Financial Performance - Net sales decreased by 1.3% in Q3 2025, but showed sequential improvement compared to a 5.8% decrease in Q2 2025[14] - DTC net sales increased by 3.5% in Q3 2025, with DTC e-commerce up 10.1%[14] - Q3 2025 gross margin remained strong at 59.6%, a 30 basis point improvement period-over-period[14] - Adjusted EBITDA decreased by US$12 million from Q3 2024[58] - Adjusted net income decreased by US$16 million mainly due to lower adjusted EBITDA and higher depreciation[56] Regional Performance - North America net sales decreased by 4.5% in Q3 2025, but improved sequentially from a decrease of 7.3% in Q2 2025[63] - Asia net sales were approximately flat, down 0.3% in Q3 2025, a significant improvement compared to a 7.6% decrease in Q2 2025[63] - Europe net sales were up 0.9% in Q3 2025 compared to down 0.9% in Q2 2025[66] - Latin America net sales growth improved to +1.2% in Q3 2025 compared to down 2.2% in Q2 2025[66] Brand Performance - Samsonite brand net sales growth sequentially improved to -4.1% in Q3 2025 from -4.9% in Q2 2025[19] - TUMI brand net sales growth sequentially improved to 5.0% in Q3 2025 from -3.0% in Q2 2025[19] - American Tourister brand net sales growth sequentially improved to -3.7% in Q3 2025 from -14.4% in Q2 2025[19]

Financial Performance - Sales decreased slightly by 1% from US$1,854.2 million to US$1,833.5 million[76, 83] - Gross profit increased slightly from US$438.1 million to US$440.7 million, with gross margin improving by 0.4% to 24.0%[76] - Adjusted net profit decreased from US$133.3 million to US$123.0 million, primarily due to price adjustments and wage inflation[76, 101] - Capital expenditure increased significantly by US$33.2 million, reaching US$130.8 million, representing 7.1% of sales[76] - Free cash flow from operations increased by US$30.1 million, reaching US$174.5 million[76] Business Segments and Markets - Automotive Products Group (APG) sales softened due to unfavorable customer mix in China and competitive price adjustments[83] - Industry Products Group (IPG) sales were flat amid varied regional dynamics, with Asia-Pacific declining due to price competition[83, 97] - The company is well-positioned for growth in New Energy Vehicles (NEV), targeting hybrid and BEV applications[7, 46] Strategic Initiatives - The company is expanding into the humanoid robotics sector through joint ventures in China with SMEIC[127, 131] - Focus on technological innovation to provide unique motion solutions and redefine industry standards[15] - The company is focusing on sustainable growth prospects, supported by megatrends[58]

Group Overview - 9M25 total revenue was US$6,017.4 million[11], with athletic/outdoor shoes accounting for 55% and Pou Sheng contributing 29.7%[10] - 2024 revenue reached US$8,182 million, profit attributable to owners was US$393 million, and dividend per share was HK$1.30[13] - Shoe volume increased by 17% to 255 million pairs in 2024, while ASP decreased by 5.1% to US$20.25[13] - The company is committed to reducing emissions by 46.2% by 2030 compared to 2019[23] Financial Performance (9M25 vs 9M24) - Group revenue decreased by 1% to US$6,017.4 million[42, 53] - Manufacturing revenue increased by 2.3% to US$4,231.7 million[42, 65] - Retail revenue (Pou Sheng) decreased by 7.7% to RMB 12,903 million[42] - Profit attributable to owners decreased by 16% to US$278.7 million[42, 53] - Manufacturing profit attributable to owners decreased by 12.6% to US$263.9 million[42, 65] - Retail profit attributable to owners decreased by 50.1% to RMB 171 million[42] Manufacturing Business - Shoe volume increased by 1.3% YoY to 189.4 million pairs[40, 49] - ASP increased by 3.2% YoY to US$20.88 per pair[40] - Manufacturing gross profit margin was 18.3%, a decrease of 1.3 percentage points[40, 65] - Manufacturing operating profit margin was 6.6%, a decrease of 1.3 percentage points[40, 65] Retail Business (Pou Sheng) - Online contribution reached a historical high, accounting for 33% of total sales[98] - Number of direct operated stores decreased by 3.5% YoY[109]

