大公司： 星巴克任命格拉姆斯为首席运营官 星巴克公司周三表示，其北美首席门店官迈克·格拉姆斯（Mike Grams）将担任公司首席运营官，这是 旨在提振业绩的领导层重组的一部分。今年1月，在星巴克北美总裁萨拉·特里林（Sara Trilling）离职 后，她的职责被拆分为两个角色，格拉姆斯接任了首席门店官一职。梅瑞迪丝·桑德兰德（Meredith Sandland）被任命为北美首席门店发展官，她和首席供应链官桑杰·沙阿（Sanjay Shah）现在将向格拉姆 斯汇报工作。 Rokid消费级AR眼镜将在速卖通独家首发 36氪获悉，今年海外618，Rokid最新款消费级AR眼镜将在速卖通独家首发，并加入"百亿补贴 BigSave"品牌出海计划。这是速卖通AliExpress继和宇树科技机器人、安克机器人合作后，在科技品牌 出海上的又一突破。今年，速卖通将通过"百亿补贴BigSave"帮助1000个新品牌实现百万美金的突破。 日本罗森与全家部分门店上架储备米，将陆续覆盖全国 日本便利店罗森和全家6月5日开始在东京和大阪部分门店销售其采购的政府储备米。罗森表示，随后自 6月14日起，将在除冲绳县以外的约1.38万家门 ...

内容概况：在"双减"政策持续深化的背景下，家长和学生对优质教育的需求依然旺盛，AI学习机凭借高 效的资源整合能力成功承接了需求转移，成为推动市场增长的核心动力。随着众多K12教辅机构纷纷向 AI学习机等教育智能硬件领域转型，新的市场参与者的涌入推高了市场规模。此外，大模型的兴起和 应用也使得产品更好地满足了用户多元化和高效化地学习需求。据统计，2024年，中国AI学习机市场 全渠道销量为592.3万台，同比增长25.5%；销售额为190.6亿元，同比2023年增长37.6%。2025年以来， AI学习机作为平板电脑的主力产品，正式进入"国补"目录，大大降低了消费者的购买成本，进一步刺激 了市场需求的释放。与此同时，AI学习机品牌商在年货节、开学季加大促销，推出多款中端价位产 品，其显著高于2024年的力度有效激发了此前因价格因素而持观望态度的消费群体。2025年第一季度， 中国AI学习机市场的全渠道销量为126.5万台，同比上涨29.4%，销售额为40.2亿元，同比上涨15.8%。 未来，AI学习机的销售额有望突破千亿。 相关企业：作业帮教育科技（北京）有限公司、网易有道信息技术（北京）有限公司、深圳市优学天 ...

每经记者｜杨建 每经编辑｜彭水萍 （一）重要市场新闻 1、美股三大指数收盘涨跌不一，纳指涨0.72%，标普500指数涨0.1%，道指跌0.21%；大型科技股多数 上涨，特斯拉、英伟达涨超4%，谷歌涨超3%，奈飞涨逾1%，微软、Meta小幅上涨；英特尔跌超4%， 亚马逊、苹果小幅下跌；其中，英伟达年内转涨。中概股多数上涨，纳斯达克中国金龙指数涨1.17%； 腾讯音乐涨逾15%，理想汽车涨近3%，阿里巴巴、百度、好未来涨近2%。 2、国际油价走弱，美油主力合约收跌1.23%，报62.89美元/桶；布伦特原油主力合约跌1.23%，报65.81 美元/桶。国际金价下挫，现货黄金跌2.26%，失守3200美元关口，报3176.58美元/盎司；COMEX黄金期 货跌2.07%，报3180.70美元/盎司；COMEX白银期货跌2.15%，报32.39美元/盎司。欧洲三大股指收盘小 幅下跌，德国DAX指数跌0.47%报23527.01点，法国CAC40指数跌0.47%报7836.79点，英国富时100指数 跌0.21%报8585.01点。 （二）行业掘金 1、5月14日，太空计算卫星星座搭载长征二号丁运载火箭在酒泉卫星发射中 ...

"现在市面上的学习机产品琳琅满目，我们家长最看重的就是内容质量和技术实力。"五月初的上海，在 一家学而思浦东旗舰店内，一位正在体验学习机的家长表示，要是学习机能更 "主动一点"，在孩子遇 到难题卡壳时主动询问、及时提供帮助，或者像专业老师一样，精准定制个性化学习方案，那就更理想 了。 当下，家庭教育方式正经历深刻变革——从过去依赖课外培训转向拥抱智能教育科技。奥维睿沃（AVC Revo）数据显示，2025年第一季度，国内学习平板线上全渠道零售量达92.5万台，同比增长64.9%，销 售额29.7亿元，同比增长47.3%。其中，仅1月份单月销量便突破28.8万台，同比增长22.6%，创近三年 新高。 面对持续升温的市场需求，5月7日，学而思顺势推出P、S、T三大系列学习机新品，在"内容和AI"两大 方向上继续进行迭代升级。学而思智能学习的负责人赵璞铮在会上称，三款新品主要针对不同学段和学 习需求打造差异化产品矩阵，以满足不同学生群体的多样化学习需求。 自2023年2月推出首款学习机以来，学而思凭借其20多年教研积累和持续的技术创新，已逐步建立起行 业领先优势。此次新一代产品的发布，特别是在自适应学习算法、多模态 ...

