北京商报讯（记者 蔺雨葳）2月26日，斯泰兰蒂斯Stellantis集团公布的2025年全年业绩显示，2025年集 团实现净营收1535亿欧元，同比下降2%，主要由于汇率问题所带来的不利因素，以及集团在2025年上 半年产品净价下滑所带来的负面影响综合导致；集团净亏损为223亿欧元，主要由于为满足客户偏好而 进行的深度战略调整等因素所产生的254亿欧元费用。 Stellantis集团预计，2026年净营收将实现中位个位数百分比增长，调整后经营利润率将为低位个位数百 分比，工业自由现金流也将得到同比增长。预计从2026年上半年到下半年，集团的经营状况将逐步得到 改善，且有望在2027年实现工业自由现金流为正。 ...

Stellantis集团首席执行官安东尼奥·菲洛萨表示，2026年集团的重点是将继续弥补由此前运营所带来的执 行偏差，为集团恢复盈利性增长增添更多动力。 2月26日，Stellantis集团公布其2025年全年财务业绩，2025年集团实现净营收1535亿欧元，同比2024年 下降2%，这是由于突出的汇率问题所带来的不利因素，以及集团在2025年上半年产品净价下滑所带来 的负面影响综合导致；集团净亏损为223亿欧元，这主要是由于集团为满足客户偏好而进行深度战略调 整以及监管环境和监管框架变化等因素所产生的254亿欧元费用。 Stellantis集团预计，2026年净营收将实现中位个位数百分比增长，调整后经营利润率将为低位个位数百 分比，工业自由现金流也将得到同比增长。预计从2026年上半年到下半年，集团的经营状况将逐步得到 持续改善，且有望将在2027年实现工业自由现金流为正。 ...

Investment Rating - The report maintains a "Buy" rating for New Oriental-S (09901) [2][7] Core Insights - New Oriental's revenue for 2QFY26 reached USD 1.191 billion, reflecting a year-over-year increase of 14.7%. The education business (including cultural tourism) generated USD 974 million, up 13% YoY, while other businesses (primarily EastBuy) saw revenue of USD 217 million, a 22.9% YoY increase. Non-GAAP net profit attributable to shareholders was USD 73 million, surging 68.6% YoY, with a non-GAAP net margin of 6.1%, expanding by 2 percentage points YoY [5][9] - The overseas study business growth has bottomed out, with revenue from overseas test preparation and consulting at USD 252 million, a 1% YoY increase, indicating a slowdown of 29.3 percentage points compared to the previous year [10] - New business segments, including K9 non-academic tutoring and learning tablets, showed robust growth with a 21.6% YoY increase in revenue to USD 366 million. The number of learning centers increased to 1,379, up 21% YoY [11] - Operating margins are improving, with the non-GAAP operating margin expanding by 4.7 percentage points YoY to 7.5% in 2QFY26. The education business's non-GAAP operating margin was 6.6%, up 3.5 percentage points YoY [12] Financial Data and Profit Forecast - Revenue forecasts for FY26-FY28 have been raised to USD 5.5 billion, USD 6.11 billion, and USD 6.89 billion, respectively. Non-GAAP net profit forecasts for the same period have also been increased to USD 570 million, USD 629 million, and USD 700 million [7][13] - The financial data for FY24 to FY28 indicates a steady growth trajectory, with revenue expected to grow from USD 4.314 billion in FY24 to USD 6.887 billion in FY28, and net profit increasing from USD 464 million to USD 700 million over the same period [16]

