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MMG Limited (01208) Update / Briefing May 22, 2025 12:00 AM ET Speaker0 you for standing by, and welcome to the MMG Limited twenty twenty five Sustainability Briefing Presentation. All participants are in a listen only mode. There will be a presentation followed by a question and answer session. I would now like to hand the conference over to Mr. Choi He, Executive General Manager, Corporate Relations. Please go ahead. Speaker1 Hello, and thank you for joining us today for NMG's sustainability briefing. I'm ...

Financial Data and Key Metrics Changes - The company reported a GAAP net profit of RMB 430 million, marking an 18.6% quarter-over-quarter growth and a 113% year-over-year increase, achieving a record high in 13 quarters [7] - The net income margin increased to 13.9% from 9.9% in the previous quarter, while the net profit take rate rose to 1.58% from 1.31% quarter-over-quarter [26][30] - Total revenue from lending-related business decreased by 15% quarter-over-quarter, attributed to lower APR of loans and a shift towards the capital light model [31] Business Line Data and Key Metrics Changes - The online consumer finance business improved customer acquisition capabilities, launching the Linhua Jie flexible loan product, enhancing competitiveness [9][10] - The installment e-commerce business saw a 16.2% increase in GMV, despite a 16.4% decrease in service income due to accounting differences [11][34] - The capital light model volume grew by 43% quarter-over-quarter, accounting for 28% of total GMV, up from 20% in the previous quarter [30] Market Data and Key Metrics Changes - GMV from Tier four, Tier five, and lower regions accounted for over 70% of inclusive finance GMV, indicating strong penetration in lower-tier cities [12] - The overseas business achieved profitability, with acquisition costs decreasing by 19% quarter-over-quarter [12] Company Strategy and Development Direction - The company will focus on a user-centric approach, enhancing user experience and promoting high-quality customer growth [13] - Strengthening synergies across ecosystem businesses to build a differentiated competitive advantage is a key strategy moving forward [14] - Increased investment in technology, particularly AI, to enhance operational efficiency and competitiveness [15] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving sustained growth in net profit for the full year 2025, despite macroeconomic uncertainties [16] - The company plans to increase its cash dividend payout ratio from 20% to 30% of net profit starting from the second half of 2025 [16] Other Important Information - The company has completed the upgrade of its risk management framework and established a robust risk management infrastructure [8] - The provision coverage ratio stood at 268%, the highest level since Q2 2024, indicating strong asset quality management [28] Q&A Session Summary Question: How does the company address external challenges such as new rules on loan facilitation and geopolitical uncertainties? - The company supports regulatory efforts to standardize the industry and is well-prepared to navigate external challenges, maintaining confidence in achieving its 2025 performance target [39] Question: What are the progress and development plans for the ecosystem business? - The company continues to enhance risk management capabilities and operational efficiency, focusing on tailored product offers and expanding customer acquisition channels [42][43] Question: What are the main reasons for the changes in revenue structure this quarter? - The revenue variance was primarily due to lower credit facilitation service income, higher early repayments, and a shift towards the capital light model [50] Question: What is the company's plan for shareholder returns going forward? - The company has increased its cash dividend payout ratio and remains committed to delivering value to shareholders while aligning its dividend policy with shareholder expectations [53]

Summary of PDS Biotechnology (PDSB) FY Conference Call Company Overview - **Company**: PDS Biotechnology (PDSB) - **Focus**: Developing targeted immunotherapies for cancer, specifically their lead product, Versamune HPV, which is in a Phase III clinical trial for recurrent or metastatic HPV16 positive head and neck cancers [1][5][29] Industry Context - **Market Opportunity**: The market for HPV16 positive head and neck cancers is estimated to be between $4 billion to $5 billion in the United States and Europe [7] - **Epidemic Status**: Head and neck cancer is described as a "silent epidemic," with projections indicating a 30% annual increase in incidence by 2030 [5][6] Core Product Insights - **Versamune HPV**: - Targeting HPV16 positive cancers, which are expected to dominate head and neck cancer cases by the 2030s [6] - Fast track designation granted by the FDA based on Phase II trial data [7] Clinical Trial Data - **Phase II VERSATILE 002 Trial**: - Median overall survival of 30 months compared to 12-13 months for standard therapies [14][15] - 100% elimination of circulating tumor HPV16 DNA in patients treated with Versamune HPV plus standard care, versus 50% reduction in those receiving only standard care [11] - 92% two-year recurrence-free survival for patients with no detectable circulating tumor DNA [11] - **Phase III VERSATILE 003 Trial**: - Designed to have median overall survival as the primary endpoint, with a two-to-one randomization [17][18] - Anticipated interim data readouts to facilitate early discussions with the FDA [18] Competitive Advantages - **Immunotherapy vs. Traditional Treatments**: - Current treatments like chemotherapy and EGFR inhibitors have limited effectiveness in long-term survival [9] - Versamune HPV aims to train the immune system to target specific cancer markers, potentially improving outcomes [10][12][13] Future Developments - **Upcoming ASCO Presentation**: Three abstracts accepted, including updates on VERSATILE 002 and details on the VERSATILE 003 trial [20][21] - **Market Potential**: Beyond head and neck cancers, Versamune HPV may also target other HPV16 positive cancers, potentially leading to a market opportunity exceeding $10 billion [29] Additional Notes - **Collaboration with National Cancer Institute**: Ongoing work on the MAC1 program, focusing on MUC1 sequences for various cancers [25][27] - **Regulatory Updates**: IND approval for new trials is pending, with timelines still to be determined [28] This summary encapsulates the key points discussed during the conference call, highlighting the company's strategic focus, clinical advancements, and market potential.

