IntrinsicIntrinsic

CLPS Inc

CLPS
🏢 Services-Prepackaged Software

Business Operations Summary

CLPS Incorporation operates in the global information technology services industry, with a particular focus on serving clients in the banking, insurance, and financial services sectors. The market for IT services is highly competitive, and competition is expected to persist and intensify. The principal competitive factors in these markets are industry expertise, breadth and depth of service offerings, quality of the services offered, reputation and track record, marketing and selling skills, scalability of infrastructure and price. The trend towards offshore outsourcing, international expansion by foreign and domestic competitors and continuing technological changes will result in new and different competitors entering the markets. In the IT outsourcing market, clients tend to engage multiple outsourcing service providers instead of using an exclusive service provider, which could reduce revenues to the extent that clients obtain services from other competing providers. Clients may prefer service providers that have facilities located globally or that are based in countries more cost-competitive than in China. The IT services industry is particularly sensitive to the economic environment, whether in China or globally, and tends to decline during general economic downturns. During an economic downturn, clients may cancel, reduce or delay their IT spending or change their IT outsourcing strategy, and reduce their purchases. The recent global economic slowdown and any future economic slowdown, and the resulting reduction in IT spending, could also lead to increased pricing pressure from clients. The IT services industry relies on skilled personnel, and the IT services industry in China has experienced significant levels of employee attrition. The services outsourcing industry is developing rapidly, and related technology trends are constantly evolving, resulting in the frequent introduction of new services and significant price competition from competitors.

CLPS faces intense competition from onshore and offshore IT services companies. The company believes that the principal competitive factors in its markets are industry expertise, breadth and depth of service offerings, quality of the services offered, reputation and track record, marketing and selling skills, scalability of infrastructure and price. The company's ability to compete also depends in part on a number of factors beyond its control, including the ability of its competitors to recruit, train, develop and retain highly skilled professionals, the price at which its competitors offer comparable services and its competitors' responsiveness to client needs. The company operates across 10 countries worldwide, with strategic regional hubs in Shanghai (mainland China), Singapore (Southeast Asia), and California (North America), and supported by subsidiaries in Japan and the UAE, to serve different customers in various geographic locations. The company's top client accounted for 15.6% and 13.4% of the Company's total revenue for the fiscal years ended June 30, 2026 and 2025, respectively. Citibank and its affiliates accounted for 16.7% of the Company's total revenues for the fiscal year 2024. As a result of its strategic shift, Citibank, one of the company's major clients, exited the consumer banking business in China and reduced the size of its technology employee workforce in its China Citi Solution Centers located in Shanghai and Dalian. While the company still generated revenue from Citibank during fiscal 2025, the significant decrease in business volume negatively impacted its financial performance and may continue to affect its financial results in subsequent periods.

CLPS generates revenue primarily through IT consulting services and customized IT solution services. The company's IT consulting services are billed through time-and-expense contracts, with service fees collected on a monthly and quarterly basis. The company's customized IT solution services segment generates revenue by performance obligation fulfillment. The company also provides other services. The company's primary customer segments are in the banking, insurance, and financial services sectors, with a focus on fintech, payment and credit services, e-commerce, education, and tourism. The company's business is affected by seasonal trends, with net revenues typically progressively higher in the second, third and fourth quarters of each year compared to the first quarter of each year due to seasonal trends, such as a general slowdown in business activities and a reduced number of working days for professionals during the first quarter of each year as a result of the Chinese New Year holiday period, and customers in general tending to spend their IT budgets in the second half of the year and in particular the fourth quarter. The company's growth has placed and will continue to place significant demands on its management and its administrative, operational and financial infrastructure.

CLPS provides IT consulting services, which are billed through time-and-expense contracts. For fiscal years 2026 and 2025, substantially all services provided by the Company to its top client consisted of IT consulting services, which were billed through time-and-expense contracts. The company also provides customized IT solution services, which generate revenue by performance obligation fulfillment. The company's IT services segment includes both IT consulting and customized IT solution services. The company also has an academic education services segment. The company's revenue increased from $142.8 million in fiscal 2024 to $164.5 million in fiscal 2025, and increased to $172.2 million in fiscal 2026 primarily due to the increased demands for its IT consulting and customized IT solution services. The company's total employees were 3,325 in fiscal 2024 and 3,534 in fiscal 2025. As of June 30, 2026, the company had 3,705 full-time employees. The company's annual voluntarily attrition rates were 18.6% and 14.5% in fiscal 2024 and fiscal 2025, respectively; in fiscal 2026, this rate was 20.9%.

During fiscal year 2026, CLPS further invested in AI technologies by enhancing its AI research and development capabilities, adopting its AI Rainstorm Factory development model, expanding AI-enabled software modernization services, and continuing to develop and commercialize proprietary solutions such as Nibot and the CAKU digital banking platform. These initiatives are intended to strengthen its service offerings and improve operational efficiency, but their commercial success and financial contribution remain subject to technological, operational, competitive, regulatory, and market uncertainties. The company has established a Talent Creation Program (TCP) and Talent Development Program (TDP) to increase its human capital and employee loyalty. The company operates across 10 countries worldwide, with strategic regional hubs in Shanghai (mainland China), Singapore (Southeast Asia), and California (North America), and supported by subsidiaries in Japan and the UAE. The company is actively looking for additional locations to establish new offices and expand its current offices and sales and delivery centers. The company intends to continue its expansion in the foreseeable future to pursue existing and potential market opportunities.

