凭借独特的教学理念与深厚的实战背景，德元多次获得权威认可。他是国家工信部认证的"移动营销 师"，也是北京大学博雅智库专家、上海交通大学特聘讲师、吉林外国语大学特聘教授。他还是"全媒体 运营师""高级心理咨询师""互联网营销师"等多项认证头衔的获得者。 在媒体曝光层面，德元也频频出镜主流媒体。2021年，他作为首位90后营销导师登上央视《非凡讲 述》；2025年3月，又与著名主持人朱军在央视《品质中国》中深度对话，讲述自己的十年创业思维进 化史。他的代表课程《人心营销100讲》《高情商销售技巧》《如何成为社群营销高手》在各大平台播 放超30亿次，全网粉丝突破2000万。 在互联网营销江湖，"德元"这个名字愈发被人熟知。作为"德元营销"的创始人，他不仅是互联网时代的 营销实战者，更是将东方智慧与西方逻辑相结合的认知设计师。 2020年，德元创办"德元营销"，他将十余年经验提炼为"可实操、可变现、可复制"的方法论，围绕"认 知—行动—结果"的路径，打造系统课程与陪跑服务。成立短短五年，"德元营销"已陪跑800多家企业， 其中包括8家上市公司，平台付费用户超过90万，会员学员累计超5万人，正在形成一个具陪伴式、系统 ...

2025 年 08 月 27 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 杨仁文 S0350521120001 yangrw@ghzq.com.cn 证券分析师： 谭瑞峤 S0350521120004 tanrq@ghzq.com.cn 证券分析师： 王春宸 S0350525080002 wangcc@ghzq.com.cn [Table_Title] 用户粘性提升、全年指引上调 ——多邻国（DUOL）2025Q2 财报点评 最近一年走势 （1）用户量增长受舆论影响减缓，但粘性进一步提高：2Q2025 DAU 达到 0.48 亿，qoq+2.36%，yoy+39.9%，MAU 1.28 亿， qoq-1.46%，yoy+23.84%，主要由于 4 月 CEO 内部信中的 国海证券研究所 请务必阅读正文后免责条款部分 （1）收 入 端 ： 公 司 2Q2025 实 现 营 业 收 入 2.52 亿 美 元 ， yoy+41.46%，高于彭博一致预期 4.84%，其中订阅收入 2.11 亿美元，yoy+46.40%，与主要市场渗透率提升和中国地区营销 策略成功有关。 （2）毛利端：公司 2Q2025 ...

俞敏洪回忆，从小学到高中，自己成绩一直处于班级中等水平，进入北大后，这种平凡感依旧延续。大学四年，他自觉是他人眼中看不见的存在，毫无存在 感。他笑称，即使新东方和东方甄选先后上市，两家公司市值加起来约一千亿人民币，在众多万亿市值的企业面前，仍显得微不足道。像马化腾的腾讯、马 云的阿里巴巴，都是市值超万亿的巨头，自己若与他们比较，实在是自不量力。 事实上，俞敏洪与马云经历颇为相似，两人都参加了三次高考，俞敏洪考入北大本科，马云则被杭州师范学院专科录取。然而，后续发展却大不相同。马云 凭借"越败越战、愈挫愈勇"的精神，缔造了商业传奇；俞敏洪虽打造出新东方和东方甄选，但他认为在企业成就上，与马化腾、马云差距显著。 俞敏洪的这番言论，展现出他的谦逊，也反映出不同企业家在商业道路上的差异化发展。在科技与商业飞速发展的当下，巨头企业不断开拓新领域，如腾讯 在游戏、社交及产业互联网的多元布局，阿里在电商、云计算等领域的持续深耕。而俞敏洪带领的企业，也在教育及相关领域不断探索转型，以适应新时代 的需求。 近日，俞敏洪在个人社交媒体平台分享自己在参加东风汽车发布会时的讲话。俞敏洪称，自己在北京大学就读时是个"小透明"，并表示无 ...

