China State Construction Engineering (601668) H1 2025 Earnings Call August 28, 2025 08:00 PM ET Company ParticipantsNone - ExecutiveNoneOkay. ...

China State Construction Engineering (601668) H1 2025 Earnings Call August 28, 2025 08:00 PM ET Speaker0Okay. ...

China Jushi Co. (600176) Q2 2025 Earnings Call August 28, 2025 04:00 AM ET Speaker0Good afternoon, everyone. Welcome to China Jushi's 2025 semi-annual performance briefing. First, on behalf of the company's management team, I would like to extend a warm welcome and heartfelt thanks to all investors, analysts, and media friends who have taken time from their busy schedules to attend this briefing either in person or online. Now, let me introduce the company's management team attending this briefing. Present ...

China Jushi Co. (600176) Q2 2025 Earnings Call August 28, 2025 04:00 AM ET Speaker0Good afternoon, everyone. Welcome to China Jushi's 2025 semi-annual performance briefing. First, on behalf of the company's management team, I would like to extend a warm welcome and heartfelt thanks to all investors, analysts, and media friends who have taken time from their busy schedules to attend this briefing either in person or online. Now, let me introduce the company's management team attending this briefing. Present ...

ADAMA (000553) Q2 2025 Earnings Call August 28, 2025 03:00 AM ET Company ParticipantsJoshua Phillipson - Global - IRGaël Hili - President, CEO & DirectorEfrat Nagar - EVP & CFOEric Dereudre - EVP & CCOJoshua PhillipsonHello, and welcome to ADEMA Agricultural Solutions analyst call for the 2025. My name is Joshua Phillipson, global head of investor relations. Joining us on the call today is Gehel Hilli, our CEO Efrat Nagar, CFO. And we'll also have a presentation from Eric Derood, our new chief commercial of ...

ADAMA (000553) Q2 2025 Earnings Call August 28, 2025 03:00 AM ET Speaker0Hello, and welcome to ADEMA Agricultural Solutions analyst call for the 2025. My name is Joshua Phillipson, global head of investor relations. Joining us on the call today is Gehel Hilli, our CEO Efrat Nagar, CFO. And we'll also have a presentation from Eric Derood, our new chief commercial officer. Following the presentation, we'll open for q and a at any time during the webinar.You are welcome to submit questions using Zoom's q and a ...

Financial Data and Key Metrics Changes - The company reported a revenue of RMB 950 million for the first half of 2025, with over RMB 300 million coming from commercialized drugs, marking a significant achievement in its first year of commercialization [50][51] - Gross profit was RMB 660 million, comparable to the previous year, while the net loss for the first half was RMB 145 million, with an adjusted loss of RMB 69 million after one-off budget adjustments [52][53] - The company has a healthy financial status with cash and financial assets totaling RMB 4.5 billion and debts less than RMB 1 billion [56] Business Line Data and Key Metrics Changes - The company has three main products ready for the market, with significant progress in approvals and commercialization efforts [12][28] - The commercialization team has expanded to nearly 400 personnel to support the growing number of products [12] - The company has successfully partnered with over 400 pharmacies and covered over 1,000 hospitals across China [28][32] Market Data and Key Metrics Changes - The company has achieved coverage in 30 provinces and 300 cities, with over 10,000 doctors engaged [28] - The company is actively working on gaining medical insurance coverage for its products, with seven provinces already covered under specific affordable care programs [33][34] Company Strategy and Development Direction - The company aims to advance differentiated pipelines targeting significant medical needs and optimize payload linker strategies with novel ADC designs [26] - The focus is on expanding global partnerships and enhancing drug development and commercialization capabilities [26] - The company is committed to exploring applications in non-oncology areas while maintaining a strong emphasis on oncology [19][26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future income from sales revenue, anticipating continued cash flow generation from both R&D partnerships and commercialized drugs [51] - The company is preparing for a significant increase in sales volume once products are included in the medical insurance catalog [94] - Management acknowledged the importance of educating clinical experts on ADC drugs to facilitate market adoption [65] Other Important Information - The company completed a follow-on financing of USD 250 million and is now included in several global equity indexes [25] - The company has initiated multiple pivotal trials globally, including for TNBC and HR-positive breast cancer [21][22] Q&A Session Summary Question: What is the breakdown of sales revenue for breast cancer and lung cancer? - Lung cancer is the biggest contributor to sales revenue, consistent with patient numbers and indications [62] Question: What is the company's sales expenses ratio going into medical insurance coverage next year? - Sales expenses are currently high due to the first year of commercialization, but costs are expected to decrease once products are included in the medical insurance catalog [63] Question: What is the focus for R&D going into the next stage? - The focus is on developing differentiated products targeting clinical demands, with an emphasis on bispecific targets and new payload strategies [68][70] Question: Can you provide guidelines on the sales trend for Q3? - The company expects quarter-over-quarter growth, with significant sales anticipated in the second half of the year [74] Question: What is the rationale behind the clinical trial design for PD L1 positive and negative patients? - The company is focusing on both PD L1 positive and negative patients to ensure comprehensive treatment coverage [89] Question: How is the company addressing IP disputes? - The company has initiated a lawsuit against several founders related to IP disputes, which is currently under review by the Sichuan Provincial High Court [101]

