What did you learn from Airbnb, your experience at Airbnb that helped you take on this challenge. Well, I'm not an scientist, so I went into this eyes wide open going, I will need to bring on the team and the group of experts to be able to build the formulation to navigate the regulations. But what I did take was just an ounce of that courage to disrupt something that was the status quo.And remember, Airbnb was going up against the hospitality industry. It was questioning how people should travel in ways th ...

You left Airbnb because you had this vision of starting a new kind of formula company. You wanted to take meaningful market share from the formula market. How are things going.Um, you know, I don't think any quarter is what you expect, especially in the infant formula space. You go in with a level of actually there's probably nothing more predictable and repeatable than infant formula except for the market and how quickly it's changing. So, it's been fast growth, it's been fast change.Um, but you remember b ...

Company Performance - Abbott's stock closed at $134.59, reflecting a +1.2% increase from the previous day, outperforming the S&P 500's gain of 0.01% [1] - Over the past month, Abbott's shares have appreciated by 0.14%, underperforming the Medical sector's gain of 4.67% and the S&P 500's gain of 4.83% [1] Upcoming Earnings - Abbott is set to release its earnings report on October 15, 2025, with an expected EPS of $1.3, indicating a 7.44% growth year-over-year [2] - The consensus estimate for revenue is $11.42 billion, reflecting a 7.4% increase compared to the same quarter last year [2] Annual Estimates - For the annual period, Zacks Consensus Estimates project earnings of $5.15 per share and revenue of $44.68 billion, representing increases of +10.28% and +6.5% respectively from the previous year [3] - Recent changes to analyst estimates for Abbott indicate evolving short-term business trends, with positive revisions suggesting analysts' confidence in the company's performance [3] Valuation Metrics - Abbott's current Forward P/E ratio is 25.83, which is a premium compared to the industry average of 18.31 [6] - The PEG ratio for Abbott stands at 2.52, compared to the industry average PEG ratio of 2.27 [6] Industry Context - The Medical - Products industry, which includes Abbott, has a Zacks Industry Rank of 77, placing it in the top 32% of over 250 industries [7] - Strong individual industry groups, as measured by the Zacks Industry Rank, tend to outperform weaker groups by a factor of 2 to 1 [7]

Mengniu Dairy (2319.HK) Conference Call Summary Company Overview - **Company**: Mengniu Dairy - **Ticker**: 2319.HK - **Market Cap**: HK$59.5 billion / $7.6 billion - **Enterprise Value**: HK$79.5 billion / $10.2 billion - **Industry**: China Consumer Staples Key Takeaways from the Conference Call Sales and Revenue Guidance - Management guided for a mid-single-digit to high-single-digit percentage decline in top line for FY25, with liquid milk expected to decline slightly, narrowing from a -11% decline in 1H25 to a better performance in 2H25 [1] - The company remains cautious about gifting demand trends for the Mid-Autumn Festival in Q3 and for Q4 due to a later Chinese New Year [1] 2B Business Highlights - Mengniu expects its 2B overall sales to reach approximately Rmb10 billion in 2025, with a double-digit percentage year-on-year growth rate [1] - Breakdown of the Rmb10 billion sales target: 60% from liquid milk (mainly from coffee/tea chained stores and food service) and 40% from solid milk (driven by sales from Australian plants and Milkground cheese) [1] - Gross Profit Margin (GPM) for 2B business is expected to be lower than 2C, but Operating Profit Margin (OPM) remains healthy, particularly for the 2B liquid milk business, which can achieve around 5% Net Profit Margin (NPM) [1] Long-term Margin Opportunities - Management anticipates cheese sales to exceed Rmb5 billion, with Rmb2.3 billion achieved in 1H25, and ice cream sales to reach approximately Rmb6 billion, with Rmb3.9 billion in 1H25 [1] - Southeast Asia's EBITDA margin doubled last year with sales up by double digits, and NPM is nearing group-level [1] - Positive growth is expected to resume in the infant formula segment, contributing to long-term margin expansion from non-liquid milk business [1] Supply and Demand Dynamics - The winter season will be critical for observing supply/demand dynamics, with management noting a prolonged downcycle in 2025 YTD, showing a high-single-digit percentage year-on-year decline in demand for liquid milk [1] - Supply side is expected to cut by a low-single-digit percentage into Q3, with large-scale dairy farms reluctant to reduce herd size [1] - Potential supply/demand re-balancing opportunity is anticipated into mid-2026, with smaller dairy farms expected to exit the market [1] One-off Items and Losses - The company noted a significant narrowing of losses in the dry powder resale unit, expecting a 40-50% reduction in these losses [1] - Associate losses from Modern Dairy are expected to be smaller in 2H25 compared to 1H25, despite ongoing impairments from herd size cuts [1] - A one-off disposal gain from the sale of a New Zealand factory is anticipated to be less than Rmb100 million in 2H25 [1] Financial Projections - **Revenue Forecasts**: - FY24: Rmb88,674.8 million - FY25E: Rmb82,590.5 million - FY26E: Rmb86,527.8 million - FY27E: Rmb90,594.7 million [3] - **EBITDA Forecasts**: - FY24: Rmb4,578.4 million - FY25E: Rmb8,992.1 million - FY26E: Rmb10,393.5 million - FY27E: Rmb11,266.0 million [3] - **EPS Forecasts**: - FY24: Rmb0.03 - FY25E: Rmb1.00 - FY26E: Rmb1.37 - FY27E: Rmb1.60 [3] Risks and Considerations - Key downside risks include slower-than-expected premium demand, slower recovery in dairy demand, increased competition in the dairy industry, and wider losses in new categories [27] Conclusion Mengniu Dairy is navigating a challenging market environment with cautious revenue projections for FY25, while focusing on growth in its 2B business and long-term margin opportunities. The company is also addressing supply/demand dynamics and potential losses in specific segments, indicating a strategic approach to stabilize and grow its business in the coming years.

Company Performance - Abbott's stock closed at $132.02, reflecting a -1.18% change from the previous day, underperforming the S&P 500's daily loss of 0.33% [1] - Prior to the latest trading session, Abbott's shares had decreased by 2.09%, lagging behind the Medical sector's loss of 0.32% and the S&P 500's gain of 4.07% [1] Earnings Expectations - Abbott is set to release its earnings on July 17, 2025, with an expected EPS of $1.25, indicating a 9.65% growth year-over-year [2] - The consensus estimate for Abbott's revenue is $11.07 billion, representing a 6.7% increase compared to the same quarter last year [2] Full Year Projections - Analysts expect Abbott to achieve earnings of $5.16 per share and revenue of $44.7 billion for the full year, marking changes of +10.49% and +6.56% respectively from the previous year [3] - Recent revisions to analyst estimates suggest positive near-term business trends, indicating a favorable outlook for Abbott [3] Valuation Metrics - Abbott currently has a Forward P/E ratio of 25.91, which is a premium compared to the industry average Forward P/E of 20.14 [5] - The company holds a PEG ratio of 2.54, higher than the industry average PEG ratio of 2.29 [6] Industry Context - Abbott operates within the Medical - Products industry, which has a Zacks Industry Rank of 156, placing it in the bottom 37% of over 250 industries [6] - The strength of individual industry groups is measured by the Zacks Industry Rank, with the top 50% rated industries outperforming the bottom half by a factor of 2 to 1 [7]