Summary of CRA International Conference Call - December 10, 2025 Company Overview - **Company Name**: Charles River Associates (CRA) - **Ticker**: CRAI - **Industry**: Economic consulting and management consulting - **Anniversary**: Celebrated 60th anniversary in 2025 and over 27 years as a publicly traded company [2][3] Core Business Segments - **Revenue Composition**: - Legal and Regulatory: Approximately 80% of total revenue - Management Consulting: Remaining 20% [4] - **Key Practices**: - Antitrust and Competition Economics: 40%-45% of total revenue - Life Sciences, Energy, Auctions and Competitive Bidding, Maritime Practices: Contribute to management consulting [8][9] Financial Performance - **Revenue Growth**: Over 50% growth in the past five years; year-to-date 2025 shows continued growth [11] - **Headcount Growth**: Increased by 20% over the past five years [11] - **Earnings Per Share (EPS)**: Grew by 142% over the past five years [11] - **Shareholder Returns**: Nearly $200 million returned to shareholders through share repurchases and dividends [12] - **Share Repurchase**: Average repurchase price over the past five years was $88, with current trading above $190 [12] Talent and Workforce - **Employee Qualifications**: - Approximately 75% of senior colleagues have advanced degrees; over 40% hold PhDs [5][6] - Less than 10% voluntary turnover among top revenue-generating employees over the past five years [7] - **Diversity**: Employees from over 70 countries, speaking more than 35 languages [6] Market Position and Clientele - **Client Base**: Worked with 85 of the Fortune 100 companies and 98 of the Am Law 100 law firms in the past two years [10] - **Project-Based Business Model**: Trust built on a project-by-project basis rather than subscription-based [10] Investment Thesis - **Long-Term Value Maximization**: Focus on earning returns above the cost of capital and returning excess capital to shareholders [13] - **Organic Growth**: Approximately two-thirds of growth is organic, with a focus on talent acquisition and retention [17] Current Market Dynamics - **M&A Activity**: Increasing momentum in mergers and acquisitions, with CRA involved in significant deals [24] - **Litigation Activity**: Notable increase in litigation filings, indicating a robust demand for consulting services [26] Conclusion - **Outlook**: CRA anticipates continued success and record performance in 2025, with a strong pipeline of new business opportunities and talent acquisition [19][23]

本报讯 （记者袁传玺）天眼查App显示，近日，北京宁创管理咨询有限公司成立，注册资本1亿元，经 营范围包括企业管理咨询、信息系统集成服务等。股东信息显示，该公司由蚂蚁科技集团股份有限公司 全资持股。 ...

Core Insights - Korn Ferry (NYSE: KFY) is set to release its quarterly earnings on December 9, 2025, with analysts projecting an earnings per share (EPS) of $1.30 and revenue of approximately $706 million [1][6]. Financial Performance - For the quarter ending October 2025, Korn Ferry is expected to report an EPS of $1.30, which represents a 7.4% increase from the previous year [2]. - Revenue is anticipated to reach $706 million, indicating a year-over-year growth of 4.2% [2]. Market Valuation Metrics - The company has a price-to-earnings (P/E) ratio of 13.6, reflecting how the market values its earnings [3][6]. - Korn Ferry's price-to-sales ratio is 1.22, indicating investor willingness to pay per dollar of sales [3][6]. - The enterprise value to sales ratio stands at 1.16, showing its total valuation relative to sales [3]. Cash Flow and Debt Metrics - The enterprise value to operating cash flow ratio is 9.18, highlighting how its cash flow is valued in relation to its enterprise value [4]. - Korn Ferry has an earnings yield of 7.35%, providing a return on investment based on its earnings [4]. - The debt-to-equity ratio is 0.28, indicating a low level of debt compared to equity [4][6]. Liquidity Position - The current ratio of 2.21 demonstrates strong liquidity, suggesting the company can comfortably cover its short-term liabilities [5][6].

