Ferrari upgrades the 2025 guidance, exceeding the 2026 business plan’s profitability targets one year in advanceStrong product mix over the plan sustains total revenues of Euro ~9.0 billion and an EBITDA of at least Euro 3.6 billion in 2030Continuous innovation in products for the longer term, with cumulated capital expenditures of Euro ~4.7 billion over the plan and a significant portion dedicated to the next generation of sports carsRobust industrial free cash flow generation of Euro ~8.0 billion over the ...

Key Takeaways CSX reopened the expanded Howard Street Tunnel, a $450M project modernizing East Coast freight.The upgrade removes an I-95 bottleneck, enabling double-stacked trains through Baltimore by early 2026.CSX highlights shareholder focus, lifting its quarterly dividend 8% to 13 cents per share in February.CSX Corporation (CSX) announced the reopening of the expanded Howard Street Tunnel, a more than $450 million infrastructure initiative set to modernize freight rail service along the East Coast. The ...

(2) 海外业务表现优于预期。管理层指引8月季度及2026财年海外收入将录得中个位数百分比跌幅，但非 美/英咨询及其他相关服务(占咨询收入约60%)增长有望超预期，部分抵消美国(双位数跌幅)与英国(温和 下跌)业务衰退。 美银证券发布研报称，将新东方-S(09901,EDU.US)2026至2027财年非通用会计准则每股盈利预测上调 4%及5%，主因海外业务收入跌幅少于预期且利润率提升。将目标价上调5%至45.4港元；新东方 (EDU.US)美股目标价升至58.2美元，重申"买入"评级。 基于下列潜在催化剂： (1) 股东回报潜在提升。考量公司持有48亿美元充裕现金及强劲自由现金流生成能力(2026至2028财年预 估达5亿至7亿美元)，当前派息比率相当于净利润50%(2025财年净利3.71亿美元)仍有大幅提升空间。若 实现100%派息率，2026财年股息率将达4.5%。 (4)利润率韧性显现。成本管控、K12与东方甄选利润率改善，加上文旅业务亏损缩窄，可望抵销海外业 务利润率压力，推动2026财年非通用会计准则营运利润率扩张。 (3) K9业务重新加速。受课程排期调整、重点城市线下服务暂停及地方小型机构价 ...

Core Viewpoint - The company is launching a special action plan titled "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" to enhance operational quality and investor returns while adhering to national policies and market demands [1][3][33]. Group 1: Operational Strategy - The company aims to deepen strategic guidance and optimize its renewable energy project development, focusing on both centralized and distributed wind and solar energy projects [2][3]. - The company will enhance its project investment decision-making process and adapt to regional energy policies to improve operational efficiency [2][3]. - The company plans to diversify into energy storage and hydrogen sectors to promote multi-energy complementarity [2][3]. Group 2: Investor Returns - The company emphasizes a long-term stable operation philosophy, prioritizing cash dividends as the main profit distribution method, committing to distribute no less than 30% of the average distributable profit over the last three years [3][4]. - The company will develop a long-term shareholder return plan, balancing reasonable returns with sustainable development [3][4]. Group 3: Investor Communication - The company will enhance its information disclosure mechanisms to ensure transparency and maintain investor relations, including regular roadshows and performance briefings [4][5]. - The company aims to establish a systematic and multi-level investor communication mechanism to improve investor relationship management [4][5]. Group 4: Corporate Governance - The company is committed to optimizing its corporate governance structure, ensuring clarity in responsibilities and compliance with regulatory requirements [5][6]. - The company will enhance the effectiveness of its board committees and protect the rights of minority shareholders [5][6]. Group 5: Accountability and Responsibility - The company will strengthen the accountability of key stakeholders, linking their performance evaluations to the company's operational efficiency and market performance [6]. - The company plans to implement a contract-based management system for its management team to enhance operational vitality and efficiency [6].

大和指出，经审视新东方-S 2025年夏季学期经营状况，以及旗下东方甄选2025财年业绩后，认为集团 整体业务发展趋向稳定，K-9秋季学生留存率改善，出国考试准备业务不再恶化。新东方更宣布自2026 财年起，计划将不低于其前一财年股东应占净利润的50%，以股息分配或股份回购等形式回馈股东。大 和认为，憧憬股东回报比例可能显着高于集团承诺的50%，或达到高双位数百分比甚至超过100%，相 信对股份属关键正面催化剂。 新东方-S(09901)涨超5%，截至发稿，涨5.47%，报41.62港元，成交额1.14亿港元。 国盛证券发布研报称，截至FY25Q4，公司递延收入(客户预收款)19.55亿美元(YoY+9.8%)，收款端保持 增长，一定程度保障未来收入。公司预计FY2026Q1净营收(包括东方甄选)同增2%~5%至14.64~15.07亿 美元，指引较为保守，主要是由于FY25Q1同期高基数及2025年春节提前重新排课导致K12业务结算错 期所致。公司预计FY2026净营收(包括东方甄选)同增5%~10%至51.45~53.90亿美元，略低于上一季度给 出的指引，主要是由于留学业务预计持续受到宏观经济和国际关系 ...

