Anito-cel Product Profile and Clinical Data - Anito-cel, a BCMA-directed CAR T-cell therapy, utilizes a novel D-Domain binder, potentially offering a best-in-class efficacy profile, differentiated safety, and rapid manufacturing[7, 8, 9, 15] - Phase 1 data showed a median Progression-Free Survival (PFS) of 30.2 months[17] - In the iMMagine-1 pivotal trial, the Overall Response Rate (ORR) was 97%, with a stringent Complete Response/Complete Response (sCR/CR) rate of 68%[92] - iMMagine-1 demonstrated a 6-month PFS rate of 91.9% and a 12-month PFS rate of 79.3%[98] - iMMagine-1 showed a favorable safety profile, with 85% of patients experiencing < Grade 1 Cytokine Release Syndrome (CRS) and 92% experiencing no Immune Effector Cell-associated Neurotoxicity Syndrome (ICANS)[17, 108, 118] Market Opportunity and Commercial Strategy - The Multiple Myeloma (MM) CAR T market is projected to reach approximately $12 billion in the 2L+ setting[7, 19, 21, 55, 61] - Arcellx anticipates a high gross margin of ≥70% at launch for anito-cel, with profitability achievable before reaching $1 billion in anito-cel sales[51, 55] - Post-approval, 90% of US Healthcare Professionals (HCPs) are motivated to prescribe anito-cel[30] - Anito-cel is expected to launch with a large Authorized Treatment Center (ATC) network, projected to be 160+ ATCs, leveraging Kite's infrastructure[17, 33, 62] - Payer coverage for anito-cel is projected to be >80% of US lives within 30 days and >90% within 90 days post-launch[45]

Core Insights - Chipotle Mexican Grill, Inc. (CMG) is enhancing operational efficiency to navigate a challenging consumer environment, focusing on modernizing kitchen operations for long-term margin expansion [1] Operational Enhancements - To counter rising costs and improve productivity, Chipotle is introducing high-efficiency kitchen equipment, including a produce slicer, dual-sided plancha, high-capacity fryer, and three-pan rice cooker, aimed at reducing prep time and labor friction while maintaining culinary consistency [2] - The company plans to fully deploy the produce slicer by the end of Q2 2025 and expand the equipment package to 100 existing restaurants throughout the year, expecting productivity and supply-chain savings from these initiatives [3] Technological Innovations - Chipotle is also developing two technologies: Autocado, an automated avocado prep tool, and an augmented digital makeline, both of which are undergoing testing for further in-store validation, with expectations of unlocking additional productivity gains without compromising food quality [4] Reinvestment Strategy - While anticipating margin efficiency from these investments, Chipotle will reinvest a portion of the savings into the business to enhance team deployment during peak hours and improve the in-restaurant experience, aligning with its "guest-obsessed" philosophy [5] Industry Comparisons - Shake Shack Inc. (SHAK) is also focusing on operational improvements for margin expansion, reporting a 120 basis points increase in restaurant-level margin to 20.7% in Q1 2025, and guiding for a 50 basis points increase over the next three years [6] - Sweetgreen Inc. (SG) is investing in automation through its Infinite Kitchen format, expecting a restaurant-level margin of approximately 19.5% in 2025 [7] Stock Performance - Chipotle's shares have increased by 5.8% over the past three months, contrasting with a 2.2% decline in the industry [8] Valuation Metrics - Chipotle trades at a forward price-to-sales ratio of 5.39X, which is significantly higher than the industry's 4.00X [10] Earnings Estimates - The Zacks Consensus Estimate for Chipotle's earnings in 2025 and 2026 indicates a year-over-year increase of 8% and 17.7%, respectively, with the 2025 estimate remaining unchanged over the past 30 days [11]

SHANGHAI, May 29, 2025 /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company"), a rapidly expanding leader in Bitcoin mining, has finalized the divestment of all its business in the PRC (the "PRC Business"), a strategic transaction valued at approximately US$351.94 million in cash with Ursalpha Digital Limited. The sale, which closed on May 27, 2025, decisively repositions Cango to concentrate its full financial and operational capabilities on accelerating its leadership in the global Bitcoin min ...

