Business Overview - Vipshop is China's leading online discount retailer for brands, offering branded products at exceptional value[6] - The company's competitive strengths include high market demand, strong merchandising expertise, superior customer experience, operational excellence, and visionary management[9] - Vipshop provides a one-stop inventory solution for brands, specializing in monetizing inventory without brand dilution[19] - The company focuses on reaching high-value customers who care for brand, quality, and authenticity, offering diversified online and offline channels[19] Customer Engagement and Loyalty - Vipshop has a quality customer base with growth potential, with 84.7 million total active customers[30] - Repeat customers make up 86% of total active customers in FY 2024, totaling 73 million[27] - Active Super VIP customers reached 8.8 million in FY 2024, representing 49% of online net GMV, with a year-over-year growth of 16%[27] - Orders from repeat customers in FY 2024 totaled 746 million, accounting for 98% of total orders[27] Financial Performance - Total net revenues reached RMB 108421 million in 2024, a decrease of 3.9%[52] - Non-GAAP net income attributable to Vipshop's shareholders was RMB 9033 million in 2024, with a net margin of 8.3%[54] - The company maintains a healthy gross margin, with a gross profit of RMB 25470 million in 2024 and a gross margin of 23.5%[57] - Vipshop has a strong cash position, with cash and cash equivalents, restricted cash, and short-term investments totaling RMB 27722 million as of 3Q25[72] ESG Commitment - Vipshop's MSCI ESG Rating is maintained at "AA", a leader in the consumer discretionary industry[41] - The company pledges to achieve carbon neutrality in its own operations and a 50% reduction in Scope 3 carbon emission intensity by 2030[44]

Company Overview - Select Water Solutions is a leading provider of sustainable full-life cycle water solutions to the energy industry and is expanding into municipal and industrial markets[11] - The company's market capitalization is $1400 million and enterprise value is $1687 million[14] - Select Water is transforming into an infrastructure-led company, expecting infrastructure to represent over 60% of company gross profits over time[23] Financial Performance & Growth - Water Infrastructure's Gross Profit before D&A grew at a 72% CAGR from 2021 to 2025E[9] - Production and full-lifecycle water solutions activities have grown from less than 10% to 33% contribution since 2020[21] - The company anticipates over 30% additional growth in gross profit before D&A for Water Infrastructure by the end of 2026[26] - Select expects a 10%+ gross profit increase for Water Infrastructure in Q4 2025[18] Water Infrastructure & Contracts - The company has a large contract portfolio comprising more than 25 million acres under long-term acreage and ROFR dedication, primarily in the Permian basin[9,48] - Recently executed contracts include production and full lifecycle water dedications with high margins[47] - Weighted average contract length of 112 years for deals closed during 2024 and the first 9 months of 2025[48] Strategic Initiatives - Select is investing in AV Farms, LP ("AVF") to expand into the under-supplied Colorado Municipal and Industrial Water Market, with 16300-acre feet of owned, senior annual water rights[77,81] - Select Water and Mariana Minerals are partnering to build Texas's First Produced Water Lithium Facility, expected to generate up to $5 million in annual cash flow for Select through royalty payments[82,83]

NetEase 3Q25 Investor Presentation Investor Relations November 20, 2025 SAFE HARBOR STATEMENT This announcement contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar expressions. In addition, statements that are not histo ...

Financial Performance - Revenue returned to approximately prior-year levels following nearly four quarters of business optimization[15] - Operating loss narrowed by 69.3% YoY to RMB32.3 million, with margin improving to -1.4% from -4.6%[15] - Adjusted net loss narrowed by 78.7% YoY to RMB14.1 million, with margin improving to -0.6% from -2.9%[15] - Gross margin for ZKH Platform (1P) increased to 16.2% (+11.2 bps YoY), and for GBB Platform to 7.7% (+223.8 bps YoY)[15] Customer and Product Growth - Customer base expanded to over 70,800, a 48% increase YoY in 3Q25[15] - Total sellable SKUs exceeded 19 million, with 2.3 million+ added in 3Q25[15] - Private-label product GMV increased by 16.7% YoY with 600+ new SKUs[15] Operational Efficiency and Innovation - Consolidated the Wuxi (无锡) and Shanghai (上海) central warehouses, expecting annualized savings in rent, inventory, and freight[15] - ProductRecom Agent (AI推品大脑) has recommended 20M+ material line items since launch, driving RMB 100m+ in incremental revenue[15] Revenue Breakdown (9 Months Ended September 30, 2025) - Net product revenues accounted for 97.5% of total revenue[20] - Net service revenues accounted for 1.9% of total revenue[20] - Other revenues accounted for 0.6% of total revenue[20]

Company Presentation November 2025 TSX-V: NCI 1 Disclaimer CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION: The information contained in this presentation has been prepared by NTG Clarity Networks ("NTG Clarity" or the "Company"). This presentation includes information, statements, beliefs and opinions which are forward-looking, and which reflect current estimates, expectations and projections about future events. Statements containing the words "believe", "expect", "intend", "should", "seek", "antici ...