新浪科技讯 5月7日晚间消息，今日，学而思召开新品发布会，推出P、S、T三大系列学习机，以"好 AI+好内容"重塑学习体验。 责任编辑：何俊熹 以"孩子的第一台学习机"为目标，全新P系列学习机为孩子提供了一套完整且基础的学习方案。S系列希 望打造学习机中的 "六边形战士"，其核心优势在于融入了学而思经典的培优体系课，根据不同阶段学 生的认知特点，设置了科学合理的十二级数学能力培养体系，其AI工具增加至 55 种，并搭载了"金牌领 学" 功能，可全程规划学习进程，并量身定制课后学习报告。T系列的交互体验更是突破传统学习机边 界。作为旗舰产品，T4系列搭载的小思智慧岛Pro集成更多AI能力，通过智能分析明确重点、难点题 目，助力孩子合理规划作业时间；番茄钟、专注模式等功能帮助孩子养成良好学习习惯；孩子遇难题卡 壳时，小思3.0如同贴身一对一老师，主动询问并提供帮助，家长还能通过家长端远程陪写。作业完成 后，支持全科作业录入错题本，并生成详细作业报告，方便家长了解孩子学习情况。 发布会上，学而思表示，三款机型均支持 "学而思Care+"服务，不仅提供大模型能力更新、课程内容更 新，还为用户提供一年的意外保险和延保保 ...

胖东来玉石合规 市监通报： 据许昌日报社5月5日消息， 近日，按照"五一"节期间工作安排，结合网络上关于许昌胖东 来销售和田玉有关情况的反映，许昌市市场监督管理局魏都区分局对时代广场销售和田玉的 胖东来唯初珠宝有限公司开展了日常检查。现场查阅了2025年1至4月份销售的和田玉数量 和价格情况，并随机抽查了在售的13件和田玉商品的进销货相关手续。 昨天，发生了哪些财经大事？ 伯克希尔跌超5% 5日，道指与标普500指数此前连续9个交易日的上涨至此终结；大型科技股多数下跌，苹 果跌超3%，特斯拉跌逾2%，亚马逊、奈飞、英特尔跌超1%，英伟达小幅下跌；微软、谷 歌、Meta小幅上涨；伯克希尔-A跌超5%，巴菲特将于2025年底卸任首席执行官一职。中 概股涨跌不一，纳斯达克中国金龙指数跌0.04%；金山云涨超4%，富途控股、名创优品涨 超2%，好未来、微博涨超1%，小鹏汽车、理想汽车、哔哩哔哩小幅上涨；极氪跌超2%， 瑞幸咖啡、蔚来、京东、霸王茶姬跌超1%。 经检查，许昌市胖东来唯初珠宝有限公司2025年1至4月份共销售和田玉商品4177件，销 售金额2959.2175万元，平均毛利率不超过20% ；目前在售和田玉商 ...

