Sanoma Corporation, Stock exchange release, 17 February 2026 at 18:30 EET SANOMA CORPORATION: ACQUISITION OF OWN SHARES 17 FEBRUARY 2026Nasdaq Helsinki Ltd: Date17 February 2026 Exchange transactionBuy Share classSANOMA Amount14,482 Average price/share, EUR8.9814 Highest price/share, EUR9.0700 Lowest price/share, EUR8.9200 Total cost, EUR130,068.63 The share buybacks are executed in compliance with Regulation No. 596/2014 of the European Parliament and Council (MAR) Article 5 and the Commission Delegate ...

Group 1 - The core viewpoint of the news is the announcement of 21 livelihood projects in Zhangjiagang for 2026, aimed at improving urban infrastructure, public services, and education to meet community expectations [1] Group 2 - Urban functions and public services will be enhanced, including the rapid transformation of the West Second Ring Road, community updates, and the addition of 1,000 motor vehicle parking spaces [1] - The Sixth People's Hospital will open a new inpatient building this year, and three markets will undergo construction or renovation [1] - Educational support includes the "Seeing the Heart" psychological service project for youth, the addition of 1,500 new school places at Shazhou Middle School, and enhanced security measures in 69 kindergartens [1] Group 3 - The "Housing and Launch" project will improve living conditions for 150 low-income families, and five community facilities for elderly services will be newly built or expanded [2] - The city will update old elevators in residential buildings over 15 years old and improve water management systems [2] - A vocational training program will train 10,000 individuals, with at least 5,000 being high-skilled talents, to enhance employment opportunities [2]

Core Viewpoint - Gaotu Techedu Inc. will report its financial results for the fourth quarter and fiscal year 2025 on March 5, 2026, highlighting its focus on AI-powered education solutions [1]. Company Overview - Gaotu Techedu is a leading technology-driven education company in China, dedicated to enabling lifelong learning through AI-powered solutions [1]. - The company offers AI-powered, product-led learning solutions for learners from preschool to adulthood, combining high-caliber teaching resources with AI-enhanced tools [1]. - Gaotu aims to create engaging and effective learning experiences delivered through both online and offline channels, utilizing AI and data analytics to adapt content and teaching methods to individual learner needs [1]. Financial Reporting Details - The financial results will be reported before U.S. markets open on March 5, 2026, with a conference call scheduled for 8:00 AM U.S. Eastern Time [1]. - Dial-in details for the earnings conference call are provided for international, U.S., Hong Kong, and Mainland China participants [1]. - A telephone replay will be available two hours after the conference call until March 12, 2026, along with a live and archived webcast [1].

Core Insights - Udemy has partnered with OpenAI to integrate its skills content into ChatGPT, enhancing personalized and interactive upskilling experiences for users [1] - The integration aims to provide a comprehensive reskilling operating system that includes skill discovery, acquisition, mastery, validation, and acceleration directly within ChatGPT [1] - This collaboration targets approximately 800 million weekly active users of ChatGPT, focusing on learning as a primary use case [1] Company Overview - Udemy is described as a global AI-powered skills acceleration platform, offering over 290,000 courses from 90,000 expert instructors [1] - The platform aims to transform how individuals and companies build necessary capabilities for a rapidly evolving workplace [1] - Udemy's enterprise solutions are utilized by thousands of companies, including notable names like Ericsson, Samsung, and Volkswagen [1] Integration Features - The integration includes features such as Learning Journey Intelligence, which tracks individual learning paths and skill gap analysis [1] - Users can explore course content without login requirements, facilitating easier content discovery [1] - The integration allows for seamless enrollment in courses directly from ChatGPT conversations, enhancing user engagement [1] Learning Experience - The app provides interactive assessments, practical labs, and competency validation, distinguishing it from traditional AI tutoring [1] - Users can ask questions in real-time while watching course videos, creating a flexible learning environment [1] - ChatGPT will proactively suggest relevant Udemy courses based on detected learning opportunities in conversations [1] Accessibility and Future Vision - The Udemy app in ChatGPT is available to logged-in users across various subscription plans, initially launched in English with subtitle support [1] - This integration represents a step towards making high-quality education universally accessible through conversational AI [1]

