涉及的行业或公司 * 电信行业 特别是无线通信和宽带服务[1] * Verizon Communications Inc (VZ) 一家主要的电信运营商[1] 核心观点和论据 **网络与频谱策略** * 公司对其当前的频谱地位感到满意 并强调其网络运行效率 历史上曾以最少的频谱赢得JD Power最佳网络奖达32次[5] * 公司在频谱获取上采取机会主义和财务纪律严明的方式 例如从UScellular收购的频谱在全国平均为2 MHz 但在某些特定区域高达25 MHz[6] * 频谱策略是一个“建设与购买”的对话 取决于其与现有无线电产品组合的兼容性 近期EchoStar交易的3.45和600频谱波段与公司当前的无线电产品组合不兼容[6][7] **竞争环境与用户增长** * 公司处于竞争环境中 切换用户池(switcher pool)同比保持高位 这驱动了行业一定的流失率[9] * 公司专注于获取高质量业务 新引入用户线的信用等级 附加服务和融合产品都很好 用户终身价值(CLV)高[9] * 用户流失率(churn)上升受两个因素驱动：竞争环境以及公司采取的战略性提价措施[10][45] * 公司提升长期净增用户的方法包括改善毛增长(gross adds)和降低流失率 其毛增长已连续10个季度保持强劲势头[14][15] * 公司预计2025年整个无线生态系统的净增用户数在800万至850万之间 移民因素的变化会影响此数字 通常有6-7个月的滞后[23] **宽带与FWA（固定无线接入）战略** * 对收购Frontier Communications (预计2026年第一季度完成)充满信心 已获得DOJ和FCC批准 正与13个需要当地PUC批准的州进行工作[26][27] * 收购Frontier的价值来源包括：将移动业务引入Frontier用户群(目前渗透率低于公司平均水平) 将Frontier产品引入公司移动用户群 引入公司低流失率运营模式(2025年第一季度Fios流失率为1%) 以及引入新产品和服务[27] * 公司对光纤业务极度看好 其ARPU增长良好 流失率处于历史低位 新用户群渗透率逐年提高 目前移动用户中融合业务(convergence)渗透率约为18% 一年前约为16% 目标是最终达到40%[29] * FWA目标是达到800万至900万用户 其NPS(净推荐值)非常高 与光纤相当 但MDU(多住户单元)领域的推广因技术和运营框架问题进展略慢于预期[30][31][32] * FWA容量是利用为移动网络建设的闲置容量 承诺的800-900万FWA用户目标不需要额外的成功驱动性资本投入[47] **用户感知与价值主张** * 公司承认在“价格价值感知”(price value perception)方面存在挑战 市场存在其是高端昂贵品牌的认知[17][19] * 公司通过“我的计划 我的家” Verizon投资价值保证等价值主张来吸引用户 强调不采用 teaser rate(诱饵费率)然后提价的策略 给予用户灵活性[20][21] * 公司致力于通过改善客户体验(CX)来降低流失率 利用AI和生成式AI减少五个关键用户旅程(认证 账户管理 技术支持 激活等)中的摩擦 这些环节占据了80%的流程摩擦[16][17] **资本配置与财务目标** * 资本配置策略优先顺序为：1) 投资业务以驱动服务收入 调整后EBITDA和自由现金流的可持续长期增长 2) 使董事会有能力每年增加股息 3) 将杠杆率维持在2-2.25倍(过去一年已减少70亿美元无担保债务) 4) 剩余资金用于股票回购等其他股东回报方式[48][49] * 若有额外资本 优先投资方向包括：增长良好的宽带业务(目前份额仅为个位数) 网络选择性致密化 以及客户体验提升[51][53] * 公司将2025年自由现金流指引提高了20亿美元 部分源于税收立法 部分源于显著改善的EBITDA[10] **预付费业务(Prepaid)** * 预付费业务已连续四个季度增长 并在市场份额增长方面排名第一 该业务从2024年近6亿美元的服务收入拖累转变为2025年对服务收入增长做出正面贡献[55] * 成功源于运营严谨 销售机器启动 价值主张定位清晰 以及拥有8个高度细分品牌(如Visible Straight Talk Total Wireless)和分销扩张[56] * 公司对移民因素敏感度较低 因其在低端预付费和新移民向后付费迁移领域参与度不高[58] * 预付费价值主张已演进 如今许多计划是无限流量并提供高质量网络 吸引了不同的用户基础[59] **其他重要内容** * 公司C波段部署进展顺利 预计到2025年底宏站点覆盖率达到80%-90%[52] * 长期来看 每个运营商都需要更多频谱 公司也不例外 但在短期内对频谱状况感到满意[54] * 公司正在进行网络转型(NT) 回收铜缆 迁移用户至全光纤网络 这有助于未来贡献成本节约[60] * 作为一项经营哲学 公司倾向于拥有并控制完整的基础设施资产 以确保最佳客户体验[63][64]

**公司业务概览** * 公司为Innoviva (INVA) 专注于生物制药领域 通过三个业务支柱创造价值[1][4] * 第一项业务为来自GSK的呼吸产品特许权使用费 提供稳定现金流[5] * 第二项业务为Innoviva专科治疗(IST)平台 专注于感染性疾病和重症护理 包含四款商业化产品及一款后期管线产品 年增长率超50%[5] * 第三项业务为多元化医疗资产组合 当前估值约4.5亿美元[6] **GSK特许权使用费业务分析** * 特许权来自Breo和Anoro两款哮喘和COPD维持治疗药物 患者粘性高且不易受仿制药冲击[10] * 产品在美国以外市场广泛销售且持续增长 提供额外分散性和持久性[10] * 产品受广泛专利保护 包括药物和设备专利 主要市场专利保护期至2030年代初[11] * 华尔街共识预测未来五年将为公司带来10亿美元特许权收入[12] **IST业务战略与运营** * IST目标成为感染性疾病和重症护理领域最佳可持续业务 同时满足患者需求[18] * 通过有机增长(年收入增50%+)和选择性收购(如Zevtera)推动增长[19][20] * Zevtera针对金黄色葡萄球菌菌血症市场 美国年患者12万 其中50%为耐药菌株[23] * 产品获批三个适应症 菌血症为最直接机会 其他适应症提供增量增长潜力[24] **产品管线进展** * Xoroflodacin针对淋病 PDUFA日期在2025年底 全球年病例超8000万 美国超100万[26] * 现有治疗存在耐药性问题(亚洲耐药率超30%) 且需肌肉注射 口服制剂更具便利性[27] * Armata(公司持股60%+)为噬菌体疗法公司 近期二期数据显示100%临床应答率[39][40] * Sindeo(原Gate)专注于CNS资产 针对抑郁症 拥有基于诺贝尔奖得主见解的差异化平台[41][42] **资本配置策略** * 公司拥有4亿美元现金 资金充裕[44] * 资本配置重点为扩大IST业务和支持战略医疗组合中有生产力的资产[44] * 历史上有活跃股票回购记录 未来仍将持续作为选项[45] * 采取灵活机会主义方式 将资本配置到最大机会领域[45] **风险与机会平衡** * 公司定位独特 具备盈利能力和充足资本 在所有市场条件下都有显著下行保护[7] * 业务分层结构提供稳定增长收入流和重大上行机会 同时保持下行保护[8] * IST平台接近完美平衡 既灵活又具备足够规模实现结构盈利[30] * 基于现有产品组合 IST峰值收入可能超过5亿美元[31]

核心财务表现 - 2025年上半年调整后收入达1387万美元 较2024年同期的1097万美元增长33% [7] - 第二季度调整后EBITDA为829万美元 实现扭亏为盈 较2024年同期亏损103万美元显著改善 [7] - 毛利率保持稳定 上半年为343万美元 第二季度为193万美元 [7] 投资组合结构 - 持有超过25家投资组合公司 覆盖数字健康、人工智能、游戏/沉浸式技术、气候科技及宠物健康领域 [5] - Hydreight Technologies持股约58% 连续三个季度实现盈利 上半年调整收入1390万美元同比增长33% [6] - Insu Therapeutics持股约228% 开发口服胰岛素片剂 瞄准1180亿美元规模的糖尿病治疗市场 [10][13] - Pawsible Ventures持股约49% 聚焦宠物健康科技 目标368亿美元的全球宠物护理市场 [12][14] 战略举措进展 - Hydreight的VSDHOne平台在6-7月处理超过42万笔药房SKU订单 预计2025年下半年将创订单量纪录 [8][21] - 成立内部营销机构子公司 推出个性化基因检测与健康解决方案 扩大GLP-1减肥治疗以外的服务范围 [8] - 通过1000万美元可转换债券融资增强资本实力 转换价格较市场溢价25%达406美元/股 [9] 研发与监管进程 - Insu Therapeutics采用FDA 505(b)(2)监管路径 利用现有安全性和有效性数据加速审批 目标2026年启动首次人体试验 [13] - 由UBC教授Anubhav Pratap-Singh博士领导研发团队 发表100多篇论文 前赛诺菲高管Ammad Shorbaji负责运营 [13] - 临床前试验显示口腔给药系统的胰岛素吸收效果与注射相当 且具有更好的肝脏靶向性 [10] 市场拓展计划 - Pawsible Ventures已与25家早期宠物健康公司接洽 涵盖AI驱动的诊疗管理软件、情感陪伴工具及创新药物 [14] - 计划2025年秋季启动基金和孵化器项目 首批孵化企业即将亮相 [15][21] - 通过LinkedIn活动获得超7000次曝光 与风险基金、学术机构及行业战略伙伴展开合作讨论 [14] 行业背景与机遇 - 全球糖尿病患病人数超过5亿 预计2045年将增至783亿 糖尿病治疗市场2032年预计达1180亿美元 [13] - 美国宠物支出2024年超1500亿美元 全球宠物护理市场2030年预计达3680亿美元 [14] - 宠物健康领域呈现与人类医疗相似的增长趋势 早期创业者面临资本和基础设施获取障碍 [16] 管理层战略导向 - 专注于投资组合规模化扩张、战略并购及股东价值释放 可能实施股票回购计划以缩小NAV折价 [17][22] - 计划通过变现非核心资产再投资于长期价值创造业务 参加9-10月多场投资者会议包括CEM Muskoka、Planet MicroCap等 [21][22] - 业务模式提供早期科技公司投资流动性 通过48个月培育期使企业实现分拆或独立运营 [24][26]

财务数据和关键指标变化 - 净现金大幅增长285%至111亿南非兰特 表明强劲的现金生成能力和卓越的运营表现 [35] - 每股收益增长26%至2337南非兰特 [35] - 收入增长20%至740亿南非兰特 主要得益于运营稳定性和更高的黄金售价 [35] - 净利润飙升67%至146亿南非兰特 [36] - 税项增加35亿南非兰特 外汇和白银衍生品产生5亿南非兰特的波动 [35] - EBITDA增长37%至260亿南非兰特 [36] - 调整后自由现金流增长54%至110亿南非兰特 利润率为16% [5][36] - 可用流动性从127亿南非兰特增至209亿南非兰特 相当于超过11亿美元 [37] - 宣布创纪录的最终股息24亿南非兰特 每股股息为155南非兰特 全年每股股息为382南非兰特 [5][40] 各条业务线数据和关键指标变化 - 高品位矿山产量增长8%至16.5吨 品位提高10%至9.89克/吨 全维持成本增长9%至接近860万南非兰特/千克 产生88亿南非兰特调整后自由现金流 利润率为35% [18] - Hidden Valley产量稳定在5.1吨 品位1.35克/吨 全维持成本增长7%至868,000南非兰特/千克 产生38亿南非兰特调整后自由现金流 利润率为48% [21] - 南非露天矿产量下降13%至7.9吨 但利润率保持36%的稳健水平 全维持成本增长至853,000南非兰特/千克 [22] - 优化地下资产产量16.5吨 品位4.58克/吨 全维持成本增长26%至140万南非兰特/千克 仍产生23亿南非兰特调整后自由现金流 [23] 各个市场数据和关键指标变化 - 公司是兰特成本生产商 兰特走强导致以美元计价的成本上升 [11] - 超过90%的运营成本以兰特计价 [12] - 劳动力和电力成本占总成本的72% [13] - 由于收入和提高的盈利能力 特许权使用费为现金运营成本贡献约41,000南非兰特/千克 [13] 公司战略和发展方向和行业竞争 - 战略重点从数量转向价值 投资高品位黄金和铜 并实现地理多元化 [41] - 铜业务通过Mack Copper、Eva Copper和Wafi Golpu项目提供增长催化剂 [3][25] - 目标是到2035财年约40%的产量来自铜 [29] - 公司保持严格的资本配置 不追求固定的铜金比例 而是将资金投向有价值的地方 [28] - 投资组合旨在通过高质量矿体和 disciplined cost management 提供弹性 [3][30] 管理层对经营环境和未来前景的评论 - 尽管下半年遭遇安全停工和恶劣天气 公司仍达到产量指引上限 [10] - 工资通胀在五年协议下是可预测的 电价受到监管 [13] - 公司对金价高达30%的生产进行套期保值 以在资本投资高涨阶段保护利润率 [35] - 预计全维持成本将上升至115-122万南非兰特/千克 主要受采矿通胀和更高的维持资本驱动 [24] - 预计Mack Copper交易将于10月完成 Eva Copper项目的最终投资决定预计在今年晚些时候做出 [25] 其他重要信息 - 公司实现了有史以来最低的LTIFR 为每百万工时5.39 [8] - 地下回收品位提高至6.27克/吨 超过向上修订的指引 [6] - 公司被纳入富时社会责任指数第八年 MSCI将其评级提升至BB级 CDP在水管理方面给予A-评分 [16] - 公司拥有1.36亿盎司资源和3700万盎司储量的黄金和黄金当量 [41] - 市场 capitalization 约为1800亿南非兰特或100亿美元 [40] 问答环节所有的提问和回答 问题: 高品位开采和高品位能持续多久 [43] - 公司否认进行高品位开采 解释在Mponeng使用的是sequential grid mining method 旨在确保安全采矿 避免引发不必要的岩土事件或地震活动 [44] - 需要以储备品位来看待Mponeng 尽管近期品位表现优于储备品位 但不会因此调整储备品位 [46] - 将品位改善视为对冲成本通胀的一种方式 但不会在金价高时降低 cutoff grades [47] - 预计Mponeng和Moab Khotsong的回收品位将降至约9克/吨 每矿在稳态下年产20-25万盎司 [19] 问题: Wafi Golpu项目延迟的机会成本 [49] - 承认延迟对股东、管理层和巴布亚新几内亚人民的机会成本巨大 [50] - 但认为考虑到对大型铜矿的争夺以及Wafi Golpu作为一级铜金块体崩落矿的 exceptional value 等待是值得的 [51] - 管理团队正与合资伙伴Newmont紧密合作 以达成矿山开发合同和特殊采矿租约 [51] 问题: Mack Copper的运营变化和CapEx 以及优化资产的 margin flexibility [52] - 尚未接管Mack Copper 计划在10月交易完成后进行详细的技术分析规划流程 [53] - 将在2月的半年业绩中提供Mack Copper的展望更新 [54] - 承认该矿存在通风限制和灵活性挑战 但有优秀的缓解计划 Harmony将在接管后自行评估 [55] - 优化资产采用相同的灵活性规划工具进行管理 持续投入维持性CapEx以维持运营 [57] - 只要能找到可接受的品位和安全区域 就会继续运营这些矿山 它们仍是产量组合中的重要部分 [58] 问题: 2030-2035年的产量缺口 Mack Copper的作用 Target矿的更新 以及Mponeng高品位的可持续性 [61] - 产量缺口并非由Mack Copper填补 Mack已包含在图表中 缺口主要反映优化资产产量逐渐减少 但届时矿石质量将更好 [63][64] - Target矿的资本重组已完成 开始看到一些初步成效 预计今年将有更好贡献 [65][66] - 无法预测Mponeng 11克/吨的高品位能持续多久 但需要以储备品位来看待 目前开采的VCR矿脉高品位区域仍在持续 [67][68] - 建议在模型中采用储备品位进行预测 [69]