CLPS's total revenues increased from $142.8 million in fiscal 2024 to $164.5 million in fiscal 2025, and increased to $172.2 million in fiscal 2026. The company's accounts receivable balance, net of allowance, amounted to approximately $42.5 million and $44.9 million as of June 30, 2026 and 2025, respectively. The company's top client accounted for 10.8% and 7.6% of its total accounts receivable balance as of the years ended June 30, 2026 and 2025, respectively. The company's annual voluntarily attrition rates were 18.6% and 14.5% in fiscal 2024 and fiscal 2025, respectively; in fiscal 2026, this rate was 20.9%. The company's total employees were 3,325 in fiscal 2024 and 3,534 in fiscal 2025. As of June 30, 2026, the company had 3,705 full-time employees. The company's top client accounted for 15.6% and 13.4% of the Company's total revenue for the fiscal years ended June 30, 2026 and 2025, respectively. Citibank and its affiliates accounted for 16.7% of the Company's total revenues for the fiscal year 2024.

Business Outlook & Future Growth Drivers

CLPS plans to expand the number of clients it serves to diversify its client base and grow its revenues. Revenues from a new client often rise quickly over the first several years following initial engagement as the company expands the services it provides to that client. The company also plans to grow revenues from existing clients by identifying and selling additional services to them. The company's ability to attract new clients, as well as its ability to grow revenues from existing clients, depends on a number of factors, including its ability to offer high quality services at competitive prices, the strength of its competitors and the capabilities of its sales and marketing teams. The company is actively looking for additional locations to establish new offices and expand its current offices and sales and delivery centers. The company intends to continue its expansion in the foreseeable future to pursue existing and potential market opportunities.

CLPS continues to expand its capabilities in artificial intelligence (AI), cloud computing, big data, and digital payment technologies across industries including fintech, payment and credit services, e-commerce, education, and tourism. During fiscal year 2026, the company further invested in AI technologies by enhancing its AI research and development capabilities, adopting its AI Rainstorm Factory development model, expanding AI-enabled software modernization services, and continuing to develop and commercialize proprietary solutions such as Nibot and the CAKU digital banking platform. These initiatives are intended to strengthen its service offerings and improve operational efficiency, but their commercial success and financial contribution remain subject to technological, operational, competitive, regulatory, and market uncertainties. The company may not be able to achieve a similar growth rate or maintain profitability in future periods.

CLPS has pursued and may continue to pursue strategic alliances and strategic acquisition opportunities to increase its scale and geographic presence, expand its service offerings and capabilities and enhance its industry and technical expertise. Historically, the company has expanded its service capabilities and gained new clients through selective acquisitions. The company's ability to successfully integrate an acquired entity and realize the benefits of any acquisition requires, among other things, successful integration of technologies, operations and personnel. Challenges the company faces in the acquisition and integration process include integrating operations, services and personnel in a timely and efficient manner; unforeseen or undisclosed liabilities; generating sufficient revenue and net income to offset acquisition costs; potential loss of, or harm to, employee or client relationships; properly structuring acquisition consideration and any related post-acquisition earn-outs and successfully monitoring any earn-out calculations and payments; retaining key senior management and key sales and marketing and research and development personnel; potential incompatibility of solutions, services and technology or corporate cultures; consolidating and rationalizing corporate, information technology and administrative infrastructures; integrating and documenting processes and controls; entry into unfamiliar markets; and increased complexity from potentially operating additional geographically dispersed sites, particularly if the company acquires a company or business with facilities or operations outside of China.

CLPS's profitability will suffer if it is not able to maintain its resource utilization levels and continue to improve its productivity levels. The company's gross margin and profitability are significantly impacted by its utilization levels of human resources as well as other resources, such as computers, IT infrastructure and office space, and its ability to increase its productivity levels. The company has expanded its operations significantly in recent years through organic growth and external acquisitions, which has resulted in a significant increase in its headcount and fixed overhead costs. The company may face difficulties maintaining high levels of utilization, especially for its newly established or newly acquired businesses and resources. The master service agreements with clients typically do not impose a minimum or maximum purchase amount and allow clients to place service orders from time to time at their discretion. Client demand may fall to zero or surge to a level that the company cannot cost-effectively satisfy. Although the company tries to use all commercially reasonable efforts to accurately estimate service orders and resource requirements from its clients, it may overestimate or underestimate, which may result in unexpected cost and strain or redundancy of its human capital and adversely impact its utilization levels.

CLPS's most significant costs are the salaries and other compensation expenses for its professionals and other employees. Wage costs for professionals in China are lower than those in more developed countries and India. However, because of economic growth, increased productivity levels, and increased competition for skilled employees in China, wages for highly skilled employees in China, in particular middle- and senior-level managers, are increasing at a faster rate than in the past. The company may need to increase the levels of employee compensation more rapidly than in the past to remain competitive in attracting and retaining the quality and number of employees that its business requires. Increases in the wages and other compensation the company pays its employees in China could reduce its competitive advantage unless it is able to increase the efficiency and productivity of its professionals as well as the prices it can charge for its services. In addition, any appreciation in the value of the Renminbi relative to U.S. dollar and other foreign currencies will cause an increase in the relative wage levels in China, which could further reduce its competitive advantage and adversely impact its profit margin.

