1月7日，东百集团（600693）官微发布2026年元旦跨年档(2025年12月31日—2026年1月3日)经营数据， 在消费市场加速回暖的背景下，东百集团依托高品质运营策略，核心经营指标实现显著增长。 数据显示，跨年档期间，东百集团全体系累计客流达395万人次，同比增长40%；档期内实现销售额2.1 亿元。值得注意的是，在存量竞争加剧的市场环境下，会员经济表现稳健，档期内新增会员1.1万人， 会员销售额达8900万元，同比增长9.04%，显示出较强的客户吸引力与用户黏性。 分项目来看，位于福州大本营的东百中心与西北区域的兰州中心均表现出强劲的头部效应。 在县域商业方面，福安东百城进一步打开了"下沉市场"的消费潜力。通过引入非遗火壶等体验式场景， 福安东百城跨年夜客流刷新历史纪录，销售额同比增长24.7%，并助推10家品牌斩获福安市销冠。 此外，东百元洪城与东百城永嘉天地分别通过粉丝社群运营(如"Fly to2026五月天粉丝跨年狂欢夜"活动) 和沉浸式社交场景(如飘雪音乐派对)，实现了客流与销售的双增长。其中，永嘉天地销售额同比增长 26.9%。东百仓山店则通过举办"以梦为马"主题跨年音乐节，以原创IP开发 ...

Core Viewpoint - The stock price of Dongfang Zhenxuan has experienced dramatic fluctuations, with a maximum amplitude exceeding 242% in 2025, reflecting the market's mixed sentiments towards the company's strategic shift away from "top-tier hosts" [1][17] Group 1: Leadership Changes - On December 25, 2023, Dongfang Zhenxuan appointed Sun Jin as the new CEO, marking the end of the previous era under CEO Sun Dongxu [2][3] - The appointment led to a slight increase in stock price by 0.67% on the announcement day, followed by a further rise of 5.7% on December 29, closing at 18.56 HKD per share, with a total market value of 19.5 billion HKD [2][3] Group 2: New CEO's Background - Sun Jin, born in 1983, has a law degree and has been with New Oriental since 2006, gradually rising through the ranks and gaining significant management experience [3][4] - He has received multiple awards for his management performance, indicating a strong track record within the organization [4][5] Group 3: Challenges Ahead - Dongfang Zhenxuan is facing significant challenges, including a 32.7% year-on-year decline in revenue to 4.4 billion CNY and a 39% drop in GMV to 8.7 billion CNY for the fiscal year 2025 [17][20] - The company is under scrutiny due to public reactions to founder Yu Minhong's statements, which have led to concerns about his empathy and the company's public image [17][20] Group 4: Strategic Focus - Sun Jin is expected to prioritize building a content system that does not rely on individual hosts, aiming to standardize and scale content production [20][21] - The company plans to diversify revenue streams by introducing knowledge-based paid courses and exploring offline retail opportunities, including flagship stores [21][22]

会员服务已渗透至日常生活的各个角落，"首月低价""连续订阅享优惠"等低价营销，吸引不少消费 者开通自动续费。然而，近日有调查发现，不少平台暗藏"猫腻"：有的并未以显著方式提前提醒用户续 费；有的设置复杂取消路径，许多消费者被悄无声息扣费数月甚至数年，维权过程费时费力。在某第三 方投诉平台，自动续费相关投诉超20万条，看似省心的操作竟成了甩不掉的负担。治理这种不诚信、不 公平的经营行为，需要强化行业自律，由行业协会或监管部门牵头制定行业规则，对自动续费进行规 范；加强行政监管，明确平台须履行"强提醒"义务，确保取消流程与开通流程同等便捷；加大执法力 度，通过引入惩罚性赔偿机制，形成有效震慑。(本文来源：经济日报 作者：时 锋) document.getElementById("article_m").innerHTML=document.getElementById("article_p").innerHTML; (责任编辑：武晓娟) ...

Hi Morgan. So this is Costco's fiscal first quarter. They're they're turning in earnings per share of $4.50%.That is better than expectations for 427. Revenues also stronger than expected. This is total revenues inclusive of membership fees 67307 billion.The street was looking for 67.137% billion. Comp sales, we know we still get these from Costco regularly, but total for the quarter up 6.4%. Digitally enabled sales up 20.5%.The company did recently change how they're reporting that number. So, it's going t ...