业绩总结 - FY25年度集团收入同比增长20%，达到R73,896百万（约合4,071百万美元）[99][147] - FY25年度净利润同比增长67%，达到R15,548百万[99] - FY25年度每股头条收益增长26%，达到2,337南非分（约合129美分）[13] - FY25年度调整后的自由现金流增长54%，达到R11.1亿（约合6.14亿美元）[19][99] - FY25年度EBITDA增长37%，达到1,429百万美元[147] - FY25年度记录的股息支付为R2.4亿（约合1.33亿美元），为公司历史最高[13] 生产与成本 - FY25年度黄金生产量为46,023千克，较FY24年度增长3%[42] - FY25年度全维持成本（AISC）为R1,054,346/kg，较FY24年度上升17%[44] - FY25年度地下回收品位为6.27g/t，超出指导目标[12] - FY25年度劳动力成本上升6%，电力和水费上涨16%[45] - FY25年度平均回收品位提高10%，达到9.89克/吨[59] - FY25年度全部维持成本为每千克R859,321，较上年上涨9%[59] 未来展望 - FY26生产目标为5,107千克，占总生产的11%[64] - FY26的资本指导为10,814百万南非兰特，主要用于持续资本和增长资本[125] - 公司计划在FY26生产约1.4Moz至1.5Moz，地下回收品位平均超过5.80g/t[121] - 2025年6月预计黄金及黄金等价物将增加至40.3百万盎司，增长幅度为41.3%[156] - 2025财年期间，预计将有其他损失（地质、规划）影响黄金开采量[156] 资本支出与现金流 - FY25资本支出总额为R4,471百万，主要用于寿命延长项目和可再生能源[59] - FY25净现金增加295%，达到628百万美元[147] - 调整后的自由现金流在美元计价上升58%[23][147] 负面信息 - FY25年度公司整体失业伤害频率（LTIFR）降至历史最低水平[28] - FY25财年期间，预计将有其他损失（地质、规划）影响黄金开采量[156]

[角色] 你是一名拥有10年投资银行从业经验的资深研究分析师，专门负责上市公司、行业研究。你擅长解读公司财报、行业动态、宏观市场，发现潜在的投资机会和风险。 [任务] 你需要仔细研读一份上市公司或者行业研究的电话会议记录，请阅读全文，一步一步思考，总结全文列出关键要点，不要错过任何信息，包括： * 纪要涉及的行业或者公司 * 纪要提到的核心观点和论据 * 其他重要但是可能被忽略的内容 如果没有相关内容，请跳过这一部分，进行其他的部分。 总结时要全面、详细、尽可能覆盖全部的内容、不遗漏重点,并根据上述方面对内容进行分组。 要引用原文数字数据和百分比变化,注意单位换算(billion=十亿,million=百万,thousand=千)。 [注意事项] 1) 使用中文,不要出现句号 2) 采用markdown格式 3) 不使用第一人称,以"公司"、"行业"代替 4) 只输出关于公司和行业的内容 5) 在每一个关键点后用[序号]形式引用原文档id 6) 一个[序号]只应该包含一个数字，不能包含多个，如果多个就用[序号][序号]分开写，不要写成 [序号-序号] 7) 每个关键要点后边的 [序号] 不要超过 3 个 Content: --------- <doc id='1'>Energy Services of America Corporation (ESOA) FY Conference August 27, 2025 10:15 AM ET Speaker0 Okay. Good morning. Our next presenting company is Energy Services of America. Ticker on the Nasdaq is ESOA. Company's involved in some general contracting, construction, some HVAC electrical work, primarily in the Appalachian region.</doc> <doc id='2'>Here to speak on behalf and I should also mention, one, they are a client of ours, so if you have any questions after the presentation, or you'd like to set something up after the after today, happy to work on that with you. And secondly, the company was added to the Russell 2,000 here at the June, so really good accomplishment to be able to wave that flag. Here today to present on the company behalf is Charles Grimmel, the company's CFO. Charles? Speaker1 Thank you, John. John mentioned, my name is Charles Kremel. I'm the CFO for Energy Services of America. It's always great to enjoy coming to these conferences, getting to meet people, tell people about energy services. Hopefully, is it not too early for some audience participation, is it? So let can I get a show of hands? How many of all are familiar with energy services? Okay. How many of you guys are saying, hey, who are these guys and what do they do? Good.</doc> <doc id='3'>We get that a lot. People kind of look at our structure and they're kind of like, I don't, you know, Tom here is a good example. He's like, what do you guys do? What is your vision? What is your plan? So I've kind of tried to get into that a little bit and we can maybe address some of that in the Q and A. But what we are is we are a contractor based out of Huntington, West Virginia. We're primarily in the natural gas and petroleum transmission fields. We also have work in the water and natural gas distribution. And then we also have another sector that we identify then as more of our industrial type of work that can be involved in the water I'm sorry, the power, automotive, chemical, steel manufacturing work.