Financial Data and Key Metrics Changes - The company reported a revenue of RMB 950 million for the first half of 2025, with over RMB 300 million coming from commercialized drugs, marking a significant achievement in its first year of commercialization [52][53] - Gross profit was RMB 660 million, comparable to the previous year, while the net loss for the first half was RMB 145 million, with an adjusted loss of RMB 69 million after one-off budget adjustments [54][55] - Cash and financial assets totaled RMB 4.5 billion, indicating a healthy financial status to support upcoming R&D and innovation [58] Business Line Data and Key Metrics Changes - The company has three main products ready for the market, with significant progress in approvals and commercialization efforts [15][32] - The commercialization team has expanded to nearly 400 personnel to support the increasing number of products ready for market [14] Market Data and Key Metrics Changes - The company has successfully covered over 30 provinces, 300 cities, and 1,000 hospitals across China, with partnerships established with over 400 pharmacies [32][34] - The company is actively working towards gaining medical insurance coverage for its products, which is expected to enhance market access and sales [36][81] Company Strategy and Development Direction - The company aims to advance differentiated pipelines targeting significant medical needs, optimizing payload linker strategies, and exploring applications in non-oncology areas [30] - The focus is on expanding global partnerships and strengthening strategic collaborations to maximize the value of its pipelines [30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future income from sales revenue, anticipating continued cash flow generation from commercialized drugs [53] - The company is preparing for the implementation of new medical insurance policies, which are expected to impact product sales positively [100] Other Important Information - The company completed a follow-on financing of USD 250 million and is included in major global equity indexes, enhancing its market presence [29] - The company has initiated several pivotal trials globally, including for various cancer indications, which are expected to drive future growth [25][26] Q&A Session Summary Question: What is the breakdown of sales revenue for breast cancer and lung cancer? - Lung cancer is the biggest contributor to sales revenue, consistent with patient numbers and indications [64] Question: What is the focus for R&D going into the next stage? - The focus is on developing differentiated products targeting clinical demands, with an emphasis on bispecific targets and new payload strategies [70][72] Question: Can you provide guidelines on the sales trend for Q3? - The company expects quarter-over-quarter growth, with significant sales anticipated from lung cancer indications [76] Question: What is the strategy for going into the medical insurance catalog? - The strategy prioritizes entering the medical insurance catalog to enhance market access and sales volume [100] Question: Can you address the IP disputes mentioned? - The company has initiated a lawsuit against several founders related to IP disputes, which is currently under review by the Sichuan Provincial High Court [103]

Financial Data and Key Indicators Changes - In 2024, the company's revenue increased by 0.66% year on year, while net profit grew by 0.12% year on year, achieving dual growth [4] - The growth in net profit was primarily due to reductions in risk costs and operating expenses, with impairment provisions and business management fees decreasing by 1.62% and 0.65% respectively [5] - The total assets surpassed RMB 10.5 trillion, with over 70,000 employees and more than 200 operational institutions [15] Business Line Data and Key Indicators Changes - The total number of retail clients reached 110 million, and corporate clients totaled 1.54 million, representing a 9.7% increase compared to the end of 2023 [6] - Wealth management retained a strong market position, with public fund AUM reaching RMB 347.5 billion, up 32.7%, and industrial trust AUM totaling RMB 4 billion, an increase of 118% [7] - The corporate banking closed-loop transaction number was USD 2.3 billion, up by 16% [24] Market Data and Key Indicators Changes - The deposit interest payment rate decreased to 1.98%, down 26 basis points, while the corporate deposit interest payment rate was 1.93%, down by 30 basis points [6] - The low-cost interbank exceeded RMB 800 billion, marking a 20% increase [6] - The company anticipates a further decline in the deposit interest ratio by 24 basis points in 2025 [25] Company Strategy and Development Direction - The company aims to enhance its digital transformation and operational efficiency, focusing on technology finance and aligning with national financial reforms [3][4] - The strategy includes building a wealth management and asset management working team to enhance coordination and drive revenue growth [13] - The company is committed to becoming a value-driven bank, emphasizing strong profitability, deep client collaboration, and low risk costs [4] Management's Comments on Operating Environment and Future Outlook - The management acknowledged the challenges posed by the current economic environment, including weak demand and corporate solvency issues, but expressed confidence in outperforming the market [28][30] - The management highlighted the importance of adapting to changes in the real estate sector and maintaining a balanced approach to risk management [20][22] - The company is focused on enhancing its retail banking business and expects to achieve greater results over the next three years [70] Other Important Information - The company has established a digital operation center to improve client service capabilities and enhance precision marketing [8] - The management emphasized the importance of standardization in data and operational processes to improve efficiency [49][50] - The dividend payout ratio surpassed 30% last year, reflecting the company's commitment to providing returns to investors [73] Q&A Session Summary Question: What is the outlook for technology finance loans and credit loan placement in 2025? - The management highlighted that technology finance loans have surpassed RMB 960 billion with a low NPL ratio of 0.77%, indicating strong growth potential [34] - The company plans to focus on qualitative improvements in credit loan placement, with an emphasis on green finance and inclusive finance [34] Question: How will the company approach AI empowerment in the future? - The Chief Information Officer stated that the company is actively deploying AI strategies to enhance financial innovation and improve service capabilities [60][64] Question: Will the company maintain its dividend payout ratio trend? - The Chairman confirmed that the company is committed to sustaining a dividend payout ratio above 30% and aims to grow together with investors [73]

