完整早报音频，请点击标题下方小耳机收听 【何同学在海外走红， YouTube 广告分成年收入或超千万】 近来，国内知名数码 UP 主"老师好我 叫何同学"，正以其 YouTube 新账号" HTX Studio "在海外走红，一年内涨粉百万。截至目前， HTX Studio 共发布 28 条视频，主要内容为创意 DIY 机械产品，最热门的视频为口香糖投射机、全 自动纸鸽制作机等。视频除为英文配音，与国内版的剪辑也有较大差异，单条最高点赞量超 107 万，总计播放量超过 1.81 亿次。 相比之下，此前同步搬运中文视频的 YouTube 账号"老师好我叫何同学"流量平平，目前仅有 18.8 万粉丝。如今，何同学（原名：何世杰）的海外收入主要源于 YouTube 平台的广告分成。根据 Social Blade 数据，何同学在 YouTube 的月收入预估为 1.2 万 -19.5 万美元；以此估算，年收入 预计在 14.4 万– 234 万美元之间（约合 103 万元 -1680 万元人民币）。 （九派新闻） 【曝 OpenAI 奥特曼交出日常运营权，女高管接掌公司大权】 据报道， OpenAI CEO 山姆·奥 ...

完整早报音频，请点击标题下方小耳机收听 【东方甄选否认前 CEO 孙东旭离职， 2025 财年营收降 33% 】 东方甄选发布公告称，前 CEO 孙 东旭在休假中，并没有离职。自从 23 年 12 月份之后，孙东旭一直以东方甄选和俞敏洪顾问的方式 工作。俞敏洪与孙东旭一直保持着良好的沟通。 东方甄选同日公告的 2025 财年财务数据显示， 2025 财年年营业收入 43.92 亿元，较上年同期的 65 亿元下降 32.7% ，净利润 6074.5 万元。若 剔除出售与辉同行的财务影响，持续经营业务净溢利由 2024 财年的人民币 1.04 亿元增加 30% 至 2025 财年的人民币 1.35 亿元。值得注意的是，东方甄选在财报中表示，自营产品已成为主要增长 动 力 ， 占 总 G M V 约 4 3.8 % ， 截 至 2 0 2 5 年 5 月 3 1 日 已 累 计 推 出 7 3 2 款 S P U 自 营 产 品 。 （ 界 面 新 闻 ） 【阿里巴巴重新归纳 4 大部门】 8 月 22 日，阿里巴巴集团已于近日更新业务架构，将业务重新划 分为四大部门：阿里巴巴中国电商集团、阿里国际数字商业集团、云 ...

Core Insights - The article highlights a transformative shift in the food delivery industry, driven by multi-platform competition, which is creating sustainable and high-quality growth opportunities for chain brands [1][10]. Company Strategy - The company, New Discovery Catering Group, has adapted its delivery strategy by leveraging new platforms like Taobao Flash Purchase, allowing for greater visibility and consumer engagement [1][3]. - The company has restructured its delivery operations around the "one-person meal" concept, offering differentiated product packages that cater to various consumer needs, including essential and quality meal options [1][4]. Market Dynamics - The emergence of multi-platform competition has broken the previous flow monopoly, enabling brands to reach new customers more effectively [3][4]. - The company emphasizes that delivery is now a new growth increment rather than a replacement for traditional dining, with multi-platform competition being crucial for market expansion [4][7]. Industry Evolution - The competitive landscape is pushing the food delivery industry towards higher quality and healthier ecosystems, with platforms focusing on service efficiency, data openness, and intelligent tools [7][11]. - The article suggests that this competition is not a zero-sum game but rather a collaborative effort to elevate service standards, benefiting platforms, brands, and consumers alike [7][11]. Operational Innovation - New Discovery is innovating its operational strategies by focusing on seasonal ingredients and aligning its product offerings with consumer preferences, thus enhancing the entire supply chain and sales process [7][10]. - The company is committed to maintaining product freshness and quality, avoiding blind expansion, and redefining its market presence through platform ecosystems [10][11].

