2025第六届同安消费节暨同安年货嘉年华现场。通讯员 夏海滨摄 新年伊始，万象更新。厦门市同安区锚定高质量发展目标，重磅发布《关于实现2026年一季度经济社会 发展良好开局的工作措施》，围绕新春惠民惠企服务、多措并举提振消费、积极扩大有效投资、全力推 动实体经济、稳外贸稳外资促招商、扎实做好民生保障六大领域推出27条务实举措，以真金白银的政策 红利、精准有力的行动部署，全面落实中央、省委、市委和区委经济工作会议精神，为一季度经济社会 发展起好步、开好局注入强劲动能。 这份《工作措施》既有政策延续性，又不乏创新突破点。一方面，延续2025年新春惠民惠企的"干货"政 策，持续强化"不停工""不停产"激励引导，加大春节期间同安旅游的扶持力度，为重点领域稳增长筑牢 基础；另一方面，紧扣现代服务业提质扩容方向，首次提出促进专业服务业、软件和信息服务业高质量 发展等举措，为产业结构优化升级开辟新路径。 消费提振多点发力，一季度将发放消费券50万元，聚焦商圈购物、餐饮美食、夜间经济、老字号国潮等 领域，举办促消费活动20场以上；全年将举办银城百艺秀等文旅活动150场以上、UTMB(环勃朗峰超级 越野赛)世界系列赛等体育赛事 ...

Core Viewpoint - The 2025 Guangzhou Family Service Month has been launched, evolving from "Assured Housekeeping" to a comprehensive family service system, addressing the needs of new employment forms and enhancing service offerings to meet citizens' expectations for a better life [1] Group 1: New Employment Support - The launch event introduced the "Warm New Package" and "Warm New Code," which integrate seven service functions to precisely serve new employment groups such as delivery workers and housekeeping staff [2] - Since 2025, the Women's Federation has organized 23 recruitment events, connecting 1,276 companies and providing nearly 46,000 job opportunities to 179,000 participants [2] Group 2: Expanded Service Offerings - The service month has expanded its focus from basic housekeeping to include areas such as scientific parenting, elderly care, parent-child interaction, and green living, creating five specialized experience zones [3] - Demand for new services like maternal and elderly care has increased by 44.84% and 15.71% year-on-year, respectively, indicating a shift towards comprehensive family care [3] Group 3: Industry Development Support - The Guangzhou Family Service Comprehensive Platform has over 670 registered companies and 337,000 registered workers, establishing a unified service network across the city [4] - A dynamic rating mechanism for service providers has been implemented, with over 106,000 "Assured Service Certificates" issued, enhancing trust in the industry [4] - The "She Empowerment" skill enhancement program has conducted 21 sessions, serving nearly 3,000 participants, and a new professional title evaluation system has been established for rural craftsmen in the housekeeping sector [4] Group 4: Future Directions - The Guangzhou Business Bureau emphasizes the need to enhance family services from "existing" to "excellent" and from "comprehensive" to "precise," aiming to ensure job satisfaction for service workers and warmth for families [5]

Financial Data and Key Metrics Changes - Total investment income decreased to $1.6 million from $2.2 million year-over-year, reflecting both debt repayments and a slowdown in origination dynamics [13][14] - Net investment income increased to $993,000 compared to $887,000 in the same quarter last year, demonstrating effective expense management [15] - Net asset value (NAV) declined to $53.6 million or $18.06 per share from $19.10 per share sequentially, primarily due to valuation adjustments and dividend payments [16] Business Line Data and Key Metrics Changes - The investment portfolio's fair value was $44.3 million across 19 companies, down from year-end, largely due to significant repayments and valuation adjustments [6][7] - The portfolio mix consisted of 83% debt and 17% equity, with a weighted average yield of 12.2% [7] - 39% of investment income was attributable to non-cash PIK interest, up from 24% in the prior year [14] Market Data and Key Metrics Changes - The market for new deal origination remains sluggish, with borrowers facing tighter credit conditions and higher financing costs [4] - The company noted a greater use of PIK interest by borrowers as they adapt to the current financing environment [4] Company Strategy and Development Direction - The company aims to maintain its dividend through disciplined expense management and strong liquidity, even during periods of muted investment activity [6][17] - The focus is on being selective in deal origination while remaining prepared to capitalize on opportunities as market conditions improve [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate a challenging lending environment, highlighting a strong balance sheet with no debt and significant liquidity [18] - There are early signs that anticipated interest rate reductions could stimulate deal origination in the future [19] Other Important Information - The company declared and paid a regular quarterly dividend of $0.29 per share, maintaining this level for three consecutive quarters [5][17] - The company experienced a realized loss of $2.9 million on Tilson Technology Management following its Chapter 11 process [10] Q&A Session Summary - No specific questions or answers were provided in the content regarding the Q&A session.