Financial Data and Key Indicators Changes - The operating income for 2024 is RMB 728.6 billion, with a net profit of RMB 336.3 billion, reflecting a year-on-year increase of 1.15% in ROE [6][27] - The NPL ratio decreased by 0.03 percentage points to 1.34%, with a capital adequacy ratio of 19.69% and a cost-to-income ratio of 29.58% [6][35] - The net interest margin (NIM) is reported at 1.51%, leading the industry [6][47] Business Line Data and Key Indicators Changes - Loans to strategic emerging industries exceeded RMB 3.5 trillion, with green loans reaching RMB 4.7 trillion, showing significant growth from the previous year [7][8] - The balance of inclusive finance loans is RMB 3.41 trillion, maintaining a leading position in the market [8][40] - Personal loans, including mortgage loans, saw a growth rate of 25%, with the balance of personal housing loans at RMB 1.19 trillion [30][76] Market Data and Key Indicators Changes - The total assets of the bank reached RMB 40 trillion, with a daily balance of RMB 39 trillion, up by 8% year-on-year [28][33] - The bank's corporate customer base surpassed 11 million, with individual customers reaching 700 million [33][40] - The bank remains the largest RMB clearing bank outside Asia, enhancing its position in cross-border financial services [11] Company Strategy and Development Direction - The company aims to enhance its financial services in five main areas, focusing on technology, green finance, elderly care finance, and supporting the real economy [16][21] - The bank plans to optimize its asset structure and enhance its revenue from non-interest income, targeting a stable growth of loans [18][36] - The company is committed to supporting the national strategy to boost consumption and improve customer experience through digital finance [19][22] Management's Comments on Operating Environment and Future Outlook - Management noted that 2024 has shown progress amid stability, overcoming challenges posed by lower interest rates [27][28] - The bank is confident in maintaining stable asset quality and is prepared to address risks, especially in the real estate sector [57][58] - The outlook for 2025 includes a focus on high-quality development and enhancing the integration of services with customer ecosystems [22][92] Other Important Information - The bank achieved a AAA rating, becoming the first Chinese mainland bank to receive such a rating, reflecting its strong commitment to ESG principles [8][83] - The bank's non-interest income for 2024 was RMB 138.7 billion, an increase of 8% year-on-year, with significant contributions from wealth management and consumer finance [69][72] Q&A Session Summary Question: What is the driving force behind the performance? - Management highlighted progress amid stability, with higher net profit and market-leading indicators despite lower interest rates [27][28] Question: Can you specify which sectors the loan services are targeted at? - The bank supports various sectors, including technology, green energy, and manufacturing, with a focus on high-tech companies and infrastructure projects [40][43] Question: What measures are in place to maintain asset quality? - The bank has implemented a robust risk control system, maintaining a low NPL ratio and enhancing early warning systems for risk management [55][81] Question: How will the bank approach the bond market in 2025? - The bank plans to enhance its role as a main underwriter for local and treasury bonds, focusing on infrastructure and policy-driven projects [61][63] Question: What are the plans for ESG initiatives moving forward? - The bank aims to integrate ESG principles into its operations, focusing on governance, environmental impact, and social responsibility [84][91]