Core Viewpoint - Costco is expected to report earnings after the market close, with shares under pressure, having hit a 52-week low and down nearly 5% year-to-date. The anticipated adjusted EPS is $4.26 on revenues of approximately $67.33 billion, reflecting an 8% year-over-year increase [1][3]. Financial Performance - Analysts expect Costco to maintain strong performance despite recent stock declines, with the holiday quarter typically being robust for the company. The expected EPS of $4.26 and revenue of $67.33 billion indicate growth compared to the previous year [3][4]. - November comp sales growth was reported at 8%, with U.S. comp sales up 7%, Canada up 7%, and international markets up 11.4%. This growth suggests that consumer spending remains strong at Costco [5][6]. Market Sentiment - There is a slightly bullish sentiment among analysts, with 11 upward revisions to EPS estimates in the last three months compared to seven downward revisions, indicating confidence in Costco's upcoming earnings report [10][11]. - Despite the positive outlook, concerns exist regarding the company's stock performance, which is the worst in over two decades, leading to speculation that a special dividend may be suspended due to ongoing legal issues and stock performance [8][9]. Consumer Behavior - Consumers are reportedly continuing to shop at Costco, seeking lower prices even amid tighter budgets. This trend is expected to support Costco's sales during the holiday season [4][11]. - The company has a high membership renewal rate of 90%, indicating strong brand loyalty among its customers, which could serve as a catalyst for future growth if membership fees are increased [14].

Core Viewpoint - Costco's business is performing well, but its stock faces challenges due to high valuation and lack of catalysts [1][2] Group 1: Business Performance - Costco's revenue grew approximately 8% for both Q4 and the full fiscal year, with comparable sales increasing by 6.4% in Q4 and 7.6% for the full year [3] - There is a slight slowdown in comparable store sales growth, with November's growth at 6.4%, down from 6.8% in October [4] Group 2: Membership Fees and Catalysts - Costco raised membership fees in the U.S. and Canada, contributing to a 14% increase in membership fees in Q4 of fiscal 2025 [6] - The company is unlikely to raise membership fees again for several years, limiting potential profit growth from this source [7] Group 3: Valuation Concerns - Costco's stock trades at about 49 times earnings, significantly higher than the S&P 500's P/E of 25, creating high expectations for performance [9] - The company's business model focuses on passing savings to customers, making rapid margin expansion unlikely [10]