GenScript Biotech Corporation Overview - GenScript Biotech Corporation aims to be a leading global CDMO, known for cutting-edge technology, and a creator of solutions for a better life through bio-innovation[6] - The company's growth framework is built on innovation in DNA synthesis & design, protein design & engineering, and cell design & engineering[7] - The group's cash position is $966.6 million[11] - GenScript has a global presence, serving over 100 countries and regions with 200,000+ customers[14] Business Strategy and Financial Goals - By 2035, GenScript aims for $3 billion in revenue with over 20% operating margin, $3 billion accumulated licensing revenue, 50% revenue from products, and over 80% revenue from high-margin markets[20, 46] - The company is focusing on high-quality growth with better profitability[20] - GenScript is leveraging core technology advantages to accelerate products and high-value licensing, building a new growth engine with AI and digital engine[20] GenScript Life Science Group (LSG) - GenScript LSG has over 239,500 customers and 3,300+ employees, with 10% in R&D[59] - Accumulated citations of GenScript services & products in customer research publications exceed 112,200[65] - TurboCHOTM can produce antibodies from sequence in 5 days[98] ProBio (Biologics CRDMO) - ProBio aims to be a leading global CDMO, enabling customers to deliver life-changing therapies[6, 127] - The company has $371.1 million in cash position[137] - The biologics CDMO market is projected to be a $16 billion market with a 12% CAGR, while the CGT CDMO market is at $5.6 billion[166] - In vivo CAR-T trial starts grew 220% from 2024 to 2025[166] Bestzyme (Industrial Synthetic Biology) - Bestzyme's vision is to be the creator of solutions for a better life, powered by leading bio-innovation[6, 224] - The company has over 40% of staff in R&D, 60+ granted patents, and 130+ patent applications[233] - Bestzyme has a 23% revenue CAGR and 22% gross profit CAGR in 2022-2024[233]

Financial Performance - Revenue decreased by 7.7% YoY from RMB 13,984 million to RMB 12,903 million[14] - Gross profit decreased by 9.2% YoY from RMB 4,758 million to RMB 4,320 million[14] - Operating profit decreased significantly by 41.6% YoY from RMB 514 million to RMB 300 million[14] - Profit for the period decreased by 46.8% YoY from RMB 348 million to RMB 185 million[14] - Profit attributable to owners of Pou Sheng decreased by 50.1% YoY from RMB 343 million to RMB 171 million[14] - Net cash decreased by 27.1% YoY from RMB 2,729.3 million to RMB 1,990.8 million[31] Financial Ratios - SG&A expenses decreased by 5.6% YoY from RMB 4,420 million to RMB 4,173 million[14] - Online contribution reached a historical high, accounted for 33% of total sales, up 13% YoY[11] - Total borrowings to equity increased by 1.5 percentage points YoY, from 0.7% to 2.2%[31] Operational Highlights - Number of direct operated stores decreased by 3.5% YoY[24] - Employee numbers decreased by 8% YoY from 20,300 to 18,600[24] - Omni-channel accounted for 33% of revenue[36]

Non-Auto Insurance Rectification and Development - The non-auto insurance segment is transitioning to a high-quality era driven by compliance and quality, with comprehensive rectification measures being implemented [6] - The "Circular on Strengthening the Supervision of Non-Auto Insurance Business" (Jin Fa [2025] No 36) is effective from November 1, 2025, promoting rational competition [8] - The 15th Five-Year Plan presents significant growth opportunities for non-auto insurance, aligning with national strategic goals [20] - PICC P&C focuses on strategic tasks to serve economic and social development during the 15th Five-Year Plan, acting as an "economic shock absorber" and "social stabilizer" [24] PICC P&C's Non-Auto Business Capabilities - PICC P&C's non-auto business structure encompasses large, medium, small, micro, individual, and government clients, supported by risk data resources and professional teams [29] - PICC P&C possesses six core capabilities in its non-auto insurance business: precise pricing, rigorous underwriting, omni-channel customer acquisition, professional claims service, comprehensive reinsurance support, and cutting-edge risk reduction [32] - PICC P&C has a dedicated team of independent underwriters, with 76 required courses, ensuring full-chain closed-loop management [43] - PICC P&C's claims team includes 180 commercial non-auto claims experts, achieving a 7262% incremental loss reduction rate after launching anti-leakage rules [52] Overseas Business Expansion - China's outbound direct investment flow reached USD 1922 billion, increasing by 84%, highlighting the need for overseas insurance services [80] - PICC is establishing an integrated overseas business model led by PICC Reinsurance, deployed by PICC P&C, and coordinated by PICC Hong Kong [86] - PICC has signed agreements with 37 overseas insurance companies to share global service networks [103]

Non-Auto Insurance Rectification and Development - The non-auto insurance segment is transitioning to a high-quality era driven by compliance and quality, with comprehensive rectification measures being implemented [6] - The "Circular on Strengthening the Supervision of Non-Auto Insurance Business" (Jin Fa [2025] No 36) is effective from November 1, 2025, promoting rational competition [8] - The 15th Five-Year Plan presents significant growth opportunities for non-auto insurance, aligning with national strategic goals [20] - PICC P&C focuses on strategic tasks to serve economic and social development during the 15th Five-Year Plan, acting as an "economic shock absorber" and "social stabilizer" [24] PICC P&C's Non-Auto Business Capabilities - PICC P&C's non-auto business structure encompasses large, medium, small, micro, individual, and government clients, supported by risk data resources and professional teams [29] - PICC P&C possesses six core capabilities in its non-auto insurance business: precise pricing, rigorous underwriting, omni-channel customer acquisition, professional claims service, comprehensive reinsurance support, and cutting-edge risk reduction [32] - PICC P&C has a dedicated team of independent underwriters, with 76 required courses, ensuring full-chain closed-loop management [43] - PICC P&C's claims team includes 180 commercial non-auto claims experts, achieving a 7262% incremental loss reduction rate after launching anti-leakage rules [52] Overseas Business Expansion - China's outbound direct investment flow reached USD 1922 billion, increasing by 84%, highlighting the need for overseas insurance services [80] - PICC is establishing an integrated overseas business model led by PICC Reinsurance, deployed by PICC P&C, and coordinated by PICC Hong Kong [86] - PICC has signed agreements with 37 overseas insurance companies to share global service networks [103]