Financial Data and Key Metrics Changes - QuinStreet reported record revenue of $285.9 million for Q1 2026, with adjusted net income of $13.1 million, or $0.22 per share, and adjusted EBITDA of $20.5 million [10] - The company expects Q2 revenue to be between $270 million and $280 million, with adjusted EBITDA between $19 million and $20 million [9][12] - Full fiscal year 2026 revenue is projected to grow at least 10% year over year, while adjusted EBITDA is expected to grow at least 20% year over year [9][12] Business Line Data and Key Metrics Changes - The financial services client vertical accounted for 73% of Q1 revenue, declining 2% year over year to $207.5 million [10] - Auto insurance revenue grew 16% sequentially and 4% year over year, while non-insurance financial services declined 10% year over year [10] - Home services represented 27% of Q1 revenue, growing 15% year over year to a record $78.4 million [10] Market Data and Key Metrics Changes - The company noted strong demand in auto insurance, with marketing budgets shifting towards digital and performance marketing [4] - There is uncertainty regarding tariffs impacting claims costs, which may delay expected increases in carrier marketing spend [5][22] - The total addressable market opportunity is estimated to be less than 10% penetrated, indicating significant growth potential [5] Company Strategy and Development Direction - QuinStreet aims to achieve a 10% quarterly adjusted EBITDA margin in the current fiscal year, focusing on media optimization, higher margin products, and operational efficiency [6] - The company is investing in new media capacity and expanding its product and market footprint to drive growth and expand margins [5] - QuinStreet is also focusing on artificial intelligence to enhance consumer access and engagement, expecting it to accelerate growth in their markets [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strong growth in auto insurance revenue and margins due to favorable market fundamentals [4] - The company anticipates a significant increase in carrier marketing spend once tariff uncertainties are resolved [22] - Management highlighted a broadening of spending among auto insurance carriers, with a record number of clients spending over $1 million per month [28] Other Important Information - The Board of Directors authorized a new $40 million share repurchase program, reflecting confidence in the company's long-term outlook [9] - QuinStreet has maintained a strong financial position with $101 million in cash and equivalents and no bank debt [11] Q&A Session Summary Question: Details on media investments and performance - Management discussed scaling proprietary media campaigns in response to auto insurance demand, noting margins have improved and are expected to continue expanding [17][19] Question: Impact of tariffs on spending - Management clarified that while there are no new tariffs, existing ones are causing clients to be conservative in their spending, despite strong financial performance [20][22] Question: Spending trends among auto insurance carriers - Management observed a broadening of spending, with non-major players increasing their spend significantly, while larger players continue to spend strongly [26][28] Question: Changes in monetization of credit-driven verticals - Management noted that lower-end consumers are under pressure, but demand for credit and debt relief products remains healthy, particularly among upper-income consumers [33][34] Question: Activity in home services segment - Management reported robust demand for home services, indicating a healthy market with significant growth opportunities [36]