企查查APP显示，近日，北京宁创管理咨询有限公司成立，注册资本1亿元，经营范围包含：计算机软 硬件及辅助设备零售；软件开发；信息技术咨询服务等。企查查股权穿透显示，该公司由蚂蚁科技集团 股份有限公司全资持股。 （原标题：蚂蚁集团在北京成立管理咨询公司，注册资本1亿元） ...

人民财讯12月8日电，企查查APP显示，近日，北京宁创管理咨询有限公司成立，注册资本1亿元，经营 范围包含：计算机软硬件及辅助设备零售；软件开发；信息技术咨询服务等。企查查股权穿透显示，该 公司由蚂蚁科技集团股份有限公司全资持股。 ...

2026年校园招聘 麦肯锡2026年暑期实习生招募启动 2026年暑期商业分析师是面向国内本科或硕士 2027届同学们开设的暑期实习项目,为期8-10周。 在这段时间里,你将结识不同专业背景的团队成员, 与公司的专家紧密协作,其中包括数据科学家、研 究人员、软件和应用程序设计师等各式各样的伙伴: 你将承担与全职商业分析师相同的责任,和客户并 肩解决各类挑战与难题。这个暑假,来麦肯锡实境 体验咨询顾问的工作日常,在探索中加速成长,并 有机会收获毕业后的全职商业分析师offer! Mckinsey & Company 麦肯锡中国区 学姐说 顾音 2025年暑期商业分析师 获2026年全职offer ff 一份难以拒绝的offer 在麦肯锡之前,我做过几份不同行业的实习。相对 于只专注某一个细分领域,我更希望在工作中能接 触到不同的行业和公司,享受和团队一起拆解复杂 问题、和不同背景的人讨论方案的过程,同时更好 奇自己能不能在高节奏的环境里快速成长。 而麦肯锡能提供和各个行业的头部客户一起讨论最 核心的战略问题的机会,一个加速成长的平台,也 是检验自己是否适合做咨询的最佳场景。此外,通 过不同渠道结识的每一位麦肯锡 ...

Core Insights - The article highlights McKinsey's commitment to social responsibility through its annual Day of Service, where employees engage in various charitable activities across multiple cities in China, showcasing their dedication to community support and personal growth [2][21]. Beijing Office: Business for Good and Life Care - The Beijing office's activities focused on themes of business for good and life care, featuring a speech by alumni Alex Yang, who shared his journey in promoting innovative public welfare models and supporting diverse organizations [3]. - Employees learned about the urgency of protecting endangered species, specifically the Hainan gibbon, and the importance of biodiversity for ecological systems through presentations from conservation leaders [3]. Hong Kong Office: Community Engagement - In Hong Kong, employees assisted in decorating a home for over forty infants, deepening their understanding of the challenges faced by vulnerable groups [6][7]. - Following a severe fire incident, the team organized fundraising efforts to support affected families, emphasizing the significance of collective action in times of crisis [7]. Shenzhen Office: Depth and Breadth of Public Welfare - The Shenzhen office adopted a hybrid model for their activities, combining online and offline efforts to empower public welfare organizations with professional skills [9][10]. - Volunteers participated in a cleanup event focused on invasive species, learning about the ecological importance of wetlands and the threats posed by non-native plants [10]. Taipei Office: Diverse Care and Warmth - The Taipei office's activities spanned six different areas, including companionship for elderly individuals and preparing Christmas gifts for migrant workers, fostering empathy and understanding of their challenges [12][13]. - The approach of "understanding before action" ensured that support was rooted in deep empathy, encouraging ongoing engagement in public welfare [13]. Shanghai Office: Economic Inclusion - The Shanghai office focused on employment support and education, collaborating with a foundation to provide job guidance and resume optimization for students from impoverished regions [15][16]. - The event was described as a transformative experience, highlighting the dual nature of giving and receiving in public welfare [16]. Chengdu Office: Connection Between People and Nature - The Chengdu office's activities emphasized the connection between urban life and nature, participating in a citizen science project to observe otters in the city [18][19]. - Employees expressed a desire to deepen their understanding and protection of wildlife, recognizing the importance of coexistence with nature [19].

