Financial Data and Key Metrics Changes - Revenues for Q3 2025 reached $13 million, an increase of 81% year-over-year and 48% sequentially, marking one of the strongest quarters in the company's history [6][14] - Non-IFRS gross margins for Q3 2025 were 56%, down from 74% in Q3 2024, reflecting increased investments and a higher share of large-scale projects with AI customers [15][16] - Net profit for Q3 2025 was $0.1 million, a significant decrease from $4.2 million in Q3 2024, primarily due to a high financial income in the previous year [17][18] - Adjusted EBITDA for Q3 2025 was $1.2 million, slightly down from $1.4 million in Q3 2024 [17] Business Line Data and Key Metrics Changes - The company saw a 26% increase in paying customers and a 17% increase in average revenue per customer during the quarter [6] - The product suite is evolving from a single product proxy business into a diversified multi-product data infrastructure platform, with significant growth in AI-centric products [11] Market Data and Key Metrics Changes - Strong growth was noted in the AI vertical, offsetting declines in other segments, with one large-scale AI customer contributing approximately $3.5 million in revenue [15] - The company is experiencing significant traction with major global e-commerce platforms in Asia, which are placing repeat and expanding orders [7] Company Strategy and Development Direction - The company prioritizes long-term relationships and market share capture over short-term margins and profitability, with a focus on AI-driven growth [3] - Strategic investments are being made to expand capacity and enhance infrastructure, which are expected to drive long-term growth despite short-term margin pressures [8][10] - The company aims to shift towards higher value products, which will improve unit economics and margins over time [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growing demand for AI services and the company's positioning within the data industry, anticipating a revenue of approximately $12 million for Q4 2025, representing a 62% year-over-year growth [12][19] - The volatility in demand from leading labs is expected to stabilize as models transition from research to production [10] Other Important Information - The company's cash position as of September 30, 2025, was approximately $24.6 million, supporting ongoing strategic investments [18] Q&A Session Summary Question: Can you talk about the large project for Dataset delivery? - Management clarified that the demand is for a combination of a scraper and a dataset, with high customer satisfaction and retention [22][25] Question: Do you see usage being higher or lower once R&D customers have developed their models? - Management indicated that while initial data needs are high during the education stage, usage may become more predictable in the production stage [26][27] Question: What is the pipeline to sell this new Dataset delivery solution to other customers? - Management confirmed that there are already other customers leveraging this product, with additional prospects in the pipeline [30] Question: How should we think about the gross margin recovering as revenue scales? - Management projected that gross margins could improve significantly if third-party vendor reliance decreases, with a potential gross margin of around 70% if all solutions were in-house [31][33] Question: When will unit economics improve? - Management noted that as demand stabilizes and infrastructure efficiency increases, unit prices may rise, benefiting overall margins [36][37]

Financial Data and Key Metrics Changes - The company reported a net profit of approximately $17 million for the quarter, with an EBITDA of $238 million and liquidity exceeding $555 million [2][3] - Capital expenditures (CapEx) are currently at $1.6 billion, with a contract backlog remaining stable at around $3 billion [3][4] - The company declared an interim dividend of $0.05 per share, payable in early January [3] Business Line Data and Key Metrics Changes - In the dry bulk segment, the company achieved a TCE of $29,500 for Newcastlemaxes in Q3, increasing to approximately $34,000 in Q4, while Capesize rates rose from $20,500 to $26,200 [12][13] - The Kamsarmax and Panamax segments saw rates improve from $13,500 in Q3 to $17,000 in Q4 [13] - The tanker division reported Q3 rates of $30,500 for VLCCs, with Q4 rates reaching $68,000 [17][18] Market Data and Key Metrics Changes - The company remains positive on tankers, dry bulk, and offshore markets, while expressing caution regarding containers and chemicals due to supply-demand imbalances [8][9] - Dry bulk demand is expected to grow, with a ton mile demand increase of 0.8% for capesizes this year, projected to ramp up to nearly 3% next year [10] - The offshore wind market is experiencing growth, although some projects have been postponed [11] Company Strategy and Development Direction - The company is focused on increasing