] - **Aluminum Prices**: LME aluminum slipped 0.2% WoW to US$2,830/t, while the China aluminum price increased 1.7% WoW to RMB21,910/t. Domestic aluminum margins improved by RMB395/t WoW to RMB6,094/t due to lower power costs [1][31][52] - **Gold Prices**: COMEX gold climbed 2% WoW to US$4,084/oz [1][11] - **Lithium Prices**: Average price of domestic battery-grade lithium carbonate (99.5%) rose 5.9% WoW to RMB85.2k/t [1][55] - **Uranium Prices**: Uranium U₃O₈ spot prices settled at US$77.7/lb, down 2.7% WoW [1][57] - **Cobalt Prices**: China cobalt spot price edged up 1% WoW to RMB395,000/t [1][63] Steel Industry - **Finished Steel Prices**: Rebar prices edged up 0.2% WoW to RMB3,218/t, and HRC rose 0.2% WoW to RMB3,298/t [2][66] - **Inventory and Consumption**: Finished steel inventory fell 1.7% WoW to 14.8 million tons, while apparent consumption slipped 0.7% WoW to 8.6 million tons [2][66] - **Iron Ore Prices**: Iron ore prices declined 1% WoW to USD104/t [2][66] - **Profit Margins**: Higher coke costs pressured margins, with rebar narrowing by RMB28/t WoW to –RMB392/t and HRC contracting by RMB36/t to –RMB380/t [2][66][75] Cement Industry - **Cement Prices**: Average national cement price traded higher by 0.6% WoW to RMB345/t. Prices in various provinces showed mixed trends [3][88] - **Demand Recovery**: National cement demand slightly recovered amid favorable weather conditions, with producers planning to push prices higher by year-end [3][88] - **Shipment and Inventory Ratios**: Nationwide shipment ratio decreased by 0.3 percentage points WoW to 40.0%, while inventory ratio was at 69.4%, down 0.2 percentage points WoW [3][20] Paper and Glass Industries - **Paper Prices**: Paper price rose by 1.76% WoW to RMB3,669/t, supported by supply shrinkage and low inventory [3][99] - **Glass Prices**: National average float glass price settled lower by 0.16% WoW to RMB1,195/t amid lukewarm demand. Xinyi float glass GPM was down 0.5 percentage points to 10.8% [3][22][98] Solar Materials - **Polysilicon Prices**: N-type polysilicon and granular silicon prices remained stable at RMB53/kg and RMB51/kg, respectively [3][109] - **Solar Glass Capacity**: Solar glass daily capacity climbed 1.43% WoW to 88,590t/day, with inventory days expanding 6.5% WoW to 25.63 [3][122] Additional Insights - **Market Sentiment**: The end of the U.S. government shutdown eased risk-off sentiment, supporting copper prices [1][31] - **Cement Producers' Strategy**: Cement producers are looking to increase prices to secure more profit by year-end [3][88] - **Steel Mill Margins**: Spot cash margins at steel mills indicate a challenging environment with negative margins for both rebar and HRC [2][75][81] This summary encapsulates the key points from the conference call, highlighting the performance and trends across various sectors within the basic materials industry in China.

Forward Looking Statements 2025 Third Quarter Results October 29, 2025 Paper | Packaging | Solutions Smurfit Westrock Q3 | 2025 Results | 2 The presentation includes certain "forward-looking statements" (including within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) regarding, among other things, the plans, strategies, outcomes, outlooks, and prospects, both business and financial, of Smurfit Westrock, the expected b ...

Core Insights - Packaging Corporation of America (PKG) reported adjusted earnings per share (EPS) of $2.73 for Q3 2025, missing the Zacks Consensus Estimate of $2.83 by 4% [1] - The company's revenues increased by 6% year over year to $2.3 billion, surpassing the Zacks Consensus Estimate of $2.26 billion [4] - The company anticipates a Q4 2025 EPS of $2.40, indicating a year-over-year decline of 2.8% and a sequential decline of 12% [11] Financial Performance - Adjusted EPS increased by 3% year over year, despite missing estimates [10] - Including one-time items, earnings were $2.51 per share, down from $2.64 in the prior year [3] - Gross profit decreased by 0.2% year over year to $504 million, with a gross margin of 21.8% compared to 23.1% a year ago [4] Segment Performance - In the Packaging segment, sales rose 6% year over year to $2.13 billion, with total corrugated product shipments down 1.1% year over year [6] - Containerboard production was 1,255,000 tons at legacy mills and 47,000 tons at acquired mills, with adjusted operating profit of $348 million [7] - The Paper segment's revenues were $161 million, up 1.2% year over year, but adjusted operating profit fell to $36 million from $39 million [8] Cost and Expenses - Cost of products sold increased by 8% year over year to $1.81 billion [4] - Selling, general and administrative expenses totaled $154 million, down from $162 million in the prior year [5] - Higher operating costs, lower production volumes, and increased depreciation and freight expenses impacted overall profitability [2] Cash Flow and Balance Sheet - The cash balance at the end of Q3 was $806.4 million, down from $841 million at the end of the prior year [9] Market Outlook - The company expects higher daily corrugated shipments in Q4 but anticipates seasonal cost and mix headwinds [12] - Containerboard production is expected to dip sequentially due to maintenance outages, impacting earnings by 29 cents [12] - The Packaging segment is projected to experience lower prices due to a less favorable seasonal mix [13] Stock Performance - PKG shares have declined by 8.3% over the past year, outperforming the industry decline of 34.0% [15]

