Group 1 - Goldman Sachs maintains a "Buy" rating on New Oriental-S (09901) and raises the target price to HKD 42 based on the sum-of-the-parts valuation method [1] - The firm expects investor confidence to gradually improve if the company achieves its profit margin expansion guidance for the May quarter, with the valuation multiple for New Oriental's core business projected to increase from the current 1x 12-month forward P/E [1] - Management emphasized cost control and operational efficiency during the February quarter earnings call, leading to an upward revision of non-GAAP operating profit expectations for FY25-27 by 7-14% [1] Group 2 - New Oriental's February quarter revenue and EPS fell short of expectations primarily due to a significant decline in revenue from Dongfang Zhenxuan (01797), which dropped by 59% year-on-year [2] - The firm has lowered its FY25 expectations for Dongfang Zhenxuan and adjusted the target price based on P/E to HKD 7.8 from HKD 8.2, but anticipates that Dongfang Zhenxuan will start contributing positively to group profits from the August quarter [2]

Core Viewpoint - New Oriental's Q3 FY2025 financial results show a revenue decline due to the underperformance of its Oriental Selection business, but the education and cultural tourism segments have demonstrated strong growth, indicating stability in the core education business [1][3]. Financial Performance - New Oriental reported a revenue of $1.183 billion for the quarter, a year-on-year decrease of 2.0%. Excluding Oriental Selection, revenue from education and cultural tourism was $1.038 billion, reflecting a year-on-year increase of 21.2% [1][3]. - Operating profit for the quarter was $125 million, up 9.8% year-on-year, while the operating profit excluding Oriental Selection's losses was $126 million, a 5% increase [3]. - Net profit attributable to shareholders rose by 0.1% to $87.3 million [3]. Business Segment Performance - The overseas exam preparation and consulting businesses grew by 7.1% and 21.4% year-on-year, respectively, while domestic exam preparation for adults and college students saw a growth of approximately 17.0% [4]. - The growth rate for overseas exam preparation was the lowest since 2023, indicating a slowdown in this segment due to geopolitical uncertainties [6]. Market Conditions - The geopolitical climate, particularly the uncertainty surrounding the potential re-election of Donald Trump, has negatively impacted New Oriental's overseas study-related businesses [6]. - The company anticipates continued slow growth in overseas-related business, projecting an 8% revenue increase in the next quarter and a 5% to 10% growth for the next fiscal year in overseas exam preparation [6]. New Business Growth - New Oriental's new education business segment experienced robust growth, with revenue increasing by 34.5% year-on-year. Non-subject tutoring courses had 408,000 enrollments, a 14.9% increase, while active paying users for smart learning systems grew by 64.4% to 309,000 [4][8]. - The company expanded its offline teaching centers significantly, increasing from 748 at the beginning of the fiscal year to 1,089 by the end of Q1 FY2025 [8]. Strategic Expansion - New Oriental plans to expand its offline capacity by over 20% in FY2025 and by 10% to 15% in FY2026, focusing on expanding within existing cities rather than entering new markets [8]. - The learning machine market is rapidly developing, with a 29.4% year-on-year increase in sales volume for learning tablets in Q1 FY2025, which supports New Oriental's smart learning systems and devices business [8].

Core Insights - The article discusses the growth potential of the international grape industry, highlighting a projected increase in market size by 10-13% [1] Industry Summary - The international grape market is expected to expand significantly, driven by rising consumer demand and increased production capabilities [1] - Key factors contributing to this growth include advancements in agricultural technology and improved supply chain logistics [1] Company Summary - Various companies within the grape industry are positioning themselves to capitalize on this growth, focusing on strategic partnerships and franchise opportunities [1] - The article emphasizes the importance of brand recognition and quality in attracting consumers to grape-related products [1]

各位亲爱的企业家朋友，大家下午好。非常开心来到第十二届智纲智库大会，能有这样一个场合和大家做点分享和交流。 一、人生本自由，月涌大江流 前两个礼拜，我带着新东方的团队在海南岛直播骑行了14天，这现在算是我的一种工作和生活方式，就是把自己喜欢做的事情和工作结合起来。这几十年 我最幸运的事情就是，一直在做我喜欢做的事情，这比你做多少公司、赚多少钱都要更加重要。 我是一个勤奋的人。我在农村从小就开始参与劳动，而且是一个劳动能手。在学习上我也非常勤奋，那个时候农村的孩子是不读书的，所以从我开始认字 到我18岁进入北京大学，我的周边都只有我一个人在读书，而我的父母是不认字的。也不知道老天为什么给了我这样一个喜欢读书的个性，读书确实贯穿 了我到今天为止的人生，也很大程度上改变了我的命运。如果没有读书，我现在也有可能是我们江苏江阴的某个民营企业家，因为我小时候那几个不喜欢 读书的小伙伴，后来也都当了民营企业家。我进入大学之后，一直到大学毕业，再到做新东方，一路都很勤奋，也非常努力，平均每天连工作带应酬、学 习、读书，差不多要十四五个小时左右，从来没有懈怠过。 以上是我一些简单的想法。但今天这个场合下，我也想分享一些我对做企 ...