Core Insights - China is transitioning from a major recipient of foreign direct investment (FDI) to a key global investor, with a 54% increase in outbound investment in future-oriented industries and resources since 2022 [2][3] - The automotive sector is expected to see record exports, with predictions that China will become the world's largest automobile exporter, surpassing Japan and Germany [4][5] Group 1: Investment Trends - Since 2022, China's annual greenfield investment has decreased by 65% compared to pre-pandemic levels, while outbound investment in future-oriented sectors has increased by 54% [2] - Chinese companies are focusing their investment strategies on electric vehicles, batteries, and critical minerals, marking a shift from being a net recipient to a net investor [3] Group 2: Automotive Industry Growth - Over the past five years, Chinese brands have gained approximately 30% market share in the domestic market from multinational joint venture brands, establishing a strong foundation for global expansion [4] - By 2025, two Chinese automakers are expected to enter the global top ten in sales, with exports projected to reach around 6 million vehicles this year, exceeding last year's total [5] Group 3: Globalization and Strategic Adjustments - Multinational companies must redefine their strategies in China, shifting from production bases to innovation hubs and capital collaboration platforms [6] - Chinese enterprises are encouraged to accelerate their globalization efforts, moving from product exports to systemic exports, emphasizing the need for a balance between heritage and innovation [6][7] Group 4: Market Dynamics and Opportunities - The Chinese market is becoming a critical testing ground for companies, with success in this market increasingly seen as a benchmark for global competitiveness [7] - The evolving consumer landscape in China presents new growth opportunities for companies willing to embrace change and innovation [7]

Group 1: Macro Economic Insights - Recent research by McKinsey Global Institute indicates a structural reshaping of global capital flows, with China transitioning from a major recipient of foreign direct investment (FDI) to a key global investor, particularly in Europe, Latin America, and the Middle East and North Africa, with capital deployment growth exceeding two-thirds [3] - Since 2022, China's average annual greenfield investment has decreased by 65% compared to pre-pandemic levels, while outward investment in future-oriented industries and resources has increased by 54% [3][8] Group 2: Automotive Industry - Over the past decade, China's automotive industry has shifted from "market for technology" to "technology going global," with Chinese brands capturing approximately 30% of the domestic market share from multinational joint ventures [9] - By 2030, it is predicted that 3-5 Chinese companies will be among the top ten global automakers, with Chinese brands expected to hold a 10%-20% market share in key overseas markets [9] - In 2025, two Chinese automakers are projected to enter the global top ten in sales, with 2023 expected to see China surpass Japan and Germany as the world's largest automobile exporter [9][15] Group 3: Life Sciences Industry - China's innovative drug development has seen significant growth, with about one-third of global innovative drug pipelines originating from China, including a substantial portion in cutting-edge therapies [18] - Chinese pharmaceutical companies are transitioning from developing globally competitive innovative products to establishing a global presence, with 23 drugs receiving breakthrough therapy designation from the FDA and 11 approved for market entry in the U.S. [24] - To become truly global enterprises, Chinese pharmaceutical companies must upgrade their strategies across three dimensions: talent globalization, decision-making agility, and source innovation [25] Group 4: Industrial Sector - China has evolved from being a "world factory" to an essential strategic market and innovation hub for global advanced industrial enterprises, with leading companies leveraging digitalization, AI, and IoT technologies [27] - The penetration rate of AI in lighthouse factories has increased from approximately 20% to over 80% in the past five years, with generative AI further enhancing technological applications [27] Group 5: Consumer Market - The middle class in China is expected to grow significantly, with high-income households projected to reach 259 million by 2030, accounting for 62% of urban families [34] - Despite challenges, consumer resilience is evident, with retail sales in China growing by 4.6% year-on-year in the first eight months of 2025, driven by strong sales in home appliances and electric vehicles [34][37] - E-commerce platforms are evolving from a fresh-food-centric model to a comprehensive category approach, activating new consumption scenarios and driving industry growth [37] Group 6: Strategic Considerations for Long-term Success - To become a "century-old enterprise," companies must balance operational flexibility with long-term strategic foresight, fostering deep trust and loyalty among stakeholders [41] - Companies need to address succession planning challenges, particularly in China, where reliance on charismatic founders complicates leadership transitions [41] - Businesses must make critical strategic choices to navigate the dual challenges of "breaking through" and "restructuring" in the Chinese market, emphasizing the importance of ecological integration and global perspectives for sustainable development [42]

