Summary of Key Points from the Conference Call Company Overview - The conference call pertains to China Railway Construction Corporation (CRCC) and its strategic initiatives and financial performance. Industry Insights - The water conservancy and power order scale is approaching 200 billion yuan, with gross margins superior to traditional railway projects, significantly improving profitability structure [2] - The "14th Five-Year Plan" emphasizes infrastructure investment, particularly in traditional sectors like transportation, with a focus on railway and highway projects [3] - The demand for water conservancy and power projects is robust, aligning with national planning, and the company has maintained an order scale exceeding 100 billion yuan for three consecutive years, moving towards 200 billion yuan [3] Financial Performance - The company expects a significant improvement in operating cash flow in 2025 compared to 2024, with a focus on cash flow in performance assessments [2][16] - The company has established a market value management team to address its low valuation of 0.37 times PB, planning to enhance dividends and consider share buybacks [2][17][18] Strategic Initiatives - The company is accelerating its layout in strategic emerging industries, participating in green hydrogen, green methanol, and biomass projects to secure long-term operational benefits [2][10] - The deep earth economy focuses on high-value land utilization and underground energy storage, with benchmark projects already established in cities like Shanghai and Wuhan [2][19] International Expansion - The company aims for overseas business to account for over 10% of total revenue by the end of the "14th Five-Year Plan," with strict adherence to a prepayment system to mitigate funding risks [2][5][6] - Latin America is identified as the fastest-growing overseas market, with significant projects in Peru and Chile generating stable returns [2][5] Project Management and Risk Mitigation - The company has implemented a prepayment system for overseas projects, typically ranging from 10% to 30%, to avoid funding risks [6][9] - The company employs foreign exchange hedging strategies to manage risks associated with currency fluctuations in international projects [8] Emerging Business Areas - The company is actively investing in green energy projects, including biomass and green hydrogen, which are expected to become significant revenue sources in the future [10][11] - The company is also exploring opportunities in data centers, which are included in the "14th Five-Year Plan" considerations [12] Conclusion - The company is strategically positioned to leverage its strengths in infrastructure and emerging industries while addressing valuation concerns through improved cash flow management and market value initiatives [17][18]

Summary of Lizhu Group Conference Call Company Overview - **Company**: Lizhu Group - **Market Capitalization**: Approximately 30 billion RMB - **Current PE Ratio**: Below 15 times, significantly lower than the industry average of 40 times [2][3] Core Industry Insights - **Profit Stability**: The company maintains a stable profit base of over 2 billion RMB annually, despite pressures from core products facing centralized procurement [2][3] - **Innovation Pipeline**: The value of the innovation pipeline is estimated at around 20 billion RMB, which is not reflected in the current valuation [2][3] Key Points on Financial Performance - **Historical Growth**: From 2000 to 2024, Lizhu Group achieved a compound annual growth rate (CAGR) of 24.4% in profits, supported by diversified business structures including raw materials and traditional Chinese medicine [4] - **2026 Challenges**: The company anticipates significant pressure in 2026 due to price reductions and centralized procurement affecting key products, with expected revenue impacts of approximately 500 million RMB from Lianping Ruining and 300 million RMB from Fluoxetine [2][5] Innovation Pipeline and Future Products - **Upcoming Product Launches**: - 2025: Aripiprazole microspheres - 2026: Lianping Ruining 3M, recombinant human follicle-stimulating hormone, and IL-17A/F monoclonal antibody [5] - Expected revenue from innovative products could reach 5 billion RMB by 2030 [5] Market Opportunities - **Long-Acting Injection Market**: The penetration rate for long-acting injections in the mental health sector is only 0.66%, with Aripiprazole microspheres expected to generate sales of 150 to 200 million RMB in 2026 and potential peak sales exceeding 1 billion RMB [7][8] - **Hormonal Products**: The company has positioned its products like Triptorelin microspheres and recombinant human follicle-stimulating hormone to target significant market segments, with sales expectations of 150 to 200 million RMB for Triptorelin [9] Competitive Strategies - **Cost Control**: In the metabolic and autoimmune sectors, Lizhu Group plans to leverage its production capabilities to maintain low pricing strategies, with peak sales expectations of over 2 billion RMB for IL-17A/F monoclonal antibody [9][10] - **Raw Material and Traditional Chinese Medicine**: The raw material business is expanding into Southeast Asia through acquisitions, while traditional Chinese medicine remains stable post-regulatory changes [10][11] Valuation Perspective - **Valuation Methodology**: A segmented valuation approach is recommended, with the core business valued at approximately 300 billion RMB based on a 15 times PE ratio, while the innovation pipeline could add another 20 billion RMB [12] Conclusion - **Investment Recommendation**: Lizhu Group is viewed as a long-term investment opportunity due to its undervalued innovation pipeline and stable profit base, despite facing short-term challenges from centralized procurement [3][12]