CLPS believes that its current cash, cash flow from operations and the available lines of credit from financial institutions should be sufficient to meet its anticipated cash needs for at least the next 12 months. The company may, however, require additional cash resources due to changed business conditions or other future developments, including any investments or acquisitions it may decide to pursue. If these resources are insufficient to satisfy its cash requirements, the company may seek to sell additional equity or debt securities or obtain a credit facility. The sale of additional equity securities could result in dilution to its shareholders. The incurrence of indebtedness would result in increased debt service obligations and could require the company to agree to operating and financing covenants that would restrict its operations. The company's ability to obtain additional capital on acceptable terms is subject to a variety of uncertainties, including investors' perception of, and demand for, securities of technology services outsourcing companies; conditions of the U.S. and other capital markets in which it may seek to raise funds; its future results of operations and financial condition; PRC government regulation of foreign investment in China; economic, political and other conditions in China; and PRC government policies relating to the borrowing and remittance outside China of foreign currency.

CLPS faces risks associated with having a long selling and implementation cycle for its services that require it to make significant resource commitments prior to realizing revenues for those services. The company has a long selling cycle for its technology services, which requires significant investment of capital, human resources and time by both its clients and itself. In its IT consulting service request, the company collects service fees on monthly and quarterly basis; in its customized IT solution services segment – by performance obligation fulfillment. Before committing to use the company's services, potential clients require the company to expend substantial time and resources educating them on the value of its services and its ability to meet their requirements. Therefore, the company's selling cycle is subject to many risks and delays over which it has little or no control, including its clients' decision to choose alternatives to its services (such as other providers or in-house resources) and the timing of its clients' budget cycles and approval processes. Implementing the company's services also involves a significant commitment of resources over an extended period of time from both its clients and itself. The company's clients may experience delays in obtaining internal approvals or delays associated with technology, thereby further delaying the implementation process.

CLPS's business is affected by seasonal trends. In particular, its net revenues are typically progressively higher in the second, third and fourth quarters of each year compared to the first quarter of each year due to seasonal trends, such as: (i) a general slowdown in business activities and a reduced number of working days for its professionals during the first quarter of each year as a result of the Chinese New Year holiday period, and (ii) its customers in general tend to spend their IT budgets in the second half of the year and in particular the fourth quarter. Other factors that may cause its quarterly operating results to fluctuate include, among others, changes in general economic conditions and the impact of unforeseen events. The company believes that its net revenues will continue to be affected in the future by seasonal trends. As a result, you may not be able to rely on period to period comparisons of its operating results as an indication of its future performance, and the company believes it is more meaningful to evaluate its business on an annual basis.

Major Risk Factors & Challenges

CLPS faces intense competition from onshore and offshore IT services companies, and if it is unable to compete effectively, it may lose clients and its revenues may decline. The company generates a significant portion of its revenues from a relatively small number of major clients, and the loss of business from these clients could reduce its revenues and significantly harm its business. For the fiscal year ended June 30, 2026 and 2025, the company's top client accounted for 15.6% and 13.4% of total revenue, respectively. Citibank and its affiliates accounted for 16.7% of total revenues for fiscal 2024. As a result of its strategic shift, Citibank exited the consumer banking business in China and reduced the size of its technology employee workforce in its China Citi Solution Centers located in Shanghai and Dalian, which negatively impacted the company's financial performance and may continue to affect its financial results in subsequent periods. The company's accounts receivable balance, net of allowance, amounted to approximately $42.5 million as of June 30, 2026, and its top client accounted for 10.8% of its total accounts receivable balance. If the company is unable to collect its receivables from its clients, its results of operations and cash flows could be adversely affected. The company's annual voluntarily attrition rate was 20.9% in fiscal 2026, and intense competition for highly skilled personnel could negatively affect its ability to bid for and obtain new projects. The company's profitability will suffer if it is not able to maintain its resource utilization levels and continue to improve its productivity levels.

Management Priorities & Sentiments

Management's message to shareholders emphasizes the company's continued expansion and investment in artificial intelligence and other advanced technologies. During fiscal year 2026, the company further invested in AI technologies by enhancing its AI research and development capabilities, adopting its AI Rainstorm Factory development model, expanding AI-enabled software modernization services, and continuing to develop and commercialize proprietary solutions such as Nibot and the CAKU digital banking platform. These initiatives are intended to strengthen its service offerings and improve operational efficiency, but their commercial success and financial contribution remain subject to technological, operational, competitive, regulatory, and market uncertainties. The company's strategic priorities for the period ahead include expanding its client base to diversify revenues and grow revenues from existing clients by identifying and selling additional services to them; continuing its expansion in the foreseeable future to pursue existing and potential market opportunities by actively looking for additional locations to establish new offices and expand its current offices and sales and delivery centers; and pursuing strategic alliances and strategic acquisition opportunities to increase its scale and geographic presence, expand its service offerings and capabilities and enhance its industry and technical expertise. Management believes that the company's current cash, cash flow from operations and the available lines of credit from financial institutions should be sufficient to meet its anticipated cash needs for at least the next 12 months.