白交 发自 凹非寺 量子位 | 公众号 QbitAI 上海交大、27岁、最年轻博导 ，留给张林峰的标签不多了 （Doge） 。 最新引发关注的，是他实实在在的一个论文成果—— 他们提出了一种新的数据集蒸馏方法，结果获得了 CVPR 2025满分 。 通过引入一个辅助的神经网络，只需一块6年前的2080Ti，就能做大模型数据蒸馏。与前SOTA相比，新方法的显存占用只有1/300，并且速 度提升了20倍。 不过对于这一结果，张林峰表示有点意外。但能肯定的是 「数据蒸馏」 这一范式会成为接下来模型压缩的趋势之一。 这其实代表着张林峰团队所做的一个方向： 通过数据的角度去加速模型 。 当前AI模型需要基于海量数据进行训练，这显著增加了大型模型的训练成本。我们研究如何更高效地利用数据，更科学地清洗和合成数据，并 利用合成数据进一步增强生成模型，从而实现数据高效的人工智能。 具体是什么意思？ 实际上 模型压缩 这个领域其实并不新。作为机器学习中的一个分支，它旨在减少模型的复杂度、存储空间或计算资源需求，同时尽可能保持 其性能。像大家熟知的剪枝、量化、蒸馏都是模型压缩的传统方法。 随着大模型浪潮深入，「大力出奇迹」范式开始 ...

Core Viewpoint - Autodesk (ADSK) is expected to report quarterly earnings of $2.14 per share, reflecting a 14.4% increase year over year, with revenues projected at $1.61 billion, a 13.4% increase compared to the previous year [1]. Group 1: Earnings and Revenue Projections - The consensus EPS estimate for the quarter has not changed over the past 30 days, indicating stability in analysts' projections [1]. - Analysts predict 'Net Revenue- Maintenance' to reach $10.02 million, showing a decline of 8.9% year over year [4]. - 'Net Revenue- Other' is expected to be $82.74 million, indicating an increase of 8.9% from the year-ago quarter [4]. - 'Net Revenue- Subscription' is projected at $1.51 billion, reflecting a year-over-year increase of 13.8% [4]. Group 2: Total Revenue and Product Family Insights - 'Net Revenue- Total subscription and maintenance revenue' is estimated to reach $1.52 billion, indicating a 13.6% increase year over year [5]. - 'Net revenue by product family- M&E (Media and Entertainment)' is forecasted at $87.01 million, showing a significant increase of 22.6% from the prior-year quarter [5]. - 'Net revenue by product family- Other' is expected to be $33.91 million, reflecting a 21.1% increase from the previous year [6]. - 'Net revenue by product family- AEC (Architecture, Engineering and Construction)' is projected at $781.97 million, indicating a 16% increase year over year [6]. Group 3: Additional Product Family Metrics - 'Net revenue by product family- MFG (Manufacturing)' is expected to reach $293.71 million, reflecting a 9.6% increase year over year [7]. - 'Net revenue by product family- AutoCAD and AutoCAD LT' is projected at $404.87 million, indicating a 7.7% increase from the prior year [7]. Group 4: Billings and Market Performance - Analysts predict 'Billings' to reach $1.44 billion, compared to $1.11 billion reported in the same quarter last year [8]. - Autodesk shares have increased by 14.9% in the past month, outperforming the Zacks S&P 500 composite's 13.1% increase [8].