Summary of Jiufeng Energy Conference Call Company Overview - **Company**: Jiufeng Energy - **Date**: March 17, 2026 - **Industry**: Natural Gas, LPG, Specialty Gases, Energy Services Key Points Strategic Direction - **"One Body, Two Wings" Strategy**: Focus on natural gas and LPG as the main body, with specialty gases and energy services as the wings, aiming for a doubling of performance by 2028 [2][4] - **Core Growth from Xinjiang Coal-to-Gas Project**: Total capacity of 4.1 billion cubic meters, with company rights to 2.1 billion cubic meters (approximately 1.38 million tons of LNG), expected to be operational by mid-2028, with cost control targeted below 1.2 RMB per cubic meter [2][6] Energy Services Expansion - **LNG Liquefaction Capacity Increase**: Plans to increase LNG liquefaction capacity from 940,000 tons to 2 million tons within three years, with four projects expected to contribute a profit of 480 million RMB (approximately 240 million RMB attributable to the parent company) [2][6] Specialty Gases Focus - **Commercial Aerospace Sector**: Secured a two-year project with Hainan Commercial Launch, holding over 80% market share; expanding into Jiuquan and Shandong bases to benefit from future high-density launch demands [2][6] LPG Business Synergy - **Dual Warehouse Coordination**: After integrating the Huakai project, the collaboration with Dongguan terminal is expected to exceed 2 million tons in turnover by 2026, with sources expanded to Africa, Australia, and the Americas to mitigate geopolitical risks [2][6] Development Phases - **2025-2027 Energy Accumulation Phase**: Focus on advancing Xinjiang project, LPG terminal, and specialty gas initiatives, employing a strategy combining long-term contracts and spot market responses to international LNG price fluctuations [2][4] Project Progress and Operations - **Xinjiang Coal-to-Gas Project**: Construction commenced on the ninth day of the lunar new year in 2026, with all necessary permits secured and financing discussions ongoing [6][13] - **LPG Operations**: The dual warehouse model is expected to enhance operational efficiency, with the Huakai project integrated and operational by mid-2026 [6][13] Market Strategy and Risk Management - **Response to Geopolitical Uncertainty**: The company emphasizes the ability to navigate external changes, focusing on long-term strategic project execution while ensuring short-term performance [8][9] - **LNG and LPG Pricing Strategy**: Plans to secure long-term supply agreements and explore new supply options to mitigate price volatility due to geopolitical tensions [12][16] Future Outlook - **Growth Attributes**: The company defines its growth based on industry attributes, corporate characteristics, and core capabilities, emphasizing proactive project development and strategic execution [10][11] - **Investment in Strategic Projects**: The focus remains on ensuring the successful execution of strategic projects to achieve high-quality growth post-2028 [17] Conclusion - **Commitment to Growth**: Jiufeng Energy positions itself as a growth-oriented enterprise, with a clear strategy and operational focus aimed at delivering substantial returns to investors through strategic project execution and market adaptability [17]

Summary of the Conference Call for Guanghui Logistics Industry and Company Overview - **Company**: Guanghui Logistics - **Industry**: Railway and Logistics Key Points and Arguments 1. Transportation Volume Targets - The company aims for a total transportation volume of 35 million tons in 2026, increasing to 40 million tons in 2027, and potentially reaching over 100 million tons by 2028 due to the expansion of the North Wing Corridor [2][4] 2. Business Structure Transformation - Starting in 2026, the company will introduce third-party coal and chemical products into its originating business, with a planned volume of 7 million tons. The self-owned coal dispatch volume from Guanghui Energy will be reduced to 11 million tons, shifting towards a regional material dedicated line [2] 3. Market-Driven Pricing System - The freight pricing system will be linked to national railway standards, with a base price of 0.167 yuan/ton-km. Third-party charges will range from 100 to 110 yuan/ton, while Guanghui Energy's large customer price is approximately 90 yuan/ton [2][9][10] 