References

  1. [1] Item 4, Information on the Company — Competition
  2. [2] Item 4, Information on the Company — Competition
  3. [3] Item 4, Information on the Company — Competition
  4. [4] Item 4, Information on the Company — Competition
  5. [5] Item 4, Information on the Company — Competition
  6. [6] Item 4, Information on the Company — Competition
  7. [7] Item 4, Information on the Company — Competition
  8. [8] Item 4, Information on the Company — Competition
  9. [9] Item 4, Information on the Company — Competition
  10. [10] Item 4, Information on the Company — Competition
  11. [11] Item 4, Information on the Company — Competition
  12. [12] Item 4, Information on the Company — Competition
  13. [13] Item 4, Information on the Company — Competition
  14. [14] Item 4, Information on the Company — Competition
  15. [15] Item 4, Information on the Company — Competition
  16. [16] Item 4, Information on the Company — Competition
  17. [17] Item 4, Information on the Company — Competition
  18. [18] Item 4, Information on the Company — Competition
  19. [19] Item 4, Information on the Company — Competition
  20. [20] Item 4, Information on the Company — Competition
  21. [21] Item 4, Information on the Company — Competition
  22. [22] Item 4, Information on the Company — Competition
  23. [23] Item 4, Information on the Company — Competition
  24. [24] Item 4, Information on the Company — Competition
  25. [25] Item 4, Information on the Company — Competition
  26. [26] Item 4, Information on the Company — Competition
  27. [27] Item 4, Information on the Company — Competition
  28. [28] Item 4, Information on the Company — Competition
  29. [29] Item 4, Information on the Company — Competition
  30. [30] Item 4, Information on the Company — Competition
  31. [31] Item 4, Information on the Company — Competition
  32. [32] Item 4, Information on the Company — Competition
  33. [33] Item 4, Information on the Company — Competition
  34. [34] Item 4, Information on the Company — Competition
  35. [35] Item 4, Information on the Company — Competition
  36. [36] Item 4, Information on the Company — Competition
  37. [37] Item 4, Information on the Company — Competition
  38. [38] Item 4, Information on the Company — Competition
  39. [39] Item 4, Information on the Company — Competition
  40. [40] Item 4, Information on the Company — Competition
  41. [41] Item 4, Information on the Company — Competition
  42. [42] Item 4, Information on the Company — Competition
  43. [43] Item 4, Information on the Company — Competition
  44. [44] Item 4, Information on the Company — Competition
  45. [45] Item 4, Information on the Company — Competition
  46. [46] Item 4, Information on the Company — Competition
  47. [47] Item 4, Information on the Company — Competition
  48. [48] Item 4, Information on the Company — Competition
  49. [49] Item 4, Information on the Company — Competition
  50. [50] Item 4, Information on the Company — Competition
  51. [51] Item 4, Information on the Company — Competition
  52. [52] Item 4, Information on the Company — Competition
  53. [53] Item 4, Information on the Company — Competition
  54. [54] Item 4, Information on the Company — Competition
  55. [55] Item 4, Information on the Company — Competition
  56. [56] Item 4, Information on the Company — Competition
  57. [57] Item 4, Information on the Company — Competition
  58. [58] Item 4, Information on the Company — Competition
  59. [59] Item 4, Information on the Company — Competition
  60. [60] Item 4, Information on the Company — Competition
  61. [61] Item 4, Information on the Company — Competition
  62. [62] Item 4, Information on the Company — Competition
  63. [63] Item 4, Information on the Company — Competition
  64. [64] Item 4, Information on the Company — Competition
  65. [65] Item 4, Information on the Company — Competition
  66. [66] Item 4, Information on the Company — Competition
  67. [67] Item 4, Information on the Company — Competition
  68. [68] Item 4, Information on the Company — Competition
  69. [69] Item 4, Information on the Company — Competition
  70. [70] Item 4, Information on the Company — Competition
  71. [71] Item 4, Information on the Company — Competition
  72. [72] Item 4, Information on the Company — Competition
  73. [73] Item 4, Information on the Company — Competition
  74. [74] Item 4, Information on the Company — Competition
  75. [75] Item 4, Information on the Company — Competition
  76. [76] Item 4, Information on the Company — Competition
  77. [77] Item 4, Information on the Company — Competition
  78. [78] Item 4, Information on the Company — Competition
  79. [79] Item 4, Information on the Company — Competition
  80. [80] Item 4, Information on the Company — Competition
  81. [81] Item 4, Information on the Company — Competition
  82. [82] Item 4, Information on the Company — Competition
  83. [83] Item 4, Information on the Company — Competition
  84. [84] Item 4, Information on the Company — Competition
  85. [85] Item 4, Information on the Company — Competition
  86. [86] Item 4, Information on the Company — Competition
  87. [87] Item 4, Information on the Company — Competition
  88. [88] Item 4, Information on the Company — Competition
  89. [89] Item 4, Information on the Company — Competition
  90. [90] Item 4, Information on the Company — Competition
  91. [91] Item 4, Information on the Company — Competition
  92. [92] Item 4, Information on the Company — Competition
  93. [93] Item 4, Information on the Company — Competition
  94. [94] Item 4, Information on the Company — Competition
  95. [95] Item 4, Information on the Company — Competition
  96. [96] Item 4, Information on the Company — Competition
  97. [97] Item 4, Information on the Company — Competition
  98. [98] Item 4, Information on the Company — Competition
  99. [99] Item 4, Information on the Company — Competition
  100. [100] Item 4, Information on the Company — Competition
  101. [101] Item 4, Information on the Company — Competition
  102. [102] Item 4, Information on the Company — Competition
  103. [103] Item 4, Information on the Company — Competition
