Summary of Yihai International Conference Call Company Overview - **Company**: Yihai International - **Date**: September 12, 2025 Key Points Industry and Market Dynamics - **Butter Products**: Achieved approximately 20% growth due to low-priced product strategy and expansion into lower-tier markets [2][3] - **Instant Food Products**: High-priced products like small hot pots showed weak performance due to price sensitivity, while low-priced instant foods in the 7-8 RMB range, such as the "Home Cooking" series, gained popularity [2][3] - **Seasoning Market**: Characterized by regional flavor preferences, with few national bestsellers; the company adapts products to local tastes through small B-end partnerships [2][8] Growth Drivers - **Geographic Expansion**: Growth driven by expansion into new regions and customized collaborations with KA channels, leading to double-digit growth in products like fish seasoning and 24 dishes [3][4] - **Small B Customer Strategy**: Focus on direct engagement with small B customers to enhance growth potential, with a dedicated team to address regional taste variations [5][6] - **Product Development**: Sales-driven product development allows for timely market feedback, improving new product success rates [10] Financial Performance - **Revenue Contribution**: In the first half of 2025, revenue from food companies was 155 million RMB, primarily from large B customers, while small B customers contributed around 10 million RMB [5] - **Profit Margins**: Small B customers have higher profit margins (up to 30%) compared to large B customers, which could enhance overall profitability as the small B segment grows [5] Future Outlook - **Overseas Market Expansion**: The Thai factory is set to produce localized products, with a focus on enhancing brand recognition and product diversity in Southeast Asia [16][20] - **Cost Management**: Efforts to reform third-party C-end channels to improve profitability and reduce costs [4][19] - **Sales Strategy**: Direct sales to KA channels and reduced reliance on distributors to enhance margins and product alignment with market needs [14][12] Challenges and Considerations - **Price Stability**: Seasoning prices have remained stable, with a focus on maintaining high price segments while introducing low-priced products selectively [11] - **Market Acceptance**: Local acceptance of foreign brands in overseas markets remains a challenge, impacting production capacity utilization [17] - **Investment in Overseas Operations**: Higher costs associated with overseas operations due to staffing and regulatory requirements, with plans to increase marketing efforts as business scales [19] Performance Projections - **Second Half Expectations**: Anticipated double-digit growth in third-party business, with potential improvements in associated revenue due to lower base effects from the first half [21]

Summary of Alibaba Group Holding (BABA) Conference Call Company Overview - **Company**: Alibaba Group Holding (BABA) - **Industry**: China Internet and Other Services - **Market Cap**: US$349.385 billion - **Current Stock Price**: US$147.10 (as of September 9, 2025) - **Price Target**: US$165.00, representing a 12% upside potential Key Points Industry Dynamics - **Competition**: The on-demand competition is extending to in-store services, posing risks for Meituan, which may face further margin pressure [1][5] - **Market Positioning**: Alibaba is positioned ahead of PDD, Meituan, and JD in the local services segment [1] Amap Business Revamp - **AI Integration**: Alibaba announced the rollout of AI-driven rankings for restaurants, hotels, and attractions on Amap, similar to Meituan's Dianping, covering 1.6 million businesses across 300 cities [2] - **User Engagement**: Amap has close to 200 million daily active users (DAU), indicating strong user engagement [3] - **Investment Commitment**: Alibaba committed to invest Rmb1 billion in incentives to drive traffic to Amap and promote in-store services [2] Financial Performance and Projections - **Local Services Growth**: Alibaba's local services segment has shown aggressive expansion, with a 25% year-over-year growth in monthly active customers (MAC) in August [4] - **Profitability Outlook**: The company aims to reduce user engagement losses by half in 1-2 months and expects quick commerce (QC) to contribute 2-3% to compound monthly revenue (CMR) growth [4] - **Long-term Goals**: Alibaba targets Rmb1 trillion in incremental gross merchandise volume (GMV) from QC over the next three years [4] Implications for Competitors - **Meituan's Earnings Pressure**: The entry of Alibaba into in-store services is expected to create near-term earnings pressure for Meituan, with a projected operating loss of Rmb10 billion in Q3 [5] - **Profitability Adjustments**: Long-term profitability estimates for Meituan's in-store services have been lowered from 2.5% to 2% due to intensified competition [5] Stock Recommendations - **Preferred Stock Picks**: Within the e-commerce sector, the preferred ranking is BABA > PDD > Meituan > JD, with BABA noted for its cloud growth acceleration and sustained double-digit CMR [6] Financial Metrics - **Earnings Per Share (EPS)**: Projected EPS for FY25 is Rmb53.59, with a decline expected in FY26 to Rmb50.05 [8] - **Revenue Projections**: Expected revenue for FY25 is Rmb996 billion, increasing to Rmb1,204 billion by FY28 [8] - **Valuation Metrics**: Current P/E ratio is 17.8, with an EV/EBITDA of 9.1 [8] Additional Insights - **Market Sentiment**: The overall industry view is considered attractive, with Alibaba's stock rated overweight [8] - **Risks**: Potential risks include intensified competition, regulatory scrutiny, and macroeconomic conditions affecting consumer sentiment [15][12] This summary encapsulates the critical insights from the conference call regarding Alibaba's strategic initiatives, competitive landscape, financial outlook, and market positioning.