4. Strategic Positioning of the North Wing Corridor - The Red-Nao Railway will connect to the North Line, with a planned investment of 2 to 3 billion yuan for the double-track project, expected to commence in the second half of 2026. The designed annual capacity will increase from 20 million tons to 200 million tons [2][17] 5. Competitive Landscape and Variables - The growth in railway capacity is limited by wagon resources and scheduling on the Lanzhou-Xinjiang line. Opportunities for price increases depend on rising road freight costs driven by fuel prices and the full connectivity of the North Wing Corridor by 2027 [2][5] 6. Non-Core Business Liquidation - The company has real estate inventory of approximately 2 billion yuan, with plans to liquidate by the end of 2028, expecting cumulative losses of about 300 million yuan from 2026 to 2028 [3][20][21] 7. Volume Growth Since 2022 Acquisition - Since acquiring the railway in 2022, the company has seen a compound annual growth rate of over 20%, with volumes increasing from under 10 million tons/year to 29 million tons by 2025. The 2026 target includes 18 million tons from originating and 17 million tons from through freight [4] 8. Third-Party Contracts and Future Potential - The company has signed contracts for 8.5 million tons of third-party freight. Future performance will depend on stable energy prices and high oil and gas prices, which could reduce competition from road transport [8][12] 9. Changes in Freight Pricing System - The freight pricing system has undergone significant changes, with through freight prices aligned with national railway rates and subject to fluctuations based on market conditions. The pricing for originating business is differentiated, with potential for increases if road freight prices rise [9][12][14] 10. Future Development Plans - The company plans to develop logistics parks in Ming Shui and Ning Dong, with strategic investors to accelerate construction. The Guangyuan logistics park is expected to be operational by 2028 [19] 11. Impact of Real Estate on Profitability - The real estate business has negatively impacted profits, with expected losses of over 300 million yuan from 2026 to 2028 due to market conditions and impairment provisions [20][21] 12. Communication Mechanism for Pricing Adjustments - The company has a communication mechanism with Guanghui Energy for potential price adjustments based on road freight rates, with final decisions resting with the controlling shareholder if disagreements arise [15] 13. Future Market Dynamics - The company anticipates that the overall scale and efficiency of its operations will continue to expand, with potential for higher freight rates if market conditions allow [18]

Summary of Conference Call for Bafang Electric Bicycle Co., Ltd. Industry Overview - The inventory levels in the industry have returned to pre-pandemic levels, with Q1 2026 shipments showing a year-on-year increase. However, due to weak European economic conditions and domestic overcapacity, product prices continue to decline, leading to expected revenue remaining flat compared to last year [2][4]. - The long-term penetration target for e-bikes in Europe is 50%-60%, currently stabilizing at around 30%. Mature markets like Germany and the Netherlands are nearing 50%, while Italy and France are around 20%, and Eastern European markets are still in the single digits [2][7]. Key Insights and Arguments - The product structure is shifting towards lower-priced models, with the share of mid-mounted motors decreasing from 30% to about 20%, while hub motor demand remains strong. The average price is expected to continue declining in 2026, but decreasing material costs and new product launches may offset gross margin pressures [2][12]. - In Q1 2026, large customer orders have slowed down, with Accell's restructuring progress being unsatisfactory, leading to orders primarily consisting of small batch repair parts. However, significant growth in new customers has been noted, as the company diversifies its customer base to reduce reliance on single clients [2][11]. Market Demand and Pricing Trends - The overall demand for the European e-bike market in 2026 is viewed optimistically, with sales expected to stabilize after a decline from 2021 to 2024. However, due to intense competition, average product prices are anticipated to continue their downward trend [6][8]. - The core drivers of growth in the European e-bike industry are expected to be the increase in market penetration, structural growth in emerging regions, and replacement demand [7][8]. Product and Customer Structure Changes - In Q1 2026, the order structure shows that mid-mounted motors account for over 20% of orders, down from 30%. This shift is attributed to the current market preference for lower-priced products, leading to higher demand for hub motors [8][9]. - Both hub and mid-mounted motor prices are declining, with mid-mounted motors experiencing a more significant absolute price drop. The price reduction reflects a shift in customer preference towards