  104. [104] Item 4, Information on the Company — Competition
  105. [105] Item 4, Information on the Company — Competition
  106. [106] Item 4, Information on the Company — Competition
  107. [107] Item 4, Information on the Company — Competition
  108. [108] Item 4, Information on the Company — Competition
  109. [109] Item 4, Information on the Company — Competition
  110. [110] Item 4, Information on the Company — Competition
  111. [111] Item 4, Information on the Company — Competition
  112. [112] Item 4, Information on the Company — Competition
  113. [113] Item 4, Information on the Company — Competition
  114. [114] Item 4, Information on the Company — Competition
  115. [115] Item 4, Information on the Company — Competition
  116. [116] Item 4, Information on the Company — Competition
  117. [117] Item 4, Information on the Company — Competition
  118. [118] Item 4, Information on the Company — Competition
  119. [119] Item 4, Information on the Company — Competition
  120. [120] Item 4, Information on the Company — Competition
  121. [121] Item 4, Information on the Company — Competition
  122. [122] Item 4, Information on the Company — Competition
  123. [123] Item 4, Information on the Company — Competition
  124. [124] Item 4, Information on the Company — Competition
  125. [125] Item 4, Information on the Company — Competition
  126. [126] Item 4, Information on the Company — Competition
  127. [127] Item 4, Information on the Company — Competition
  128. [128] Item 4, Information on the Company — Competition
  129. [129] Item 4, Information on the Company — Competition
  130. [130] Item 4, Information on the Company — Competition
  131. [131] Item 4, Information on the Company — Competition
  132. [132] Item 4, Information on the Company — Competition
  133. [133] Item 4, Information on the Company — Competition
  134. [134] Item 4, Information on the Company — Competition
  135. [135] Item 4, Information on the Company — Competition
  136. [136] Item 4, Information on the Company — Competition
  137. [137] Item 4, Information on the Company — Competition
  138. [138] Item 4, Information on the Company — Competition
  139. [139] Item 4, Information on the Company — Competition
  140. [140] Item 4, Information on the Company — Competition
  141. [141] Item 4, Information on the Company — Competition
  142. [142] Item 4, Information on the Company — Competition
  143. [143] Item 4, Information on the Company — Competition
  144. [144] Item 4, Information on the Company — Competition
  145. [145] Item 4, Information on the Company — Competition
  146. [146] Item 4, Information on the Company — Competition
  147. [147] Item 4, Information on the Company — Competition
  148. [148] Item 4, Information on the Company — Competition
  149. [149] Item 4, Information on the Company — Competition
  150. [150] Item 4, Information on the Company — Competition
  151. [151] Item 4, Information on the Company — Competition
  152. [152] Item 4, Information on the Company — Competition
  153. [153] Item 4, Information on the Company — Competition
  154. [154] Item 4, Information on the Company — Competition
  155. [155] Item 4, Information on the Company — Competition
  156. [156] Item 4, Information on the Company — Competition
  157. [157] Item 4, Information on the Company — Competition
  158. [158] Item 4, Information on the Company — Competition
  159. [159] Item 4, Information on the Company — Competition
  160. [160] Item 4, Information on the Company — Competition
  161. [161] Item 4, Information on the Company — Competition
  162. [162] Item 4, Information on the Company — Competition
  163. [163] Item 4, Information on the Company — Competition
  164. [164] Item 4, Information on the Company — Competition
  165. [165] Item 4, Information on the Company — Competition
  166. [166] Item 4, Information on the Company — Competition
  167. [167] Item 4, Information on the Company — Competition
  168. [168] Item 4, Information on the Company — Competition
  169. [169] Item 4, Information on the Company — Competition
  170. [170] Item 4, Information on the Company — Competition
  171. [171] Item 4, Information on the Company — Competition
  172. [172] Item 4, Information on the Company — Competition
  173. [173] Item 4, Information on the Company — Competition
  174. [174] Item 4, Information on the Company — Competition
  175. [175] Item 4, Information on the Company — Competition
  176. [176] Item 4, Information on the Company — Competition
  177. [177] Item 4, Information on the Company — Competition
  178. [178] Item 4, Information on the Company — Competition
  179. [179] Item 4, Information on the Company — Competition
  180. [180] Item 4, Information on the Company — Competition
  181. [181] Item 4, Information on the Company — Competition
  182. [182] Item 4, Information on the Company — Competition
  183. [183] Item 4, Information on the Company — Competition
  184. [184] Item 4, Information on the Company — Competition
  185. [185] Item 4, Information on the Company — Competition
  186. [186] Item 4, Information on the Company — Competition
  187. [187] Item 4, Information on the Company — Competition
  188. [188] Item 4, Information on the Company — Competition
  189. [189] Item 4, Information on the Company — Competition
  190. [190] Item 4, Information on the Company — Competition
  191. [191] Item 4, Information on the Company — Competition
  192. [192] Item 4, Information on the Company — Competition
  193. [193] Item 4, Information on the Company — Competition
  194. [194] Item 4, Information on the Company — Competition
  195. [195] Item 4, Information on the Company — Competition
  196. [196] Item 4, Information on the Company — Competition
  197. [197] Item 4, Information on the Company — Competition
  198. [198] Item 4, Information on the Company — Competition
  199. [199] Item 4, Information on the Company — Competition
  200. [200] Item 4, Information on the Company — Competition
  201. [201] Item 4, Information on the Company — Competition
  202. [202] Item 4, Information on the Company — Competition