Core Insights - The article emphasizes the transformation of supply chains from backend support to a key competitive advantage in the context of digital transformation and global competition [1] - It highlights the structural challenges faced by domestic companies, such as low efficiency, high costs, and slow response times, which hinder their ability to adapt to rapidly changing market demands [1] Group 1: Supply Chain Management Challenges - Six core pain points restrict the sustainable development of supply chains: strategic disconnection, fragmented processes, data silos, slow response times, uncontrolled costs, and vulnerability to risks [2] - Strategic disconnection occurs when supply chain planning does not align with corporate strategy, leading to a gap between strategy and operations [2] - Fragmented processes result in delays in information transfer and a disconnect between production plans and market demands, causing both inventory surplus and shortages [2] - Data silos hinder precise forecasting and real-time management due to the lack of a unified platform [2] - Slow response times to personalized demands and rapid product iterations can lead to missed market opportunities [2] - Uncontrolled costs arise from inadequate cost management mechanisms across procurement, warehousing, and logistics, resulting in high total supply chain costs [2] - Vulnerability to risks is exacerbated by the absence of a business continuity management system, making companies susceptible to disruptions [2] Group 2: Integrated Supply Chain (ISC) Solution - The ISC solution by Best Management Consulting focuses on a framework that integrates strategy, processes, organization, IT, and data to enhance supply chain competitiveness [3] - It aims to create an end-to-end, replicable, and upgradeable supply chain system by connecting all processes from order to reverse logistics [3] Group 3: Strategic Planning Layer - The solution involves developing a comprehensive supply chain strategy aligned with long-term corporate goals [4] - It includes designing specialized strategies for procurement, logistics, and inventory management [5] - Risk and resilience assessments are conducted to establish a business continuity management system [6] - Collaboration with R&D and marketing systems is emphasized for effective integration [7] Group 4: Process Design Layer - The solution optimizes the order management system to cover the entire order lifecycle [8] - It establishes a sales and operations planning (S&OP) system to enhance monthly production and sales coordination [9] - The manufacturing process is re-engineered to shift from push to pull production, increasing flexibility [10] - Logistics systems are planned to optimize transportation routes and implement multi-modal transport [11] - Reverse logistics processes are standardized for efficient returns and remanufacturing [12] Group 5: Business Operations Layer - The solution upgrades forecasting and planning modules using AI-driven models to improve accuracy [13] - It enhances procurement systems through supplier classification and digital platforms for transparency [14] - Manufacturing flexibility is improved with a one-flow production layout [15] - Smart warehousing systems are deployed to optimize inventory management [16] - Logistics costs and efficiency are improved through strategic planning [17] Group 6: Support and Sustainability Layer - The solution ensures alignment of supply chain organization and human resources with clear responsibilities [18] - A performance and incentive system is designed to link KPIs with employee performance [19] - IT system integration is prioritized for real-time data sharing and training [20] - Data governance mechanisms are established to ensure efficient data management [21] Group 7: Case Studies - The case of Mindray Medical highlights the restructuring of its forecasting system and S&OP mechanism, leading to improved operational efficiency and inventory management [22][23][24][25] - The case of Feihe Dairy illustrates the establishment of a supply chain system that supports rapid expansion and aligns with its fresh strategy, resulting in enhanced planning efficiency and inventory turnover [26][27][28][29][30][31][32][33][34][35][36] Conclusion - Supply chain optimization is a long-term strategic practice rather than a simple fix, and choosing the right partners is crucial for overcoming bottlenecks and achieving breakthroughs [37] - Best Management Consulting leverages over 20 years of industry experience to provide integrated supply chain solutions that enhance efficiency, cost advantages, and resilience [38]