Summary of the Conference Call for Fubo Group Company Overview - **Company**: Fubo Group - **Industry**: Digital Content and Copyright Protection Key Points and Arguments 1. **Financial Performance**: In the first half of 2025, Fubo Group reported a total revenue growth of 23% year-on-year and a profit increase of nearly 120%, exceeding 100 million RMB, primarily driven by the application of multimodal tools and deep AI involvement [2][7][21]. 2. **Active Assets**: As of June 30, 2025, Fubo Group managed 4.29 million active assets, with approximately 3% (140,000) created with deep AI involvement, enhancing monetization systems and creator productivity [2][3][8]. 3. **YouTube Revenue**: Revenue from the YouTube platform accounts for about 1% of total income, with significant growth potential as the company has maintained over 30% growth on overseas YouTube platforms in recent years [2][11]. 4. **Copyright Protection Services**: Fubo Group collaborates with Ant Group to provide copyright protection services for over 3 million small and medium-sized content creators, innovating the development approach in the Chinese market [2][24]. 5. **Improving Copyright Environment**: The domestic copyright protection environment is gradually improving, as evidenced by a significant penalty against Kuaishou for infringement, indicating increased demand for infringement identification and monitoring services [2][23]. Industry Dynamics 1. **AI in Content Creation**: The emergence of AI-generated video content, such as sequels to popular IPs, has led to significant advertising revenue growth. AI technology is applied in three main areas: rewriting known film segments, creating new stories using IP characters, and generating entirely original content [3][5][6]. 2. **Future Growth Drivers**: The penetration of AI technology in content creation is expected to increase due to lower production costs, clearer legal frameworks, and improved computational power and tool usability [5]. 3. **Monetization on Social Media**: AI-generated content has a vast monetization potential on social media, differing from traditional film industries. The company aims to enhance its rights management capabilities to support new content types [6][11]. 4. **RWA Business Development**: Fubo Group is entering the Real World Asset (RWA) sector as a trusted digital content provider, addressing asset ownership and investor identity issues [4][18]. Additional Insights 1. **Market Opportunities**: The company sees significant growth opportunities in the social media monetization space, particularly on platforms like TikTok and emerging short video platforms [12][26]. 2. **Profitability Trends**: Since entering profitability in 2022, the company has shown a consistent upward trend in net profit, with expectations for continued growth despite increased AI R&D investments [22]. 3. **Cultural Export Initiatives**: Fubo Group is actively involved in promoting Chinese culture abroad, leveraging AI technology to overcome language barriers and enhance the localization of Chinese cultural products [25][26]. 4. **Monitoring and Revenue Generation**: The company employs algorithms to determine which content requires ongoing monitoring for infringement and revenue generation, optimizing cost-effectiveness [15][16]. This summary encapsulates the key insights from the conference call, highlighting Fubo Group's financial performance, strategic initiatives, and the evolving landscape of the digital content industry.

