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Group 1: Financial Performance - In Q2 2025, the company achieved revenue of 27.9 billion yuan, a year-on-year increase of 9% [1] - Non-GAAP net profit reached 9.5 billion yuan, up 22% year-on-year, with a Non-GAAP net profit margin of 34.2%, an increase of 3 percentage points [1] - The comprehensive gross profit margin was 64.7%, up 1.8 percentage points year-on-year, while the total operating expense ratio was 32%, down 3 percentage points year-on-year [1] Group 2: Gaming Business - Online gaming revenue for Q2 2025 was 22.1 billion yuan, a 15% year-on-year increase, with strong performance from titles like "Identity V" and "Marvel Duel" [2] - Deferred revenue reached 16.97 billion yuan, a 25% year-on-year increase, indicating healthy future revenue streams [2] - The company is focusing on global expansion with new game releases and updates, achieving significant rankings on various platforms [2] Group 3: Youdao and Cloud Music - Youdao's net revenue for Q2 2025 was 1.4 billion yuan, a 7% year-on-year increase, driven by a 24% growth in advertising services [2] - Net revenue for NetEase Cloud Music was 2 billion yuan, down 4% year-on-year, with a gross margin of 36.1%, up 4 percentage points year-on-year [3] - The company is expected to increase investment in copyright content in the second half of the year, which may lead to a decrease in gross margin [3] Group 4: Investment Outlook - The company is recognized for its strong game development capabilities and is expected to maintain profitability, with adjusted net profit forecasts of 39.3 billion, 42.5 billion, and 46.7 billion yuan for 2025-2027 [3] - Continued focus on high-quality and globalized game offerings is anticipated, with key titles to watch including "Destiny: Stars," "Forgotten Sea," and "Return to Tang" [3]

8月19日，一则涉及新东方教育科技集团CEO周成刚相关传言让东方甄选股价尾盘跳水。截至8月19日港股收盘，东方甄选股报收34.32港元，跌20.89%， 此前一度上探至近两年高位53.7港元，涨幅超23.5%。 新东方集团CEO周成刚(俞敏洪长期搭档) 涉嫌通过关联交易侵占上市公司利益,已被 监管部门立案调查。此消息尚未被正式公 : 2 : 08 告,但引发投资者恐慌性监管 公司尚未发布澄清 直播业务监管风险 手发布 《直播带货合规指引 (征求意见稿)》,拟 限制"高佣金抽成模式",而东方甄选佣金率 长期超30%,若政策落地将直接影响其核心 盈利模式。 我方辟谣声明: 关于周成刚老师的传闻纯属谣言,关于" 东方甄选佣金率长期超30%"的说法严重失 实,东方甄选售卖产品确保高品质和高性价 比,实际平均佣金率不到20%。 针对上述谣言,我司已启动报警和司法流 程,对于这样的不法行为,我们将一追到底。 随后，东方甄选发布辟谣声明：针对谣言，公司已启动报警和司法流程。 东方甄选 辟谣声明 2025年8月19日 今天，有人造谣如下: 88108 ...

Core Viewpoint - New Oriental Education Technology Group's CEO, Zhou Chenggang, is rumored to be under investigation for allegedly misappropriating company interests through related-party transactions, leading to a significant drop in the stock price of Oriental Selection [1][4]. Group 1: Stock Market Reaction - Following the rumors, Oriental Selection's stock price fell by 20.89% to HKD 34.32, after previously reaching a two-year high of HKD 53.7, which represented a gain of over 23.5% [1][4]. Group 2: Company Response - New Oriental's founder, Yu Minhong, labeled the rumors as "complete nonsense" and stated that the company has initiated legal proceedings against the false claims [3][4]. - Oriental Selection issued a statement denying the allegations and confirmed that the average commission rate is below 20%, contrary to claims that it has been over 30% [6][9]. Group 3: Regulatory Context - The rumors surfaced amid concerns regarding potential regulatory changes affecting the live-streaming sales industry, which could impact Oriental Selection's business model if high commission rates are restricted [8].

Key Points - The implementation of new personal pension withdrawal scenarios starting September 1 aims to enhance the accessibility of pension funds for individuals facing specific financial burdens [2] - The Ministry of Finance reported a 20.7% year-on-year increase in stamp duty revenue from January to July, with securities transaction stamp duty rising by 62.5% [2] - The Shanghai Municipal Government has released a plan to accelerate the development of "AI + manufacturing," focusing on deploying industrial robots in high-risk work environments to improve efficiency and safety [4] - The National Development Bank issued loans totaling 385 billion yuan to advanced manufacturing and strategic emerging industries, marking a 51.3% increase year-on-year [4] - The Guangdong Provincial Government has introduced policies to support the high-quality development of commercial aerospace, including satellite constellation construction and providing a "green channel" for project approvals [4] - The Hainan Free Trade Port has optimized its personal income tax incentive policies for high-demand talent, aiming to support the development of the aerospace industry [5] - JD.com has surpassed 150,000 full-time delivery riders, with the company covering all social insurance costs, averaging about 2,000 yuan per rider per month [6] - The stock price of Oriental Selection experienced a significant drop of 20.89% following rumors regarding its CEO, despite company officials denying the claims [6]