Core Viewpoint - Guolian Co., Ltd. has shown a positive stock performance with a year-to-date increase of 14.58%, and recent trading activity indicates strong investor interest and liquidity [1][2]. Group 1: Stock Performance - As of December 4, Guolian's stock price increased by 2.08% to 30.38 CNY per share, with a trading volume of 250 million CNY and a turnover rate of 1.17%, resulting in a total market capitalization of 21.89 billion CNY [1]. - Year-to-date, Guolian's stock has risen by 14.58%, with a 5-day increase of 8.27%, a 20-day increase of 7.69%, and a 60-day increase of 9.68% [1]. Group 2: Financial Performance - For the period from January to September 2025, Guolian reported a revenue of 38.78 billion CNY, reflecting a year-on-year decrease of 3.63%, while the net profit attributable to shareholders was 1.10 billion CNY, down 1.73% year-on-year [2]. Group 3: Shareholder Information - As of September 30, 2025, Guolian had 42,100 shareholders, a decrease of 6.47% from the previous period, with an average of 17,121 circulating shares per shareholder, which is an increase of 6.92% [2]. - The company has distributed a total of 419 million CNY in dividends since its A-share listing, with 313 million CNY distributed over the past three years [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $2.29 per ADS, based on an adjusted P/E average of comparable companies [3][6][11]. Core Insights - The new broadcasting policies are expected to positively impact the industry in the long term, leading to a gradual recovery in the company's ROI. The projected GAAP net profits for 2025 to 2027 are -331 million, 541 million, and 1.773 billion CNY respectively [3][5]. - The company reported a Q3 revenue of 6.68 billion CNY, a year-over-year decrease of 8%, but slightly above Bloomberg's expectations. The gross margin was 18%, down 4 percentage points year-over-year [9]. - Membership service revenue for Q3 was 4.2 billion CNY, a 4% decrease year-over-year but a 3% increase quarter-over-quarter, driven by strong performance from key content [9][10]. Financial Summary - The company's revenue projections for 2025 to 2027 are 27.259 billion, 28.410 billion, and 29.356 billion CNY, with corresponding year-over-year growth rates of -6.73%, 4.22%, and 3.33% [5][10]. - The GAAP net profit for 2025 is projected to be -331 million CNY, with a significant recovery expected in 2026 and 2027 [3][5]. - The gross margin is expected to decline from 27.52% in 2023 to 21.02% in 2025, before gradually improving to 22.62% by 2027 [5][12]. Market Performance - The company's stock price as of November 19, 2025, was $2.24, with a 52-week high of $2.84 and a low of $1.50 [6]. - The absolute performance over the past week was +3.7%, while the relative performance was +7.3% compared to the Nasdaq index [7].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported total revenue of 6.7 billion yuan in Q3 2025, a year-on-year decline of 7.8%, which was slightly better than the consensus expectation of a decline of 8.6% [1] - Non-GAAP net profit was -150 million yuan, compared to the consensus expectation of -120 million yuan [1] - Management indicated that new regulations from the National Radio and Television Administration have positively impacted the company, and they are exploring innovative content production models [1] - Membership services showed a positive trend due to improvements in content quality and sales strategies, with expectations for revenue growth in Q4 [1] Revenue and Membership Performance - Membership service revenue for Q3 2025 was 4.2 billion yuan, down 3.5% year-on-year but up 3% quarter-on-quarter, driven by popular self-produced series and films [2] - The company maintained the leading market share in long video series, with significant viewership for titles like "Chao Xue Lu" and "Sheng Wan Wu" [2] Profitability and Cost Structure - The company's gross margin was 18.2%, a decrease of 3.8 percentage points year-on-year, with content costs at 4.04 billion yuan, down 0.7% year-on-year [3] - Non-GAAP operating expenses totaled 1.27 billion yuan, with an expense ratio of 19.0%, an increase of 1.6 percentage points year-on-year [3] - Management is leveraging a unique IP reserve to enhance user experience and is developing both IP-based consumer products and offline experiences [3] AI and International Business Growth - The company is utilizing AI to produce high-quality original micro-animations at lower costs and to enhance user experience through AI-driven features [4] - International business revenue outside mainland China grew by over 40% year-on-year in Q3 2025, marking the highest growth in nearly two years [4] Financial Forecast and Valuation - The revenue forecast for 2025-2027 has been adjusted to 27.3 billion, 28.5 billion, and 29.8 billion yuan, respectively [5] - Non-GAAP net profit estimates for the same period are adjusted to 0.9 billion, 6.7 billion, and 10.1 billion yuan [5] - The target price is set at $2.92, reflecting a valuation of 0.7x 2026 PS, which is at a discount compared to the industry average of 5.3x [5]

Core Viewpoint - iQIYI reported a decline in revenue for the third consecutive quarter, with Q3 2025 revenue at 6.68 billion yuan, down approximately 8% year-on-year [1] Revenue Performance - iQIYI's revenue for Q1 to Q3 2024 was 7.93 billion yuan, 7.44 billion yuan, and 7.25 billion yuan respectively, while for Q1 to Q3 2025, it was 7.19 billion yuan, 6.63 billion yuan, and 6.68 billion yuan [1] - Total revenue for the first three quarters of this year was approximately 20.5 billion yuan, reflecting a nearly 9% year-on-year decline [1] Segment Performance - Membership service revenue for Q3 was 4.21 billion yuan, down about 4% year-on-year [1] - Content distribution revenue saw a significant decline, with Q3 revenue at approximately 640 million yuan, down about 21% year-on-year [1] - Despite the success of the film "Catching the Wind," the decline in series-related content distribution revenue negatively impacted overall performance [1] Profitability - iQIYI reported a net loss of nearly 250 million yuan for Q3, compared to a net profit of 230 million yuan in the same period last year [1] Future Outlook and Strategy - iQIYI's CEO, Gong Yu, emphasized the potential of AI to transform the internet video industry, stating that the company is applying AI to enhance operational efficiency, monetization capabilities, content production, and user experience [2] - The company has successfully turned around its losses by reducing content costs and improving operational efficiency, achieving operational profitability for three consecutive years by 2024 [2] Membership Business - The Chief Content Officer, Wang Xiaohui, noted that the membership business has been performing well since the end of September, driven by high-quality content, enhanced member benefits, and optimized marketing strategies [3] - iQIYI is confident in achieving healthy growth in its membership business supported by quality content and service [3] Stock Performance - iQIYI's stock price has significantly declined, closing at $2.05 per share, reaching historical lows, with a market capitalization of approximately $2 billion [3] - Following the earnings report on November 18, iQIYI's stock fell nearly 2% in pre-market trading [3]