</doc> <doc id='4'>And then from there, you know, within that we do electrical, mechanical, piping, HVAC, fire protection type of work. So we are kind of a conglomerate of companies. Amazingly, it does all kind of work together in what we do. We have companies that do work with some of the same customers. But then again, we also have opportunities that we can create within the companies to through our general contractor and to bring NITRO into more some of the commercial space, where they're working in schools and such doing electrical HVAC there too, just to give them a little more exposure and a little more variety on their work.</doc> <doc id='5'>So we'll get into the presentation here a little bit. As you can see, we do have a list there of about six to eight companies. There's probably even a few on there that fit under NYSRO that we don't have listed. We'll kind of go through and kind of tell you about how everything just kind of fits together. But last year we did about $352,000,000 in revenue and $29,000,000 in adjusted EBITDA.</doc> <doc id='6'>As you can see there, we are September 30 filer. So we right now are working in our fourth fiscal year quarter. And then also this is kind of our, our busiest peak of the construction season the time between July and August, I'm sorry July, September, even going into October and into November some. Roughly we have about 1,400 employees and again, we work in the natural gas, petroleum, chemical, automotive, water, wastewater sectors. Some of our investment highlights here.</doc> <doc id='7'>Of course, you know, one of the biggest things for us is our relationships with our customers. That's a big driver for us in helping us get work, keeping our customers happy. Our backlog has steadily been increasing. We had about a $3.00 $4,000,000 backlog that we reported as of June. Of that, roughly about 100 and 25, I believe, is in water.</doc> <doc id='8'>About 100,000,000 of it is in our industrial services group. So we are, you know, obviously been very successful picking up work and we're very optimistic about the opportunities we're seeing for the future. We also have been very active in expanding some of our geographical reach within Nitro. They have a company that works up in Battle Creek, Michigan, kind of right there in the heart of the automotive side, the food</doc> <doc id='9'>producer side. So we think that we've kind of got that going in the right direction and we think that's going to start to contribute well to Nitro's performance here in the future. Also, we've been active on the mergers and acquisitions side. We've added, I think we've completed about four acquisitions to add to our West Virginia Pipeline, the Tri State Paving Company. We started off our own general contractor. And then in roughly. Got about 700,000 shares left on that.</doc> <doc id='10'>We do pay a dividend. We pay a quarterly dividend of 3¢ per share. You can see our geographical reach here anywhere between New York down Alabama. We are in the Carolinas, Tennessee, as far West as maybe Indiana, Illinois. We do have some operations up in Michigan.