Core Viewpoint - The company is expected to continue optimizing operational efficiency in the first half of 2025, with promising growth potential for store expansion in the future [1] Financial Performance - In the first half of 2025, the company reported revenue of 3.24 billion yuan, a year-on-year increase of 21.6%, with a gross profit of 717 million yuan, up 17.8%. The gross margin was 22.1%, down 0.7 percentage points year-on-year. Net profit reached 190 million yuan, a significant increase of 122.5%, while core operating profit also stood at 190 million yuan, up 52.3% [1] - The company plans to distribute an interim dividend of 0.0716 yuan per share, totaling 190 million yuan, with a payout ratio of 100% [1] Revenue Breakdown - Revenue from franchise sales was 2.595 billion yuan, up 11% year-on-year, while sales to other channels (mainly B2B) reached 560 million yuan, a substantial increase of 125% [1] - As of the first half of 2025, the company operated 10,400 stores, an 8% increase year-on-year, with a net addition of 250 stores, including 270 new stores in rural areas. Average revenue per franchise store increased by 8% year-on-year [1] Product and Membership Growth - The company launched 175 new SKUs in the hot pot and barbecue categories in the first half of 2025, enhancing its product offerings and introducing various meal sets and fruit beers [1] - The registered membership reached approximately 50.3 million, reflecting a year-on-year growth of 62.8% [1] Cost and Efficiency Improvements - The gross margin was 22.1%, down 0.7 percentage points year-on-year. The selling expense ratio improved to 9.5%, down 1.8 percentage points, mainly due to enhanced advertising efficiency. The management expense ratio also decreased to 6.5%, down 1.9 percentage points, attributed to steady operational efficiency improvements [1] Strategic Expansion Plans - The company aims to enhance market penetration in existing regions and expand its store network into new areas, focusing on county and rural markets, with preliminary plans to explore overseas markets [2] - In terms of supply chain, the company adheres to a "single product, single factory" strategy and plans to establish a food production base in Danzhou, Hainan Province, to improve bargaining power and optimize production costs [2]

Core Insights - The company achieved a revenue of 3.24 billion yuan in H1 2025, representing a year-on-year increase of 21.6% [1] - The net profit attributable to shareholders reached 183 million yuan, up 113.2% year-on-year [1] - Core operating profit was 190 million yuan, reflecting a year-on-year growth of 52.3% [1] Revenue Breakdown - Revenue from franchisees, other sales channels, and service income was 2.60 billion, 560 million, and 80 million yuan respectively, with year-on-year growth of 11.0%, 96.2%, and 8.3% [2] - The number of franchise and direct-operated stores stood at 10,386 and 14, respectively, with a net increase of 251 franchise stores and a net decrease of 1 direct-operated store compared to the end of 2024 [2] - The franchise stores in rural areas increased by 270, while urban stores decreased by 19 [2] Profitability and Efficiency - The company's gross margin was 22.1%, down 1.7 percentage points year-on-year but up 1.7 percentage points from H2 2024 [2] - The sales and management expense ratios were 9.5% and 6.4%, both down 1.7 percentage points year-on-year, indicating improved efficiency with scale [2] - The core operating profit margin reached 5.9%, up 1.2 percentage points year-on-year, and the net profit margin was also 5.9%, up 2.7 percentage points year-on-year [2] Future Outlook - The company is expected to continue improving profitability, with revenue forecasts for 2025-2027 set at 7.29 billion, 8.39 billion, and 9.55 billion yuan, reflecting year-on-year growth of 13%, 15%, and 14% respectively [3] - Net profit forecasts for the same period are 420 million, 500 million, and 580 million yuan, with year-on-year growth of 81%, 19%, and 17% respectively [3] - The company maintains a "buy" rating, supported by a stable operational foundation and improved profit levels [3]

Core Viewpoint - The company reported strong mid-year performance for 2025, with significant increases in revenue and net profit, driven by improved store operations and robust sales to enterprise clients [1][2]. Group 1: Financial Performance - Revenue for the first half of 2025 reached 3.24 billion RMB, a year-on-year increase of 21.6% [1] - Net profit was 190 million RMB, up 122.5% year-on-year [1] - Core operating profit also stood at 190 million RMB, reflecting a 52.3% increase [1] - The net profit attributable to shareholders was 183 million RMB, marking a 113.2% rise [1] Group 2: Operational Improvements - The company added 250 new stores in the first half of 2025, including 270 new stores in rural areas [1] - Franchise store revenue per store increased by 7.9% year-on-year, supported by the launch of 175 new hot pot and barbecue product SKUs [1] - Over 2,000 community stores underwent 24-hour unmanned retail transformations, enhancing store efficiency [1] Group 3: Membership and Supply Chain - The number of registered members exceeded 50 million, a 62.8% increase year-on-year, with prepaid card amounts reaching approximately 590 million RMB, up 37.2% [2] - The company achieved 3.2 billion platform exposures through a multi-tiered Douyin account matrix [2] - New production facilities and a digital central warehouse were established, with plans for further investment in Hainan and overseas markets [2] Group 4: Profitability and Future Outlook - The gross profit margin for the first half of 2025 was 22.1%, a decrease of 0.7 percentage points, attributed to the higher sales proportion of cost-effective package products [2] - The net profit margin and core operating profit margin were 5.9%, with the core operating profit margin increasing by 1.2 percentage points year-on-year [2] - The company plans to distribute an interim dividend of 0.0716 RMB per share, totaling approximately 190 million RMB, with a payout ratio close to 100% [2] Group 5: Earnings Forecast - The company is expected to accelerate store openings in the second half of the year, with same-store sales projected to achieve low single-digit growth [3] - Forecasted net profits attributable to shareholders for 2025-2027 are 450 million, 561 million, and 680 million RMB, corresponding to current price-to-earnings ratios of 20, 16, and 13 times, respectively [3]