Group 1 - The company plans to repurchase up to HKD 100 million of its H shares in the open market, reflecting confidence in its performance and commitment to shareholder returns [1] - The company has announced three repurchase plans since 2024, each not exceeding HKD 100 million, with the first two already completed [1] - The company has prioritized shareholder returns, distributing dividends of RMB 200 million at the end of 2024 and RMB 190 million in mid-2025, indicating strong management confidence [1] Group 2 - The company opened 250 new stores in H1 2025, with a net increase of 270 stores in rural areas, aligning with the trend of expanding into lower-tier markets [1] - The company is expected to successfully achieve its goal of adding 1,000 new stores this year, with strong demand anticipated in Q4 [1] - The company has demonstrated improved operational capabilities, with same-store revenue growth and a significant turnaround of loss-making stores, validating positive operational trends [2] Group 3 - The company's core operating profit margin reached 5.9% in H1 2025, an increase of 1.2 percentage points year-on-year, while the net profit margin also improved to 5.9%, up by 2.7 percentage points [2] - The company is currently valued at less than 20 times earnings for 2025, suggesting a favorable investment opportunity [2] - Revenue projections for 2025-2027 are estimated at RMB 7.29 billion, RMB 8.39 billion, and RMB 9.55 billion, with corresponding net profits of RMB 420 million, RMB 500 million, and RMB 580 million, indicating strong growth [2]

（编辑 姚尧） 证券日报网讯 9月26日晚间，大禹节水发布公告称，公司制定了"质量回报双提升"的行动方案，具体举 措如下：一、聚焦主业发展，实现高质量发展；二、坚持创新驱动，提升公司核心竞争力；三、优化治 理结构，提高公司规范运作水平；四、强化信披质量，高效传递公司价值；五、重视股东回报，共享发 展成果。 ...

Group 1 - The core viewpoint of the report indicates that New Oriental's overall business development is stabilizing, with improved K-9 fall student retention rates and no further deterioration in overseas exam preparation services [1] - New Oriental plans to distribute no less than 50% of its net profit attributable to shareholders from the previous fiscal year in the form of dividends or share buybacks starting from the fiscal year 2026 [1] - The report anticipates that the shareholder return ratio could significantly exceed the committed 50%, potentially reaching high double-digit percentages or even over 100%, which is seen as a key positive catalyst for the stock [1] Group 2 - Daiwa has raised its revenue forecasts for New Oriental for the fiscal years 2026 to 2028 by 1% to 2%, and its earnings per share forecasts by 0.2% to 5% [1] - The rating for New Oriental has been reaffirmed as "Buy," with the target price increased from HKD 43 to HKD 49 [1]

证券研究报告·海外公司点评·食物饮品(HS) 锅圈（02517.HK） 再次回购彰显信心，重申推荐 2025 年 09 月 26 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 6,100 | 6,470 | 7,295 | 8,387 | 9,550 | | 同比(%) | (15.07) | 6.07 | 12.75 | 14.97 | 13.86 | | 归母净利润（百万元） | 239.64 | 230.56 | 416.76 | 495.65 | 578.14 | | 同比(%) | 4.23 | (3.79) | 80.76 | 18.93 | 16.64 | | EPS-最新摊薄（元/股） | 0.09 | 0.08 | 0.15 | 0.18 | 0.21 | | P/E（现价&最新摊薄） | 33.54 | 34.86 | 19.29 | 16.22 | 13.90 | [Table_Tag ...

Core Points - The "2025 Phoenix Star Listed Company Awards" ceremony was held in Guangzhou, recognizing companies in various key areas such as innovation, shareholder returns, social responsibility, and growth [1][2] - The "Best Shareholder Return Listed Company" award emphasizes sustainable profitability and shareholder equity growth, integrating financial metrics with ESG performance [2][6] Group 1: Award Winners - The winners of the "Best Shareholder Return Listed Company" award include COSCO Shipping Holdings, Orient Overseas International, Industrial and Commercial Bank of China, Gujing Distillery, and Bosideng [2][4] - Orient Overseas International has distributed over $14.4 billion in dividends over the past four years, maintaining a stable dividend payout ratio of 50% [5][6] - COSCO Shipping Holdings has distributed cash dividends totaling 113.6 billion yuan over the past four years, with a dividend payout ratio of 50% in the last three years [9][10] - Industrial and Commercial Bank of China has maintained a dividend payout ratio of over 30% since its listing in 2006, with a total cash dividend exceeding 1.5 trillion yuan [12][13] - Gujing Distillery plans to distribute 3.172 billion yuan in cash dividends for 2024, maintaining a high dividend payout ratio [15][16] - Bosideng achieved a revenue of 25.902 billion yuan in the 2025 fiscal year, with a net profit of 3.514 billion yuan, and a high dividend payout ratio of 84.1% [18][19] Group 2: Company Performance - Orient Overseas International reported a net profit of $2.577 billion for 2024, with a basic earnings per share of $3.90 [6][10] - COSCO Shipping Holdings achieved a revenue of 233.859 billion yuan in 2024, with a net profit of 49.172 billion yuan, reflecting a year-on-year increase of 105.78% [10] - Industrial and Commercial Bank of China has maintained a stable net interest margin and steady growth in intermediary business income, with a non-performing loan ratio better than the industry average [13] - Gujing Distillery's revenue for the first half of 2025 was 13.880 billion yuan, with a net profit margin of 27.22% [16] - Bosideng's revenue growth of 11.6% in a challenging industry environment demonstrates its resilience and commitment to shareholder returns [19]