</doc> <doc id='11'>This right here is probably not as far as potentially we could go. But a lot of it's going to depend on our customers with our general contractors. We're not looking necessarily to just to add more states, but as someone like a Walbridge or somebody says, hey, Nitro, we want you to go with us, come down to Tennessee, let's go to North Carolina, let's go whatever state we got a project we want you to work on with us. That's typically where we're going to expand our geographical reach is through our working with our general contractors and then working with our customers that want us to go a Toyota per se may want us to go to Georgetown, Kentucky, want us to go down to Huntsville, Alabama, go down to Liberty, North Carolina. So that's been very, our relationships with our customers and our general contractors are very important to us.</doc> <doc id='12'>Again, will mention that we've had some a lot of M and A opportunities and things that we've gotten closed in the past. You see here is a list of some of our customers. American Water is a big customer for us working both in Charleston, West Virginia and in Lexington, Kentucky. Toyota has been a long standing customer for Nitro. Nitro started there in, I believe, 1997, building a, helped build the plant in Buffalo, West Virginia and they have not left that facility since then.</doc> <doc id='13'>So roughly about twenty eight years, Nitro has been involved with Toyota. Mountaineer Gas is a big customer for us, Dow. So you see our exposure there is in the, we TC Energy, NISource in the transmission side of the gas distribution, Mountaineer Gas in the distribution side. Then the chemical companies, Dow, Clairon type of things. So we have a broad exposure to a lot of customers, have a lot of diversity of services that we provide within the company.</doc> <doc id='14'>CJ Hughes is one of the flagship companies. Just to give you a little bit of a background on Energy Services of America, it was started in 2006 as a SPAC company. CJ Hughes is one of the companies that came in at that time that was purchased. And Nitro was a subsidiary of CJ Hughes. So those two companies came in together.</doc> <doc id='15'>There was also a third company came in that was very much heavily weighted on the gas transmission side. And so the theory behind the SPAC was then to look at opportunities in the Marcellus and Utica Shale areas in West Virginia and Ohio. Didn't really pan out as expected, really not just for us, but a lot of other contractors did not do well at that time either. So, if you move forward to about 2011 or so, we had some suffered some significant losses on projects. We had gone in forbearance with our bank when when you were restructuring.</doc> <doc id='16'>Came out of it. Decided we're going to get back to basics and so we went from a company that was heavily focused being on the transmission side to a company that was looking to more diversify its services to try to still work in transmission but limit our risk to help also, you know, build and grow our our water distribution services to grow our gas distribution services and to grow our nitro industrial group. So as you see here, CJ has been a company that's been around for, you know, since 1946, believe over seventy years they've been around. And so it's almost to the point where with a lot of our customers, I mean, know ESA is the holding company, but their relationship is with CJ Hughes. It's with Nitro.