在北京市商务局4月18日举办的"外贸优品网上行"出口转内销对接会上，京东集团、淘天集团、盒马、 美团、东方甄选等多家电商企业，提出"真金白银"助力外贸企业出口转内销举措。 其中，京东集团推出包括2000亿元出口转内销产品专项采购资金、专属招商团队全程陪跑、外贸专区打 造、新入驻POP商家扶持、0元质保金入驻等在内的支持举措，助力外贸优品拓展国内市场。 淘天集团启动"外贸精选"专项，开通外贸入淘绿色通道、提供"产业半托管"服务、小二本地化指导、流 量和佣金激励扶持、开展外贸营销专场等，助力外贸商家快速"外转内"。 盒马面向外贸企业开放24小时绿色通道，搭建"云享会"入驻专区，联合开发自有品牌创新商品，并匹配 高效物流供应链支撑，助力中国优质外贸企业开拓国内市场。 美团发布外贸转内销专项扶持计划，通过小象超市、美团优选、美团闪购等业务板块协同发力，为优质 外贸企业开辟入驻绿色通道，提供从商家入驻、经营扶持到品牌打造等全链路支持，打造"内外贸一体 化"生态体系。 东方甄选充分发挥直播电商新场景作用，开放自营产品合作通道，简化入驻流程，缩短认证周期，还将 开展"透明工厂"源头直播活动，向国内消费者展示优质外贸企业的供 ...

Core Viewpoint - The article highlights the significant shift in China's foreign trade landscape, driven by external pressures such as tightening U.S. tariffs and domestic consumption upgrades, leading to a strategic pivot from export to domestic sales for foreign trade enterprises [2][3][6][18]. Group 1: External Factors Impacting Foreign Trade - Recent U.S. tariff policies have directly impacted export-dependent foreign trade companies, leading to a decline in exports [2]. - In the first quarter of 2025, China's exports to the U.S. fell by 12%, with electronic and machinery sectors being the most affected [3]. Group 2: Domestic Market Dynamics - The domestic consumer market is experiencing a shift from quantity to quality, with a growing demand for high-cost performance and differentiated products [5]. - As of October 2024, China's online shopping user base exceeded 900 million, with an average annual consumption frequency of 5.2 times per user and a 7.3% increase in average transaction value [5]. Group 3: E-commerce Platforms' Role - E-commerce platforms like JD.com and Oriental Selection are actively supporting foreign trade enterprises in transitioning to domestic sales through various initiatives, including significant procurement budgets and expedited onboarding processes [6][8][18]. - Platforms are leveraging technology and supply chain advantages to facilitate this transition, with initiatives like AI support from Baidu and rapid store setup from Suning [6][10]. Group 4: Competitive Landscape and Innovation - The competition among e-commerce giants is shifting towards supply chain integration and operational efficiency, with a focus on creating an ecosystem that supports foreign trade enterprises [7][10]. - Innovative models such as JD.com's "buyer system" and Yonghui's "fast track" are aimed at quickly converting foreign trade inventory into effective domestic supply [8][10]. Group 5: Future Outlook and Transformation - The article suggests that the transformation of foreign trade enterprises is not just about survival but also about reshaping the underlying logic of Chinese e-commerce, potentially leading to the emergence of new business models that integrate flexible supply chains and global branding [12][14][19]. - The integration of ESG standards into product selection may become crucial, as products lacking green certification could be excluded from the market [17].