Summary of Wei Long's Conference Call Company Overview - **Company**: Wei Long (卫龙) - **Industry**: Snack Food Industry, specifically focusing on spicy snacks and konjac products Key Points and Arguments Brand Building - Wei Long has effectively established its brand identity in the spicy snack sector, particularly in the "spicy strips" category, through innovative marketing strategies that resonate with younger consumers, especially those born in the 1980s and 1990s [4][2] - The company initially avoided high advertising costs, opting for engaging and reverse marketing tactics, which proved to be cost-effective and impactful [4][2] Channel Development - In 2015, Wei Long upgraded its product packaging from small to large sizes, allowing entry into modern KA and BC channels, which increased average transaction value and profit margins [5][2] - As of now, the company has achieved a network coverage of 430,000 outlets and has over 1,000,000 product placements [6][2] Product Strategy - Wei Long's core product, spicy strips, maintains a leading market position with stable growth [7][2] - The konjac snack category, which faced a slowdown in growth from 2022 to 2023, is expected to accelerate again in 2024, showing potential similar to spicy strips [7][2] Market Trends - The spicy snack market is growing faster than the overall snack market, with local companies having more room for development due to their closer alignment with consumer preferences [8][2] - The terminal market size for spicy strips is approximately 50 billion RMB, while the konjac market is projected to reach 12 billion RMB in 2024, with potential to match or exceed the spicy strips market size [10][2] Factors Driving Konjac Product Development - The growth of konjac products is driven by health trends and active promotion from companies like Wei Long [11][2] - Market feedback indicates that the growth of konjac products has exceeded expectations, despite increased competition [11][2] Future Development Focus - Wei Long plans to continue channel refinement and introduce new products, with seaweed products expected to generate 500 million RMB in sales this year, reflecting a growth of over 50% [3][2][12] - The company is committed to maintaining its research and development capabilities to stay ahead in innovation [12][2] Industry Trends - The Chinese snack industry is witnessing the emergence of new categories led by domestic companies, indicating a growing capability to create and scale new brands [13][2] Investment Recommendations - From a mid to long-term perspective, Wei Long's comprehensive channel layout and validated product strength suggest strong overall capabilities [14][2] - Short-term catalysts include new product launches and maintaining a growth rate of over 50% in the konjac segment, making it a worthy investment target [14][2] Additional Important Insights - The spicy snack market's appeal lies in its addictive nature, which fosters high consumer loyalty and market capacity [8][2] - The health attributes of konjac products align with current consumer trends, enhancing their market potential [9][2]

Summary of Microsoft Corp. (MSFT) Conference Call Company Overview - **Company**: Microsoft Corp. (MSFT) - **Event**: Communacopia + Technology Conference 2025 - **Date**: September 8 - 11, 2025 - **Presenter**: Jared Spataro, CMO of AI at Work Key Industry Insights 1. Copilot Adoption - Microsoft reports that Copilot adoption is early but accelerating, with a "land-and-expand" strategy across enterprises - 70% of Fortune 500 companies are using Copilot extensively - The most recent quarter saw the highest net new seat additions and returning customers, achieving 100 million monthly active users (MAUs) across consumer and commercial sectors - Copilot is the fastest-growing product in the M365 suite, with Teams experiencing a similar ramp-up due to pandemic-related demand - Enterprises are increasingly deciding to implement a baseline assistant-at-work across employees, which is expected to enhance literacy and expansion [3][2][6] 2. Copilot-enabled Productivity Gains - Productivity benefits from Copilot are categorized into personal productivity and process-based applications - Controlled tests indicate personal productivity improvements of 20-30% in efficiency - Direct ROI is more easily quantifiable in roles with clear KPIs, such as sales - Microsoft has improved agent throughput by approximately 12%, and redesigning customer support systems has led to operational expense savings through upfront deflection [3][2][6] 3. GPT-5 Launch - Microsoft describes the launch of GPT-5 as a pivotal "systems launch" rather than just a model update - The innovation includes an advanced orchestration layer that directs tasks to the most suitable underlying models - This dynamic routing capability allows a broader range of users to utilize reasoning models economically for the first time - GPT-5 is integrated into Copilot, enabling domain-specific agents to perform end-to-end tasks - The relationship between Copilot and agents is likened to the iPhone's relationship with apps, positioning Copilot as a conduit for agent operations [6][2][3] Financial Overview 1. Valuation & Price Target - Goldman Sachs reiterates a 12-month price target of $630 for Microsoft - Current price is $500.37, indicating an upside potential of 25.9% - Market capitalization is reported at $3.7 trillion - Revenue projections for the next few years are as follows: - FY 2025: $245.1 billion - FY 2026: $281.7 billion - FY 2027: $324.3 billion - FY 2028: $372.9 billion - Key financial metrics include: - EBITDA: $131.7 billion (FY 2025) - EPS: $11.80 (FY 2025) - P/E ratio: 32.0 (FY 2025) [7][8] 2. Key Risks - Potential risks include: - Slower than anticipated public cloud adoption - Overall slowdown in IT spending - Slower margin expansion - Adverse competitive landscape [7][8] Additional Considerations - The report includes disclosures regarding potential conflicts of interest due to Goldman Sachs' business relationships with Microsoft - Analysts emphasize that this report should be one of several factors considered in investment decisions [4][10][17]

Summary of Contemporary Amperex Technology Co. Ltd. (CATL) Conference Call Industry Overview - The conference call focuses on the battery industry, particularly the energy storage system (ESS) and electric vehicle (EV) battery markets - Small battery manufacturers are struggling to achieve profitability in the ESS sector despite increased volumes, while their margins in the EV battery market are comparatively better but still limited in market share [1][2][10] Key Points on CATL's Performance - CATL has strengthened its position in the European EV battery market during the first half of 2025, gaining significant market share [2][9] - The company is expected to add 150-200 GWh of capacity annually from 2025 to 2027, compared to 150 GWh in 2024, to meet demand growth forecasts [5][10] - CATL's ESS strategy focuses on leveraging cost advantages and superior warranty provisions to pressure competitors into breakeven or loss positions [3][10] Competitive Landscape - Small battery makers are primarily cell/rack suppliers with low margins, while CATL is shifting towards higher-margin system products, including AC-side systems, due to new orders from the Middle East and Australia [10] - The competitive landscape remains challenging for small battery manufacturers, with many facing breakeven or losses despite strong demand [2][10] - The market is witnessing a rally in A-share battery supply chain stocks, driven by liquidity improvements, but the valuation of small battery makers is seen as irrational compared to CATL [4][10] Financial Metrics and Valuation - CATL's current market cap is approximately RMB 1,468.3 billion, with a price target of HK$ 465.00, indicating an 8% upside from the current price of HK$ 428.80 [7][10] - Projected revenue growth for CATL is expected to rise from RMB 362.0 billion in 2024 to RMB 603.8 billion by 2027, with EBITDA increasing correspondingly [7][10] - The company is rated as "Overweight" by Morgan Stanley, reflecting a positive outlook on its stock performance relative to the industry [7][10] Risks and Considerations - Potential risks include slower-than-expected EV penetration, geopolitical risks affecting the battery supply chain, and competition from other battery manufacturers [25][10] - The commercialization of solid-state batteries is viewed as more hype than opportunity, with CATL expected to maintain its leadership in this area [4][10] Conclusion - CATL is positioned strongly within the battery industry, particularly in the EV market, while small battery makers continue to face significant challenges in profitability and market share - The company's strategic focus on cost leadership and high-quality warranties is expected to sustain its competitive advantage in the evolving landscape of battery technology [3][10]

Summary of Tian Gong International Conference Call Industry and Company Overview - **Company**: Tian Gong International - **Industry**: Steel manufacturing, specifically focusing on tool steel, titanium alloys, and new materials Key Points and Arguments 1. **Profitability Recovery**: Tian Gong International's tool steel segment has shown signs of recovery, with gross margins exceeding last year's levels due to rising raw material prices and increased sales of die-casting tool steel. This trend suggests potential growth in performance for the second half of the year [2][4][7] 2. **Titanium Alloy Business Challenges**: The titanium alloy segment is currently under pressure, primarily due to only one model of the iPhone 17 utilizing titanium alloy, leading to a decline in performance. However, projections indicate that by 2026, two new iPhone models will adopt titanium alloy, potentially increasing order volumes to 2,000 tons [2][8][9][24] 3. **High Nitrogen Steel Development**: High nitrogen steel is highlighted as a promising new material, with samples sent to Jiangsu Runfu for military applications. The company is also developing high-boron steel and low-activation steel for nuclear fusion, expanding the application space for powder metallurgy special alloys [2][6][25] 4. **Powder Metallurgy Breakthroughs**: The company has achieved significant advancements in high nitrogen steel using powder metallurgy techniques, reaching nitrogen content of 2,000 ppm with plans to increase it to 4,000 ppm. This development aims to reduce reliance on imported high nitrogen steel [2][13] 5. **3D Printing Technology**: While 