3Q 2025 Financial Performance - Revenue reached a record high of $635.2 million, a 20.7% increase compared to 3Q 2024 and a 12.2% increase compared to 2Q 2025[2] - Gross margin was 13.5%, up 1.3 percentage points from 3Q 2024 and 2.6 percentage points from 2Q 2025[2] - Net profit attributable to shareholders of the parent company was $25.7 million, a 42.6% decrease compared to 3Q 2024 but a 223.5% increase compared to 2Q 2025[2] - Net loss for the period was $7.2 million, compared to a profit of $22.9 million in 3Q 2024 and a loss of $32.8 million in 2Q 2025[3] Revenue Breakdown - Revenue from 12'' wafers increased by 43.0% year-over-year, reaching $376.4 million and accounting for 59.3% of total revenue[10] - Revenue from China increased by 20.3% year-over-year, reaching $522.6 million and accounting for 82.3% of total revenue[15] - Standalone NVM revenue increased significantly by 106.6% year-over-year, reaching $60.6 million and accounting for 9.5% of total revenue[18] - Revenue from ≤65nm technology nodes increased by 47.7% year-over-year, reaching $172.2 million and accounting for 27.1% of total revenue[21] - Consumer Electronics end market contributed $407.5 million, representing 64.1% of the total revenue, a 23.2% increase YoY[24] Capacity and Utilization - Monthly capacity reached 468K (8" equivalent wafers) in 3Q 2025[8] - Overall capacity utilization was 109.5% in 3Q 2025[8] 4Q 2025 Guidance - The company expects revenue to be approximately $650 million to $660 million[25] - The company expects gross margin to be in the range of 12% to 14%[25]

Financial Performance Highlights - HKEX achieved record nine-month revenue and other income of HK$21.9 billion, a 37% year-over-year increase[8] - Profit attributable to shareholders for YTD Q3 2025 reached HK$13.4 billion, up 45% year-over-year[10] - Core business revenue increased by 41% year-over-year to HK$20.4 billion for YTD Q3 2025[15] - EBITDA for YTD Q3 2025 was HK$17.2 billion, a 48% increase year-over-year[15] - Q3 2025 revenue and other income reached HK$7.8 billion, up 45% year-over-year and 8% quarter-over-quarter[11] Business Segment Performance - Cash market revenue accounted for 51% of the total group revenue[12] - Derivatives market revenue accounted for 24% of the total group revenue[12] - Average Daily Turnover (ADT) in the cash market increased by 126% year-over-year[12] - Northbound Stock Connect ADT increased by 67% year-over-year[12] - Southbound Stock Connect ADT increased by 229% year-over-year[12] Strategic Initiatives and Developments - The company is focusing on building on its China strength and enhancing market vibrancy[8] - OTC Clear accepted China Government & Policy Bank Bonds as collateral in March 2025[13] - LME-approved first warehouse facilities in HK went live in July 2025[13] - A subsidiary in Dubai (CPAL) was set up to act as commodities pricing administrator in October 2025[13]

Financial Performance - HKBN's revenue increased by 4% year-over-year to reach 11.129 billion HKD [16] - EBITDA grew by 4% year-over-year to 2.451 billion HKD [16] - Net profit experienced a significant increase, growing over 20 times year-over-year to 207 million HKD [16] - Adjusted Free Cash Flow (AFF) increased by 9% year-over-year to 677 million HKD [16] Enterprise Solutions - Enterprise System Integration (SI) revenue increased by 14% year-over-year to 2.688 billion HKD [22] - Enterprise core telecom revenue increased by 3% year-over-year to 770 million HKD [22] - The number of commercial buildings & facilities covered reached 8,220 [22] - Over 12,000 enterprise customers are using 2Gbps & Above GigaFast Broadband [22] - New contract value acquired for Biz-In-Motion and Shop-in-a-Box solutions reached over 250 million HKD [30] Residential Solutions - Residential core telecom revenue increased by 2% year-over-year to 2.027 billion HKD [24] - Residential ARPU increased by 2% year-over-year to 186 HKD [24] - Residential ARPH increased by 5% year-over-year to 217 HKD [24] - The number of GigaFast Broadband customers (2Gbps & Above) reached over 95,000 [24] - Total homes passed increased by 2% year-over-year to 2.65 million [24] Network Security - Network Security Solutions contract value increased 3.3x vs FY2024, reaching over 188 million HKD in FY2025 [51]