以下文章来源于铅笔道 ，作者华泰诗 AI加速行业变革。 作者丨 华泰诗 来源丨 铅笔道 铅笔道 . 不来虚的，使命就一个：助力国家培育独角兽。自2015年成立以来，始终践行"Pencil never lies"的内容 理念，真实报道创新企业15000家，内容单周最高影响1600万人群。 将投中网设为"星标⭐"，第一时间收获最新推送 近日有市场传闻称，国内知名少儿编程教育机构北京聪明核桃教育科技有限公司（品牌名"核桃编 程"）正筹备赴美IPO，预计募资规模可能达到1亿美元左右。 该公司相关负责人在接受行业媒体问询时称"不作置评"。 梳理融资历程，不难发现其发展势头强劲。核桃编程已完成5轮融资，累计超3亿美元（约21.9亿元 人民币），背后站着多位重量级投资大咖。 不乏包括XVC、源码资本、KKR、高瓴资本以及华兴新经济基金等头部机构。值得关注的是，赶集 网创始人杨浩涌也以天使投资人身份出现在股东名单中。 业内人士分析，此次上市传闻并非毫无根据。其近期已上线投资者关系（IR）网站，该网站通常被视 为企业启动上市筹备工作的"风向标"。 人机结合的编程教育 核桃编程的创始人曾鹏轩，毕业于美国宾夕法尼亚大学，拥有教育科 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [7] Core Views - The company reported FY25Q4 revenue of $610 million, a year-on-year increase of 42.1%, but a net loss attributable to shareholders of $73.11 million, transitioning from profit to loss [1] - Non-GAAP net profit for FY25Q4 was $7.012 million, down 85.4% year-on-year, indicating significant pressure on profitability despite revenue growth [4] - The company is a leader in the domestic education sector, with strong growth momentum in its learning machine business, suggesting substantial potential for performance improvement as profitability enhances [5] Summary by Sections Sales and Profitability - The company increased its sales expenses significantly, leading to a noticeable rise in the sales expense ratio to 35.7%, up 6.4 percentage points year-on-year [4] - The gross margin for FY25Q4 was 52.0%, a decrease of 0.9 percentage points year-on-year [4] Learning Services and Other Segments - The "Peiyou" small class courses remain the largest revenue contributor in the learning services segment, with a retention rate of 80% in FY25Q4 [2] - Deferred revenue at the end of FY25Q4 was $671 million, reflecting a robust year-on-year growth of 56.7% [2] Content Solutions - Learning device revenue showed a year-on-year increase, with online sales of the "Xueersi" learning machine reaching approximately 240,000 units, a 123% increase year-on-year, and sales exceeding $1 billion, up 72% year-on-year [3] Financial Forecasts and Valuation - The company’s net profit forecasts for FY2026 and FY2027 have been revised down to $144 million and $234 million, respectively, reflecting a 3% and 9% decrease [5] - The projected EPS for FY2026, FY2027, and FY2028 are $0.72, $1.16, and $1.73, respectively, with corresponding P/E ratios of 38x, 24x, and 16x [5]

Group 1: Financial Performance - In the fourth quarter and full year of fiscal 2025, the company reported a net revenue of $2.25 billion, representing a year-on-year growth of 51% [2] - The net profit attributable to the company was $84.59 million, a significant improvement from a net loss of $3.57 million in the same period last year [2] - Under non-GAAP measures, the net profit attributable to the company was $150 million, compared to $85.32 million in the previous year [2] Group 2: AI Ecosystem Development - The company has established a comprehensive "AI + Education" ecosystem, leveraging its proprietary "Jiuzhang" model and AI technology to enhance educational services [3][4] - The launch of the "Jiuzhang" model in August 2023 marked a significant step in the company's AI strategy, enabling the development of various applications such as Jiuzhang Aixue App and Suishiwen App [3] - The "Jiuzhang Aixue" solution integrates AI applications across the entire educational process, from lesson preparation to post-class learning [4] Group 3: Product Offerings and Innovations - The company has introduced multiple AI learning devices, including the Xueersi Learning Machine, which integrates the Jiuzhang model and covers K12 subjects [6] - The upgraded Xueersi Learning Machine, set to launch in May 2024, will feature new AI functionalities such as homework mode and AI speaking practice [6] - The company is also focusing on providing AI solutions to educational institutions and schools, facilitating their digital transformation [6][7] Group 4: Industry Impact and Future Outlook - The company's AI strategy is seen as forward-looking and strategic, enhancing the quality and efficiency of educational services [7] - As AI technology continues to evolve, the company's AI business is expected to maintain rapid growth, potentially becoming a new growth engine for the company [7]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $14.82 [7][8]. Core Insights - The company reported 4QFY25 revenue of $610 million, a year-over-year increase of 42.1%, but below Bloomberg's consensus estimate of 47.2%. The Non-GAAP operating profit was a loss of $1.69 million, significantly lower than the expected profit of $36.38 million, primarily due to a slowdown in the learning machine business and changes in product structure. However, the company's education business continues to grow rapidly both online and offline [1][2]. - The education services revenue for 4Q is estimated at approximately $436 million, reflecting a year-over-year growth of 43% in RMB and 41% in USD. The number of teaching outlets has increased by about 70% year-over-year, and the active user base for online schools continues to grow significantly [2][4]. - The company has shown good cost control, with sales expenses for 4QFY25 at $21.8 million, reflecting a year-over-year increase in expense ratio of 6.4 percentage points, while management expenses grew only 1% year-over-year [3][4]. - The company is transitioning from a high-speed expansion phase to stable growth, with an expected revenue growth rate of 46% for the tutoring business and 50% for online schools in FY26 [4][5]. Financial Projections - The company expects FY26 revenue to be approximately $3.006 billion, with a year-over-year growth of 33.59%. The adjusted net profit for FY26 is projected to be $226 million, reflecting a significant increase from the previous year [6][12]. - The report provides a detailed breakdown of financial metrics, including an expected Non-GAAP operating profit margin of 5.49% for FY26, an increase of 2.74 percentage points year-over-year [4][12]. - The company’s valuation is based on a sum-of-the-parts (SOTP) approach, applying a 25x P/E for learning services and a 30x P/E for the learning machine business, leading to a target price of $14.82 [15][16].