</doc> <doc id='17'>It's with West Virginia Pipeline. And so that's why, you know, one of the reasons people kind of say, why do you have all these companies and such? I think a lot of it has to do with just the familiarity with our customers and knowing these companies that they've been dealing with for a long time. And also part of it is that we have a lot of different labor solutions. So CJ then is they're a union contractor.</doc> <doc id='18'>They are signatory to the steel workers. The steel workers are the ones who work on the gas distribution and on the water distribution side of it. CJ also has a subsidiary underneath of it called Contractors Rental that when they get into the transmission side is they hire through the building trades and they're signatory to the PLCA agreements. So CJ has two different options there with their labor force. They have a lower cost steel worker</doc> <doc id='19'>side and they have a building tray side where you need more skill type of work on some of the transmission work.</doc> <doc id='20'>And what also that allows you to do then is being on that side is you can go a little bit further away from home. It's easier to beef up your workforce when you're going through the coming through the union halls. And so that's kind of the way the CJ is structured and how they suit their customers' needs. So Nitro Construction, as I said, that was one that came into the ESA underneath the CJ Hughes back in 02/2008. Nitro again is a company that has been around since 1959.</doc> <doc id='21'>I've been around Nitro well before I started with ESA. I've been around Nitro for almost thirty years now. And they they have gone growing tremendously back when I kind of started there. They were they were strictly a electrical contractor, subcontractor that worked for their parent company, Uniboiler. Did anywhere, I don't know, maybe $15,000,000 in revenue a year.</doc> <doc id='22'>Over the years, CJ, I'm sorry, Nitro has branched out, become much more than just an electrical primarily a maintenance contractor doing in the neighborhood of $50,000,000 $55,000,000 of maintenance working here to being a company now that's pushing $100,000,000 I'm sorry. Can I get you closer to that? They're pushing more $100,000,000 in revenue and added a layer of construction services on top of it. Obviously, it makes them more the potential for more profit margin than adding the new construction on top of the general maintenance stuff. SQP Construction Group is the general contractor that we started up back in, I can't remember, maybe it's 02/2001.</doc> <doc id='23'>What we saw there was a need in the marketplace because the right to work laws were changing in West Virginia and Kentucky. So it made it more advantageous then for the non union contractors and general contractors in the area. And it kind of stifled some of the ability for Nitro to get into commercial work. They're much bigger than the local GCs in the area, made it harder for Nitro to get their foot in the door for some of them, obviously not wanting to deal with a bigger gorilla, someone they really couldn't push around. And so we saw a need for us to start up, spin up our own general contractor there.