Core Insights - NetEase reported steady performance in Q4 2025 with revenue of 27.5 billion yuan and total annual revenue of 112.6 billion yuan, achieving a Non-GAAP net profit of 37.3 billion yuan [1] - The company has invested 17.7 billion yuan in R&D for six consecutive years, focusing on AI-driven productivity across its gaming, music, and education sectors [1] - The "AI-native" strategy has led to significant advancements in AI applications, with a notable 11% year-on-year growth in online gaming revenue, reaching 89.6 billion yuan [1] Financial Performance - Q4 revenue reached 27.5 billion yuan, while total annual revenue was 112.6 billion yuan [1] - Non-GAAP net profit for the year was 37.3 billion yuan [1] - R&D investment for the year was 17.7 billion yuan, marking a consistent annual investment exceeding 10 billion yuan for six years [1] AI Strategy and Implementation - NetEase has established an AI-centric production system, integrating AI into various business segments, including gaming, music, and education [1] - The company has achieved large-scale deployment of AI in art, planning, programming, animation, and quality assurance [1] - AI-driven tools have improved production efficiency by up to 300% in certain areas, creating a competitive edge in AI industrialization [3] Gaming Sector Highlights - The gaming and related services revenue for 2025 was 92.1 billion yuan, with online gaming net revenue of 89.6 billion yuan, reflecting an 11% increase [1] - Classic games like "Dream of Red Mansions" and "Big Talk Journey to the West" have shown strong performance, with record revenues and user engagement [9] - New game features and innovative gameplay have attracted new users and increased player retention [10] Other Business Segments - NetEase's Youdao achieved annual revenue of 5.9 billion yuan, marking its first year of positive operating profit and cash flow [1] - NetEase Cloud Music generated 7.8 billion yuan in revenue, with steady growth in subscription services [1] - The innovation in AI applications has led to significant improvements in advertising efficiency, with gaming and AI application ad revenue growing over 50% year-on-year [7] Global Expansion and Market Performance - "Yan Yun Sixteen Sounds" has become a successful global title, surpassing 80 million users and achieving high rankings in international markets [12] - The game has been recognized for its cultural impact and has won multiple awards, showcasing NetEase's capability in global IP management [12] - Other titles like "World of Warcraft" and "Call of Duty" have also achieved record revenues in the Chinese market, highlighting the effectiveness of localized operations [10][13]

Core Insights - NetEase reported a stable performance in Q4 2025 with revenue of 27.5 billion yuan and total annual revenue of 112.6 billion yuan, achieving a Non-GAAP net profit of 37.3 billion yuan [1] - The company has invested 17.7 billion yuan in R&D for six consecutive years, focusing on AI as a core productivity system integrated across gaming, music, and education [1] - The "AI-native" strategy has led to significant revenue growth in various segments, with online gaming revenue reaching 89.6 billion yuan, a year-on-year increase of 11% [1] Financial Performance - Q4 revenue reached 20 billion yuan for innovation and other businesses, a 42% quarter-on-quarter increase, with total annual revenue of 6.8 billion yuan [2] - NetEase Youdao achieved annual revenue of 5.9 billion yuan, marking its first year of positive operating profit and cash flow [1][2] - NetEase Cloud Music generated 7.8 billion yuan in revenue, with steady growth in subscription services [1] AI Integration and Development - The company has implemented AI across various stages of production, achieving efficiency improvements of up to 300% in certain areas [3] - AI-driven tools like CodeMaker and DreamMaker have transformed content production, enabling rapid creative delivery and significant expansion of asset libraries [3] - NetEase has pioneered AI-native gameplay features, including intelligent NPCs and real-time voice AI teammates, enhancing user engagement and retention [4][5] Product and Market Expansion - The classic game "Dream of the Red Chamber" achieved record revenue in its 23rd year, while "Yanyun Sixteen Sounds" saw significant user engagement and revenue growth [8][10] - The global user base for "Yanyun Sixteen Sounds" surpassed 80 million, marking a successful cultural export of Chinese gaming [10][11] - New products like "Forgotten Sea" and "Infinite Big" are in development, aimed at meeting global demand for high-quality original content [11] AI Commercialization and Business Strategy - NetEase has accelerated AI commercialization, with Youdao's AI subscription service sales exceeding 100 million yuan for the first time [6] - The company is expanding its AI capabilities in advertising, with net revenue from gaming and AI applications growing over 50% year-on-year [6] - NetEase's enterprise service division has developed a comprehensive AI agent matrix, serving thousands of enterprises and enhancing productivity [7]