  203. [203] Item 4, Information on the Company — Competition
  204. [204] Item 4, Information on the Company — Competition
  205. [205] Item 4, Information on the Company — Competition
  206. [206] Item 4, Information on the Company — Competition
  207. [207] Item 4, Information on the Company — Competition
  208. [208] Item 4, Information on the Company — Competition
  209. [209] Item 4, Information on the Company — Competition
  210. [210] Item 4, Information on the Company — Competition
  211. [211] Item 4, Information on the Company — Competition
  212. [212] Item 4, Information on the Company — Competition
  213. [213] Item 4, Information on the Company — Competition
  214. [214] Item 4, Information on the Company — Competition
  215. [215] Item 4, Information on the Company — Competition
  216. [216] Item 4, Information on the Company — Competition
  217. [217] Item 4, Information on the Company — Competition
  218. [218] Item 4, Information on the Company — Competition
  219. [219] Item 4, Information on the Company — Competition
  220. [220] Item 4, Information on the Company — Competition
  221. [221] Item 4, Information on the Company — Competition
  222. [222] Item 4, Information on the Company — Competition
  223. [223] Item 4, Information on the Company — Competition
  224. [224] Item 4, Information on the Company — Competition
  225. [225] Item 4, Information on the Company — Competition
  226. [226] Item 4, Information on the Company — Competition
  227. [227] Item 4, Information on the Company — Competition
  228. [228] Item 4, Information on the Company — Competition
  229. [229] Item 4, Information on the Company — Competition
  230. [230] Item 4, Information on the Company — Competition
  231. [231] Item 4, Information on the Company — Competition
  232. [232] Item 4, Information on the Company — Competition
  233. [233] Item 4, Information on the Company — Competition
  234. [234] Item 4, Information on the Company — Competition
  235. [235] Item 4, Information on the Company — Competition
  236. [236] Item 4, Information on the Company — Competition
  237. [237] Item 4, Information on the Company — Competition
  238. [238] Item 4, Information on the Company — Competition
  239. [239] Item 4, Information on the Company — Competition
  240. [240] Item 4, Information on the Company — Competition
  241. [241] Item 4, Information on the Company — Competition
  242. [242] Item 4, Information on the Company — Competition
  243. [243] Item 4, Information on the Company — Competition
  244. [244] Item 4, Information on the Company — Competition
  245. [245] Item 4, Information on the Company — Competition
  246. [246] Item 4, Information on the Company — Competition
  247. [247] Item 4, Information on the Company — Competition
  248. [248] Item 4, Information on the Company — Competition
  249. [249] Item 4, Information on the Company — Competition
  250. [250] Item 4, Information on the Company — Competition
  251. [251] Item 4, Information on the Company — Competition
  252. [252] Item 4, Information on the Company — Competition
  253. [253] Item 4, Information on the Company — Competition
  254. [254] Item 4, Information on the Company — Competition
  255. [255] Item 4, Information on the Company — Competition
  256. [256] Item 4, Information on the Company — Competition
  257. [257] Item 4, Information on the Company — Competition
  258. [258] Item 4, Information on the Company — Competition
  259. [259] Item 4, Information on the Company — Competition
  260. [260] Item 4, Information on the Company — Competition
  261. [261] Item 4, Information on the Company — Competition
  262. [262] Item 4, Information on the Company — Competition
  263. [263] Item 4, Information on the Company — Competition
  264. [264] Item 4, Information on the Company — Competition
  265. [265] Item 4, Information on the Company — Competition
  266. [266] Item 4, Information on the Company — Competition
  267. [267] Item 4, Information on the Company — Competition
  268. [268] Item 4, Information on the Company — Competition
  269. [269] Item 4, Information on the Company — Competition
  270. [270] Item 4, Information on the Company — Competition
  271. [271] Item 4, Information on the Company — Competition
  272. [272] Item 4, Information on the Company — Competition
  273. [273] Item 4, Information on the Company — Competition
  274. [274] Item 4, Information on the Company — Competition
  275. [275] Item 4, Information on the Company — Competition
  276. [276] Item 4, Information on the Company — Competition
  277. [277] Item 4, Information on the Company — Competition
  278. [278] Item 4, Information on the Company — Competition
  279. [279] Item 4, Information on the Company — Competition
  280. [280] Item 4, Information on the Company — Competition
  281. [281] Item 4, Information on the Company — Competition
  282. [282] Item 4, Information on the Company — Competition
  283. [283] Item 4, Information on the Company — Competition
  284. [284] Item 4, Information on the Company — Competition
  285. [285] Item 4, Information on the Company — Competition
  286. [286] Item 4, Information on the Company — Competition
  287. [287] Item 4, Information on the Company — Competition
  288. [288] Item 4, Information on the Company — Competition
  289. [289] Item 4, Information on the Company — Competition
  290. [290] Item 4, Information on the Company — Competition
  291. [291] Item 4, Information on the Company — Competition
  292. [292] Item 4, Information on the Company — Competition
  293. [293] Item 4, Information on the Company — Competition
  294. [294] Item 4, Information on the Company — Competition
  295. [295] Item 4, Information on the Company — Competition
  296. [296] Item 4, Information on the Company — Competition
  297. [297] Item 4, Information on the Company — Competition
  298. [298] Item 4, Information on the Company — Competition
  299. [299] Item 4, Information on the Company — Competition
  300. [300] Item 4, Information on the Company — Competition
  301. [301] Item 4, Information on the Company — Competition
  302. [302] Item 4, Information on the Company — Competition