Financial Data and Key Metrics Changes - URBN sales grew by 11%, reaching a record of $1.3 billion in Q1 [8] - Gross profit increased by 20% to $489 million, with a gross profit rate improvement of 278 basis points to 36.8% [10] - Operating income rose by 72% to $128 million, with a net income increase of 75% to $108 million or $1.16 per diluted share [11] Business Line Data and Key Metrics Changes - Anthropologie achieved a 7% increase in retail segment comp, marking four consecutive quarters of positive comps [11] - Free People delivered an 11% increase in total retail and wholesale segment sales, with a 3% retail segment comp [14] - Urban Outfitters recorded a positive 2% global retail segment comp, with North America at -4% and Europe at +14% [16][19] Market Data and Key Metrics Changes - Nuuly saw a 60% revenue growth with a 53% increase in average active subscribers [9][20] - The wholesale segment experienced a 24% revenue increase, driven by full-price sales at Free People [9] Company Strategy and Development Direction - The company is focused on customer engagement, evolving product assortments, and delivering profitable growth [18] - Plans to open approximately 64 new stores while closing 17 this fiscal year, with a focus on Free People and Anthropologie [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued revenue growth and margin expansion despite global uncertainties [40] - The company anticipates total sales growth in the high single digits for Q2, with specific brand performance expectations [29] Other Important Information - The company is actively managing tariff impacts, with expectations of minimal negative effects on gross margins [27] - Capital expenditures for FY 2026 are planned at approximately $240 million, with significant investments in retail expansion and technology [33] Q&A Session Summary Question: Key drivers of success in Europe - Management attributed success to strong product offerings and effective marketing strategies [43][44] Question: Urban Outfitters' smaller format stores - No adjustments have been made yet, but there is flexibility to downsize stores as leases become available [53][56] Question: Performance by brand and consumer spending outlook - May comp sales are expected to be similar to Q1, with total retail segment comps projected in the mid single digits for Q2 [61] Question: SG&A rate expectations - SG&A is expected to grow in line with sales, with potential unevenness due to marketing campaigns [107] Question: Nuuly's profitability profile - Nuuly is expected to achieve a 10% operating profit margin in the future, with no immediate price increases planned [86] Question: Wholesale EBIT margin outlook - The wholesale business is expected to continue growing, with a focus on aligning with brands that share similar values [122]

Financial Data and Key Metrics Changes - Product revenue for Q1 was $997 million, representing a strong 26% year-over-year growth, and 28% when excluding the impact of the leap year [10][25] - Remaining performance obligations totaled $6.7 billion, with year-over-year growth of 34% [10] - Net revenue retention was a healthy 124% [11] - Non-GAAP product gross margin was 75.7%, and non-GAAP operating margin was 9%, up 442 basis points year-over-year [27][28] - Non-GAAP adjusted free cash flow margin was 20% [28] - The company ended the quarter with $4.9 billion in cash and investments [29] Business Line Data and Key Metrics Changes - New product offerings, particularly Snowpark and Dynamic Tables, outperformed expectations in Q1 [25] - The data engineering business showed strength, helping customers streamline their data pipelines [12] - The company added 451 net new customers in Q1, growing 19% year-over-year [27] Market Data and Key Metrics Changes - Strong growth was noted in the technology and retail sectors [25] - The company is expanding its addressable market with the launch of Snowflake Public Sector Inc. and new automotive solutions [22] Company Strategy and Development Direction - The company aims to empower enterprises through data and AI, focusing on operational rigor and efficiency while investing in growth [9] - Snowflake is committed to being an end-to-end technology provider for customers' data journeys [11] - The company is focusing on building a flexible connectivity platform for both structured and unstructured data [12] - There is a renewed focus on go-to-market operations under the new Chief Revenue Officer [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong start to the year and the ongoing momentum in revenue growth [8] - The company expects Q2 product revenue between $1.035 billion and $1.040 billion, representing 25% year-over-year growth [29] - Management noted that customer behavior is being closely monitored to inform forecasts [29] Other Important Information - The company plans to host an Investor Day on June 3 in conjunction with Snowflake Summit [30] - The company is leveraging AI internally to boost productivity [22] Q&A Session Summary Question: Consumption trends exiting the quarter - Management stated that Q1 consumption was strong, and they feel good about consumption levels [34][36] Question: Monetization trends associated with