</doc> <doc id='24'>So SQP does a lot of work in school work, correctional facility work, do civil work, you know, getting into some small bridge work, but also what it allows us to do then is to feed commercial opportunities to Nitro. So whether that be on the electrical side, the piping side, HVAC, the fire protection then that Nitro could possibly do somewhere about 8,000,000 to $10,000,000 worth of work a year through contractor I'm sorry, through SQP construction. Also helps filter some work down to CJ Hughes then. CJ Hughes can help SQP on doing civil work, on doing foundations, concrete work also. This is one we get asked about a lot in the sense of this was an acquisition we did back in the 2022.</doc> <doc id='25'>And people always want to know why do you have a paving company? And it doesn't seem to fit, but it makes perfect sense. What Tri State Paving does is they work about 90% of their work is with American Water in Charleston, West Virginia and Lexington, Kentucky. What they do then is come back behind the water crews that are putting in the new water lines and they do the paving restoration and the curbs back behind those crews. And as the water company says, what they get the most complaints on is the finished product.</doc> <doc id='26'>It's the paving. That's what people see. They see the finished product. They don't see what's been put under the ground. So what they decided to do is the water company wanted to have a dedicated contractor that just did the paving services behind all the contractors.</doc> <doc id='27'>And so what we found then was that paving work was pretty valuable to CJ Hughes and now they were losing out on it. And so we had the opportunity through some of our connections, reached out to Tri State Paving and their owner was looking to get out of the business. Just made perfect sense then for us to acquire them and to bring them into our fold and add to our water services that we provide. West Virginia Pipeline, I think this is a great story right here. This is a company located in Southern West Virginia.</doc> <doc id='28'>Was two brothers ran it and before them, their dad had owned it. They were looking to get out of the business. They both had a child in the business too, but they really didn't want to saddle them with having to deal with everything it takes to run a business, Having to worry about having money for payroll and equipment and all that. So the water company came to us and said, hey, we really like these guys. They fit in perfectly with you all.</doc> <doc id='29'>We want energy services to buy them. So we looked at them and saw, yeah, this makes perfect sense. So we bought them and this was our first acquisition. We bought them in December 2020. The two I'll say the two main owners at the time spent a year there.</doc> <doc id='30'>And then we kind of turned it over to the two children. So Michael and his cousin Amy run West Virginia Pipeline for us. They are tremendous in what they do. Went from the two brothers had a theory that nothing good happens when you get over 50 employees. And so they ran it at a level not to exceed 50 employees for years.</doc> <doc id='31'>And Michael and Amy have come in and they have grown that business to roughly about $6,000,000 a year up to about $12,000,000 a year. They've maintained their margins. It's just a tremendous case study for us and the kind of a perfect opportunity of an acquisition. Bryan Construction Services is one of our companies. We bought this company out of bankruptcy about three years ago.