每经编辑｜金冥羽 黄博文 俞敏洪南极贺信的舆情风波仍然在发酵。他乘坐的邮轮，在舆论场上撞上了职场人情绪的冰山，散发出阵阵寒意。 然而，从本质上来说，这是一场错位的舆情风波。因为俞敏洪不过是在新东方32周年的时候发了一封内部贺信，他期待的只是员工的共鸣与感动。 据称是内部员工的各种吐槽，其身份尚且存疑。即便为真，这反而也在一定程度上证明，这是一家氛围宽松、员工能畅所欲言的企业。俞敏洪在最新的回 应中也表示，允许员工吐槽公司是新东方的传统。 更重要的是，俞敏洪的财富积累是在市场经济中奋斗的成果。他这张通往南极的船票，也属于个人消费自由的范畴，很难说是一些网友说的"吃大餐吧唧 嘴"的炫富行为，我们可以羡慕并自我激励，但不必嫉妒和恨。 普通职场人或许坐不起票价高达26万元的邮轮，但可能也不曾承受那些光鲜表面背后的巨大压力和磨难。虽然企业家与普通人的财富差距可能有云泥之 别，但本质是社会分工不同，各有各的艰辛，各有各的奋斗，这正是我们与企业家"同船而行"的本质。 既然在同一条船上，我们也需要跨越理解的鸿沟，寻求更多的共识。 新东方的待遇福利，以及俞敏洪与员工的关系，终究只有新东方员工有亲身感受的发言权。所谓冷暖自知，不 ...

我们这里的大部分企业家还只经历过牛市，熊市怎么玩还没摸清楚。但也许企业家还能兼职网红的时 代，差不多要结束了。对企业家来说，未来网红这个身份可能都是负资产，毕竟人红是非多，专注主业 才是正道。 ...... 本质上这和你说了啥没关系，重要的是大家都需要一个发泄情绪的口子。在经济上行期，员工开心、股 东开心，那就说啥都是对的，企业家很容易就当了网红。 在目前这个阶段么，自然说啥都容易被喷。国外的企业家大部分都比较低调，我能想到的就是马斯克天 生的网红体质，其他像巴菲特、黄仁勋这样虽然也有很大影响力，但主要还是体现在行业和专业上，并 没有天天在网上当键盘侠。这说的是美国，至于欧洲的大企业家到底有谁，上不上网，我反正是一个都 不知道。让我打个比方的话，欧美企业家群体那都是穿越多次牛熊的老股民，被时代追捧过、抛弃过， 都淡定了。 这几天有个瓜，就是新东方的老俞去了南极，看了企鹅，然后熬了一份鸡汤给员工，被diss了。实话实 说，我还挺喜欢老俞的。我读大学的时候去新东方学英语，当时还只在北京有点，我还是第一次离家那 么久。 上课挺轻松的，三分之二时间讲段子，三分之一讲课，段子里最多的都是讲自己老板有多抠。后来我知 道这 ...

Core Insights - The company reported a revenue of $1.52 billion for FY2026 Q1, representing a year-over-year increase of 6.1%, exceeding the previous guidance by 1% [1] - The company plans to return $490 million to shareholders through dividends and share buybacks, with a dividend of $0.12 per share and a total dividend payout of approximately $190 million [2] - The company expects revenue growth in FY2026 Q2 to be higher than Q1, with projected net revenue between $1.13 billion and $1.16 billion, reflecting a year-over-year increase of 9% to 12% [2] Financial Performance - In FY2026 Q1, the company achieved a Non-GAAP operating profit of $340 million, a year-over-year increase of 11.8%, with an operating profit margin of 22%, up 1.1 percentage points [1] - The company reported a net profit attributable to shareholders of $240 million for FY2026 Q1, a decrease of 1.9% year-over-year, while the Non-GAAP net profit was $260 million, down 2.4% year-over-year [1] - As of the end of FY2026 Q1, the company had cash and cash equivalents of $1.28 billion, time deposits of $1.57 billion, and short-term investments of $2.18 billion [1] Business Segments - The company’s revenue growth was driven by domestic exam services for adults and university students, which grew by 14.4% year-over-year, and new education businesses, which grew by 15.3% year-over-year [1] - The overseas business faced pressure, with the revenue growth for study abroad exam preparation and consulting services at only 1% and 2% year-over-year, respectively [1] Future Outlook - The company maintains its previous revenue growth expectations for the full year, despite adjusting forecasts due to international economic conditions affecting traditional study abroad and new cultural tourism businesses [2] - The company anticipates an increase in profit margins in FY2026 Q2, driven by improvements in core education business and enhanced profitability from its subsidiary, Dongfang Zhenxuan [2] - Revenue projections for FY2026-2028 are estimated at $5.36 billion, $5.98 billion, and $6.5 billion, with net profits of $460 million, $540 million, and $620 million, respectively, maintaining a "buy" rating [2]