  303. [303] Item 4, Information on the Company — Competition
  304. [304] Item 4, Information on the Company — Competition
  305. [305] Item 4, Information on the Company — Competition
  306. [306] Item 4, Information on the Company — Competition
  307. [307] Item 4, Information on the Company — Competition
  308. [308] Item 4, Information on the Company — Competition
  309. [309] Item 4, Information on the Company — Competition
  310. [310] Item 4, Information on the Company — Competition
  311. [311] Item 4, Information on the Company — Competition
  312. [312] Item 4, Information on the Company — Competition
  313. [313] Item 4, Information on the Company — Competition
  314. [314] Item 4, Information on the Company — Competition
  315. [315] Item 4, Information on the Company — Competition
  316. [316] Item 4, Information on the Company — Competition
  317. [317] Item 4, Information on the Company — Competition
  318. [318] Item 4, Information on the Company — Competition
  319. [319] Item 4, Information on the Company — Competition
  320. [320] Item 4, Information on the Company — Competition
  321. [321] Item 4, Information on the Company — Competition
  322. [322] Item 4, Information on the Company — Competition
  323. [323] Item 4, Information on the Company — Competition
  324. [324] Item 4, Information on the Company — Competition
  325. [325] Item 4, Information on the Company — Competition
  326. [326] Item 4, Information on the Company — Competition
  327. [327] Item 4, Information on the Company — Competition
  328. [328] Item 4, Information on the Company — Competition
  329. [329] Item 4, Information on the Company — Competition
  330. [330] Item 4, Information on the Company — Competition
  331. [331] Item 4, Information on the Company — Competition
  332. [332] Item 4, Information on the Company — Competition
  333. [333] Item 4, Information on the Company — Competition
  334. [334] Item 4, Information on the Company — Competition
  335. [335] Item 4, Information on the Company — Competition
  336. [336] Item 4, Information on the Company — Competition
  337. [337] Item 4, Information on the Company — Competition
  338. [338] Item 4, Information on the Company — Competition
  339. [339] Item 4, Information on the Company — Competition
  340. [340] Item 4, Information on the Company — Competition
  341. [341] Item 4, Information on the Company — Competition
  342. [342] Item 4, Information on the Company — Competition
  343. [343] Item 4, Information on the Company — Competition
  344. [344] Item 4, Information on the Company — Competition
  345. [345] Item 4, Information on the Company — Competition
  346. [346] Item 4, Information on the Company — Competition
  347. [347] Item 4, Information on the Company — Competition
  348. [348] Item 4, Information on the Company — Competition
  349. [349] Item 4, Information on the Company — Competition
  350. [350] Item 4, Information on the Company — Competition
  351. [351] Item 4, Information on the Company — Competition
  352. [352] Item 4, Information on the Company — Competition
  353. [353] Item 4, Information on the Company — Competition
  354. [354] Item 4, Information on the Company — Competition
  355. [355] Item 4, Information on the Company — Competition
  356. [356] Item 4, Information on the Company — Competition
  357. [357] Item 4, Information on the Company — Competition
  358. [358] Item 4, Information on the Company — Competition
  359. [359] Item 4, Information on the Company — Competition
  360. [360] Item 4, Information on the Company — Competition
  361. [361] Item 4, Information on the Company — Competition
  362. [362] Item 4, Information on the Company — Competition
  363. [363] Item 4, Information on the Company — Competition
  364. [364] Item 4, Information on the Company — Competition
  365. [365] Item 4, Information on the Company — Competition
  366. [366] Item 4, Information on the Company — Competition
  367. [367] Item 4, Information on the Company — Competition
  368. [368] Item 4, Information on the Company — Competition
  369. [369] Item 4, Information on the Company — Competition
  370. [370] Item 4, Information on the Company — Competition
  371. [371] Item 4, Information on the Company — Competition
  372. [372] Item 4, Information on the Company — Competition
  373. [373] Item 4, Information on the Company — Competition
  374. [374] Item 4, Information on the Company — Competition
  375. [375] Item 4, Information on the Company — Competition
  376. [376] Item 4, Information on the Company — Competition
  377. [377] Item 4, Information on the Company — Competition
  378. [378] Item 4, Information on the Company — Competition
  379. [379] Item 4, Information on the Company — Competition
  380. [380] Item 4, Information on the Company — Competition
  381. [381] Item 4, Information on the Company — Competition
  382. [382] Item 4, Information on the Company — Competition
  383. [383] Item 4, Information on the Company — Competition
  384. [384] Item 4, Information on the Company — Competition
  385. [385] Item 4, Information on the Company — Competition
  386. [386] Item 4, Information on the Company — Competition
  387. [387] Item 4, Information on the Company — Competition
  388. [388] Item 4, Information on the Company — Competition
  389. [389] Item 4, Information on the Company — Competition
  390. [390] Item 4, Information on the Company — Competition
  391. [391] Item 4, Information on the Company — Competition
  392. [392] Item 4, Information on the Company — Competition
  393. [393] Item 4, Information on the Company — Competition
  394. [394] Item 4, Information on the Company — Competition
  395. [395] Item 4, Information on the Company — Competition
  396. [396] Item 4, Information on the Company — Competition
  397. [397] Item 4, Information on the Company — Competition
  398. [398] Item 4, Information on the Company — Competition
  399. [399] Item 4, Information on the Company — Competition
  400. [400] Item 4, Information on the Company — Competition
  401. [401] Item 4, Information on the Company — Competition