Core Viewpoint - Frontdoor (FTDR) is positioned as a strong investment opportunity due to its improving earnings outlook and positive analyst sentiment, which is reflected in rising earnings estimates [1][2]. Earnings Estimate Revisions - The current quarter's earnings estimate for Frontdoor is projected at $1.49 per share, indicating a year-over-year increase of +8.0% [6]. - Over the past 30 days, the Zacks Consensus Estimate for Frontdoor has risen by 16.93%, with four estimates moving higher and no negative revisions [6]. - For the full year, the earnings estimate is expected to be $3.90 per share, representing a +16.4% change from the previous year [7]. - The consensus estimate for the current year has increased by 12.56% during this time frame, with a similar trend of four estimates moving higher and no negative revisions [7][8]. Zacks Rank and Performance - Frontdoor has achieved a Zacks Rank 1 (Strong Buy), indicating strong agreement among analysts regarding the positive earnings revisions [9]. - The Zacks Rank system has a proven track record, with Zacks 1 Ranked stocks averaging an annual return of +25% since 2008 [3]. - Stocks with Zacks Rank 1 and 2 significantly outperform the S&P 500, suggesting a favorable investment environment for Frontdoor [9]. Stock Performance - Frontdoor's stock has gained 6.2% over the past four weeks, reflecting investor confidence driven by solid estimate revisions [10].

Core Insights - The "accompanying economy" is emerging as a significant market driven by the needs of the elderly and the younger generation seeking emotional support [2][4][17] - By 2025, the market size of the "accompanying economy" in China is expected to exceed 50 billion yuan, highlighting the potential for growth in medical care and emotional support services [4] Accompanying Services - Accompanying services, such as medical accompaniment, are becoming essential for elderly patients who struggle with complex medical processes [5][7] - A report indicates that 88.54% of elderly individuals in communities face situations where family members cannot accompany them during medical visits, with this figure rising to 98.30% in nursing homes [7] Standardization and Professionalization - The Chinese Society of Welfare and Elderly Care has released the first systematic standards for elderly medical accompaniment services, covering service processes, safety protocols, and training [8] - There is a push towards standardizing and professionalizing accompanying services, including establishing certification mechanisms and service grading systems [8][12] Caregiver Shortage and Quality Issues - There is a significant shortage of qualified caregivers in China, with a projected increase in the number of disabled elderly individuals leading to rising care demands [11] - The quality of caregiving services varies widely due to a lack of standardized training, with many caregivers lacking proper qualifications [11][12] Innovative Care Models - The "no accompaniment care" model is being piloted in several cities, allowing hospitals or third-party services to take over traditional family caregiving roles [13][14] - This model aims to enhance care efficiency and clarify responsibilities, addressing the challenges posed by geographical separation between elderly patients and their families [13][14] Emotional Support Services - The younger generation is driving the demand for emotional support services, leading to the rise of "buddy culture" where individuals seek companionship for various activities [17] - Emotional support services are becoming commercialized, but the lack of industry standards raises concerns about service quality and consumer protection [17][18] Market Dynamics - The accompanying economy is creating job opportunities and new consumption patterns, but it also raises questions about service quality and regulation [18] - The balance between quality control, trust mechanisms, and operational efficiency will be crucial for companies to succeed in this emerging market [18]

Core Points - The establishment of the Xi'an Women's Federation for the Family Service Industry marks a significant step for women in the family service sector, providing them with a supportive organization [1][2] - The family service industry is closely related to people's livelihoods, encompassing various fields such as housekeeping, elderly care, and maternal and infant care, with a majority of female workers [1] - The new federation aims to enhance the professional skills and rights protection of women in the industry through training and community service activities [1][2] Summary by Categories - **Establishment and Purpose** - The Xi'an Women's Federation for the Family Service Industry was officially established on August 8, providing a "home" for women in the family service sector [1] - This organization aims to address issues related to skill enhancement and rights protection for women in the industry [1][2] - **Industry Impact** - The federation is expected to transform the family service industry from a "dispersed development" model to a "standardized and improved" one [2] - It will help in promoting the "Xi'an Women's Housekeeping" brand and enhance the overall service quality in the industry [2] - **Activities and Initiatives** - The federation plans to conduct theme-based learning and skill training activities to improve the professional quality of practitioners [1] - Initiatives such as "Women's Volunteer Service into Communities" and "Caring for Special Families" will be organized to showcase the social value of the industry [1][2]