Core Viewpoint - Yum China reported a 3Q25 revenue of $3.2 billion, a year-over-year increase of 4%, with operating profit at $400 million, up 8% year-over-year, slightly exceeding Bloomberg consensus expectations [1] Financial Performance - 3Q25 operating profit margin reached 12.5%, an increase of 0.4 percentage points year-over-year [1] - Net profit attributable to shareholders for 3Q25 was $282 million, down 5% year-over-year, primarily impacted by Meituan's stock price decline; excluding this loss, net profit increased by 7% year-over-year [1] - Total shareholder return for the quarter was $414 million, with a dividend of $0.24 per share announced; the company expects total returns of approximately $1.5 billion for the year [1] Same-Store Sales and Growth - Overall system sales increased by 4% in 3Q25, with same-store sales up 1%, continuing the growth trend from Q2 [1] - KFC's same-store sales grew by 2%, while Pizza Hut's same-store sales increased by 1% [1] - Delivery sales surged by 32% year-over-year, accounting for 51% of restaurant revenue, an increase of 11 percentage points year-over-year [1] Store Expansion and New Formats - The total number of stores reached 17,514, with KFC and Pizza Hut having 12,640 and 4,022 stores respectively; net new stores in 3Q25 were 536, with a 32% share of new franchise stores [2] - KFC and Pizza Hut achieved record net new stores in 3Q25, with 403 and 158 new stores respectively [2] - New formats such as KFC Coffee and KPRO are expanding, with KFC Coffee reaching 1,800 locations [2] Shareholder Returns and Guidance - The company returned a total of $414 million to shareholders in 3Q25, with $88 million in cash dividends and $326 million in stock buybacks [2] - The company maintains its guidance for total shareholder returns of $3 billion for 2025-2026, representing 9% of its market value as of November 3, 2025 [2] Profit Forecast and Valuation - The company adjusted its net profit forecasts for 2025-2027 to $908 million, $986 million, and $1.049 billion respectively, reflecting a decrease of 2.6%, 3.7%, and 4.2% from previous estimates [3] - The target price is adjusted to $53.10, based on a 2026 PE ratio of 18X, considering stable customer spending and operational efficiency improvements [3]

Core Viewpoint - New Era Group Holdings (00166) reported a significant increase in revenue but faced substantial losses due to various operational challenges and market conditions [1] Financial Performance - The company achieved revenue of HKD 7.086 billion, representing a year-on-year increase of 56.85% [1] - The loss attributable to shareholders was HKD 61.1 million, an increase of 145.38% compared to the previous year [1] - The loss per share was HKD 0.007 [1] Operational Challenges - The after-tax loss was primarily influenced by weak natural gas prices and a decline in production from the company's Canadian energy operations, which compressed operating profit margins and resulted in negative EBITDA [1] - Unlike the first half of 2024, which was affected by wildfires, the first half of 2025's performance was impacted by pipeline delivery restrictions from Nova Gas Transmission Ltd. (NGTL) and ongoing shutdowns in the Horn River Basin due to low prices and reduced production [1] Business Segments - The precious metals refining and trading business continued to incur losses, despite an increase in overall sales compared to the same period last year, due to low refinery utilization rates and intensified competition from the Middle East [1] - The company reported a net investment income of HKD 9.3 million, reversing the losses from the same period last year, driven by improved market sentiment [1]

Core Viewpoint - Goldman Sachs reports that Master Kong Holdings (00322) has updated its full-year guidance, now expecting sales to be flat to low single-digit growth, down from low to mid-single-digit growth previously [1] Group 1: Financial Performance - The management anticipates a double-digit growth in recurring net profit, with a 12% increase in the first half of this year [1] - The latest projections for net profit in 2025 and 2026 are RMB 4.3 billion and RMB 4.6 billion, representing year-on-year growth of 15% and 9% respectively, with net profit margins improving to 5.2% and 15.8% [1] Group 2: Business Segments - The management expects the instant noodle business to return to positive growth in the second half of the year, aiming for overall positive growth for the year [1] - For beverages, the management anticipates positive growth in carbonated drinks, while the decline in non-carbonated drinks is expected to narrow [1] Group 3: Cost and Investment Strategy - The management forecasts a low double-digit increase in palm oil prices for the year, while costs for plastic (PET), sugar, and flour are expected to decrease by mid-single digits [1] - The group will continue to focus on light investments and streamline administrative expenses to enhance operating profit margins by 2026 [1] Group 4: Valuation and Ratings - The target price has been adjusted from HKD 14.6 to HKD 13.8, while maintaining a "Buy" rating [1] - Due to increased competition leading to a rise in sales management expense ratios, the recurring net profit forecasts for 2025 to 2027 have been revised down by 4% to 6% [1]