Market Overview - U.S. equities are experiencing a mixed trading session as investors react to corporate earnings and economic indicators that may influence the Federal Reserve's monetary policy [1] - Major indexes show slight movements, with the Dow Jones Industrial Average up by 124.44 points to 50,260.31, the S&P 500 gaining 2.14 points to 6,966.96, and the Nasdaq Composite down by 3.51 points to 23,235.16 [2] Sector Performance - A significant rotation in sector performance has been observed in 2026, with cyclical and defensive sectors performing well; materials stocks are up 14% year-to-date, industrials have gained approximately 9%, and consumer staples have risen nearly 12% [4] - The energy sector is the top performer in 2026, with the Vanguard Energy ETF (VDE) showing a 16% increase, indicating broader market participation beyond traditional tech leadership [4] Corporate Earnings and News - Coca-Cola Company (KO) shares declined after reporting revenue below forecasts, despite exceeding profit expectations [8] - S&P Global Inc. (SPGI) saw a significant drop in stock price following weak guidance [8] - Spotify Technology S.A. (SPOT) shares jumped by 9.7% after reporting robust growth in monthly active users [12] - AstraZeneca PLC (AZN) hinted at entering the weight-loss drug market with a new drug candidate [12] - Alphabet Inc. (GOOGL) is reportedly looking to raise approximately $15 billion through a U.S. bond sale, following a substantial capital expenditure guidance of around $180 billion for 2026 [12] - G8 Education Ltd. (GEM) slumped significantly after announcing a $350 million impairment and canceling its buyback and final dividend [12] - Treasury Wine Estates Ltd. (TWE) jumped after resolving a U.S. distributor dispute and upgrading its first-half earnings guidance [12]

Core Viewpoint - A securities fraud class action lawsuit has been filed against Richtech Robotics Inc. (RR) on behalf of investors who acquired its securities between January 27, 2026, and January 29, 2026, following misleading statements regarding a collaboration with Microsoft [1] Group 1: Company Overview - Richtech Robotics Inc. announced a collaboration with Microsoft's AI Co-Innovation Labs on January 27, 2026, which led to a 44.6% increase in its stock price [1] - On January 29, 2026, Hunterbrook Media reported that the collaboration was merely a "standard" customer program with "no commercial element," resulting in a stock price drop of $1.06, or 20.9%, closing at $4.02 per share [1] Group 2: Lawsuit Details - The lawsuit alleges that Richtech made materially false and misleading statements and failed to disclose adverse facts about its business and prospects [1] - Specifically, it is claimed that Richtech misrepresented its relationship with Microsoft, leading to misleading positive statements about the company's operations [1]

Core Viewpoint - Investors in the Schools sector should consider New Oriental Education (EDU) and Universal Technical Institute (UTI), with EDU currently presenting a better value opportunity [1] Group 1: Zacks Rank and Earnings Outlook - New Oriental Education has a Zacks Rank of 1 (Strong Buy), indicating a positive earnings outlook, while Universal Technical Institute has a Zacks Rank of 5 (Strong Sell) [3] - The Zacks Rank system favors stocks with positive revisions to earnings estimates, suggesting that EDU has an improving earnings outlook [3] Group 2: Valuation Metrics - EDU has a forward P/E ratio of 16.61, significantly lower than UTI's forward P/E of 37.77, indicating that EDU may be undervalued [5] - EDU's PEG ratio is 0.89, while UTI's PEG ratio is 2.52, further suggesting that EDU is a more attractive investment based on expected earnings growth [5] - EDU's P/B ratio is 2.33 compared to UTI's P/B of 4.81, reinforcing the notion that EDU is the superior value option [6] Group 3: Value Grades - EDU has a Value grade of A, while UTI has a Value grade of D, highlighting the significant difference in their valuation metrics and earnings outlook [6]

Macro Strategy - The report suggests a balanced ETF allocation in domestic equities, indicating a cautious approach due to macroeconomic uncertainties and geopolitical risks affecting market visibility and risk premiums [1][14][19] - The Hang Seng Tech Index is expected to experience a sideways trend in February 2026, with potential for recovery driven by seasonal market dynamics, but caution is advised regarding the impact of a strengthening US dollar [1][17] Financial Products - The Nasdaq 100 Index showed a monthly increase of 1.20% in January 2026, with fluctuations driven by macroeconomic data and political uncertainties, particularly surrounding inflation and Federal Reserve policies [2][4][18] - The report highlights the Nasdaq 100 ETF's high valuation, with a PE ratio of 36.15, indicating a reliance on interest rate environments and earnings confirmations [4][18] Industry Insights - The AI and semiconductor sectors are identified as key drivers of earnings support, contributing to a perceived "profit bottom" despite macroeconomic policy risks [2][4] - The report emphasizes the importance of upcoming earnings reports from major tech companies to validate market valuations and growth narratives, particularly in AI capital expenditures [4][18] Company Analysis - Keg Precision Machinery is projected to see significant profit growth due to increased demand for high-end solder paste printing equipment, with expected net profits of 1.9 billion, 4.0 billion, and 6.0 billion for 2025-2027 [8] - Juchip Technology anticipates a 41.44% increase in revenue for 2025, driven by AI-enabled audio chip sales, with net profit expected to reach 2.04 billion, reflecting a 91.40% year-on-year growth [9][10] - China Ping An is highlighted for its strong insurance business growth, with a low valuation and high weight in major indices, suggesting significant investment potential [12]