spot exposure in dry bulk and large tankers, positioning itself to benefit from favorable market conditions [4][8] - A new multi-purpose accommodation service vessel has been ordered to enhance capabilities in both oil and gas and offshore wind markets [22][24] - The company aims to maintain a flexible dividend policy, balancing shareholder rewards with strengthening its balance sheet for future opportunities [32][33] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the operational leverage and free cash flow generation capacity, anticipating significant liquidity generation in the coming quarters [5][6] - The company is cautious about the container and chemical markets, expecting challenges due to high order books and supply-demand dynamics [9][20] - Management remains committed to decarbonization efforts, focusing on ammonia as a fuel choice despite delays in IMO regulations [29][50] Other Important Information - The company has successfully reduced bridge financing by $300 million and is actively working to optimize its financing portfolio [5][60] - The average age of the fleet is at historical highs, which may lead to increased scrapping in the future [15] Q&A Session Summary Question: Impact of delayed carbon pricing by IMO on dual-fuel technology demand - Management indicated that the delay does not alter their strategy, which is based on finding partners for dual-fuel technology and is supported by EU legislation [28][29] Question: Investment philosophy regarding new buildings in dry bulk and tankers - The company has invested significantly in recent years and will continue to look for opportunities, but current new building prices are considered high [30][31] Question: Dividend policy and expectations - The company maintains a fully discretionary dividend policy, with no fixed minimum or maximum dividends expected [32][33] Question: Interest expenses and one-off impacts - Elevated interest expenses were attributed to bridge financing and arrangement fees from recent acquisitions [58][59] Question: Expectations for fixed contracts and their growth - The company aims to increase fixed contract coverage but does not have a specific target due to market variability [97]

Financial Data and Key Metrics Changes - Revenue grew 53.8% year-over-year in 2024, with expectations of close to 35% year-over-year growth in 2025 [3][4] - The company anticipates approximately 15% year-over-year revenue growth in 2026, focusing on profitability as a major goal [4] Business Line Data and Key Metrics Changes - The growth is attributed to an increase in the number of students and parents served, strengthening of the product portfolio, and growing brand influence [3] - Integration of online and offline solutions, along with AI enhancements, is progressing steadily [4] Market Data and Key Metrics Changes - The company has seen sustained operating leverage as it expands, which supports the goal of achieving full profitability at target scale [4] Company Strategy and Development Direction - The company plans to balance growth with profitability, making profitability the primary focus in 2026 [4] - Ongoing efforts are aimed at moving towards sustainable net profitability in 2026 [4] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory becoming more balanced in 2026, with a focus on profitability [4] Other Important Information - The company encourages further inquiries through its Investor Relations Department [6] Q&A Session Summary Question: Insights on 2026 growth expectations and balancing growth with loss reduction - Management provided insights on revenue growth expectations for 2025 and 2026, emphasizing the importance of profitability in future strategies [2][4]

Financial Data and Key Metrics Changes - The company reported a net profit of approximately $17 million for the quarter, with EBITDA at $238 million and liquidity exceeding $555 million [2][3] - Capital expenditures (CapEx) are currently at $1.6 billion, with a contract backlog remaining stable at around $3 billion [3][4] - The company declared an interim dividend of $0.05 per share, payable in early January [3] Business Line Data and Key Metrics Changes - In the dry bulk segment, the company achieved a TCE of $29,500 for Newcastlemax vessels in Q3, increasing to nearly $34,000 in Q4 [12] - Capesize vessels reported a TCE of $20,500 in Q3, rising to $26,200 in Q4 [12] - Kamsarmax and Panamax vessels exceeded expectations with rates increasing from $13,500 in Q3 to $17,000 in Q4 [13] Market Data and Key Metrics Changes - The tanker market remains positive, with VLCC rates achieving $30,500 in Q3 and approximately $68,000 in Q4 [17] - The chemical tanker market is experiencing a decline, with limited spot exposure and a cautious outlook due to an oversupply of vessels [21] - The offshore market is seeing growth, particularly in offshore wind and oil and gas sectors, with increased demand for support vessels [11][22] Company