</doc> <doc id='32'>It's been a struggle for us. And so what we've decided to do on that is we are going to the work they do in the gas distribution, cathodic protection works right with what CJ Hughes does. So we're going to take those crews and blend them over to CJ Hughes. We're going to right size this company and get them down to about a 25 man boring company, about four to five crews just doing a little bit of fiber broadband work, but primarily we're going to focus on the boring work, going underneath roads and such with water pipes, with gas distribution stuff. So far, we've been successful marketing to outside customers on that.</doc> <doc id

业绩总结 - 2025年上半年收入为3.083亿美元，同比下降25%[49] - 基本EBITDAX为2.01亿美元，较2024年上半年下降25%[24] - 基本净利润（NPAT）为4500万美元，较2024年上半年下降61%[24] - 2025年上半年自由现金流为负6380万美元，主要由于计划停产和其他费用[57] - 2025年上半年财务费用为2930万美元，同比上升45%[49] - 2025年上半年单位生产成本为12.6美元/桶，同比上升0.1美元/桶[53] - 2025年上半年收入税费用率为42%，高于2024年同期的29%[52] 生产与资源 - 2025年上半年生产量较2024年上半年增长4%[24] - Baúna项目的2P储量净增加1370万桶，源于储量修订和资产寿命延长[24] - Neon项目的2C资源增加44%，已进入定义阶段[24] - Who Dat项目在2025年上半年实现总生产量为560万桶油当量，符合预期[100] - Baúna项目的油田寿命从2032年延长至2039年，反映出运营支出的降低[83] 未来展望 - 2025年下半年预计总生产量为970万至1050万桶油当量[63] - 2025年下半年单位生产成本预计在12.0至15.0美元/桶之间[63] - 2025年下半年资本支出预计在1.2亿至1.4亿美元之间[63] - 预计2026年将投资5500万至6500万美元用于Baúna的复兴工作[75] - 预计Who Dat East的初步开发将在2025年底或2026年初做出最终投资决定[105] 并购与资产管理 - Baúna FPSO收购已完成，公司将运营该FPSO，需获得监管批准[24] - Baúna FPSO收购完成，交易总额为1.15亿美元，包含850万美元的交易成本[75] - Baúna项目的运营支出预计在过渡后每年减少约3000万至4000万美元[75] 股东回报与资本管理 - 中期股息为每股2.4澳分（未扣税）[24] - 自2024年8月以来，公司回购了约9%的已发行资本[24] - 预计2025年下半年的资本需求将低于2025年上半年的水平[106] - 预计2025年每年将有约500万美元的Baúna FPSO维持资本支出[75] 研发与技术创新 - 公司在2025年上半年（1H25）计划进行XX百万美元的研发（R&D）投资，以推动技术创新[118] - 预计2025年上半年（1H25）Scope 1和Scope 2温室气体排放强度（Emission intensity）将降低至XX kgCO2e/boe[118]

业绩总结 - FY25年总收入为1.392亿美元，同比增长14%[18] - FY25年报告的净利润为3500万美元，同比增长21%[18] - FY25年EBITDA为5600万美元，比上半年增长26%[17] - FY25年毛利润同比增长12%，增加1500万美元，两个业务板块均有增长[65] - 基本每股收益（EPS）增长13%，达到15.1美分[65] - FY25年成本收入比改善至54%（FY24为62%）[55] 用户数据 - FY25年经纪人每年支持的客户数量为55万人[8] - FY25年经纪人网络达到4200名，创历史新高[8] - FY25年住宅抵押贷款的结算额为630亿美元，同比增长18%[39] - FY25年住宅结算金额达到635亿美元，同比增长15%[74] 市场表现 - AFG证券的贷款组合增长23%，达到68亿美元[55] - FY25年非银行市场份额增加至11.6%（FY24为9.6%）[55] - FY25的贷款和预付款项为549.37亿澳元，同比增长23.4%[164] 财务状况 - FY25年净利息收入（NIM）提高3个基点，达到116个基点[63] - FY25的净利息收入调整为850万澳元，同比增长9%[147] - FY25年总资产达到706.75亿澳元，同比增长18.2%[164] - FY25年净资产为22.21亿澳元，同比增长7.2%[164] - FY25年未受限制现金为6.37亿澳元，同比减少5.5%[153] 未来展望 - 预计FY26的分红支付比例在调整后的净利润的50%到70%之间[65] - FY25的分销运营收入为4.549亿澳元，同比增长18%[149] 其他信息 - 截至2025年6月30日，澳大利亚金融集团有限公司（AFG）的活动信息为总结性内容[177] - 本次演示文稿包含的前瞻性陈述仅反映AFG在演示日期的观点，实际事件和结果可能与之有所不同[179] - 本演示文稿不考虑任何特定投资者的目标、财务状况或需求[178] - 本演示文稿的内容截至2025年8月26日，信息为最新[176] - 本演示文稿不对信息的准确性或完整性作出任何陈述或保证[180] - AFG的地理分布数据为：24%、25%、27%、11%、10%、3%[175]

公司财报发布特点 - 博通公司在季度财报发布顺序中通常处于最后位置 [1] 行业投资策略 - 科技行业被建议超配配置 因其仍处于长期结构性牛市的早期阶段 [1] - 石油天然气大型公司可作为股息收益和股息增长的投资选择 [1] 投资组合构建框架 - 建议以低成本标普500指数基金作为核心构建多元化投资组合 [1] - 采用自上而下的资本配置方法 需结合投资者年龄 职业状态 风险承受能力 收入 净值和目标等个人情况 [1] - 投资类别可涵盖标普500指数 科技板块 股息收益 行业ETF 成长型投资 投机性成长 黄金和现金等 [1]

作者背景 - 作者Laura Bennett拥有软件工程背景 曾在亚马逊担任五年软件工程师 专注于大规模分布式系统和后端架构 [1] - 其技术分析能力应用于金融市场研究 擅长通过系统调试模式分析财务报告 重点关注软件 基础设施与资本配置交叉领域 [1] - 现就职于 algorithmic trading platforms 开发公司 为机构客户和对冲基金提供低延迟基础设施 具备市场数据管道 执行引擎和投资组合风险模型的深度认知 [1] 研究领域 - 研究覆盖企业软件 云基础设施 AI平台及现代金融交易技术 采用技术面与基本面相结合的分析方法 [1] - 在Seeking Alpha发布科技公司分析 相关研究成果曾被TechCrunch等领先科技媒体刊载 [1] 持仓披露 - 作者通过股票持有 期权或其他衍生品方式对UnitedHealth Group(NYSE: UNH)持有多头仓位 [2]