Group 1 - Nongfu Spring (09633) reported a 22% year-on-year increase in net profit for the six months ending June 30, 2025, with packaged drinking water revenue growing by 10.7% [1] - Gu Ming (01364) saw a more than 120% year-on-year increase in net profit for the same period, with steady expansion in store count and impressive GMV performance [1] - China Longgong (03339) reported a 37.83% year-on-year increase in net profit, with the loader business being the largest contributor to revenue and profit [1] - AI concept stocks generally rose, with SenseTime (00020) up over 11% and Fourth Paradigm (06682) up over 9%, following the State Council's release of opinions on implementing "AI+" actions [1] - Cao Cao Mobility (02643) reported a 53.5% year-on-year increase in net profit, with gross margin improving from 7.0% to 8.4% [1] Group 2 - H&H International Holdings (01112) experienced a nearly 77% year-on-year decrease in net profit and proposed an interim dividend of HKD 0.19 per share [2] - NIO (09866) saw its stock price rise over 6% this month, benefiting from strong orders for the Onvo L90 and ES8 SUV models [2] - Chip stocks continued their upward trend, with SMIC (00981) up over 6% and Huahong Semiconductor (01347) up over 3%, as institutions remain optimistic about the domestic chip market [2] - Beike (02423) reported a 7.2% year-on-year decrease in net profit for the mid-year results, with Nomura indicating that its third-quarter guidance was below expectations [2] Group 3 - Gaotu (GOTU.US) reported a more than 37% year-on-year increase in revenue for Q2, alongside a new stock buyback plan worth up to USD 100 million [3] - NIO (NIO.US) rose 10.02% as Morgan Stanley highlighted strong orders for the ES8 and a shift in market sentiment towards next year's models [3] - XPeng Motors (XPEV.US) increased by 5.46% as it announced the official launch of the new P7 model on August 27 [3] - Boeing (BA.US) rose 3.51% after Korean Air announced a purchase order for aircraft valued at approximately USD 36.5 billion [4]

在树帆教育的课堂里，我们常常听到学员说："一个人学，很快就会忘;一群人学，就能坚持下来。"这 句话道出了中老年学习的一个核心规律：学习不仅仅是知识的积累，更是一种社交方式和精神支持。 一、孤独感与代际隔阂：银发学习的隐性挑战 孤独感显著：数据显示，近四成老年人长期独居或子女不在身边，他们往往缺乏日常交流对象。学习社 群为他们提供了"精神陪伴"。 代际隔阂明显：子女忙于工作，父母常因沟通差异而产生隔阂。很多长辈宁可在同龄学习圈里提出疑 问，也不愿频繁"打扰孩子"。 坚持难度大：单靠个人学习，缺少氛围，很容易"三分钟热度"。 二、树帆教育的社群共学模式 树帆教育设计了"三层社群共学体系"： 1. 课程群：即时互动 每个班级建立学习群，配备班主任与助教。学员可随时提问，班主任统一答疑， 避免"卡壳无人问"。 2. 兴趣圈：主题延伸 除了财商学习，还陆续会衍生出"养生圈""读书圈""摄影圈"等社群，学员在这里找 到共同爱好，形成更稳定的联系。 线下联动：在合作社区，树帆定期发起"理财知识角""家庭财务对话坊"，让学习融入日常生活场景。 代际共学：部分课程引导"父母+子女"共同参与，如一起制定家庭财务分工表，缓解代际矛 ...

NO.1 电商将成为小红书一级入口 ｜ 2025年8月27日星期三 ｜ 8月26日，36氪报道，今年上半年，盒马NB营业额达到80亿元左右，较去年同期双位数增长。目前总门 店数已近300家，仅半年时间门店数量翻番，主要集中在华东核心城市市区和郊区。盒马方面对该信息 表示不予置评。此前盒马NB推出了"超盒算"自有品牌，其中大米、素食等上百款产品已经更换品牌 名。据悉，近期盒马NB整体也将更名为"超盒算NB "。 8月26日消息，小红书日前启动新版本测试，测试版本中，电商入口位于App主界面。未来，它将成为 小红书App一级入口。新版本显示，App底部导航栏出现了"市集"选项，且紧靠"首页"选项。小红书"市 集"相关负责人表示，"市集"是"小红书生活方式电商"的具象化、产品化呈现。"市集"页面上部，设置 了市集直播、买手橱窗、新品首发等频道。 点评：通过将电商入口提升至一级位置，小红书能够更好地整合内容与电商资源，提升用户购物体验。 此外，市集页面的多样化功能设置，将进一步丰富用户的购物选择。 NO.2 盒马NB上半年营业额达80亿元，目前总门店数近300家 NO.4 豆包上线未成年人模式，默认关闭相关视频展示等 ...

Core Viewpoint - The company, Gaotu Group, reported significant growth in revenue and cash income for the second quarter of fiscal year 2025, driven by the integration of AI technology into its educational services [2][4]. Financial Performance - In Q2 2025, Gaotu achieved revenue of approximately 1.39 billion yuan, a year-on-year increase of 37.6%, and cash income of 2.25 billion yuan, up 36.2% [4]. - For the first half of the year, the company reported total revenue of 2.88 billion yuan, reflecting a 47.3% year-on-year growth, and cash income of 3.14 billion yuan, which is a 31.8% increase [4]. - As of June 30, 2025, Gaotu held cash and cash equivalents, restricted funds, and short-term and long-term investments totaling 3.82 billion yuan [5]. AI Integration and Operational Efficiency - Gaotu has adopted an "All with AI, Always AI" strategy, embedding AI deeply into its operations and customer experience to enhance educational services [5]. - The company upgraded its traditional "dual-teacher model" to a "three-teacher model," which includes a core teacher, a secondary teacher for personalized tutoring, and an AI companion for real-time assistance, significantly improving service quality and learning outcomes [6]. - AI technology has streamlined operations by automating tasks such as assignment grading and learning analysis, allowing teachers to focus on innovation and personalized service [6]. Cost Management and Growth Strategy - In Q2 2025, Gaotu experienced a year-on-year decrease in the ratio of operating expenses to revenue, with a notable 31.6 percentage point reduction [7]. - Research and management expenses as a percentage of revenue also decreased by 8.0 percentage points, indicating improved operational efficiency due to AI integration [7]. - The company's CEO emphasized the commitment to enhancing service models, product innovation, and organizational capabilities to ensure sustainable growth and long-term value creation for shareholders [7].