Core Insights - The article discusses the correlation between zodiac signs and financial success, highlighting specific traits and strategies associated with individuals born under the signs of Rat, Snake, Monkey, and Pig [3][4][7][9]. Group 1: Zodiac Sign Insights - **Rat**: Individuals born in the Year of the Rat are characterized as opportunity hunters, with a knack for identifying business opportunities in seemingly ordinary situations. They are advised to focus on AI applications, the silver economy, and county-level economies in the next six months [3]. - **Snake**: Those born in the Year of the Snake exhibit a philosophy of steady success, marked by high sensitivity to information and the ability to integrate resources effectively. They are encouraged to explore long-term value sectors like vocational training and health management, especially as their financial prospects are expected to improve in 2028 [4][6]. - **Monkey**: People born in the Year of the Monkey are noted for their creativity and ability to monetize everyday inspirations. They are advised to concentrate on the knowledge payment sector, particularly in developing lightweight courses in niche areas [7]. - **Pig**: Individuals born in the Year of the Pig often benefit from the support of others, revealing the economic value of interpersonal relationships. They are advised to enhance their financial management skills to convert assistance into sustainable business models [8][9]. Group 2: Common Wealth Traits - The analysis of these zodiac signs reveals three common traits among high financial intelligence individuals: opportunity sensitivity, resource integration, and risk balancing. These traits can enhance wealth creation capabilities regardless of zodiac sign [10][14]. - **Opportunity Sensitivity**: The ability to identify overlooked value points is crucial for financial success [14]. - **Resource Integration**: Effectively combining fragmented elements into profitable models is a key strategy [14]. - **Risk Balancing**: Successful individuals are willing to try new ventures while also understanding the importance of setting safety nets [14].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is expected to accelerate growth in its K12 business in FY2026Q2, with a projected revenue increase of 9% to 12% year-over-year [4] - The company plans to return $490 million to shareholders through dividends and share buybacks, with a dividend of $0.12 per share [3] - Despite a slowdown in overseas business and revenue growth, the company achieved a revenue of $1.52 billion in FY2026Q1, exceeding previous guidance by 1% [2][4] Financial Performance - For FY2026Q1, the company reported a Non-GAAP operating profit of $340 million, a year-over-year increase of 11.8%, with an operating profit margin of 22% [2] - The company expects FY2026-2028 revenues of $5.36 billion, $5.98 billion, and $6.50 billion, respectively, with corresponding net profits of $461 million, $542 million, and $619 million [4][8] - The company has cash and cash equivalents of $1.28 billion, with short-term investments totaling $2.18 billion as of FY2026Q1 [3] Market Performance - The company's stock has outperformed the Hang Seng Index by 2.6% over the past month, while the Hang Seng Index has seen a decline of 2.7% [5] - The current stock price is HKD 41.86, with a market capitalization of approximately HKD 66.62 billion [5] Future Outlook - The company anticipates improved profit margins in FY2026Q2, driven by enhanced K12 teaching quality and increased student retention rates [4] - The report indicates a cautious outlook on revenue and profit forecasts due to the impact of international economic conditions on traditional study abroad and new cultural tourism businesses [4]

