格隆汇1月30日丨东安动力(600178.SH)公布，经财务部门初步测算，预计2025年年度实现归属于母公司 所有者的净利润1,283万元，与上年同期相比，将增加710万元，同比增加123.79%。预计2025年年度实 现归属于母公司所有者的扣除非经常性损益的净利润-5,619万元，与上年同期相比，将增加878万元。 2025年，公司整机销量较上年增加，预计营业收入较上年增长20%以上，同时，公司积极开展第三次创 业活动，通过全员价值创造，实现降本增效。 ...

Core Viewpoint - The article highlights the importance of selecting a reliable and efficient light truck for logistics, emphasizing the performance of the Foton Ouma KX equipped with the Oukan 4F20 engine as a key factor in enhancing delivery efficiency and competitiveness in the furniture distribution industry [1][14]. Group 1: User Experience and Vehicle Performance - The user, Mr. Fan, transitioned to the furniture delivery industry in early 2022 and initially faced challenges with a vehicle that lacked sufficient power, impacting delivery efficiency [3]. - After experiencing frequent engine failures and maintenance issues, Mr. Fan decided to switch to the Foton Ouma KX with the Oukan 4F20 engine, which has proven to be reliable and efficient [5][11]. - The Oukan 4F20 engine provides a maximum power of 126 horsepower, resulting in improved fuel efficiency, with average fuel consumption dropping from over 13 liters per 100 kilometers to around 11 liters, and even lower on highways [10]. Group 2: Cost Efficiency and Operational Benefits - The reduction in fuel costs is significant, with Mr. Fan estimating savings of approximately 6,000 yuan annually based on a typical annual mileage of 50,000 kilometers [10]. - The reliability of the Oukan engine has alleviated concerns about frequent repairs, allowing Mr. Fan to focus on his delivery business without interruptions [11][13]. - The vehicle's performance in complex road conditions has also contributed to expanding Mr. Fan's customer base, demonstrating the importance of engine reliability in maintaining operational efficiency [7][14].

这种修复并非孤立的个体现象。通过对同行业中游配套及下游主机厂的横向对比可以发现，产业链的景 气度已形成清晰的共振。作为下游核心主机厂的中航成飞（302132.SZ），近期同样发布了业绩预盈公 告，并明确指出下半年特别是三、四季度业绩强劲反弹的主因正是产品交付节奏的修复。作为起降制动 系统的核心供应商，北摩高科的交付脉冲与主机厂的交付周期高度锚定，验证了"前低后高、末端放 量"是2025年航空装备行业的集体叙事。这种从"订单预告"到"实物交付"的转化，证实了行业景气度的 回升是切实且具持续性的。 在利润规模释放的同时，北摩高科2025年的财务质量也呈现出显著的边际改善。公司在公告中提到，业 绩增长受益于信用减值损失的减少及回款力度的加大。对于长期受困于应收账款周转压力的军工配套企 业而言，回款节奏的加快意味着产业链层面的现金流传导开始顺畅，这在很大程度上消解了市场对军工 企业"有账面无资金"的疑虑。结合公司持续推进的降本增效与期间费用优化，2025年的业绩成色不仅在 于"多产多销"，更在于"提质增效"。 展望未来，北摩高科近期推进的19.7亿元向特定对象发行股票方案，为其业绩修复的持续性提供了长效 逻辑。该定增 ...

机构：光大证券 研究员：陈彦彤/汪航宇/聂博雅 事件：FY26Q2 新东方实现净营收11.91 亿美元，同比+14.7%；实现归母净利润4545万美元，同比 +42.3%；实现Non–GAAP 归母净利润7290 万美元，同比+68.6%。 FY26Q2 核心业务多点开花，全年收入指引上调。 FY26Q2 经营利润大幅提升，经营效率优化成果显著。 FY26Q2 公司Non-GAAP 经营利润为8913 万美元，同比+206.9%。Non-GAAP 经营利润率为7.5%，同比 +4.7pcts，盈利能力大幅改善。利润率的提升主要得益于： 一是聚焦核心经营，未盲目扩张教学点，重点强化教学质量管控、优化市场费用投放；二是降本增效工 作稳步推进。公司降本增效分两阶段推进，第一阶段聚焦精简冗余成本，通过削减非必要市场开支、压 降房租、人员末位淘汰等举措实现；第二阶段主要通过组织架构调整实现规模效应，并依托AI 技术推 进人机替代，进一步降本提效。展望未来，随着后续收入持续增长，以及公司持续推进降本增效措施、 优化成本结构，预计经营利润将继续保持良好改善态势。 盈利预测、估值与评级：考虑到公司各业务发展势头向好，降本增效 ...