Cortex - Management indicated that customers are investing in Snowflake to make their data processes AI-ready, with no separate contracts for AI [39][41] Question: Performance of Snowpark and Dynamic Tables - Management noted that both product maturation and go-to-market efforts contributed to their strong performance [45][47] Question: Federal government opportunities - Management highlighted increasing awareness of Snowflake's capabilities within government departments and optimism for future engagements [72][73] Question: Impact of macroeconomic conditions - Management observed that their customer base has evolved to include larger, more mature companies that are cost-focused, with no significant macro pressure noted [61][62] Question: Share buyback strategy - Management plans to evaluate share buybacks on a quarterly basis and anticipates utilizing the remaining authorization [56] Question: AI adoption and customer investments - Management confirmed that there is a strong demand for AI-related capabilities, with customers increasingly focusing on data rather than just models [113]

Financial Data and Key Metrics Changes - Total revenue for Q1 FY26 grew approximately 3% year over year to $1,175 million, exceeding guidance by $8 million [20] - Enterprise revenue increased approximately 6% year over year, now representing 60% of total revenue, up two points year over year [21] - Non-GAAP gross margin in Q1 was 79.2%, slightly lower than the previous year due to investments in AI [22] - Non-GAAP income from operations grew 2% year over year to $467 million, exceeding guidance by $22 million [24] - Non-GAAP diluted net income per share was $1.43, $0.12 above the high end of guidance [25] - Deferred revenue grew 5% year over year to $1,430 million, in line with guidance [26] - Operating cash flow was $489 million, representing a margin of 41.6% [27] Business Line Data and Key Metrics Changes - Adoption of Zoom AI Companion grew with monthly active users up nearly 40% quarter over quarter [10] - Zoom Phone revenue grew in the mid-teens, opening new markets and integrating with other productivity suites [13] - The number of Zoom contact center customers grew 65% year over year, with Zoom Virtual Agent landing its largest deal to date [14] - Total WorkVivo customer count grew 106% year over year, driven partly by a partnership with Meta [17] Market Data and Key Metrics Changes - Americas revenue grew 4% year over year, EMEA grew 1%, and APAC grew 2% [22] - The customer experience offering has rapidly evolved, with a triple-digit million ARR business growing in high double digits [15] Company Strategy and Development Direction - The company is focused on AI-powered innovation to redefine modern work and deliver cost savings and productivity gains [8] - Zoom is emphasizing a platform approach that unites customer experience and collaboration under one AI-first platform [12] - The company is committed to driving efficiencies and delivering AI capabilities in a scalable, cost-effective way [23] Management's Comments on Operating Environment and Future Outlook - Management noted strong demand across the business, with no significant impact from macroeconomic conditions on online business [47] - The outlook for enterprise business is cautious due to elongating deal cycles and increased scrutiny on deal terms [47] - The company raised its full-year revenue guidance by $15 million, reflecting a more prudent outlook in the enterprise business [28] Other Important Information - The company accelerated its share buyback plan, purchasing 5.6 million shares for $418 million [27] - A new Chief Marketing Officer, Kim Storan, was welcomed to amplify Zoom's value proposition [18] Q&A Session Summary Question: Adoption of Zoom AI Companion in SMB segment - Management noted that the number of active users has significantly increased, with more customers realizing the value of AI Companion [36] Question: Statistics on contact center and cautious outlook on enterprise - Management highlighted that Q1 was the largest quarter for ARR contribution from the contact center, with strong upsell opportunities [44][46] Question: Competitive dynamics in core video meeting solutions - Management indicated that employee preference for Zoom remains high, and the total cost of ownership favors Zoom's offerings [51] Question: Early reception of online monthly pricing increase - Management stated that the pricing increase reflects incremental value delivered to customers, with no significant churn observed [70] Question: Trends in enterprise deal elongation and down sells - Management reported continued low churn rates in both enterprise and online segments, with no significant down sells noted [123] Question: International growth focus - Management emphasized a global strategy, with strong resonance in EMEA for the combined communication and customer experience platform [117]