Financial Data and Key Metrics Changes - In Q1 2025, total revenue reached USD 145 million, with USD 144 million coming from Bitcoin mining operations, marking a significant increase compared to the previous year [4][12] - Gross profit for the quarter was USD 13.61 million, while the operating loss was USD 155.5 million, primarily due to a decline in Bitcoin prices [4][15] - As of March 31, 2025, total cash, cash equivalents, and short-term investments amounted to USD 347 million, providing solid support for future business expansion [4] Business Line Data and Key Metrics Changes - Revenue from the Bitcoin mining business was USD 144 million, with 15.41 Bitcoins mined in Q1 2025 [13] - Revenue from automotive trading related income decreased to RMB 64.4 million compared to the same period in 2024 [13] - The average cost to mine Bitcoin was USD 70,602.1 per coin, excluding depreciation of mining machines [13] Market Data and Key Metrics Changes - The company holds a total computing power of 32 exahashes per second, accounting for approximately 4% of the global average hash rate in Q1 [5] - The average monthly effective hash rate consistently exceeded 30 exahashes per second, with a coin yield of 16.6 Bitcoins per exahash, placing the company among the top three publicly listed mining companies [7] Company Strategy and Development Direction - The company is committed to a "mine and hold" strategy, focusing on self-mining and long-term holding of Bitcoin [8] - Plans to optimize existing computing power resources and pursue M&A opportunities to scale operations and enhance market competitiveness [9] - The traditional automotive business, AutoCango, aims to connect China's used car market with overseas buyers, with over 480,000 used car listings [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Bitcoin's long-term value appreciation potential and the stability of its supply [8] - The company is focused on optimizing mining operations and exploring new market opportunities while strengthening partnerships [25] - Management acknowledged challenges from increasing computing power and mining difficulty but emphasized ongoing efforts to enhance operational efficiency [20][24] Other Important Information - The company has reduced its total outstanding loan balance to approximately RMB 2.6 billion, with improved loan quality metrics [5] - The average power efficiency for the quarter was 21.62 per terahash, indicating strong operational metrics [7] Q&A Session Summary Question: Trends in the cryptocurrency market - Management believes the cryptocurrency market presents both opportunities and challenges, with a focus on monitoring developments and adjusting strategies accordingly [19] Question: Response to increasing computing power and mining difficulty - The company plans to optimize existing mining operations and expedite the delivery of additional computing power [20] Question: Reasons for declines in April metrics - A significant decrease in mined Bitcoins in April was attributed to an increase in global network hash rate and mining difficulty [22] Question: Pressure from increasing electricity costs - The company is experiencing high electricity costs but is exploring renegotiation of hosting agreements and partnerships in low-cost clean energy projects [24] Question: Future strategic direction - The company will focus on optimizing mining operations, enhancing efficiency, and exploring new market opportunities while pursuing sustainable energy sources [25] Question: Concentration risk in revenue from Bitcoin mining - While the majority of revenue comes from Bitcoin mining, the company remains confident in its used car export business and plans to explore additional opportunities for diversification [28] Question: Plans for cash flow and financing - The company has sufficient liquidity for operations and plans to prioritize debt financing over equity financing [30]

Core Insights - Autodesk has launched a significant brand transformation with the "Let There Be Anything" campaign, celebrating human ingenuity and the technology that supports design and creation [1][6] - The campaign marks Autodesk's evolution into a platform company serving professionals across various Design and Make industries, moving beyond its traditional identity as the maker of AutoCAD [2][8] Campaign Details - The campaign features a U.S.-only 60-second advertisement starring Emmy-winner Tony Hale, which will air during the NBA Playoffs, showcasing the creativity of Autodesk customers [3][4] - The ad employs humor and metaphor to engage audiences, bridging the brand and product in a fresh and entertaining manner [5] Customer Impact - The campaign will include a global storytelling series highlighting real Autodesk customers making significant impacts in their fields, such as architecture and adaptive design [7][9] - Notable examples include Noella Nibakuze, who optimized performance for a regenerative agriculture university, and Noel Joyce, who designed an adaptive mountain bike for wheelchair users [9] Industry Context - Over 300 million professionals work in the Design and Make industries, which are projected to reach a global value of $30 trillion by 2027 [8] - Autodesk aims to unify its brand across these industries, showcasing its comprehensive portfolio and the transformative impact of its technology [8][10]