Strategy and Development Direction - The company is focusing on increasing spot exposure in dry bulk and large tankers, positioning itself to benefit from favorable market conditions [4][8] - There is a cautious approach towards the container and chemical markets due to supply-demand imbalances [9][10] - The company is actively rejuvenating its fleet and has ordered a new multi-purpose accommodation service vessel to enhance its offshore capabilities [4][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the dry bulk and tanker markets, citing strong supply-demand fundamentals [10][11] - There is caution regarding the container and chemical markets, with expectations of flat or declining demand in the near term [9][10] - The company is committed to maintaining flexibility in its dividend policy, balancing shareholder rewards with strengthening its balance sheet [32][86] Other Important Information - The company has successfully reduced bridge financing by $300 million and anticipates generating significant free cash flow in the coming quarters [5][6] - The average age of the fleet is at historical highs, which may lead to increased scrapping in the future [15] Q&A Session Summary Question: Impact of delayed carbon pricing by IMO on dual-fuel technology demand - Management indicated that the delay does not alter their strategy, which is based on finding partners for dual-fuel technology and is supported by EU legislation [28][29] Question: Investment philosophy regarding new builds in dry bulk and tankers - The company has invested significantly in recent years and will continue to look for opportunities, but new builds are currently seen as pricey [30][31] Question: Dividend policy and expectations - The company maintains a fully discretionary dividend policy, with no minimum or maximum levels set, allowing flexibility based on cash flow and market conditions [32][33] Question: Interest expenses and one-off impacts - Elevated interest expenses were attributed to bridge financing and acquisition-related costs, with plans to optimize financing in the future [58][59] Question: Expectations for fixed contracts and future growth - The company aims to increase fixed contract coverage but does not have a specific target, as it depends on market conditions [97] Question: Impact of tariffs on the company - The company reported minimal impact from tariffs, with most effects felt in the broader market rather than directly affecting its operations [96][98]

Financial Data and Key Metrics Changes - Revenue grew 53.8% year-over-year in 2024, with expectations of close to 35% year-over-year growth in 2025 [3] - Anticipated approximately 15% year-over-year revenue growth in 2026, with a focus on profitability [4] Business Line Data and Key Metrics Changes - The company has seen a steady increase in the number of students and parents served, contributing to strong top line expansion [3] - Integration of online and offline solutions, along with AI enhancements, is progressing steadily [3] Market Data and Key Metrics Changes - The company is experiencing sustained operating leverage as it scales, which supports the path to full profitability [4] Company Strategy and Development Direction - In 2026, profitability will be the major focus guiding the execution of the overall strategy [4] - The company aims to move towards sustainable net profitability with ongoing efforts to improve operating cash flows [4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a balanced growth trajectory with a focus on profitability in 2026 [4] Other Important Information - The company encourages further inquiries through its Investor Relations Department [6] Q&A Session Summary Question: Insights on 2026 growth expectations and business line plans - Management highlighted strong revenue growth in 2024 and 2025, with a balanced growth focus and profitability as key goals for 2026 [3][4]

Financial Data and Key Metrics Changes - Total revenues for Q3 2025 were RMB 92.5 million, reflecting year-over-year and sequential decreases primarily due to reduced sales volume of EH216 series products [31][32] - Gross profit was RMB 56.2 million, with a gross margin of 60.8%, slightly down from 61.2% in Q3 2024 and 62.6% in Q2 2025 [32] - Adjusted net loss was RMB 20.3 million, compared to adjusted net income of RMB 15.7 million in Q2 2024 and RMB 9.4 million in Q2 2025 [33] Business Line Data and Key Metrics Changes - The company delivered 42 units in Q3, including 41 units of the EH216 series and the first VT35, with 39 units delivered in China and 3 units to overseas customers [16][17] - Deliveries were impacted by delayed payment schedules from certain customers, with 30 units expected to be recognized in Q4 [17] Market Data and Key Metrics Changes - The company is expanding its international presence, with notable progress in Asia, the Middle East, and Africa, including trial operations in Thailand and Qatar [11][12][22] - The EH216 series has completed over 80,000 flights globally, enhancing its international credibility [22] Company Strategy and Development Direction - The company is focused on operations-driven sales, optimizing delivery pace, and supporting existing customers to establish sustainable commercial operations [4] - The launch of the VT35 aims to cover diverse application scenarios in the low-altitude economy, with a pre-sale price of CNY 6.5 million [7][8] - The company is deepening partnerships with local governments, such as the Hefei government, to establish product hubs and enhance the entire industry chain [8][10] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the full-year revenue guidance of approximately RMB 500 million, supported by a solid foundation for long-term growth [34] - The supportive policy environment and the company's comprehensive product portfolio are expected to drive future growth [15][30] Other Important Information - The company raised $10 million through its at-the-market offering program, aimed at R&D, team expansion, and commercial operations [33] - A new board member, Ms. Hai Ying Li, was welcomed to enhance the company's international perspective and strategic decision-making [15] Q&A Session Summary Question: Insights on the sandbox initiative and timeline for commercial operations - Management confirmed that the sandbox initiative in Thailand has been approved, with plans to officially commence eVTOL commercial operations in the next three months [36][37] - The goal is to establish 20 sandbox initiatives by the end of 2026, potentially leading to the delivery of 100 EH216 units in that year [39] Question: Expansion into unmanned product portfolios and their revenue contribution - Management highlighted that both manned and unmanned operations are critical for the low-altitude economy, with plans to diversify the product portfolio to increase revenue [42][44] Question: Plans for the VT35 and gross profit margin stabilization - The VT35's airworthiness application is progressing steadily, with expectations for gross profit margin to stabilize around 60% despite slight fluctuations due to new product introductions [49][54]

Financial Data and Key Metrics Changes - Revenue grew 53.8% year-over-year in 2024, with expectations of close to 35% year-over-year growth in 2025, indicating strong top-line expansion over the past two years [3][4] - The company anticipates approximately 15% year-over-year revenue growth in 2026, focusing on achieving sustainable net profitability [4] Business Line Data and Key Metrics Changes - The growth is attributed to an increase in the number of students and parents served, strengthening of the product portfolio, and growing brand influence [3] - Integration of online and offline solutions, along with AI enhancements, is progressing steadily, improving user experience in courses [4] Market Data and Key Metrics Changes - The company is experiencing sustained operating leverage as it scales, which supports the foundation for achieving full profitability at target scale [4] Company Strategy and Development Direction - In 2026, the company plans to balance growth with a major focus on profitability, guiding the execution of its overall strategy [4] - The company aims to improve operating cash flows and move towards sustainable net profitability in 2026 [4] Management Comments on Operating Environment and Future Outlook - Management highlighted the steady increase in user demand and motivation as key drivers for growth, alongside product integration and brand strength [3][4] Other Important Information - The company encourages further inquiries through its Investor Relations Department and offers subscription to news alerts on its IR website [6] Q&A Session Summary Question: Insights on 2026 growth expectations and business line plans - Management provided insights on anticipated growth rates and the strategy to balance growth with loss reduction, emphasizing profitability as a key focus for 2026 [2][4]

Financial Data and Key Metrics Changes - The company reported a net profit of approximately $17 million for the quarter, with EBITDA at $238 million and liquidity exceeding $555 million [2][3]. - Capital expenditures (CapEx) are currently at $1.6 billion, with a contract backlog remaining stable at around $3 billion [3][4]. - An interim dividend of $0.05 per share was declared, payable in early January [3]. Business Line Data and Key Metrics Changes - In the dry bulk segment, the company achieved a TCE of $29,500 for Newcastlemaxes in Q3, increasing to nearly $34,000 in Q4. Capesize rates rose from $20,500 in Q3 to $26,200 in Q4, while Kamsarmax and Panamax rates improved from $13,500 to $17,000 [12][13]. - The tanker division saw Q3 rates of $30,500 for VLCCs, with Q4 rates reaching $68,000, and Suezmax rates increased from $48,000 to close to $60,000 [18][19]. Market Data and Key Metrics Changes - The company remains positive on tankers, dry bulk, and offshore markets, while expressing caution regarding containers and chemicals due to supply-demand imbalances [7][9]. - Demand for capesize ton miles is expected to grow by nearly 3% next year, with only 9% of the fleet on order, indicating strong fundamentals in the dry bulk market [10][14]. Company Strategy and Development Direction - The company is focused on increasing spot exposure in dry bulk and large tankers, positioning itself to benefit from favorable market conditions [4][10]. - A new multipurpose accommodation service vessel (MPASV) has been ordered to enhance capabilities in both oil and gas and offshore wind markets [23][26]. Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the operational leverage and free cash flow generation capacity, projecting an additional $600 million in liquidity over the next year at current rates [5][6]. - The company is cautious about the container and chemical markets, anticipating challenges due to high order books and supply-demand dynamics [9][22]. Other Important Information - The company has successfully integrated the Golden Ocean merger, with a focus on optimizing its fleet and financial structure [2][3]. - Management emphasized a fully discretionary dividend policy, indicating flexibility in cash allocation for shareholder rewards and debt reduction [33][52]. Q&A Session Summary Question: Impact of delayed carbon pricing by IMO on dual-fuel technology demand - Management noted that while the delay is not ideal, it does not alter their strategy, which is based on finding partners for dual-fuel technology [28][29]. Question: Investment philosophy regarding new builds in dry bulk and tankers - The company has invested significantly in recent years and will continue to look for opportunities, but current new builds are considered pricey [30][31]. Question: Dividend policy and future expectations - The dividend policy remains discretionary, with no fixed payout ratio, allowing for flexibility in cash management [33][52]. Question: Interest expenses and one-off impacts - Elevated interest expenses were attributed to bridge financing and arrangement fees from recent acquisitions [42][43]. Question: Expectations for fixed contracts and growth - The company aims to increase fixed contract coverage but does not have a specific target due to market variability [57]. Question: Tariffs impact on the company - The impact of tariffs has been minimal, with the company benefiting from limited exposure to affected markets [58][59].

Financial Data and Key Metrics Changes - Total revenues for Q3 2025 were RMB 92.5 million, showing year-over-year and sequential decreases primarily due to decreased sales volume of EH216 series products [29][30] - Gross profit was RMB 56.2 million, with a gross margin of 60.8%, slightly lower than 61.2% in Q3 2024 and 62.6% in Q2 2025 [30][31] - Adjusted net loss was RMB 20.3 million, compared to adjusted net income of RMB 15.7 million in Q2 2024 and RMB 9.4 million in Q2 2025 [31] Business Line Data and Key Metrics Changes - The company delivered 42 units in Q3, including 41 units of the EH216 series and the first VT35, with deliveries mainly in China [16][17] - The VT35 was launched in October, with a pre-sale price of CNY 6.5 million, and has already received purchase orders from customers in Hefei, Zhejiang, and Hainan [6][7] - The GD4.0 drone began mass production and commercial deployment, achieving significant performance milestones during events [10][28] Market Data and Key Metrics Changes - Deliveries in Q3 were primarily in China, totaling 39 units, with some sales agreements signed but payments delayed, affecting revenue recognition [17] - The company is expanding its international footprint, achieving notable progress in Asia, the Middle East, and Africa, including trial operations in Thailand and Qatar [11][12][24] Company Strategy and Development Direction - The company is focused on operations-driven sales, optimizing delivery pace, and supporting existing customers to establish sustainable commercial operations [4][5] - A strategic partnership with the Hefei government aims to establish a VT35 product hub, with comprehensive support totaling RMB 500 million [8] - The company is diversifying its product portfolio to include unmanned business applications, such as firefighting and logistics, to enhance revenue streams [26][42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the full-year revenue guidance of approximately RMB 500 million, supported by steady delivery progress and a strong order backlog [32][33] - The supportive policy environment in China and ongoing regulatory improvements are expected to bolster the low-altitude economy and the company's growth prospects [12][14] - The company aims to leverage its product strength and operational expertise to advance commercial operations and expand its global footprint [15][29] Other Important