3D printing is recognized as a future trend, its current impact on titanium alloy demand is limited. The company is exploring this technology but notes that traditional machining processes still dominate [2][17] 6. **Market Dynamics**: The overall market for high carbon steel is approximately 100,000 tons annually, with significant reliance on imports in China. The introduction of domestic high nitrogen steel could lead to price reductions in the market [12][21] 7. **Future Growth Areas**: The company anticipates growth in titanium alloy usage starting in 2025, with projections of reaching 2,000 tons by 2026. Additionally, advancements in nuclear fusion materials and new high-end steel products are expected to contribute to growth, although production capacity for powder metallurgy needs to be increased to 10,000 tons [5][25] 8. **Pricing and Profitability Outlook**: Current pricing for titanium alloy is around 210,000 RMB per ton, with future revenue expectations based on planned production capacity indicating potential income of 800 million RMB from titanium alloys alone [26] Other Important Insights - **Material Performance**: High nitrogen steel is noted for its superior strength and corrosion resistance, making it suitable for high-end equipment manufacturing and potentially replacing traditional bearing steels [5][20][21] - **Production Capacity Challenges**: The company has not provided specific performance guidance but acknowledges the need to enhance production capacity for new materials to meet anticipated demand [24][25] - **3C Product Manufacturing**: The company currently produces 3C products primarily through CNC machining, with a yield rate of 10% to 20%, and is considering a shift towards 3D printing to improve efficiency [16] This summary encapsulates the key insights from the conference call, highlighting the company's current challenges, future opportunities, and strategic developments in the steel manufacturing industry.

Summary of NewEase Network Group Conference Call Company Overview - NewEase Network Group's core business is the Interconnection Advantage business, providing IDC services through data centers, operating 8 data centers with a total power capacity exceeding 100 megawatts and a utilization rate of 90% [2][4] - The company has a unique fiber interconnection network backed by Sun Hung Kai Properties, giving it advantages in land, power, financing, and engineering construction [2][6] - Mega I data center connects over 9 submarine cable systems globally, making it the first interconnection center in Asia [2][8] Financial Performance - For the fiscal year 2025, NewEase Network Group reported a net profit of 900 to 1,000 million HKD, with an EBITDA margin around 70% [3] - The average monthly rental revenue per cabinet for IDC facilities is projected to reach 2,500 HKD per kilowatt per month, with an average EBITDA of 2,000 HKD per kilowatt per month in the second half of 2024 [10] - The company maintains a gross margin of over 52% for data center-related businesses, with annual revenue growth of over 10% [5][10] Customer Structure - The customer base is diverse, including international cloud clients (Oracle, Amazon, Google) and domestic cloud clients (Alibaba, Tencent), with cloud clients accounting for a significant portion of data center revenue [2][11] - The expansion of international cloud clients and domestic clients going global is expected to benefit the company [11] Competitive Advantages - NewEase Network Group's competitive advantages include its exclusive fiber interconnection network and support from Sun Hung Kai Properties, allowing it to secure prime locations in Hong Kong [6][12] - The company has a significant market share of over 30% in the Hong Kong IDC market, while competitors hold less than 10% [12] Future Outlook - The company is entering a new phase of investment and expansion, with the completion of Mega Gateway and Mega IDC, the largest IDC in Hong Kong, which has a total floor area of 1.2 million square feet and supports 180 megawatts of power capacity [13] - Future capacity may increase to 280-300 megawatts, potentially generating over 3 billion HKD in net profit [13] - The growth of AI applications is expected to further enhance performance, with an anticipated increase in cabinet utilization and delivery volume [7] Industry Context - As of January 2025, Hong Kong's telecommunications network connects 12 submarine cable systems, with several more under construction, enhancing the region's connectivity [8] - NewEase Network Group's Mega I data center is part of a larger ecosystem connecting over 200 telecommunications and internet service providers globally [8][9]