lower-priced models rather than direct price cuts on existing models [9][10]. Financial Performance and Cost Management - The gross margin and net profit are expected to show a slight decline due to the higher proportion of lower-margin products sold under the Sutong brand. However, the gross margin for the company's proprietary brand products is expected to remain relatively stable due to lower material costs and new product introductions [12][13]. - The one-body wheel motor business is projected to face challenges in 2026 due to the implementation of new national standards and the digestion of old inventory, leading to a forecasted decline in sales [14]. Raw Material Prices and Currency Fluctuations - The company is facing significant impacts from rising copper prices, which have exceeded 100,000 yuan per ton, and increasing chip costs, which account for over 50% of the cost of controllers and instruments. The company is working on cost transmission strategies to mitigate these pressures [15][16]. - Currency fluctuations have a limited impact on the company, as direct export business has decreased to less than 30% of total operations, and several overseas clients have opted for cross-border RMB settlements [15]. Drone Business Development - The drone business is progressing slower than expected, currently in the sample testing phase with small agricultural companies, and has not yet achieved sales. The 2026 performance guidance anticipates growth in both revenue and profit, with cost fluctuations expected to impact profits by less than 5% [3][17]. - The drone market is dominated by DJI, which holds over 70% market share, and the company currently lacks a competitive advantage in this space as it has not yet entered the market with significant sales [18]. Conclusion - The company has set a performance guidance for 2026 aiming for both revenue and profit growth, with manageable impacts from rising costs. The overall outlook remains cautiously optimistic, with ongoing efforts to adapt to market changes and customer demands [20].

Summary of Conference Call for Shandong Road and Bridge Group Company Overview - Shandong Road and Bridge Group is a comprehensive engineering construction service provider with qualifications in highway engineering and municipal public works, among others. The company has extensive experience in major national projects and is actively expanding its overseas business along the Belt and Road Initiative [3][4]. Key Financial Targets - The company achieved a bid amount of CNY 104.041 billion in 2025, with a preliminary order target of around CNY 100 billion for 2026. The overall goal during the 14th Five-Year Plan period is to maintain stable, slight annual increases in revenue and profit [2][3]. Business Structure and Growth Areas - The business structure is shifting towards high-growth areas, with municipal projects (18%), housing construction (22%), and industrial parks (9%) expected to increase. The company is focusing on strategic emerging businesses such as photovoltaics, wind power, energy storage, and nuclear heating [2][4]. - The overseas business is entering a growth phase, with an expected 16% share of orders in 2025. The goal is to increase overseas revenue from less than 10% to 10%-15% during the 14th Five-Year Plan, with a focus on high-margin projects like the A8 highway in Kenya [2][4][11]. Infrastructure Investment in Shandong Province - Shandong Province plans to invest CNY 230 billion in infrastructure in 2026, with the major shareholder, Shandong High-Speed Group, planning to invest CNY 40 billion. This strong provincial support underpins the company's domestic business [2][6]. Dividend Policy - The company adheres to a stable growth dividend policy, aiming for continuous increases in cash dividends. The plan includes multiple dividends per year to enhance shareholder returns [2][5]. Strategic Development Plans - The company aims to consolidate its core business in transportation infrastructure while expanding into urban infrastructure, including housing and municipal projects. It also plans to enhance its strategic emerging businesses and explore water conservancy projects [4][6]. - The establishment of a subsidiary for engineering equipment aims to extend the industrial chain upstream, focusing on equipment leasing and development to control costs and increase profit margins [7][8]. Confidence in Future Performance - The management expresses confidence in achieving the 2025 operational plan, citing improvements in accounts receivable management and overall market conditions [9][10]. Overseas Business Strategy - The company aims to increase the revenue share from overseas operations by approximately 5 percentage points during the 14th Five-Year Plan, emphasizing risk control and the pursuit of high-quality projects [11]. Concrete Business Outlook - The ready-mixed concrete business is considered a non-core project that supports the main business by reducing costs along the construction chain. Future development will maintain the current pace and model [12].