Information - The company raised $10 million through its at-the-market offering program, which will be used for R&D, production expansion, and general corporate purposes [31] - A new board member, Ms. Hai Ying Li, was appointed to enhance the company's international perspective and strategic decision-making [16] Q&A Session Summary Question: Can management share more about the sandbox initiative and its timeline? - Management confirmed that the sandbox initiative in Thailand has been approved, aiming to officially commence eVTOL commercial operations in the next three months [34][36] Question: What progress is being made in expanding into unmanned product portfolios? - Management stated that both manned and unmanned businesses are critical components of the low-altitude economy, and expanding the product portfolio is essential for increasing revenue [40][42] Question: What is the plan for the VT35's airworthiness application and the gross profit margin outlook? - Management indicated that the VT35's type certificate application is progressing steadily, and they expect the gross profit margin to stabilize around 60% in the long term [44][47]

Financial Data and Key Metrics Changes - Total revenues in Q3 2025 were RMB 27.4 billion, a decrease of 36.2% year over year and 9.5% quarter over quarter [24] - Vehicle sales contributed RMB 25.9 billion, down 37.4% year over year and 10.4% quarter over quarter, primarily due to lower vehicle deliveries [24] - Gross profit was RMB 4.5 billion, down 51.6% year over year and 26.3% quarter over quarter, with a vehicle margin of 15.5% compared to 20.9% in the same period last year [25][26] - Operating expenses were RMB 5.6 billion, down 2.5% year over year and up 7.8% quarter over quarter [27] - Net loss in Q3 was RMB 624.4 million, compared to a net income of RMB 2.8 billion in the same period last year [28] - Cash position remained strong with a balance of RMB 98.9 billion at the end of the quarter [28] Business Line Data and Key Metrics Changes - R&D expenses increased to RMB 3 billion, up 15% year over year, reflecting investments in new vehicle programs and technology [27] - SG&A expenses decreased to RMB 2.8 billion, down 17.6% year over year, mainly due to share-based compensation recognition from the previous year [27] Market Data and Key Metrics Changes - The company expects deliveries in Q4 2025 to be between 100,000 and 110,000 vehicles, with total revenue projected between RMB 26.5 billion and RMB 29.2 billion [29] Company Strategy and Development Direction - The company plans to revert to an entrepreneurial model starting Q4 2025, focusing on long-term product and technology development [11][23] - Key strategic choices include focusing on embodied AI products, which are seen as the future of user interaction with vehicles [15][22] - The company aims to enhance its full-stack AI system, emphasizing the need for a different approach to technology that integrates physical and digital capabilities [16][22] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in supply chain and product lifecycle but emphasized a long-term vision for the next decade [4][23] - The transition from EREV to BEV is seen as a significant opportunity, with expectations for NEV penetration rates in China to reach 55-60% by 2026 [46] - The company is optimistic about achieving a historic breakthrough in deliveries in 2026, leveraging superior product strength and user value [49] Other Important Information - The company is implementing a dual supplier strategy for batteries to address production ramp-up challenges [42] - The recall of the Li Mega was recognized in Q3 due to its impact on operations and deliveries, affecting gross profit margins [54] Q&A Session Summary Question: What technology or product progress can be expected in 2026? - The company will launch an AI system based on the M100 chips, which will enhance user experience by transitioning products from passive to proactive machines [32][33] Question: How is the company preparing for the transition to BEV? - The company is focusing on in-house development of electric drive systems, battery systems, and electronic control to ensure efficiency and user experience [35][36] Question: What updates are there on orders and deliveries of the Li I8 and I6? - The I8 and I6 models are entering core BEV markets with increasing orders, and production capacity for the I6 is expected to reach 20,000 units monthly by early next year [41][42] Question: Why did operating cash flow decrease significantly? - The decrease in operating cash flow was attributed to lower deliveries impacting revenue and a shortened payment cycle to suppliers [43] Question: How will the company respond to changes in subsidy policies in 2026? - The company plans to implement a peace of mind purchase program to cover purchase tax differences for customers and will continue to focus on technological advancements to offset policy impacts [47][48]