Core Viewpoint - The company reported significant growth in its performance for the first half of 2025, with notable increases in revenue, net profit, and core operating profit, driven by expansion in various channels and strategic initiatives [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 3.24 billion yuan, a year-on-year increase of 21.6% [1]. - The net profit attributable to shareholders reached 183 million yuan, reflecting a substantial growth of 113% [1]. - Core operating profit was 190 million yuan, up by 52% compared to the previous year [1]. Revenue Breakdown - Revenue from 2B and other channels grew significantly, reaching 560 million yuan, a 125% increase, accounting for 17.3% of total revenue [1]. - Revenue from sales to franchisees increased by 11%, with the number of franchise stores rising to 10,386, an increase of approximately 8% [1]. - The company added 270 new rural stores, reinforcing its down-market strategy [1]. Operational Efficiency - The company completed the smart and unmanned transformation of over 2,000 retail stores [1]. - In H1 2025, the company launched 175 new SKUs in the hot pot and barbecue categories to attract customers [1]. - Membership numbers exceeded 50 million, with an increase of about 9 million since the beginning of the year, and member prepayments reached 590 million yuan, up 37.2% [1]. Profitability and Dividends - The gross profit margin was 22.1%, a decrease of 0.7 percentage points year-on-year, while sales and management expense ratios improved by 1.82 and 1.85 percentage points, respectively [2]. - Other income and net gains were approximately 60 million yuan, a 93% increase, primarily due to fair value changes of non-listed companies [2]. - The company proposed a mid-term dividend of 0.0716 yuan per share, totaling about 190 million yuan, marking a record high in shareholder returns [2]. Future Outlook - The company forecasts net profits attributable to shareholders for 2025-2027 to be 393 million, 487 million, and 596 million yuan, with year-on-year growth rates of 70.7%, 23.7%, and 22.5%, respectively [2]. - The current stock price corresponds to price-to-earnings ratios of approximately 23, 19, and 15 for the years 2025, 2026, and 2027 [2]. - The company maintains a positive outlook on revenue growth and profitability improvement, sustaining a "buy" rating [2].

