Summary of Mobileye Global Conference Call (September 30, 2025) Company Overview - **Company**: Mobileye Global (NasdaqGS:MBLY) - **Industry**: Advanced Driver Assistance Systems (ADAS) and Autonomous Vehicles Key Points Core Business and Financials - Mobileye's core ADAS business is generating significant revenue, with an estimated EPS of $0.60 to $0.65 attributed to R&D for advanced products that are not yet revenue-generating [9][8] - The core business is projected to generate approximately $1 billion in free cash flow, with an EPS of $1 [9] - Mobileye has been outperforming core customers in production, indicating growth potential and market share gains [9] Market Opportunities - New markets such as India and Latin America present significant growth opportunities due to low current ADAS penetration [10] - In India, ADAS penetration is around 5%, with expectations for substantial growth driven by new regulations and consumer demand for safety features [20] - Mobileye has design wins with major automakers, including a partnership with Porsche launching in late 2026 and Audi in 2027 [13][14] Product Development - Mobileye's product offerings include: - **Supervision**: An eyes-on product priced at approximately $1,300, designed for urban and highway driving with driver oversight [12] - **Chauffeur**: An eyes-off product for highway driving, priced between $2,500 and $3,000, expected to launch in 2027 [14] - The company is focused on enhancing safety ratings, which are becoming increasingly stringent, necessitating more advanced systems [11] Competitive Landscape - Mobileye aims to differentiate itself in the Robotaxi market by removing safety drivers, with plans to achieve this by mid-2026 [16][54] - The company is collaborating with Volkswagen to integrate its self-driving technology into the VW ID Buzz vehicle, which will feature redundant steering and braking systems [53] Regulatory Environment - The regulatory landscape in the U.S. is evolving, with indications of a federal framework to streamline certification processes [69] - In Europe, the certification process is more stringent, requiring real-world data validation, which may delay the removal of safety drivers until late 2026 [71] Deployment Plans - Initial deployment of Robotaxi services is planned for cities including Los Angeles, Dallas, and various locations in Germany, with a focus on integrating into existing ride-sharing networks [62][76] - The company is targeting a significant number of units for deployment, with Volkswagen's initial engagement for 12,000 units over four to five years [78] Future Outlook - Mobileye is optimistic about its growth trajectory, with expectations for increased demand for advanced ADAS systems as automakers transition to more sophisticated vehicle architectures [33] - The company is well-positioned to leverage its extensive data and technology to expand geographically and enhance its product offerings [66] Additional Insights - The competitive landscape is rapidly evolving, with increasing interest in autonomous vehicle technology from various players in the industry [16] - Mobileye's focus on collaboration with automakers is crucial for successful product development and market entry [37] - The company is aware of the challenges posed by consumer acceptance and regulatory hurdles but remains committed to advancing its technology [70][72]

Financial Data and Key Metrics Changes - Q2 revenue increased by 15% year over year, driven by strong demand for the IQ product across regions and OEMs [6][21] - Adjusted operating income rose by 34%, with adjusted operating margin increasing by three points to 21% [6] - Operating cash flow exceeded $200 million for the quarter and over $300 million for the first half, representing about 33% of revenue [7] - Full year revenue outlook raised by 4% and adjusted operating income outlook increased by 14% at the midpoint [7][26] Business Line Data and Key Metrics Changes - The core ADAS business maintained volumes at or above 8.5 million units per quarter for the last four periods [7] - Supervision volumes are expected to reach about 40,000 units at the midpoint, a significant increase from previous expectations [27][46] - The IQ six Lite chip is positioned as the future high-volume chip for the ADAS segment, with systems already deployed in multiple regions [8][9] Market Data and Key Metrics Changes - Demand for advanced products is increasing, with OEMs showing interest in transitioning from single camera programs to multi-camera surround ADAS bundles [10] - The company noted a growing demand from OEMs to consolidate ECUs and integrate technology on a single SoC [10] - The Chinese market showed improved performance, with IQ volumes in 2025 expected to be around 18.1 million units, reflecting a stable demand environment [22][68] Company Strategy and Development Direction - Mobileye is focusing on scaling its Robotaxi operations, with partnerships with OEMs like Volkswagen and demand generators like Uber and Lyft [17][56] - The company aims to leverage its unique technology and partnerships to achieve rapid scalability in the Robotaxi market [17][59] - The strategy includes transitioning from driver-operated vehicles to fully autonomous systems by 2026, with significant revenue expected in 2027 [46][126] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet safety and scalability goals for Robotaxi operations [12][13] - The operating environment is viewed positively, with no tangible headwinds anticipated for Q4 volumes [26] - OEMs are increasingly clarifying their planning and decision-making processes, indicating a more favorable outlook for the company's products [18] Other Important Information - The company is maintaining strong working capital discipline, with inventory levels closely monitored [24][90] - Management highlighted the importance of competitive pressure in driving OEMs to adopt new technologies [31][32] - The company is not expecting significant growth in operating expenses in the near future, indicating efficient resource allocation [72] Q&A Session Summary Question: Can you elaborate on the momentum at Chauffeur and the slower decision-making in supervision? - Management noted a lack of competitive pressure in Europe and the U.S., which is causing OEMs to take their time with decisions [31][32] Question: What is driving the increase in supervision volume expectations? - The increase is attributed to better-than-expected vehicle sales from OEMs like Zika and Polestar [45] Question: How do you view the competitive landscape for Robotaxi? - Mobileye sees itself as a unique player in the market, with strong partnerships and a scalable business model [58][59] Question: What is the expected timeline for the launch of supervision and chauffeur programs? - Production for Audi's chauffeur program is expected to start in late 2026, with significant revenue anticipated in 2027 [46] Question: How does the company manage its capital expenditures? - Mobileye has a different philosophy regarding capital expenditures, focusing on efficient compute needs rather than high spending [96][98] Question: What is the lead time for securing awards in Surround Data? - The typical lead time is two to two and a half years from nomination to start of production [116]