新东方公布2QFY26 业绩（以下简称Q2）：总收入11.91 亿美元，yoy+14.7%，增速超指引上限 机构：华泰证券 研究员：夏路路/詹博/郑裕佳 （12%）；调整后经营利润0.89 亿美元，对应OPM 为7.5%，同比提升4.7pct，大幅超过彭博一致预期 （yoy+2pct）。 公司指引3QFY26/FY26 全年美元口径总收入同比增长11~14%/8~12%（彭博一致预期12%/10%），反映 教学质量提升、需求回归和汇率顺风的影响。 我们认为公司核心K12 业务增长稳健，降本增效及多元化发展下集团利润率有望逐步改善，长期有望为 股东创造持续稳定的回报，维持"买入"。 K12 业务兑现秋季提速，经营利润率提升超预期分业务看，随着秋季K12 行业回归正价竞争，头部品牌 机构增长环比改善，教育属性新业务收入在Q2 同比增速加速至21.6%；大学生及成人教育收入同比增 长12.8%（Q1:14.4%），增速稳健；留学考培收入同比增长4.1%，留学咨询收入同比下降约3%，逆境 中展现较强韧性。得益于运营杠杆的优化、成本控制措施的逐步落地，以及东方甄选的盈利贡献，Q2 公司调整后经营利润率同比提升4.7pc ...

齐鲁晚报.齐鲁壹点李自强通讯员董宏坤 B02 城里 2026年1月30日 星期五 省 多 股 2600会员工聚黄火成炬 一以交通动能赋能城市发 赵波 青岛报道 记者 通讯员 邢路 从邱月山抬车救人的"生死时 速",到吕良山河中救人的"最美一 跳",2600余名员工如点点蛋火,汇 聚成照亮城市的耀眼星河。2025 年,青岛城运控股集团城阳巴十有 限公司(以下简称"城阳巴士")以 "2261"高质量发展体系为指引,拼 搏进取,耕耘奉献,在党建引领、安 全运营、服务创新、降本增效等领 域多点突破,交出了一份"民生温 度+发展质效"并重的年度答卷,为 城阳区的区域融合发展、经济活力 提升与城市格局拓展注入了"交通 云力力" 党建铸魂 品牌聚力 凝聚发展正能量 "大家快来帮忙!"2025年6 月.374路驾驶员邱月山在文昌阁 路段行驶时,发现前方有一名外 卖骑手被卷人一辆SUV车底。危 急关头,他振臂一呼,带领乘客和 路人合力抬车,仅用1分钟就完成 了一场惊心动魄的"生死救援" 从邱月山抬车救人的"生死时 速",到吕良山河中救人的"最美 一跳",2600余名员工如点点萤 火. 汇聚成照亮城市的耀眼星河。 "让每辆巴士成 ...

花旗集团分析师阿里·罗莎表示："联邦快递的基调发生了转变，这让很多人感到兴奋。人们看到的是利 润率增长的潜力，虽然多年来人们一直在谈论联邦快递的这一潜力，但现在感觉它是真实存在的。" 作为经济晴雨表，联邦快递的业务广泛触及工业和消费领域，但由于疫情期间的货运红利消退，以及来 自亚马逊的竞争加剧，其股价多年来一直波动剧烈。 智通财经APP注意到，得益于市场对成本削减努力的信心日益增强，以及预计有利于运输业的韧性经济 背景，联邦快递(FDX.US)股价周四收于历史高点，股价有望实现连续六个月的上涨。该股周四上涨 1.7%，收于 319.93 美元，超越了 2021 年创下的历史峰值。该股价在盘中也创下了历史新高。 联邦快递 1 月份上涨了近 11%，较去年关税引发的混乱低点回升了约 60%。最近几周的催化剂来自管 理层乐观的预期，以及一份季度报告，该报告表明这家航运巨头削减开支的措施正在取得成效。稳健的 经济数据也促使投资者将资金从大型科技公司轮动到包括运输业在内的其他板块。 华尔街对联邦快递计划分拆货运业务也持乐观态度。美国银行在本月将该股评级上调为"买入"时，提到 了这一举措和成本削减。 同行联合包裹服务公司 ...

Core Viewpoint - Shandong Haohua Group is actively integrating party building with production operations, showcasing achievements through a competition among party branch secretaries, emphasizing the role of grassroots leadership in driving high-quality development [1] Group 1: Party Building and Efficiency - The party branch at the soda ash plant has achieved a historical record by repairing 94 old instruments and reusing 84, resulting in a 34.8% increase in repair volume [2] - The implementation of six technical transformation projects in 2025 has led to significant cost reductions and efficiency gains, with one project generating an annual profit of 490,000 yuan and another 1.2 million yuan [2] - The bromine plant's party branch improved the comprehensive extraction rate of bromine to 88.13%, a year-on-year increase of 10.69%, resulting in an additional profit of over 14 million yuan [2] Group 2: Safety and Risk Management - The company has achieved a 100% weekly inspection rate for 2,106 instruments, setting historical bests for various operational metrics [4] - A risk prevention model has been established, pairing one experienced party member with two young pioneers to enhance safety and operational standards [4] Group 3: Digital Transformation and Innovation - The party branch has successfully completed eight out of ten technical challenges related to digital transformation within a year, including innovations in pneumatic intelligent actuators [5] - The introduction of a "zero manual" system has reduced operation frequency by 51.89% and improved stability by 65%, with a 59.5% increase in key control metrics [5] - The company has implemented 22 APC control loops, achieving a 98% automation rate and reducing manual intervention by 85% [5]