Investment Rating - The investment rating for the company is "Cautious Accumulate" [1]. Core Views - The company's operational efficiency continues to improve in H1 2025, with promising growth potential for future store expansions [2]. - The report maintains an "Accumulate" rating and raises the forecast for the company's net profit attributable to shareholders for 2025-2027 to 4.20 billion, 5.05 billion, and 6.17 billion RMB respectively [11]. Financial Summary - Total revenue for 2023 is reported at 6.094 billion RMB, with projections of 6.470 billion for 2024, 7.451 billion for 2025, 8.309 billion for 2026, and 9.471 billion for 2027, reflecting a growth rate of -15%, 6%, 15%, 12%, and 14% respectively [5]. - Gross profit for 2023 is 1.351 billion RMB, with estimates of 1.417 billion for 2024, 1.654 billion for 2025, 1.845 billion for 2026, and 2.103 billion for 2027 [5]. - The net profit attributable to shareholders is projected to be 240 million RMB for 2023, decreasing to 231 million in 2024, then increasing significantly to 420 million in 2025, 505 million in 2026, and 617 million in 2027, with growth rates of 4%, -4%, 82%, 20%, and 22% respectively [5]. - The company plans to distribute an interim dividend of 0.0716 RMB per share, totaling 1.90 billion RMB, with a dividend payout ratio of 100% [11]. Operational Highlights - In H1 2025, the company achieved a revenue of 32.40 billion RMB, a year-on-year increase of 21.6%, with a gross profit of 7.17 billion RMB, up 17.8% [11]. - The number of stores reached 10,400, an 8% increase year-on-year, with a net addition of 250 stores in H1 2025 [11]. - The company introduced 175 new SKUs in the hot pot and barbecue categories, enhancing its product offerings [11]. Market Positioning - The company aims to strengthen its supply chain and expand into lower-tier markets, with plans to explore overseas markets [11]. - The report suggests a target price of 4.24 HKD for 2025, based on a PE ratio of 26x, which is above the industry average [11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company reported a revenue of 3.24 billion RMB for the first half of 2025, representing a year-on-year increase of 21.6%. The net profit reached 190 million RMB, up 122.5%, while the core operating profit also stood at 190 million RMB, increasing by 52.3%. The net profit attributable to shareholders was 183 million RMB, reflecting a growth of 113.2% [2][5]. Summary by Sections Company Performance - The company has seen continuous improvement in store operations, with a net increase of 250 stores in the first half of the year, including 270 new stores in rural areas. The average revenue per franchise store increased by 7.9% year-on-year, driven by the launch of 175 new hot pot and barbecue products. Over 2,000 community stores have undergone 24-hour unmanned retail transformations, contributing to enhanced store efficiency [7]. Membership and Supply Chain - As of the first half of 2025, the company registered over 50 million members, a 62.8% increase year-on-year. The prepaid card amount reached approximately 590 million RMB, up 37.2%. The company achieved 3.2 billion exposures through a multi-tiered Douyin account matrix. Additionally, a new food factory was established in Sichuan, and a digital central warehouse was added, bringing the total to 19 [7]. Profitability and Forecast - The gross margin for the first half of 2025 was 22.1%, a decrease of 0.7 percentage points, primarily due to the higher sales proportion of cost-effective meal packages. The net profit margin and core operating profit margin were 5.9% and increased by 1.2 percentage points, respectively. The company plans to distribute an interim dividend of 0.0716 RMB per share, totaling approximately 190 million RMB, with a payout ratio close to 100% [7]. Earnings Projections - The company is expected to accelerate store openings in the second half of the year, with same-store sales projected to achieve significant single-digit growth. The forecasted net profits attributable to shareholders for 2025-2027 are 450 million, 561 million, and 680 million RMB, corresponding to price-to-earnings ratios of 20, 16, and 13 times, respectively [7].

Macro Strategy - The report analyzes three historical cases of capacity adjustment over a century, highlighting the transition from imbalance to rebalancing in supply and demand [1][13] - It concludes that capacity imbalance can lead to a negative feedback loop lasting 20-30 years if not controlled, emphasizing the need for government intervention rather than relying solely on market forces [1][13] - Effective rebalancing requires simultaneous efforts in controlling capacity, restoring credit, and stabilizing employment, rather than relying on supply or demand policies alone [1][13] Fixed Income - The report discusses the current state of urban investment bonds in Shaanxi Province, noting that the bond market is experiencing a downward trend due to macroeconomic uncertainties, but urban investment bonds still hold strong allocation value [2][14] - Shaanxi's GDP is projected to reach approximately 3.55 trillion yuan in 2024, with a growth rate of 5.30%, indicating a robust economic environment [2][14] - The report suggests a cautious approach to investing in lower-rated bonds due to compressed credit spreads, recommending a focus on higher-rated bonds with good liquidity [2][16] Industry Analysis - The report highlights Scale AI as a leading company in the AI data labeling sector, with significant revenue growth driven by demand from large enterprises and government [4][16] - Scale AI's revenue is projected to reach $20 billion by 2025, with a gross margin of 49%, indicating strong market potential despite current EBITDA losses [4][16] - The report emphasizes the importance of data quality and neutrality in the AI training data market, recommending investment in leading companies in high-quality data sets [4][16] Stock Recommendations - Pony.ai is identified as a leader in the Robotaxi sector, with significant cost reductions and safety improvements expected to drive commercialization [5][18] - Revenue forecasts for Pony.ai are projected at $0.78 billion, $1.05 billion, and $3.42 billion for 2025-2027, with a "buy" rating based on strong growth potential [5][18] - Yutong Bus is expected to maintain revenue growth of 15%-16% from 2025 to 2027, with a "buy" rating supported by a strong market position and recent contract wins [6][19]