Core Viewpoint - The article discusses the ongoing shift of Chinese foreign trade enterprises towards domestic sales in response to increased tariffs on exports to the U.S., highlighting the collaborative efforts of major companies and government initiatives to support this transition [2][6][26]. Group 1: Major Companies' Initiatives - JD.com plans to invest 200 billion yuan in the next year to purchase export goods for domestic sales, aiming to help foreign trade enterprises quickly enter the domestic market [3][21][22]. - Hema has established a green channel for expedited processing, promising to simplify certification and reduce approval times for foreign trade products [15][20]. - Other platforms like Baidu, Meituan, and Douyin are also providing various forms of support, including AI technology, traffic assistance, and dedicated foreign trade sections [3][24][25]. Group 2: Retail and Supermarket Support - Traditional supermarkets such as Yonghui Supermarket and CR Vanguard have announced measures to facilitate the entry of quality foreign trade products into the domestic market, including opening "green channels" for rapid product listing [5][10][12]. - CR Vanguard has implemented four key measures, including opening direct sales channels in over 2,000 stores and developing private label products [13]. - Lianhua Supermarket is focusing on enhancing product quality by collaborating with returning overseas Chinese to find quality suppliers [13]. Group 3: Government and Association Support - The Chinese Commercial Association and other industry groups have issued a joint statement emphasizing the urgency of facilitating the transition of export goods to domestic sales [26]. - Local governments are also taking action, with initiatives like "Foreign Trade National Goods Selection" in Zhejiang and e-commerce platform matchmaking events in Anhui [28]. - The combined efforts of government, enterprises, and associations aim to alleviate the pressures faced by foreign trade companies and enhance their brand recognition in the domestic market [29].

智通财经APP获悉，美豁免部分产品"对等关税"，港股今日全天强势，三大指数均收涨逾2%，实现五连 涨。截止收盘，恒生指数涨2.4%或502.71点，报21417.4点，全日成交额2533.89亿港元；恒生国企指数 涨2.11%，报7965.81点；恒生科技指数涨2.34%，报5015.12点。 华泰证券指出，往前看，在第一波对等关税扰动发生后，坚定看好港股相对收益表现，原因是：1）产 业上，市场中业绩与关税敏感性较高的出口链及中游制造企业市值占比较低；2）科技企业盈利表现或 将持续支持港股行情演绎；3）外部冲击扰动下，市场或对内需政策存在较大预期。 蓝筹股表现 港交所(00388)表现亮眼。截至收盘，涨6.91%，报334港元，成交额57.31亿港元，贡献恒指43.24点。4 月13日，香港特区政府财政司司长陈茂波发表网志表示，针对全球最新变化，已指示证监会和港交所做 好准备，若在海外上市的中概股希望回流，必须让香港成为它们首选的上市地。港交所亦会加紧做好在 东盟和中东市场的联系和推广工作，吸引更多当地优质企业来港上市，同时汇聚更多国际资金到港，进 一步提升香港国际金融中心的实力和地位。 其他蓝筹股方面，石药 ...

Group 1 - Companies such as Meituan, Wumart, Dingdong Maicai, Dongfang Zhenxuan, and Mingming Hen Mang have introduced support plans to counter the impact of U.S. tariff adjustments [1] - Meituan has established a green channel for "merchant onboarding, operational support, and brand building" [1] - Wumart plans to create a "Cloud Super Green Channel" for transitioning [1] Group 2 - Dingdong Maicai will release procurement needs for packaging, warehousing equipment, and other items [1] - Dongfang Zhenxuan has launched a special initiative for "foreign trade quality products onboarding" [1] - Mingming Hen Mang has set up a "special docking channel" [1]

1 美豁免从中国进口的部分产品关税 当地时间4月11日深夜，美国海关与边境保护局发布公告称，智能手机、路由器以及部分电脑和笔记本等产品将不再被纳入此前针对中国进口商品实施的 125%所谓"对等关税"范围内。目前尚不清楚这些产品是否仍将适用不属于"对等关税"框架的20%税率。美国国际贸易委员会尚未就相关询问作出回应，白 宫方面也未立即置评。（CCTV国际时讯） 2 金砖国家召开经贸联络组第二次会议，强调共同维护多边贸易体制，反对单边主义和贸易保护主义 据商务部网站4月12日消息，4月10~11日，2025年金砖国家经贸联络组第二次会议以视频形式举行。会上，金砖成员专门就美"对等关税"政策深入交换意 见，对相关措施引发的贸易紧张局势表示严正关切，并呼吁共同反对单边主义和贸易保护主义。各方将继续在经贸渠道就应对美"对等关税"问题深入交换意 见，加强立场协调，坚守和维护以规则为基础的多边贸易体制，共同应对当前全球贸易紧张局势。 3 9家大宗商品行业协会：坚决反对关税霸凌，共同维护大宗商品市场公平秩序 4月12日，中国物流与采购联合会大宗商品流通分会联合中国物资储运协会、中国物资再生协会、中国金属材料流通协会、中国化工 ...