Summary of Yihai International Conference Call Company Overview - **Company**: Yihai International - **Industry**: Food and Seasoning Products Key Points Industry and Market Performance - Yihai International's overseas business grew over 30% in the first half of the year, with third-party business growth nearing 50% [2][4] - The company is penetrating the Southeast Asian market through distributors, focusing on the Chinese community and gradually entering mainstream local markets [2][4] - The B-end market shows significant potential, with expectations for continued doubling growth in the second half of the year, despite a potential slowdown next year due to a higher base [2][3] Financial Performance and Projections - The overseas market's profit margin is currently lower than the domestic market, with third-party gross margins around 50% but less favorable cost-effectiveness [5][6] - By 2025, the overseas business scale is projected to reach approximately 200 million RMB, with operational costs impacting profitability [6] - By 2027, the overseas business is expected to achieve a cost-effectiveness ratio similar to the domestic market, potentially reaching comparable net profit levels [6] Product Development and Strategy - The company has made progress in KA channels, providing customized products for major retailers like Walmart and Hema [2][7] - The introduction of new flavors is challenging due to the overall weakness in the restaurant industry, leading to a focus on regional products rather than nationwide hits [8][9] - The company plans to enhance its product structure by increasing the proportion of small B customers, which have higher gross margins [16][23] Cost Management and Profitability - Raw material costs are expected to remain stable, with minor increases not significantly impacting overall profitability [15] - The company aims to maintain gross margins between 23% and 25% through self-production of key ingredients [14][15] - Net profit is influenced by fluctuating expense rates, with expectations for slight improvement in the second half of the year [17] Future Outlook - The company remains optimistic about the B-end market, anticipating continued high growth rates as the restaurant industry recovers [23][22] - Yihai International's competitive edge lies in its pricing and quality advantages in the B-end market, allowing for market share growth despite industry challenges [20][21] Shareholder Returns and Capital Expenditure - The company maintains a generous dividend policy with no significant changes anticipated [18][19] - There are no major capital expenditure plans, as current production capacity is sufficient [19] Conclusion - Yihai International is positioned for growth in both domestic and overseas markets, with strategic initiatives aimed at enhancing profitability and market share in the competitive food and seasoning industry. The focus on B-end market expansion and cost management will be crucial for sustaining growth in the coming years [2][3][23]

Summary of the Conference Call for Tmall Industry and Company Overview - Tmall is the largest Adidas distributor globally and the second-largest Nike distributor, holding a market share of nearly 16% in China's sports goods market, second only to Bao Sheng's 11% [3][4] - For the fiscal year 2024, Tmall's revenue is expected to approach 29 billion yuan, with a net profit exceeding 2.2 billion yuan, indicating its leading position in the industry [2][3] Core Insights and Arguments - Tmall has established a comprehensive sports ecosystem, offering sneaker maintenance, sports training, and social activities, which enhances member loyalty. The membership has reached 81 million, with a repurchase rate of 70% [2][4] - Recent management changes and strategic adjustments at Nike and Adidas have reduced inventory pressure, presenting an upward recovery opportunity for Tmall, particularly as Adidas sees revenue growth in Greater China [2][5][6] - Despite profit pressure in the first three quarters of fiscal year 2025, a revenue increase of 5-10% could lead to a significant profit rebound. The market's shift towards consumer sectors and the high dividend yield of Hong Kong stocks are favorable for Tmall [2][7] - Hillhouse Capital's privatization of Belle International has improved Tmall's operational efficiency through digital transformation, with Hillhouse currently holding about 35% of Tmall's shares [2][8] Operational Improvements - Tmall has implemented digital procurement, replenishment, and inventory management measures, significantly optimizing inventory management and achieving better turnover days than comparable companies like Bao Sheng International [2][9] - Post-pandemic, Tmall adjusted its channel strategy by closing smaller stores and focusing on larger ones, reducing the number of stores to approximately 5,800. This has led to increased single-store sales and profitability, with net profit expected to grow by at least 20% annually from 2025 to 2026 [2][10] Financial Performance and Future Outlook - The company experienced a slight decline in revenue in the third quarter of last year, primarily due to the consumer environment and Nike's management change. However, the new CEO is focusing on strengthening relationships with franchisees and supporting local product designs [2][11] - Tmall's dividend performance is strong, with an average payout ratio exceeding 100% over the past three years and a current dividend yield of 7.2%, significantly higher than other companies in the industry [2][12] - Future profit forecasts predict net profits of 1.3 billion, 1.7 billion, and 2 billion yuan for 2025 to 2027, with a net profit growth rate exceeding 20% for the fiscal years 2025 to 2026. The current valuation is low at 11-12 times earnings, with a projected valuation of around 15 times in 2025, indicating a potential 30% growth in market value [2][14]