Financial Data and Key Metrics Changes - In Q1 2026, the company reported total revenue of $80.1 million and billings of $63.9 million, exceeding guidance for both metrics [26] - Adjusted free cash flow was positive at $1.3 million, a significant improvement from the previous year [28] - Non-GAAP subscription gross margin increased to 81.6%, with a non-GAAP operating margin of 1.3% [29] - The company raised its full-year guidance for billings to between $312 million and $322 million, and for GAAP revenue to between $312 million and $320 million [30] Business Line Data and Key Metrics Changes - Subscription Remaining Performance Obligations (RPO) grew 24% year over year, while long-term subscription RPO increased by 61% [6][28] - Subscription Total Contract Value (TCV) was up 69% year over year, indicating strong demand for long-term contracts [6] - Sales force productivity increased over 60% year over year, reflecting improved efficiency in sales operations [7] Market Data and Key Metrics Changes - Gross retention improved to 86% from 85% in the previous quarter, and net retention was reported at 94%, up more than four percentage points year over year [27] - Consumption customers now represent over 70% of Annual Recurring Revenue (ARR), with expectations to reach 90% by year-end [9] Company Strategy and Development Direction - The company is focusing on driving adoption of AI across its platform, enhancing customer relationships, and developing its ecosystem of partners [12] - The transition to a consumption-based pricing model is expected to deliver higher usage, customer satisfaction, and retention [25] - The company aims to exit FY 2026 with 5% billings growth and a 5% operating margin, progressing to 10% growth and margin by FY 2027 [10][25] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a challenging macro environment but noted that customer interest in AI solutions is driving positive momentum [35] - The company is confident in its ability to achieve sustainable long-term profitable growth, supported by improved customer relationships and operational efficiency [31] Other Important Information - The company has made significant improvements in its integrations with Cloud Data Warehouse partners, leading to a 200% increase in partner-sourced leads [18] - The successful launch of Agent Catalyst at Domopalooza has generated strong interest, with over 200 customers signing up to explore AI solutions [14] Q&A Session Summary Question: How is the macro environment affecting the business? - Management noted that while the macro environment is challenging, customer interest in AI solutions is driving positive activity [35] Question: What factors are driving the increase in sales productivity? - The increase in sales productivity is attributed to the consumption model and improved relationships with cloud data warehouse partners [39] Question: Can you elaborate on the growth in RPO? - RPO growth is driven by strong technology and the consumption model, which enhances customer relationships and leads to longer-term contracts [54] Question: How do you see gross margin evolving with the consumption model? - The company expects gross margins to remain around 81.6% in the near term, with potential for long-term increases as consumption dynamics evolve [60] Question: What is the outlook for enterprise versus commercial segments? - The enterprise segment remains a significant part of the business, with many leads coming from partnerships, indicating strong growth potential [62]

Financial Data and Key Metrics Changes - For Q1 2025, the company recognized approximately $400,000 in revenues, a decrease from $1,100,000 in the same period in 2024, primarily due to a decrease in process burner shipments [5][6] - The net loss increased by approximately $1,000,000 compared to Q1 2024, attributed to decreased sales volume and $581,000 in legal fees [6][7] - Net cash used in operations was approximately $1,100,000 for Q1 2025, compared to $1,000,000 in Q1 2024, with cash and cash equivalents at approximately $12,800,000 at the end of Q1 2025 [8][9] Business Line Data and Key Metrics Changes - The revenue decrease was largely due to a shift from process burner shipments to spare parts orders [6] - The company has received a large order for 26 process burners for a Texas Gulf Coast chemical company, which is currently in testing [11][12] - A repeat order for flare products has been received, indicating a resurgence in this product line driven by regulatory needs [13][14] Market Data and Key Metrics Changes - The number of quotations provided this year has doubled compared to the same period last year, with the total value of proposals being just under five times that of the previous year [30][31] - The company is seeing increased interest in the midstream market, with repeat inquiries from established customers [35][36] Company Strategy and Development Direction - The company is focusing on diversifying product lines and sales channels, with ongoing efforts to engage with channel partners like Zico [28][36] - There is a strong emphasis on expanding the sales pipeline and leveraging relationships with major refineries to establish ClearSign as a credible alternative for emissions control solutions [40][78] - The company is also exploring opportunities in the hydrogen technology space while maintaining its focus on low NOx requirements [68][69] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong interest in their products and the potential for increased inquiries and orders [30][31] - The company is closely monitoring the impact of tariffs and regulatory changes, noting minimal current effects on their operations [66][68] - Upcoming milestones include the startup of significant process burner projects and the engagement with Zico's sales team [55][56] Other Important Information - Legal fees incurred during the quarter were related to an SEC inquiry and stockholder director nominations, which are nearing completion [7] - The ClearSign Eye sensor product line is expected to see commercial traction in the next three to six months as installations begin [94] Q&A Session Summary Question: How are Zico salespeople incentivized to sell ClearSign products? - Management indicated that the incentive system is still being worked out, and discussions about specific incentives for ClearSign products have not yet occurred [61][62] Question: Can additional sensors be deployed at the same supermajor refinery? - Yes, the supermajor has many heaters with potential opportunities for additional sensors, and they have multiple refineries globally [64][65] Question: How does the current tariff and regulatory environment affect the business? - Management noted minimal impact from tariffs, with ongoing monitoring of regulatory changes, particularly regarding hydrogen technology [66][68] Question: What is the competitive landscape for the increased proposal volume? - The proposal growth includes competitive situations, but ClearSign is increasingly seen as a credible alternative to traditional solutions like SCR [77][78] Question: How much of the proposal volume is related to Zico? - Currently, inquiries are primarily from the ClearSign team, with no contributions from Zico yet, indicating that Zico's impact is still to come [82]

Financial Data and Key Metrics Changes - Product revenue for Q1 was $997 million, up 26% year over year, with a growth rate stable quarter over quarter [6][19] - Remaining performance obligations totaled $6.7 billion, reflecting a year-over-year growth of 34% [6] - Net revenue retention was reported at 124%, indicating strong customer retention and expansion [7] - Non-GAAP product gross margin was 75.7%, and non-GAAP operating margin was 9%, up 442 basis points year over year [21][24] - The company ended the quarter with $4.9 billion in cash and cash equivalents [24] Business Line Data and Key Metrics Changes - New product offerings, particularly Snowpark and Dynamic Tables, outperformed expectations in Q1 [19] - The data engineering business showed strength, helping customers streamline their data pipelines [8] - The company launched over 125 product capabilities in the quarter, marking significant innovation [11] Market Data and Key Metrics Changes - The company added 451 net new customers in Q1, representing a 19% year-over-year growth [21] - Strong adoption of open data formats, particularly Apache Iceberg, was noted, enhancing customer flexibility [11] Company Strategy and Development Direction - The company aims to empower enterprises through data and AI, focusing on operational efficiency while investing in growth [5][17] - Snowflake is expanding its addressable market with new solutions for the public sector and automotive industries [17] - The company emphasizes collaboration with hyperscalers like AWS and Azure to enhance customer outcomes [76] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business, noting that customer behavior remains strong despite macroeconomic pressures [58][60] - The company expects Q2 product revenue between $1.035 billion and $1.04 billion, representing 25% year-over-year growth [24] - There is optimism regarding the federal government opportunity, with ongoing discussions about data infrastructure efficiency [67] Other Important Information - The company plans to host its Investor Day on June 3 in conjunction with Snowflake Summit [25] - Management is actively seeking candidates for the CFO position following a transition [26] Q&A Session Summary Question: Trends in consumption through the quarter - Management noted that Q1 consumption was strong, and they feel good about consumption trends [30] Question: Monetization trends associated with Cortex - Management indicated that customers are investing in Snowflake for future AI capabilities, integrating AI into their data strategies [34] Question: Performance of Snowpark and Dynamic Tables - Management acknowledged that both product maturation and go-to-market efforts contributed to their success [40] Question: Federal government opportunities - Management highlighted increasing awareness of Snowflake's capabilities within government departments and the focus on efficient data infrastructure [67] Question: Impact of AI on customer investments - Management noted that customers are increasingly recognizing the need for data to be integrated with AI capabilities [108] Question: Share buyback strategy - Management stated that they will continue to evaluate share buybacks on a quarterly basis, with no immediate plans for changes [52] Question: Importance of first-party foundation models - Management emphasized a focus on post-training techniques rather than developing large foundation models, collaborating with partners instead [100]