3. 截至发稿，WTI原油跌1.73%，报63.68美元/桶。布伦特原油跌1.55%，报67.16美元/桶。 | ■ WTI原油 | 2025年10月 | 63.68 | 64.77 | 63.59 | -1.12 | -1.73% | | --- | --- | --- | --- | --- | --- | --- | | 謡 倫敦布倫特原油 | 2025年11月 | 67.16 | 68.20 | 67.08 | -1.06 | -1.55% | 市场消息 特朗普政府27日零时起对印度征50%重税。特朗普政府在周一发布的一份通知草案中概述了对印度产品征收50%关税的计划，此举成为 白宫拟推进更高额关税政策的最新信号。当前正值俄乌和平协议斡旋工作似乎陷入停滞之际。美国国土安全部发布的通知称，提高后的 关税将针对"2025年8月27日美东夏令时凌晨12点01分及之后进口供消费、或从仓库提取供消费的印度产品"。美国总统特朗普本月早些 时候宣布，因印度购买俄罗斯石油，计划将印度商品的关税从25%提高一倍至50%，希望借此向俄罗斯总统普京施压，迫使其回到谈判 桌前，结束对乌克兰的军事行动。 美国机构建议将铜和钾肥 ...

截至2025年6月30日，公司持有的现金及现金等价物、受限资金、短期及长期投资总计38.2亿元。根据 当前预测数据，2025年第三季度收入应介于15.58亿元至15.78亿元之间，同比增幅应介于28.9%至30.6% 之间。 在现有回购计划中，截至2025年8月25日，公司累计回购超过2480万美国存托股，金额约5.6亿元。2025 年5月，公司董事会又批准了一项新股票回购计划，根据该计划，公司可在现有股票回购计划结束之日 起的三年期间回购至多1亿美元价值的股票。 AI技术的深度应用为高途在个性化运营、教学与服务等全链路环节带来了质的飞跃。数据显示，2025 年高途连续两个季度实现经营费用占收入比重的下降，其中第二季度经营费用占收比同比降低31.6个百 分点。尤为关键的是，包含研发费用与管理费用在内的固定费用占收入比重同比下降8.0个百分点，充 分体现了AI技术对成本优化的显著成效。 来源：市场资讯 （来源：AI云科技财经） 8月26日，高途集团发布2025财年第二季度财报。财报显示，截至2025年6月30日，高途在第二季度实现 收入约13.9亿元，同比增长37.6%；现金收入22.5亿元，同比增长36.2% ...

Core Viewpoint - The article discusses the historical attempts of various companies to challenge the dominance of Kweichow Moutai in the A-share market, highlighting the cyclical nature of such challenges and the eventual decline of these challengers [2][28]. Group 1: Historical Challengers - China Shipbuilding, originally known as Hudong Heavy Machinery, saw its stock price soar from 8 yuan in early 2006 to 111.62 yuan in May 2007, surpassing Moutai, but subsequently fell dramatically after the 2007 market crash [4][5]. - Following China Shipbuilding, several smaller companies attempted to challenge Moutai, including Shenzhou Taiyue and Century Dingli, but these were not significant threats [8][10]. - Yanghe Distillery emerged as a notable challenger in 2010, reaching a closing price of 146.87 yuan, surpassing Moutai's 143.52 yuan, but later faced a significant decline due to government regulations on consumption [12][15]. Group 2: Recent Challengers - From 2013 onwards, several companies like Wangsu Science and Technology and Feitian Chengxin briefly surpassed Moutai but ultimately faced declines due to market conditions and competition [18][20]. - Qiantong Education, listed in 2014, capitalized on the internet boom and saw its stock price rise to 467 yuan, but later plummeted to 3 yuan amid market corrections [22][24]. - Other companies like Zhongke Chuangda and Jibite also briefly exceeded Moutai's valuation but did not maintain their positions [26]. Group 3: Current Context - The article notes that Kweichow Moutai continues to maintain its position as a market leader, with its unique product scarcity and robust business model allowing it to fend off challengers [28]. - The latest challenger, Cambrian, is compared to historical challengers, raising questions about its ability to sustain its position against Moutai [31].