Core Insights - Morgan Stanley projects New Oriental (EDU.US, 09901) to achieve a 13% year-over-year growth in core revenue (in USD) for Q4 2025, with core operating profit margin (OPM) expected to increase by over 1 percentage point, aligning with management guidance [1] - The upcoming shareholder return plan may act as a short-term catalyst, with a target price set at $48, corresponding to a non-GAAP P/E ratio of 16 times for the fiscal year 2026, reflecting a reasonable valuation considering a 15% compound annual growth rate (CAGR) in earnings from 2026 to 2029 [1] Q4 2025 Outlook - Management maintains guidance for core revenue growth of 13% year-over-year in USD, or 15% in RMB, with overseas revenue up 8%, domestic preparatory training revenue up 9%, high school business revenue up 16-17%, and new business revenue up 32-35% [1] - Core operating profit margin is expected to increase by over 1 percentage point due to low base effects and cost control measures [1] FY 2026 Outlook - Management reiterates guidance for core revenue growth of 14-15% year-over-year in RMB, with overseas revenue projected to grow 0-5%, domestic preparatory training revenue up 10%, high school business revenue up 11-13%, new business revenue up 25-30%, and tourism business revenue up 15-20% [2] - Total revenue is forecasted to grow by 12%, with core operating profit margin expected to expand due to strict cost control [2] - Non-GAAP operating profit is projected at $581 million (operating margin of 10.7%) and non-GAAP net profit at $509 million (net margin of 9.3%) [2] Shareholder Return Expectations - It is anticipated that New Oriental will announce a regular shareholder return plan no later than the performance report for Q4 2025, with flexibility between cash dividends and stock buybacks [2] AI One-on-One Teaching Application - Revenue from the AI one-on-one teaching application will be included in the "Smart Books" category of K9 new business, set to launch on July 2 in New Oriental's live store, with pricing yet to be announced [2]

Core Viewpoint - Goldman Sachs upgrades PICC P&C to Buy from Neutral, citing its favorable position to benefit from government initiatives aimed at increasing valuations of state-owned enterprises (SOEs) [1] Group 1: Financial Performance and Estimates - FY25 net profit estimates are raised by 20% due to recovery in the equity market and higher profit contributions from associates [2] - FY25-27 book value estimates are increased by 1% following the adjustment in profit estimates [2] - FY25/26/27 profit estimates are 4%/10%/12% below VisibleAlpha Consensus Data, indicating that consensus estimates may be overly optimistic [3] Group 2: Underwriting and Market Position - PICC P&C holds a 32% market share in China for FY24, with strong underwriting results in auto insurance, which constitutes approximately 60% of its gross written premiums [7] - The company anticipates improvements in the combined ratio (COR) due to industry-wide cost discipline, particularly in the non-auto segment [4] Group 3: Shareholder Returns and Capital Management - The company is expected to utilize its excess capital of RMB 47 billion to enhance shareholder returns, with an underlying operating ROE of 14% projected over the next three years [8] - The target price is set at HK$16.1, based on a 0.8X multiple for excess capital and a 1.2X P/B for underlying operations, indicating a potential upside of 7% [1][9] Group 4: Risks and Challenges - Potential risks include the lack of additional shareholder return initiatives, which could lead to excess capital accumulation and ROE dilution [4][9] - Underwriting results may fall short of expectations if competitive pressures lead to prolonged pricing and commission competition [5] - Increased claims from natural catastrophes could arise due to climate change, impacting underwriting results and reinsurance costs [6]

此外，公司同步公告了最新的股东回报计划。根据公告，亚朵集团2025年首次派息总额预计约为5800万 美元；同时，公司还宣布了为期三年的回购计划，累计回购金额不超过4亿美元。 报告期内，亚朵集团酒店网络稳步扩张，新开业酒店121家，同比增长24.7%；截至报告期末，管道内 项目数达755家。 一季度，亚朵集团加速产品矩阵优化升级，相继推出「亚朵3.6」及「轻居3.3」产品，同时推出「亚朵 3.5SE」一站式焕新解决方案，进一步挖掘住宿业务增长潜力。 在中高端市场，亚朵集团发布最新产品「亚朵3.6」，以「与自然共生」为设计理念，全面优化住宿体 验的便捷性与舒适度，旨在树立中高端商务出行的新标杆。 5月22日，上海亚朵商业管理（集团）有限公司（以下简称"亚朵集团"，NASDAQ：ATAT）发布2025年 第一季度财报。财报显示，一季度亚朵集团实现营收19.06亿元，同比增长29.8%；调整后净利润3.45亿 元，同比增长32.3%；调整后EBITDA为4.74亿元，同比增长33.8%。 截至2025年3月31日，亚朵集团在营酒店达1727家，拥有194559间客房，稳步向"中国体验，两千好 店"战略目标迈进。基于零 ...

亚朵集团同步公告了股东回报计划。根据公告，亚朵集团2025年首次派息总额预计约为5800万美元，同 时还宣布了为期三年的回购计划，累计回购金额不超过4亿美元。 零售业务方面，一季度，亚朵集团零售业务GMV(商品交易总额)达到8.45亿元，同比增长70.9%，其 中，线上渠道占比超过90%。 亚朵集团持续完善会员体系，推动住宿业务与零售业务融合联动，促进交叉消费。截至今年3月31日， 亚朵集团注册会员数突破9600万人，同比增长35.4%。 基于零售业务的强劲表现以及对全年业绩稳健增长的预期，亚朵集团上调全年收入指引，预计2025年营 收同比增长25%-30%。 北京时间5月22日，亚朵集团(NASDAQ：ATAT)发布2025年第一季度财报。财报显示，一季度，亚朵集 团实现营收19.06亿元(人民币，下同)，同比增长29.8%；调整后净利润3.45亿元，同比增长32.3%；调整 后EBITDA(除利息、税项及折旧前盈利)为4.74亿元，同比增长33.8%。 一季度，亚朵集团平均可出租客房收入(RevPAR)为304元，为2024年同期水平92.8%；日均房价(ADR)为 418元，为2024年同期水平97.2 ...

关注《晚点财经》并设为星标，第一时间获取每日商业精华。 400 余家大机构在二季度买了拼多多 400 余家大机构在二季度买了拼多多 携程称机酒行业价格下降，预计四季度缓解 茶百道毛利减少，因为给经销商减负 苹果 CFO 明年卸任，十年回报股东超 8500 亿美元 安踏半年净利润增长超 60%，商品周转加快 Anthropic 公开了 Claude 的系统提示词 拼多多是机构投资者二季度买入最多的中概股。据 13F 文件，当季共有 147 家资产管理规模 1 亿美元以 上的投资机构建仓拼多多，环比增加逾五成；增持的多了 20%、达到 269 家。清仓和减持的分别少了 30% 和 16%。 以拼多多二季度股票成交均价计算，大机构们合计净买入价值约 66 亿美元的拼多多股票。建仓的不乏 挪威央行、文艺复兴基金这样的著名机构。 一些早已重仓拼多多的中资机构下了更多注。景林增持约 157 万股、价值超 2 亿美元（按二季度交易均 价，下同），重新把拼多多买回最大持仓；泰仁资本买了近 2.5 亿美元，高毅资产增持约 0.6 亿美元。 徐新的今日资本没买也没卖，拼多多持仓占比接近九成。高瓴虽然大幅减持了约 4 亿美元拼多多 ...