Summary of Conference Call Notes Company Overview - **Company**: 亚玛顿 (Yamaton) - **Industry**: Photovoltaic Glass and Electronics Key Points Industry and Company Performance - **2025 Photovoltaic Glass Shipment**: Approximately 160 million square meters, impacted by price fluctuations and selective customer payment risks [2] - **Electronic Glass**: Benefiting from policies, losses narrowed, with one product achieving profitability [2] - **UAE Project**: 1,600 tons furnace project approved, total investment of $240 million, expected to start production in H2 2027, with significant cost advantages due to local gas prices being one-third of domestic prices [2][4] - **Collaboration with Tesla**: Deepening partnership in 2026, adding traditional photovoltaic glass supply, expected sales growth from 200 million yuan in 2025 [2][8] - **Domestic Capacity Adjustment**: Total domestic capacity of 230 million square meters, with significant production in Anhui and Inner Mongolia, while the Changzhou base has shut down due to high raw material costs [2][5] Financial Performance - **2025 Financial Outlook**: Company remains in a loss state, but losses are less severe than in 2024, with strategic adjustments to focus on differentiated orders and cash flow safety [4][5] - **Loss Reasons**: Losses primarily due to depreciation and amortization, with provisions for impairment related to idle equipment and uncollected customer payments [5] Market Dynamics - **Supply and Demand**: Anticipated to remain in a "volume without price" loss state in H1 2026, with prices at a bottom level, future increases driven by energy costs rather than demand [2][11] - **Export Profitability**: Export business significantly more profitable than domestic, with average export price for 2.0mm products at 18-21 yuan [2][9] Geopolitical and Operational Risks - **UAE Project Risks**: Ongoing geopolitical risks affecting project timelines, with cautious decision-making regarding project initiation based on local conditions [6][7] - **No Backup Plans**: Company remains committed to the UAE project despite risks, as preliminary preparations are nearly complete [6][7] Future Outlook - **2026 Electronic Glass Growth**: Expected to see a 10% increase in orders, but achieving significant profitability remains challenging [15] - **Cost Advantages of UAE Project**: Expected to have lower costs due to favorable energy prices and minimal tariffs, enhancing competitiveness against Southeast Asian counterparts [12][14] New Business Developments - **Perovskite Business**: Currently in the sample delivery stage, with potential small batch orders expected in 2026 as applications expand into new areas like commercial aerospace [3][17] Strategic Decisions - **Overseas Manufacturing Rationale**: Driven by Tesla's request for supply chain stability amid geopolitical uncertainties, with the Middle East chosen for its stable relations and energy cost advantages [10] Price Trends and Market Conditions - **Price Stability**: Current prices are at a bottom level, with limited potential for further declines; future price increases likely driven by cost rather than demand [12][11] Conclusion - The company is navigating a challenging market environment with strategic adjustments, focusing on cost advantages and partnerships to enhance profitability and growth potential in the photovoltaic glass sector.

Summary of the Conference Call for 蓝帆医疗 (Blue Sail Medical) Company Overview - **Company**: 蓝帆医疗 (Blue Sail Medical) - **Industry**: Medical Devices, specifically focusing on cardiovascular products and protective gloves Key Points Industry and Business Performance - **Cardiovascular Business**: Expected to turn profitable by 2025, with a focus on expanding hospital coverage to over 3,000 and achieving a million-level implant volume. Self-developed products are projected to account for 50% of sales, with gross margins potentially recovering to over 60% [2][4] - **Protective Gloves Business**: Anticipated to achieve stable profitability by Q1 2026, driven by geopolitical factors and raw material price increases. Prices for nitrile gloves are expected to rise by over $7 per box, and PVC gloves by $2-3 per box [2][7] - **Investment in Thailand**: A $200 million investment from Thailand aims to address energy cost issues by acquiring a local power plant and constructing a new facility, which will significantly reduce production costs [2][5] Financial Performance and Projections - **Historical Losses**: The company faced losses from 2021 to 2024, with amounts of 400 million, 300 million, 200 million, and 100 million respectively. Strategies to mitigate losses include expanding market access and increasing self-developed product sales [4][6] - **Future Profitability**: By 2025, the company expects to achieve profitability exceeding 100 million, with a gross margin recovery to 60% [4][6] Strategic Initiatives - **Forward Stockpiling Strategy**: The company has stockpiled low-cost nitrile latex to benefit from