Core Insights - Despite China's large population and robust consumer market, businesses across various sectors are facing increasing difficulties, which is perplexing given the favorable market conditions [1] Industry Analysis - Significant monopolistic practices exist in key industries such as oil, telecommunications, tobacco, and electricity, which are highly profitable yet exclude private capital, intensifying competition in traditional sectors [3] - The repeated impacts of the COVID-19 pandemic have severely affected industries like dining, entertainment, tourism, and retail, contributing to a general economic downturn [6] - Rising prices due to imported inflation and increased production costs have suppressed consumer demand, leading to a contraction in the market [8] - High mortgage burdens on consumers have diminished disposable income, limiting their spending capacity and negatively impacting sales performance across industries [10] - The surge in competition from a growing number of entrepreneurs entering traditional sectors, coupled with a shrinking consumer demand, has created an oversupply situation, making it increasingly challenging for businesses to thrive [10]

Core Insights - The "concert economy" has significantly boosted the hospitality industry, with Airbnb reporting a fivefold increase in accommodation bookings during the NCT WISH concert in Seoul and a sixfold increase during the Coachella music festival [2][3]. Group 1: Impact of Concerts on Travel - The demand for attending concerts abroad is driving a surge in young Chinese users on Airbnb, particularly from Generation Z [3][4]. - Airbnb has identified that many young travelers are not just tourists but are traveling specifically for concerts, exhibitions, and fan meetings [5][6]. Group 2: Role of Xiaohongshu - Xiaohongshu has become a crucial platform for Airbnb to connect with over 100 million Gen Z users, facilitating insights and outreach [3][12]. - Searches related to "concerts" on Xiaohongshu increased by 109% year-on-year in Q4 of last year, indicating a growing interest among young people [4]. Group 3: Specific User Needs - Users on Xiaohongshu often search for detailed and specific queries, such as "what insurance should a 30-year-old single woman buy," reflecting a trend towards more nuanced consumer needs [13][14]. - The rise in specific searches, such as a 490% increase in searches for "fluffy hair transplant," shows a deeper consumer motivation in the travel and lifestyle sectors [16]. Group 4: Market Growth and Opportunities - The service retail sector saw a 5.1% year-on-year growth from January to August, outpacing the growth of goods retail by 0.3 percentage points, highlighting the expanding opportunities in lifestyle services [17]. - The number of service providers on Xiaohongshu has increased significantly, with SPUs growing by 80% to 25,000 and merchant accounts increasing by 70% to 31,000 [20]. Group 5: Challenges in Service Industry - The service industry faces challenges such as non-standardized services and information asymmetry, making it difficult for consumers to make informed choices [22][23]. - As customer acquisition costs rise, businesses need to establish deeper connections with users, moving from quick sales tactics to long-term engagement strategies [24]. Group 6: Xiaohongshu's Unique Position - Xiaohongshu's dual recommendation and search capabilities allow for a more targeted approach to consumer engagement, with 80% of searches being longer phrases [12][13]. - The platform's community-driven nature fosters a unique environment for businesses to understand and meet specific consumer needs, leading to increased engagement and conversion rates [25][59]. Group 7: Case Studies of Success - Companies like Yifeng Moving have adapted their marketing strategies on Xiaohongshu to better resonate with their target audience, focusing on specific consumer pain points [32][34]. - "Shanzhu Imaging," a wedding photography studio, successfully leveraged Xiaohongshu to boost its brand visibility and sales, demonstrating the platform's effectiveness in driving business growth [39][42]. Group 8: Future of Business on Xiaohongshu - Xiaohongshu users, with an average monthly household income of 26,000 yuan, are highly engaged and willing to share their experiences, creating a fertile ground for various business opportunities [56]. - The platform's emphasis on detailed consumer insights and tailored content strategies positions it as a key player in the evolving landscape of lifestyle services [60][62].