  402. [402] Item 4, Information on the Company — Competition
  403. [403] Item 4, Information on the Company — Competition
  404. [404] Item 4, Information on the Company — Competition
  405. [405] Item 4, Information on the Company — Competition
  406. [406] Item 4, Information on the Company — Competition
  407. [407] Item 4, Information on the Company — Competition
  408. [408] Item 4, Information on the Company — Competition
  409. [409] Item 4, Information on the Company — Competition
  410. [410] Item 4, Information on the Company — Competition
  411. [411] Item 4, Information on the Company — Competition
  412. [412] Item 4, Information on the Company — Competition
  413. [413] Item 4, Information on the Company — Competition
  414. [414] Item 4, Information on the Company — Competition
  415. [415] Item 4, Information on the Company — Competition
  416. [416] Item 4, Information on the Company — Competition
  417. [417] Item 4, Information on the Company — Competition
  418. [418] Item 4, Information on the Company — Competition
  419. [419] Item 4, Information on the Company — Competition
  420. [420] Item 4, Information on the Company — Competition
  421. [421] Item 4, Information on the Company — Competition
  422. [422] Item 4, Information on the Company — Competition
  423. [423] Item 4, Information on the Company — Competition
  424. [424] Item 4, Information on the Company — Competition
  425. [425] Item 4, Information on the Company — Competition
  426. [426] Item 4, Information on the Company — Competition
  427. [427] Item 4, Information on the Company — Competition
  428. [428] Item 4, Information on the Company — Competition
  429. [429] Item 4, Information on the Company — Competition
  430. [430] Item 4, Information on the Company — Competition
  431. [431] Item 4, Information on the Company — Competition
  432. [432] Item 4, Information on the Company — Competition
  433. [433] Item 4, Information on the Company — Competition
  434. [434] Item 4, Information on the Company — Competition
  435. [435] Item 4, Information on the Company — Competition
  436. [436] Item 4, Information on the Company — Competition
  437. [437] Item 4, Information on the Company — Competition
  438. [438] Item 4, Information on the Company — Competition
  439. [439] Item 4, Information on the Company — Competition
  440. [440] Item 4, Information on the Company — Competition
  441. [441] Item 4, Information on the Company — Competition
  442. [442] Item 4, Information on the Company — Competition
  443. [443] Item 4, Information on the Company — Competition
  444. [444] Item 4, Information on the Company — Competition
  445. [445] Item 4, Information on the Company — Competition
  446. [446] Item 4, Information on the Company — Competition
  447. [447] Item 4, Information on the Company — Competition
  448. [448] Item 4, Information on the Company — Competition
  449. [449] Item 4, Information on the Company — Competition
  450. [450] Item 4, Information on the Company — Competition
  451. [451] Item 4, Information on the Company — Competition
  452. [452] Item 4, Information on the Company — Competition
  453. [453] Item 4, Information on the Company — Competition
  454. [454] Item 4, Information on the Company — Competition
  455. [455] Item 4, Information on the Company — Competition
  456. [456] Item 4, Information on the Company — Competition
  457. [457] Item 4, Information on the Company — Competition
  458. [458] Item 4, Information on the Company — Competition
  459. [459] Item 4, Information on the Company — Competition
  460. [460] Item 4, Information on the Company — Competition
  461. [461] Item 4, Information on the Company — Competition
  462. [462] Item 4, Information on the Company — Competition
  463. [463] Item 4, Information on the Company — Competition
  464. [464] Item 4, Information on the Company — Competition
  465. [465] Item 4, Information on the Company — Competition
  466. [466] Item 4, Information on the Company — Competition
  467. [467] Item 4, Information on the Company — Competition
  468. [468] Item 4, Information on the Company — Competition
  469. [469] Item 4, Information on the Company — Competition
  470. [470] Item 4, Information on the Company — Competition
  471. [471] Item 4, Information on the Company — Competition
  472. [472] Item 4, Information on the Company — Competition
  473. [473] Item 4, Information on the Company — Competition
  474. [474] Item 4, Information on the Company — Competition
  475. [475] Item 4, Information on the Company — Competition
  476. [476] Item 4, Information on the Company — Competition
  477. [477] Item 4, Information on the Company — Competition
  478. [478] Item 4, Information on the Company — Competition
  479. [479] Item 4, Information on the Company — Competition
  480. [480] Item 4, Information on the Company — Competition
  481. [481] Item 4, Information on the Company — Competition
  482. [482] Item 4, Information on the Company — Competition
  483. [483] Item 4, Information on the Company — Competition
  484. [484] Item 4, Information on the Company — Competition
  485. [485] Item 4, Information on the Company — Competition
  486. [486] Item 4, Information on the Company — Competition
  487. [487] Item 4, Information on the Company — Competition
  488. [488] Item 4, Information on the Company — Competition
  489. [489] Item 4, Information on the Company — Competition
  490. [490] Item 4, Information on the Company — Competition
  491. [491] Item 4, Information on the Company — Competition
  492. [492] Item 4, Information on the Company — Competition
  493. [493] Item 4, Information on the Company — Competition
  494. [494] Item 4, Information on the Company — Competition
  495. [495] Item 4, Information on the Company — Competition
  496. [496] Item 4, Information on the Company — Competition
  497. [497] Item 4, Information on the Company — Competition
  498. [498] Item 4, Information on the Company — Competition
  499. [499] Item 4, Information on the Company — Competition
  500. [500] Item 4, Information on the Company — Competition

Report on Oct 16, 2026