Burning Rock Biotech Limited 3Q 2025 results 20 November 2025 Disclaimer This presentation has been prepared by Burning Rock Biotech Limited (the "Company") solely for information purpose and has not been independently verified. No representations, warranties or undertakings, express or implied, are made by the Company or any of its affiliates, advisers, or representatives as to, and no reliance should be placed upon, the accuracy, fairness, completeness or correctness of the information or opinions present ...

Financial Performance - Youdao's net revenues increased by 3.6% year-over-year in 3Q25[9], reaching RMB 1,628.6 million[10,41] - Online Marketing Services achieved record-high net revenues in 3Q25[29], contributing RMB 739.7 million to the total net revenues[10,41] - The company achieved profitability for five consecutive quarters in terms of income from operations[12], with RMB 28.3 million in 3Q25[12] - Operating cash flow outflow narrowed by 31.4% year-over-year in 3Q25[13] - Gross billings for learning services achieved over 40% year-over-year growth in 3Q25[19] - Gross margin was 42.2% in 3Q25[41] Learning Services - Learning Services generated RMB 643.1 million in net revenues in 3Q25[10,41] - Retention rate for learning services exceeded 75% recently, up from over 70% in the fourth quarter of last year[20] Assets and Liabilities - As of September 30, 2025, the company's cash assets totaled RMB 554.521 million[40]

Financial Performance & Targets - Valeo confirms its 2025 guidance with sales of approximately €20.5 billion[206], an operating margin between 4.5% and 5.5%[206], and free cash flow above €550 million after one-off restructuring costs[20, 206] - The company aims for a 2028 sales target between €22 billion and €24 billion[10, 213, 236], with an operating margin between 6% and 7%[10, 28, 213, 236] and free cash flow exceeding €500 million after interest[10, 41, 48, 213, 236] - Valeo targets a leverage ratio of less than 1.0x adjusted EBITDA by 2028, aligning financial KPIs with investment-grade ratings[10, 60, 236] Strategic Initiatives & Market Dynamics - Valeo is adapting to a changing market environment, including lower global production at 90.6 million vehicles (-3% versus S&P forecast)[10], a higher share of Chinese OEMs at 28% of total[10], and new energy vehicles accounting for 37% of the market[10] - The company is focused on three divisions: Power, Brain, and Light, each pursuing excellence in their respective domains[12, 89, 125, 126] - Valeo is implementing self-help measures to reduce its breakeven point, targeting €300 million in savings per year as of 2026, resulting in a +1.1 percentage point impact on operating margin (2028 vs 2024)[38] Growth Drivers & Regional Focus - Valeo anticipates returning to sales growth from 2027, supported by a strong order intake from 2022-2025[61, 62, 63, 65] - The company is focused on seizing opportunities in China, India, and North America[95] - In India, Valeo expects sales to triple from €220 million in 2024 to approximately €700 million in 2028[107]

BRIGHT 2030 Strategy & Financial Targets - The company aims for organic sales growth of 3-6% per annum from 2026-2028[6, 100, 123, 145] - The company targets an adjusted EBITDA margin of approximately 18% in 2028[6, 100, 123, 145] - The company projects a cumulative free cash flow of approximately €270 million over three years (2026-2028)[6, 100, 123, 145] - The company is targeting a double-digit percentage growth in EPS (Earnings Per Share) per annum from 2026-2028[123, 143, 145] - The company aims for a ROCE (Return on Capital Employed) of approximately 13% by 2028[123] Business Segment Performance & Growth - Food sales reached €769 million in 2024[41, 42, 126] - Nutrition sales reached €157 million in 2024[59, 60, 126] - Biomedical Polymers sales reached €55 million in 2024, with a target of €125 million by 2030[89, 94] - The company's natural food preservation market share is 25%[44] - The company projects to grow the Food business to €1 billion by 2030, representing approximately 4% CAGR[53, 54] - The company projects over €100 million additional Nutrition sales in the coming 5 years, reaching €275 million by 2030, representing approximately 10% CAGR[82] Sustainability & Operations - The company sources 98% of its raw materials from renewable sources[27, 33] - The company aims for a 42% reduction in Scope 1 & 2 emissions and a 25% reduction in Scope 3 emissions by 2030[29]

Growth & Scale - Klarna has 114 million active consumers, demonstrating significant market penetration[4,7] - Klarna's GMV reached $118 billion, reflecting substantial transaction volume[4,9] - The company serves 850,000 merchants, indicating a wide network of partnerships[4] - Fair Financing GMV grew 139% year-over-year, showcasing strong product adoption[20,75] - Klarna US active card users reached 32 million, indicating rapid growth in the card sector[90] Financial Performance & Efficiency - Klarna's Q3'25 revenue grew 51% year-over-year, outpacing competitors[94,129] - The company's AI assistant handles 81% of customer service chats, saving $58 million annually[105,106] - Average revenue per employee reached $1104k in Q3'25 TTM, a 32x increase from 2022[102] - Klarna holds $14 billion in deposits, providing a stable funding base[177] Customer & Market Dynamics - 85% of the adult population in Klarna's most mature market are users[10] - Over 99% of consumer balances at Klarna are paid, indicating responsible payer behavior[11]