东方甄选指出，关于"东方甄选佣金率长期超30%"的说法严重失实，东方甄选售卖产品确保高品质和高 性价比，实际平均佣金率不到20%。 东方甄选已启动报警和司法流程，对于这样的不法行为，将一追到底。 8月19日，新东方集团、东方甄选微信公众号先后发布声明表示，关于新东方CEO周成刚的传闻纯属谣 言。 新东方称，网传首席执行官（CEO）周成刚"涉嫌通过关联交易侵占上市公司利益，已被监管部门立案 调查"，此消息纯属造谣。 新东方表示，该假消息已严重侵犯周成刚先生本人和新东方合法权益对于恶意造谣、传播不实信息者， 新东方保留依法追究其法律责任的权利。 受此传言影响，东方甄选股价尾盘跳水，截至今日港股收盘，东方甄选股报收34.32港元，跌20.89%， 此前一度上探至近两年高位53.7港元，涨幅超23.5%。 | | | | 31.316(CNY) | 乐方甄选 立即 | | | --- | --- | --- | --- | --- | --- | | 34.320 -9.060 -20.89% | | | | 1797 交易 | | | HKEX HKD 16:08:12 | | | | 用/ ● + | | | 委 ...

8月19日，东方甄选(01797)盘中下跌7.56%，截至15:07，报40.1元/股，成交46.13亿元。 东方甄选控股有限公司是中国在在线课外教育服务领域的领先者，以提供优质的在线课程和备考服务而 享有高度的品牌知名度。在2021年，公司将业务拓展至直播商务、教育智能硬件产品、STEAM教育以 及职业教育等领域，2017年已经成为中国大学考试备考市场中最大的在线教育品牌，凭借强大的技术和 资源优势，持续进行新业务探索和发展。 截至2024年中报，东方甄选营业总收入21.87亿元、净利润-9679.9万元。 8月22日，东方甄选将披露2024财年年报。 本文源自：金融界 作者：行情君 ...

Group 1 - The stock price of Dongfang Zhenxuan (01797) increased by 20.33% on August 19, reaching 52.2 CNY per share with a trading volume of 2.884 billion CNY [1] - Dongfang Zhenxuan Holdings Limited is a leading player in the online extracurricular education service sector in China, known for providing high-quality online courses and exam preparation services [1] - The company expanded its business in 2021 to include live commerce, educational smart hardware products, STEAM education, and vocational education, and became the largest online education brand in the Chinese university exam preparation market by 2017 [1] Group 2 - As of the mid-year report for 2024, Dongfang Zhenxuan reported total revenue of 2.187 billion CNY and a net profit of -96.799 million CNY [1] - Dongfang Zhenxuan is set to disclose its fiscal year 2024 annual report on August 22 [2]

Group 1 - The core point of the article is that the Hong Kong-listed company Fenbi has seen a significant increase in its stock price, reaching a new high since October 2024, with a rise of over 20% [1] - Fenbi announced the upcoming launch of its AI-based exam preparation system, which is expected to contribute to its growth [1]

Core Insights - Duolingo's stock price has experienced significant volatility, dropping 38% from its peak of $529.05 per share in May 2023, primarily due to backlash against its "AI-first" strategy and the recent demonstration of OpenAI's GPT-5 capabilities [1][4][6] - Despite public criticism, Duolingo's financial performance has improved, with a 40% year-over-year increase in daily active users, reaching 47.7 million, and a 24% increase in monthly active users to 128.3 million [2][3] - The introduction of 148 new language courses through generative AI has doubled the course offerings, showcasing the company's commitment to rapid content expansion [2] Financial Performance - Duolingo's revenue for the year is projected to exceed $1 billion, indicating strong growth despite the challenges faced [2] - The company's gross margin has exceeded management expectations due to reduced AI-related costs, contributing to its financial success [6] - Following the announcement of better-than-expected quarterly revenue, Duolingo's stock price surged nearly 30% [3] AI Strategy and Public Perception - CEO Luis von Ahn acknowledged the backlash against the AI strategy and emphasized the company's goal to reduce reliance on contractors while maintaining full-time staff levels [8] - The company has implemented weekly sessions to explore efficient AI usage, indicating a proactive approach to integrating AI into its operations [8] - Public sentiment on social media has been mixed, with some users expressing dissatisfaction with the AI features, yet the financial metrics suggest a different narrative [2][3] Competitive Landscape - The launch of OpenAI's GPT-5, which can create language learning tools from simple prompts, poses a competitive threat to Duolingo, highlighting the rapid advancements in AI technology [6][9] - Reports indicate that Google is preparing to launch a competing product that could further challenge Duolingo's market position [7] Legal Considerations - A law firm has announced an investigation into potential securities fraud or illegal business practices involving Duolingo and its executives, adding a layer of scrutiny to the company's operations [9]