Core Viewpoint - Goldman Sachs reports that Master Kong's management has updated its full-year guidance, expecting sales to remain flat to low single-digit growth, down from the previous low to mid-single-digit growth forecast [1] Group 1: Financial Performance - The management anticipates a double-digit growth in recurring net profit, with a 12% increase in the first half of this year [1] - The expected net profits for Master Kong in 2025 and 2026 are projected to be 4.3 billion and 4.6 billion respectively, representing year-on-year growth of 15% and 9% [1] - The net profit margin is expected to improve to 5.2% and 15.8% for 2025 and 2026 [1] Group 2: Business Segments - The management expects the instant noodle business to recover to positive growth in the second half of the year, aiming for overall positive growth for the year [1] - Positive growth is anticipated for the carbonated beverage segment, while the decline in the non-carbonated beverage segment is expected to narrow [1] Group 3: Cost and Investment Strategy - Management forecasts a low single-digit increase in palm oil prices for the year, while costs for plastics (PET), sugar, and flour are expected to decrease by mid-single digits [1] - The group will continue to focus on light investments and streamline administrative expenses to enhance operating profit margins by 2026 [1] Group 4: Adjustments and Ratings - Due to increased competition leading to a rise in sales management expense ratios, the recurring net profit forecasts for 2025 to 2027 have been revised down by 4% to 6% [1] - The target price has been adjusted from HKD 14.6 to HKD 13.8, while maintaining a "Buy" rating [1]

Investment Rating - The report maintains an "Overweight" rating for Anta Sports [1] Core Insights - Anta Sports has continued the stable trend observed in the first quarter of this year, supported by healthy inventory levels and optimistic sales and performance [1] - The target price for Anta Sports has been raised from HKD 140 to HKD 142 [1] - The retail sales guidance for Anta Sports remains unchanged, with expected growth rates of high single digits for Anta, mid single digits for Fila, and over 30% for other brands [1] - The operating profit margin guidance is maintained, with expected margins of 20% to 25% for Anta, approximately 25% for Fila, and 25% to 30% for other brands [1] - Due to increased investment in MaiaActive and the planned acquisition of JackWolfskin to be completed in June, the earnings forecast for Anta Sports for 2025 to 2027 has been raised by 1% to 2% [1]

Investment Rating - The report maintains an "Outperform" rating for Super Hi International Holding [2][6][14] Core Views - In Q1 2025, the company's revenue reached USD 198 million, a year-on-year increase of 5.4%, with restaurant operations contributing USD 188 million, up 4.5% YoY [3][13] - The net profit attributable to owners was USD 11.94 million, a significant turnaround from a net loss of USD 4.46 million in Q1 2024, primarily due to a reduction in net exchange losses [3][13] - The operating profit margin at the restaurant level was 4.1%, a decrease of 2.5 percentage points YoY [3][13] Summary by Sections Financial Performance - Revenue projections for 2025-2027 are USD 880 million, USD 980 million, and USD 1.08 billion, respectively, with YoY growth of 13%, 11%, and 11% [6][14] - Net profit projections for the same period are USD 46 million, USD 53 million, and USD 66 million, representing YoY growth of 111%, 15%, and 24% [6][14] - The diluted EPS is expected to increase from USD 0.03 in 2024 to USD 0.07 in 2025, USD 0.08 in 2026, and USD 0.10 in 2027 [6][14] Operational Insights - The company had a total of 123 restaurants at the end of Q1 2025, with a net increase of 4 locations YoY [4] - The average daily sales for same-store operations in East Asia increased by 16.3% YoY, while the overall average table turnover rate improved to 4.0 times per day [4][6] Cost Structure - Material and consumable costs increased by 7.0% to USD 67 million, accounting for 34% of revenue [5] - Employee costs rose by 9.8% to USD 70 million, making up 35.3% of revenue [5] - Rental and related expenses increased by 26% to USD 6 million, representing 2.8% of revenue [5]