Financial Data and Key Metrics Changes - The company reported its first quarter of proprietary volume growth since 2021, marking a significant milestone [6] - Adjusted EBITDA and free cash flow have improved materially from 2022, with free cash flow previously being negative [9] - The company has shed over $400 billion in revenue, which management argues is beneficial for long-term success by removing lower quality revenue and unprofitable marketing expenses [7][8] Business Line Data and Key Metrics Changes - Proprietary volume growth has been strong, indicating a return to revenue growth that is expected to be profitable [9] - The company has improved customer experience metrics, with homeowner Net Promoter Score increasing by 30 points over the last two years [11] - Win rates on the core pro platform have increased over 20% in June and are tracking to more than 30% year-over-year in July [12] Market Data and Key Metrics Changes - The network channel traffic is expected to stabilize at current levels, with a slight decline anticipated next year [10] - The company has been focusing on improving the quality of its customer experience, which is reflected in better retention rates across all cohorts of pros [11] Company Strategy and Development Direction - The company is transitioning to a single modern international platform to improve operational efficiency and speed to market [13] - Management is optimistic about future growth, emphasizing the importance of improving the match between homeowners and pros [29] - The strategy includes targeting larger pros and optimizing sales efforts to increase revenue per lead and pro capacity [42][45] Management's Comments on Operating Environment and Future Outlook - Management noted a cautious macroeconomic environment but indicated that the business has countercyclical dynamics, benefiting from non-discretionary tasks [110] - There was a significant impact in April on homeowner traffic and wins per pro, but recovery has been observed since June [104][105] - The company expects modest revenue growth in the mid-single digits for 2026, with adjusted EBITDA margins likely to improve [47] Other Important Information - The company has been actively investing in marketing, with a focus on both digital and traditional channels to enhance brand awareness [75][78] - The transition of ad service pros to the new platform is a critical execution story, with successful migrations already completed internationally [58][59] Q&A Session Summary Question: Expectations for proprietary overall network market growth - Management expects service requests and leads to continue growing at a similar rate as in Q2, with improvements in revenue per lead driven by price optimization and platform migration [17][18] Question: Insights on profitable acquisition opportunities and marketing expenses - Consumer marketing expenses have increased as a percentage of revenue, but management expects stability in contribution margins going forward [20][21] Question: Duration of product initiatives and their impact on revenue growth - Management is focused on improving the match between homeowners and pros, with significant initiatives expected to yield results over the next year [30][41] Question: Macro trends and their impact on guidance - Management noted some pressure in consumer traffic but believes execution on paid channels is strong, with a cautious outlook on macroeconomic conditions [102][104] Question: Capital allocation strategy and buybacks - The company has been active in stock buybacks and is focused on maximizing aggregate profit through strategic capital allocation [103]

Core Insights - The "Top 100 Chain Enterprises in the Life Service Industry" report for 2024 shows a revenue scale of 319.47 billion yuan, representing a 7.5% increase from 2023 [1] - The total number of stores reached 252,000, marking a 27.9% growth compared to the previous year [1] - Online sales proportion increased from 22% in 2023 to 37.3% in 2024 [1] Revenue and Store Growth - The life service industry encompasses eight sectors, including hotel accommodation, automotive aftermarket, household services, beauty services, health services, leisure and entertainment, and education services [1] - The average rent cost for surveyed enterprises rose by 5% in 2024 [2] - 43% of enterprises reported an increase in net profit, down from 69% in the previous year [2] Employment and Consumer Trends - Employment numbers grew by 20% in 2024 compared to 2023, with flexible employment rising to an average of 15.7% [2] - 48% of enterprises experienced an increase in customer foot traffic, a decrease from 66% in 2023 [1][2] - 33% of enterprises reported stable customer foot traffic, up from 16% the previous year [2] Future Expectations - 86% of enterprises plan to continue expanding their store presence in 2025, down from 97% in 2024 [2] - Approximately 85% of enterprises expect revenue growth in 2025, a decline from 94% in 2024 [2] - The total number of new stores in county areas is projected to exceed 39,000 in 2025, up from over 33,000 in 2024 [2]