Core Viewpoint - Zhuolang Intelligent reported a revenue of 4.026 billion yuan and a net profit attributable to shareholders of -127 million yuan for the year 2024, with net assets remaining stable at 3.104 billion yuan [1] Group 1: Business Segments - Zhuolang Intelligent operates three business divisions: Spinning Division, Technology Division, and Data & Services Division, providing comprehensive solutions from cotton bales to yarn production [2] - The Spinning Division includes brands such as Schlafhorst, Zinser, and Texparts, with key products like Autocard cotton carding machines and Autocoro automatic rotor spinning machines [2] - The Technology Division focuses on high-reliability machinery, featuring brands like Allma and Volkmann, and aims to set new standards in various fiber twisting and spinning industries [2] - The Data & Services Division leverages advancements in industrial internet and smart manufacturing, utilizing AI, big data, and cloud computing to enhance digital and service capabilities in the textile industry [2] Group 2: Brand Recognition and Innovation - Zhuolang Intelligent's brands, including Schlafhorst and Allma, are widely recognized globally, contributing to sustained growth in both domestic and international markets [3] - The company has a strong focus on product innovation, supported by a research team of over 300 personnel and more than 1,000 registered patents [3] - Notable product performance includes a 66.9% increase in sales of twisting machines, while ring spinning and rotor spinning volumes slightly declined due to industry cycles [3] Group 3: New Product Launches and Cost Management - During the reporting period, new products launched include the latest Zinser 51 ring spinning machine and the 11th generation Autocoro automatic rotor spinning machine, achieving over 10% reduction in energy consumption [4] - The company successfully implemented cost reduction strategies, with sales, management, and financial expenses decreasing, particularly a 77.1% drop in financial expenses attributed to currency exchange gains and lower interest costs [4] Group 4: Future Outlook - The domestic market is expected to see increased demand for intelligent transformation in the textile machinery industry, with 70% of large-scale textile enterprises achieving digitalization [5] - Growth in high-end product markets and new equipment demand driven by environmental and resource recycling considerations are anticipated [5] - Zhuolang Intelligent plans to specialize in natural textile machinery and accelerate digital transformation, while also focusing on industry upgrades and exploring emerging markets [5]

4月28日晚间，卓郎智能（600545）公布2024年年报，公司全年实现营业收入40.3亿元，实现归属于上 市公司股东的净利润-1.27亿元。2024年，全球经济格局复杂多变，政策宽松窗口与地缘风险并存，经 济波动导致国际市场纺织品消费需求总体疲弱，纺织行业外贸形势较为严峻。面对行业经营压力较大的 困难挑战，公司正积极推进深化供给侧改革与高质量发展，以积极应对并有效化解当前挑战，开创更加 稳健且可持续的经营局面。 行业有望触底企稳 报告期内，国内市场需求不足、价格过度竞争与生产成本上涨，海外市场受到地缘政治局势的影响，客 户投资意愿下降，从而使得报告期内公司的订单同比减少。 虽然当前行业处于阶段性的低谷，但不少积极因素已经开始逐步显现。目前，国内纺机制造市场进入存 量竞争阶段，主机需求以设备升级(替换老旧机型)为主，新增产能减少，由此可见，行业"内卷"趋势有 所缓解。 而国内宏观政策也为固定资产投资提供了进一步有力支持。2024年3月，国务院印发《推动大规模设备 更新和消费品以旧换新行动方案》，推动大规模设备更新和消费品以旧换新，2024年《政府工作报告》 把"大力推进现代化产业体系建设，加快发展新质生产力" ...

险高等特点，投资者面临较大的市场风险。投资者应充分了解科创板的投资风险及本公司所披露 的风险因素，审慎作出投资决定。 苏州浩辰软件股份有限公司 Gstarsoft Co., Ltd. （苏州工业园区东平街 286 号） 首次公开发行股票并在科创板上市 招股意向书 保荐人（主承销商） （北京市朝阳区安立路 66 号 4 号楼） 本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风险高、业绩不稳定、退市风 苏州浩辰软件股份有限公司 招股意向书 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行人 注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发 行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之 相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股 票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-1 发行股票类型 人民币普通股（A 股） 发行股数 拟公开发行股份 1,121.82 万股，公司股东不公 ...