price increases expected in 2026, with inventory sufficient until May 2026 [2][7][11] - **International Expansion**: The cardiovascular business is expanding internationally, with an overseas sales team of over 200 people and projected overseas revenue exceeding 800 million RMB by 2025 [2][12] Challenges and Responses - **Energy Costs**: High energy costs have been a significant challenge. The investment from Thailand is expected to alleviate this issue by integrating energy supply and improving production efficiency [5][6] - **Market Dynamics**: The company is navigating a challenging market environment, including price fluctuations due to geopolitical tensions and tariff policies [4][5][18] Market Trends and Pricing - **Price Increases**: The company anticipates significant price increases in gloves due to raw material cost pressures and market dynamics, with nitrile gloves expected to see a price increase of $7 or more per box [7][22] - **Demand Resilience**: Despite price increases, demand for gloves remains strong, with inventory levels low and customers expected to replenish stock quickly [15][22] Future Outlook - **High-Quality Development Cycle**: The company is entering a new growth phase, benefiting from demographic trends and increasing disease prevalence. The cardiovascular sector is expected to grow at double-digit rates [4][30] - **Strategic Partnerships**: The company is focusing on strategic partnerships and investments to enhance its product offerings and market presence, particularly in the cardiovascular space [12][30] Conclusion - **Long-term Vision**: 蓝帆医疗 aims to become a respected global company in the medical field, leveraging its experience and strategic initiatives to navigate challenges and capitalize on growth opportunities [30][31]

Summary of Guizhou Moutai Conference Call Company Overview - **Company**: Guizhou Moutai - **Industry**: Baijiu (Chinese liquor) Key Points Market Performance and Demand - During the 2026 Spring Festival, Moutai's market supply significantly increased, particularly on the "i Moutai" platform, with supply reaching between 2,000 to nearly 3,000 tons [3] - Moutai's wholesale price remained strong, peaking at around 1,700 RMB, with some second and third-tier cities seeing prices as high as 1,850 RMB, indicating robust demand [3] - The company expects a high single-digit revenue growth for Q1 2026, with sales projected to increase by 10% to 20% [2][3] Strategic Adjustments - Moutai's management has shifted to a more competitive stance, lowering the factory prices of premium and zodiac wines to align with market prices [2][6] - The factory price for premium Moutai was reduced from approximately 3,000 RMB to around 2,000 RMB, while zodiac wine prices were cut from about 2,500 RMB to between 1,800 and 1,900 RMB [6] - The company plans to enhance its direct sales channels, launching official stores on platforms like JD, Tmall, and Douyin to meet consumer demand for authentic products [8] Industry Trends - The baijiu industry is showing signs of bottoming out, characterized by supply contraction, demand recovery, and increased market concentration [9] - The overall consumption demand remains stable, with a shift in consumer preferences towards lower-priced products in certain markets [9][10] - The industry is expected to see reduced performance pressure in Q2 2026, as the previous year's high base effects diminish [5] Valuation and Investment Opportunities - Current valuations for Moutai are around 18 to 19 times earnings, while other baijiu companies range from 10 to 15 times [4] - Despite some companies facing revenue declines, many brands are expected to maintain stable or positive growth in Q1 2026, making it a favorable time to invest in the baijiu sector [5] - Wuliangye, another major player, has shown strong sales growth during the Spring Festival, with a potential extreme valuation of about 13 times after excluding cash [12] Future Outlook - Moutai's management is cautious about the competitive landscape over the next 2-3 years, anticipating a fluctuating price around 1,500 RMB for its flagship product [6] - The company aims to increase its market management expenses for brand promotion and consumer outreach, a strategy not commonly seen in the past [7] Conclusion - The baijiu industry is poised for recovery, with Moutai taking proactive steps to adapt to market conditions and consumer preferences, presenting potential investment opportunities as the market stabilizes [9][12]

18 March 2026 | 12:49AM HKT Equity Research Fujian Wanchen Food (300972.SZ): 4Q25 Earnings Review: Pre-MI NP beat on strong GPM expansion despite slightly shy store openings; Buy Wanchen reported 4Q25/FY25 results on Mar 17 with headline sales/NP of Rmb51.5bn/Rmb1,345mn growing 59%/358% yoy, respectively, both in line with GSe and toward the high end of the pre-results range (NP at Rmb1.23~1.40bn). Implied sales in 4Q25 was Rmb14.9bn (up 27% yoy), -4% vs. GSe on slightly shy store numbers, while NP came in ...