Core Viewpoint - Haitong International maintains an "outperform" rating for New Oriental-S (09901) and raises the target price from HKD 49 to HKD 52 based on upgraded performance expectations [1] Group 1: Financial Performance - In Q2 FY26, the company's total revenue increased by 15% year-on-year to USD 1.191 billion, exceeding consensus expectations by 3% and surpassing the previous guidance of 9%-12% [2] - Non-GAAP operating profit surged by 223% year-on-year to USD 89 million, exceeding consensus expectations by 62%, resulting in a Non-GAAP operating profit margin of 7.5%, which is 2.8 percentage points higher than the consensus forecast [2] - Deferred revenue reached USD 2.1615 billion, reflecting a year-on-year growth of 10.2%, consistent with the 10% growth in Q1 FY26 [2] Group 2: K12 Business Outlook - K12 business revenue is expected to accelerate in Q3 FY26, driven by improved retention rates and increased class scheduling during the winter break [2] - The company has made significant progress in enhancing product quality and teaching effectiveness, leading to a notable increase in user retention rates for high school and K9 non-academic businesses [2] - K12 revenue is projected to grow by 19% year-on-year to USD 815 million, with high school business expected to grow by 18% and K9 new business by 23% due to strong recovery in junior high [2] Group 3: Study Abroad Business Challenges - The study abroad sector remains under pressure, impacting the overall revenue of the core education segment [3] - Despite a challenging macroeconomic and international environment, the company managed to capture market share in Q2 FY26, achieving a 1% year-on-year growth [3] - The company holds a conservative outlook for Q4 FY26 due to the seasonal characteristics of the study abroad consulting business and anticipates a decline in study abroad revenue next year due to ongoing industry challenges [3] Group 4: Cost Reduction and Efficiency Improvement - The core education segment's operating profit margin improved by 3 percentage points in Q2 FY26, primarily due to effective cost reduction and efficiency measures [4] - These measures include cautious expansion of learning centers and control of marketing expenses, which are expected to continue delivering results [4] - The company forecasts a year-on-year increase in Non-GAAP operating profit margins of 1.4 and 1.6 percentage points in Q3 FY26 and FY26, respectively, reaching 13.4% and 12.9% [4]

Core Viewpoint - Haitong International maintains an "outperform" rating for New Oriental-S (09901) and raises the target price from HKD 49 to HKD 52 based on upgraded performance expectations [1] Group 1: Financial Performance - In Q2 FY26, the company's total revenue increased by 15% year-on-year to USD 1.191 billion, exceeding consensus expectations by 3% and surpassing the previous guidance of 9%-12% [1] - Non-GAAP operating profit surged by 223% year-on-year to USD 89 million, exceeding consensus expectations by 62%, with a Non-GAAP operating profit margin of 7.5%, up 2.8 percentage points from the consensus estimate of 4.7% [1] - Deferred revenue reached USD 2.1615 billion, a year-on-year increase of 10.2%, consistent with the 10% growth in Q1 FY26 [1] Group 2: K12 Business Outlook - K12 business revenue is expected to accelerate growth in Q3 FY26, driven by improved retention rates and increased course offerings during the winter break [2] - The K12 business revenue is projected to grow by 19% year-on-year to USD 815 million, with high school business expected to grow by 18% and K9 new business anticipated to increase by 23% [2] Group 3: Study Abroad Business Challenges - The study abroad sector remains under pressure, impacting the overall revenue of the core education segment [3] - Despite a 1% year-on-year growth in Q2 FY26, the company is expected to adopt a conservative outlook for Q4 FY26 due to the seasonal characteristics of the study abroad consulting business [3] - The company anticipates a decline in study abroad revenue next year due to the ongoing instability in the industry and the merger of exam preparation and study abroad consulting businesses [3] Group 4: Cost Reduction and Efficiency Improvement - The core education segment's operating profit margin improved by 3 percentage points in Q2 FY26, attributed to effective cost reduction and efficiency measures [4] - The company expects these measures to continue yielding results, with projected Non-GAAP operating profit margins increasing by 1.4 and 1.6 percentage points year-on-year to 13.4% and 12.9% for Q3 FY26 and FY26, respectively [4]