Berkshire Hathaway Annual Shareholders Meeting 2026: Bilingual Transcript (Chinese-English)

We will not do AI for the sake of AI. AI must be additive to our businesses. Our approach: 1. Build, not just buy— We're hiring engineers to build proprietary AI solutions. Example: BNSF uses AI for locomotive predictive maintenance and operational optimization, leveraging 177 years of accumulated rail data. 2. Human involvement in all key decisions— humans must remain in the governance loop. 3. Robust safety protections— We must verify we're getting the outcomes we want. 4. Cyber security is a daily threat— That deep fake of Warren at the opening? Zero actual input from the real Buffett. This is a real risk we manage every day. We will not do AI for the sake of AI. Artificial intelligence must add tangible value to our businesses. Our approach is as follows: 1. Build, not just buy— We are hiring engineers to develop proprietary AI solutions. For example: BNSF Railway leverages AI for predictive maintenance of locomotives and operational optimization, drawing upon 177 years of accumulated rail industry data. 2. Human involvement in all key decisions— Humans must remain actively engaged in the decision-making process. 3. Rigorous safety safeguards— We must rigorously verify that AI delivers the intended outcomes. 4. Cybersecurity is an everyday threat— That deepfake video of Warren Buffett at the opening ceremony? It contained zero input or authorization from the real Warren Buffett. This is a genuine risk we confront and manage daily. 2.6 Cash and Balance Sheet Greg Abel: Cash and short-term Treasuries: $397.4 billion— a record high. After accounting for the Treasury bills acquired after quarter end, we hold approximately $380 billion in Treasuries net of payables. We completed two acquisitions in Q1: Oxy Chem for ~$9.5 billion and Bell Lab (pest control).

Q1 2026 Financial Analysis Report of Hotel Groups

Performance in Greater China: In Q1, major hotel groups delivered strong results across Greater China, with the Chinese market serving as a key growth engine. Except for Hilton, whose average daily rate (ADR) growth in the Asia-Pacific region lagged behind its global performance, all other hotel groups posted higher growth rates across key metrics in Greater China/Asia-Pacific than globally. Hyatt stood out notably, with its Greater China RevPAR surging 12.4% year-on-year—the highest among all regions worldwide. Expansion Strategy: In Q1, Marriott, Hilton, and IHG added 15,900, 16,300, and 14,900 rooms respectively. Marriott surpassed 700 operating hotels in mainland China; Hilton entered its '1,000-hotel era' in China; IHG’s new room additions in China surged 73% year-on-year. China remains one of the most important growth markets globally for all these groups. II. Financial Reports of Domestic Hotel Groups 1. Financial Performance: Broad Revenue and Net Profit Growth In Q1 2026, domestic hotel groups generally reported revenue and net profit growth, though performance varied significantly across companies. Revenue: Huazhu ranked first with RMB 5.996 billion; Jinjiang, Atour, and BTG Hotels followed with RMB 3.121 billion, RMB 2.811 billion, and RMB 1.777 billion, respectively. Year-on-year, Atour led with 47.51% growth—driven largely by its retail business segment, which generated RMB 1.071 billion in revenue (up 54.4% YoY) and accounted for 38.1% of total group revenue. Huazhu and Jinjiang grew 11.14% and 6.09% YoY, respectively. Jinling Hotel was the only company reporting revenue decline, down 7.6% YoY, reflecting ongoing revenue pressure. Net Profit: Huazhu and Atour recorded net profits of RMB 817 million and RMB 490 million, respectively; Jinjiang and BTG Hotels reported net profits of RMB 136.9 million and RMB 169.1 million, respectively. Year-on-year, Jinjiang’s net profit soared 280.09%, primarily due to two factors: (i) improved operational efficiency driving revenue growth, coupled with lower borrowing interest expenses reducing financial cost pressure; and (ii) reduced drag from non-recurring items. Junting’s net profit surged 135.24%, mainly attributable to improved core business profitability. Huazhu was the sole group reporting a net profit decline—down 8.61% YoY. 2. Operations & Expansion: Market Recovery Underway—All Key Operational Metrics Rose Across Groups Except Huazhu’s Occupancy Rate Operational Performance: Huazhu’s occupancy rate declined 1.1 percentage points to 75.1%; its ADR stood at RMB 285, up 4.78% YoY; RevPAR reached RMB 214, up 2.88% YoY—primarily driven by ADR growth. Jinjiang, Atour, and BTG Hotels all delivered strong operational performance, with RevPAR rising across the board to RMB 142.59, RMB 311.60, and RMB 125, respectively—up 3.68%, 2.37%, and 0.8% YoY. Management & Franchise Model: The proportion of managed and franchised properties continued to rise across all groups, further deepening the light-asset strategy. As of Q1 2026, Huazhu, Jinjiang, and BTG Hotels had management/franchise ratios of 96.17%, 95.03%, and 93.13%, respectively—all up from year-end 2025.

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Quaker Houghton reported record Q2 2026 adjusted EBITDA of $85 million, driven by a 7% volume surge despite elevated raw material costs. Non-GAAP EPS of $2.19 significantly beat analyst expectations, reflecting strong operational momentum.

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