Financial Data and Key Metrics Changes - Q2 revenue increased by 15% year over year, driven by strong demand for the IQ product across regions and OEMs [5][20] - Adjusted operating income rose by 34%, with adjusted operating margin increasing by three points to 21% [5] - Operating cash flow exceeded $200 million for the quarter and over $300 million for the first half, representing about 33% of revenue [6][23] - Full year revenue outlook raised by 4% and adjusted operating income outlook increased by 14% at the midpoint [6][25] Business Line Data and Key Metrics Changes - The core ADAS business maintained volumes at or above 8.5 million units per quarter for the last four periods [6] - Supervision volumes are expected to reach about 40,000 units at the midpoint, a significant increase from previous expectations [26][44] - The IQ six Lite chip is positioned as the future high-volume chip for the ADAS segment, with systems already deployed in multiple regions [7] Market Data and Key Metrics Changes - Demand for advanced products is growing, with OEMs shifting from single camera programs to multi-camera surround ADAS bundles [9] - The company noted a lack of competitive pressure in Europe and the U.S., which is slowing OEM decision-making [31] - The China market showed improved performance, with IQ volume growth of around 13% year over year in Q2 [65] Company Strategy and Development Direction - Mobileye is focusing on scaling its Robotaxi operations, with plans for commercial deployment starting in 2026 [15][124] - The company is leveraging partnerships with OEMs like Volkswagen to enhance its market position and scalability [60][61] - The strategy includes a comprehensive product portfolio that addresses various levels of automation, from ADAS to fully autonomous driving solutions [39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet safety and scalability goals for Robotaxi services [12][118] - The overall business environment is seen as favorable, with no tangible headwinds impacting performance [25] - OEMs are increasingly clarifying their planning and decision-making processes, indicating a positive trend for future volumes [18] Other Important Information - The company is maintaining strong working capital discipline, with inventory levels aligned with demand [21][23] - Management highlighted the importance of safety in the development of autonomous driving technologies, with a focus on achieving high mean time between failures (MTBF) [12][128] Q&A Session Summary Question: Can you elaborate on the momentum at Chauffeur and the slower momentum on supervision? - Management noted a lack of competitive pressure in Europe and the U.S., which is causing OEMs to take their time with decision-making [31][32] Question: What is driving the increase in supervision volumes? - The increase is attributed to better-than-expected sales from Zika and Polestar vehicles, indicating the maturity of the supervision system [44][45] Question: How does Mobileye view the competitive landscape for Robotaxi? - Mobileye sees itself as a unique provider capable of offering a full self-driving system, distinguishing itself from competitors like Waymo and Tesla [59][60] Question: What is the expected timeline for the removal of the driver in Robotaxi? - The driver removal is planned for mid-2026 in the first U.S. city, with a focus on scaling teleoperation technology [124] Question: How does Mobileye manage its capital expenditures? - Mobileye has a different philosophy regarding capital expenditures, focusing on efficient compute needs and maintaining a lower CapEx compared to competitors [94][96] Question: What is the timeline for securing contracts in relation to new ADAS standards? - The typical lead time for securing contracts is two to two and a half years, suggesting that OEMs need to secure contracts by 2026 for 2028 standards [112][114]

证券代码：600039 证券简称：四川路桥 公告编号：2025-075 "房建"主要为产业园区、学校、住宅、老旧小区改造等项目； "其他"包括勘察设计、咨询、监理、招标代理等服务类项目。 2.上表中中标项目包括公司通过公开招投标和投建一体模式获取的项目。 四川路桥建设集团股份有限公司 2025 年第二季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 四川路桥建设集团股份有限公司（以下简称公司）根据《上海证券交易所 上市公司行业信息披露指引第八号——建筑》的相关规定，现将 2025 年第二季 度主要经营数据（未经审计）公告如下： | | | 第二季度 | 第二季度 中标项目 | 本年累计 | 本年累计 中标项目 | 上年同期 累计中标 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | 分行 | 中标项目 | 金额 | 中标项目 | 合计金额 | 项目合计 | 同比增减 | | | 业 | 数量 | （万元人 | 数量 | （万元人 | 金 ...