Summary of China Basic Materials Monitor - October 2025 Industry Overview - The report focuses on the **China Basic Materials** industry, particularly construction materials, steel, coal, cement, aluminum, copper, and lithium sectors. Key Points Construction and Demand Trends - End-user orderbooks showed a month-over-month (MoM) increase as of mid-October, aligning with seasonal trends. However, infrastructure construction is deteriorating faster than anticipated, with weakened project start rates. The impact of central government special funding remains unclear based on feedback from construction dealers and producers of cement and construction steel [1][2][3] - Current Chinese demand for cement and construction steel is reported to be **11-18% lower year-over-year (YoY)**, while demand for copper and aluminum is **5-6% lower YoY**. Flat steel demand has increased by **2% YoY** [2][3] Supply Side Dynamics - There have been no significant cuts in steel production, while corrections in excess production and safety inspections in coal continue. Domestic disruptions in copper scrap have deepened [2] - Recent weeks have seen improvements in margins/pricing for coal, cement, aluminum, copper, and lithium, while steel prices have softened [2] Producer Feedback and Order Trends - A proprietary survey indicates that **61%** of respondents in downstream sectors and **26%** in basic materials reported an MoM increase in orderbooks for October. Conversely, **26%** of respondents indicated a lower MoM trend [3] Price and Margin Analysis - Margin improvements have been noted across several materials, including coal, cement, aluminum, copper, and lithium, while steel margins have softened [2] Market Sentiment - The overall sentiment in the basic materials sector reflects a cautious outlook due to the declining trends in construction and infrastructure projects, despite some positive signals in specific sectors like auto/EV and battery production [1][2] Additional Insights - The report highlights the importance of monitoring the impact of government funding on infrastructure projects, as its effects are yet to be fully realized [1] - The data suggests a potential shift in investment focus towards sectors showing resilience, such as auto/EV and battery production, while traditional construction materials may face ongoing challenges [1][2] This summary encapsulates the critical insights from the October 2025 report on the China Basic Materials industry, emphasizing the current demand trends, supply dynamics, and market sentiment.

Core Insights - Packaging Corp. reported revenue of $2.31 billion for the quarter ended September 2025, reflecting a 6% increase year-over-year and surpassing the Zacks Consensus Estimate of $2.26 billion by 2.17% [1] - The company's EPS for the quarter was $2.73, an increase from $2.65 in the same quarter last year, although it fell short of the consensus estimate of $2.83 by 3.53% [1] Financial Performance - Segment Sales for Packaging reached $2.13 billion, exceeding the average estimate of $2.1 billion by analysts, marking a 5.9% increase compared to the previous year [4] - Segment Sales for Corporate and Other amounted to $24.1 million, significantly higher than the estimated $17.26 million, representing a 67.4% increase year-over-year [4] - Segment Sales for Paper were reported at $161.2 million, slightly above the estimated $151.38 million, with a year-over-year increase of 1.2% [4] Operating Income - Segment operating income for Packaging was $347.9 million, slightly below the average estimate of $351.75 million [4] - Segment operating loss for Corporate and Other was reported at $-32.7 million, in line with the average estimate of $-32.77 million [4] - Segment operating income for Paper was $35.6 million, which was below the estimated $37.02 million [4] Stock Performance - Over the past month, Packaging Corp.'s shares have returned -2.6%, contrasting with the Zacks S&P 500 composite's increase of 1.1% [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3]

Core Insights - Packaging Corporation of America (PKG) is scheduled to report its third-quarter 2025 results on October 22, with revenue estimates at $2.26 billion, reflecting a 3.4% year-over-year growth, and earnings per share (EPS) estimated at $2.83, indicating a 6.8% increase from the previous year [1][5]. Financial Performance - The Zacks Consensus Estimate for PKG's third-quarter revenues is $2.26 billion, which shows a growth of 3.4% compared to the same quarter last year [1]. - The consensus estimate for earnings is $2.83 per share, representing a year-over-year growth of 6.8% [1]. - PKG has a history of earnings surprises, beating estimates in three of the last four quarters with an average surprise of 2.9% [3][4]. Segment Analysis - The Packaging segment is expected to report revenues of $2.06 billion, which is a 2.6% increase from the prior year, despite a predicted volume decline of 2.5% [8][9]. - Operating income for the Packaging segment is estimated at $340 million, reflecting a 6.2% growth year-over-year [9]. - The Paper segment is projected to have revenues of $151 million, down 5.4% from the previous year, with an operating income estimate of $38 million, indicating a 1.2% decline [10]. Strategic Developments - The acquisition of Greif, Inc.'s containerboard business, finalized in early September, is expected to positively impact PKG's earnings immediately, contributing to the Packaging segment's performance [7]. Stock Performance - Over the past year, PKG shares have decreased by 2.5%, contrasting with a 34.6% decline in the industry [11].