Investment Rating - The report maintains a "Buy" rating for New Oriental-S (09901.HK) [1] Core Insights - The company reported better-than-expected revenue growth in FY26Q1, with a year-on-year increase of 6.1%, surpassing previous guidance of 2%-5% [7] - The overseas business showed significant improvement, with a 25% revenue growth in the low-age study abroad segment, indicating a shift in demand rather than a decline [7] - K12 business is expected to accelerate, with anticipated growth rates of approximately 20% for K9 and double-digit growth for high school, validating the strategy of prioritizing product quality [7] - The company announced a shareholder return plan totaling approximately $490 million, which is over 130% of FY25 net profit, indicating strong profit visibility and cash flow [7] - Non-GAAP operating profit margin improved to 22.0%, with expectations for further expansion in Q2, driven by better resource utilization and cost control [7] Financial Projections - Total revenue is projected to grow from $4.9 billion in FY2025 to $6.3 billion in FY2028, with year-on-year growth rates of 13.6%, 9.96%, 10.00%, and 7.02% respectively [1][9] - Net profit attributable to shareholders is expected to increase from $371.72 million in FY2025 to $591.14 million in FY2028, with growth rates of 20.07%, 32.32%, 10.40%, and 8.87% respectively [1][9] - The current stock price corresponds to a PE ratio of 17, 15, and 14 times for FY2026, FY2027, and FY2028 respectively based on Non-GAAP metrics [1][9]

Summary of the Conference Call for Dou Shen Education Company Overview - Dou Shen Education has undergone a transformation post the "double reduction" policy, introducing strategic investments through judicial restructuring, with Dou Xin becoming the actual controller [2][3] - The core business is supported by its Chinese language system, while art learning services contribute over 70% of revenue and 80% of profit, including live and recorded classes as well as educational integration projects [2][3] Financial Performance - In 2024, the main business revenue reached 640 million yuan, achieving profitability [4] - In the first half of 2025, revenue grew by 36%, with contract liabilities for advance service fees exceeding 80 million yuan, a year-on-year increase of 126% [4] Industry Trends - The education and training industry is shifting from large class teaching to refined operations, driven by AI technology that integrates online and offline education [5] - The market size for quality education is expected to reach 1 trillion yuan by 2027, with a compound annual growth rate of nearly 18% [5] - AI education is characterized by low costs and high efficiency, aligning well with domestic demand, and the global AI education market is projected to exceed 40 billion USD by 2029 [6] AI Education Development - Dou Shen Education has made significant progress in the AI education sector, transitioning from office information systems to educational services, and has introduced AI technology to enhance its offerings [3][6] - The core competitiveness of AI education products includes strong product capabilities, data accumulation in the education field, and effective promotional strategies to improve ROI [7] Business Model and Product Offerings - Dou Shen Education focuses on providing non-subject courses through original teaching content, with a shift towards live classes and effective monetization strategies via platforms like Douyin [8][9] - Recent product launches include Dou Shen AI tools, Super Energy Training Ground, and Rotating Robots, with significant market performance and sales targets [11] Future Outlook - Revenue projections for Dou Shen Education from 2025 to 2027 are expected to grow rapidly, reaching 1.15 billion yuan, 1.56 billion yuan, and 2.1 billion yuan respectively, with corresponding net profit forecasts of 210 million yuan, 290 million yuan, and 390 million yuan [12] - Despite a high current P/E ratio, the market remains optimistic about the company's ability to deliver on sales performance, indicating a promising future [12]

Core Insights - Recent discussions among operators reveal significant issues with KOS accounts on Xiaohongshu, including account bans and limited visibility of posts, indicating a shift in platform governance [1][2][3] - The platform has initiated a new round of strict controls, particularly affecting KOS accounts linked to the medical and education sectors, resulting in a substantial decrease in visibility and engagement for many operators [5][6][14] Group 1: KOS Account Challenges - Many operators have reported that their KOS accounts have been banned or limited, leading to a nearly 50% drop in overall traffic for their content [3][5] - The recent governance actions by Xiaohongshu are linked to a broader crackdown on the medical beauty industry, which has also impacted related sectors like oral health and education [5][6] - Operators are now facing stricter requirements for compliance, including the need for proper medical qualifications and certifications to avoid account bans [11][12] Group 2: Industry Impact and Adjustments - The crackdown on KOS accounts has extended beyond the medical field to real estate, education, and finance, with over 270 accounts being permanently frozen for non-compliance [6][14] - Operators in the education sector have been particularly affected, with many accounts being banned for promoting services without the necessary qualifications [11][12] - Successful operators are adapting by focusing on high-quality content and compliance with platform regulations, shifting from low-cost acquisition strategies to more sustainable, compliant practices [15][16]