今年上半年，普华永道（PwC）宣布推出全新品牌定位及标识，这是公司自2010年以来的首次全球品 牌形象重大更新。新品牌定位对品牌标识系统进行全方位升级并引入橙色"动能标识"。品牌焕新后，普 华永道如何持续深耕中国市场？中企出海与外资来华，为专业服务领域注入了双重动力，普华永道如何 为双方提供精准赋能？在新兴技术重塑产业格局的浪潮下，普华永道又是如何利用AI深度赋能团队与 业务的呢？第一财经专访普华永道中国主席兼首席执行官何睦宁（Hemione Hudson）。以下为专访实 录。 第一财经：今年早些时候，普华永道面向全球发布了全新的品牌主张。这标志着重要的战略升级，您能 否具体谈谈背后的考量，为何要进行这次品牌焕新？ 何睦宁：这次品牌焕新主要基于几个方面的考量：一是应对科技和创新带来的变革，还有就是对我们信 任与质量核心理念的再度夯实。因为信任与质量始终是品牌立足的根本。就个人而言，我非常喜欢新的 品牌设计，我喜欢橙色，橙色元素很加分。但更重要的是品牌焕新后传递出的发展势能与前瞻性，这也 有助于我们吸引人才。我觉得这次品牌焕新令人振奋。 第一财经：在普华永道的全球网络中，您认为中国市场占据着怎样的战略地位？ 何 ...

Summary of Key Points Core Viewpoint - China Haicheng (002116) reported a total of new signed engineering contracting orders amounting to 2.454 billion yuan in the second quarter of 2025, indicating a strong performance in securing new projects [1] Group 1: New Signed Orders - The company secured new engineering contracting orders of 1.919 billion yuan, design business orders of 315 million yuan, supervision business orders of 119 million yuan, and consulting business orders of 102 million yuan, totaling 2.454 billion yuan [1] - By industry classification, the orders included 1.255 billion yuan in pulp and paper, 444 million yuan in food fermentation, 39.78 million yuan in daily chemicals, 224 million yuan in civil and public construction, 38.58 million yuan in municipal projects, 18.1 million yuan in environmental protection, 32.36 million yuan in new energy materials, 13 million yuan in pharmaceuticals, and 110 million yuan in other orders [1] Group 2: Domestic and International Orders - The company received 1.678 billion yuan in new signed domestic orders and 776 million yuan in new signed overseas orders [1] Group 3: Ongoing and Upcoming Projects - As of the end of the second quarter of 2025, the company had a total of 143 signed but uncompleted engineering contracting projects, amounting to approximately 8.083 billion yuan [1] - In the second quarter of 2025, the company had 3 projects that were won but not yet signed, with a total value of 486 million yuan [1]

Group 1 - The CEO of Deutsche Bank stated that some delayed transactions are currently being completed [1] - The credit and advisory business in the second half of the year is expected to be stronger than in the first half [1] - The fixed income business remains very strong [1]

Summary of Action Education Conference Call Company Overview - **Company**: Action Education - **Fiscal Year**: 2024 - **Revenue**: 241 million CNY, up 12.15% year-over-year [2][4] - **Net Profit**: 278 million CNY, up 22.39% year-over-year [4] - **Basic Earnings Per Share**: 2.25 CNY, up 20.97% year-over-year [4] Financial Highlights - **Total Assets**: 2.232 billion CNY, with nearly 90% in cash, financial assets, and receivables [2][5] - **Contract Liabilities**: Increased to 1.08 billion CNY, indicating a higher order volume than revenue recognition [2][5] - **Cash Flow from Operations**: 399 million CNY, down 12% year-over-year [2][4] Revenue Composition and Profitability - **Concentrated EMBA and Principal EMBA**: Combined revenue share of 67.8%, with gross margins exceeding 86% [2][6] - **Principal Program Class**: Revenue share of 12%, gross margin of 66.11% [2][6] - **Consulting Business**: Revenue share of 18.62%, gross margin of 44.19% [2][6] - **Digital Business School**: Revenue of 9.67 million CNY, gross margin of 96.04% [6] - **Book Business**: Revenue of 3.05 million CNY, gross margin of 26.57% [6] Course and Attendance Metrics - **Concentrated EMBA**: Average attendance of 10,577 per session, ticket price of 232-239 CNY, attendance rate of approximately 95% [2][7] - **Principal Class**: Average attendance of 11,388 per session, ticket price of 24,300 CNY, attendance rate of 101% [2][7] - **Future Course Plans**: Anticipated 10% increase in course offerings for 2025 [2][8] Client Acquisition and Strategy - **Golden Brick Plan**: New client acquisition of 295, with total orders of 604.45 million CNY, representing 65% of total orders [2][11] - **Top Clients**: Top 20 clients contributed approximately 170 million CNY [2][11] - **Dual Nine Goals**: Focus on referral and repurchase rates, with ongoing efforts to enhance course value and customer satisfaction [2][12][13] Expansion Plans - **Hundred Schools Plan**: Aiming for large-scale expansion with internal and external recruitment of city managers [2][14] - **Current Progress**: Targeting 10 city manager appointments, with 4 already in place [2][14] Systematic Improvements - **Internal Management System**: Enhanced customer management and client acquisition processes to avoid internal competition [2][15] - **AR Sales Master**: AI-driven training tool for new employees, with nearly 1,000 sales personnel using it [2][15] Market and Economic Context - **Impact of Global Trade Policies**: Adjustments to training programs to help clients adapt to changes in trade policies [2][16][18] - **Competitive Strategies**: Initiatives to enhance brand visibility and customer engagement through various marketing strategies [2][17] Future Outlook - **Q1 2025 Expectations**: Anticipated lower performance due to seasonal factors, with detailed reports pending [2][19] - **AI Technology Applications**: Ongoing development of AI tools for employee training and customer assessment, with expected releases in late May or early June [2][20] Conclusion - **Overall Performance**: Action Education shows strong growth in revenue and profitability, with strategic plans for expansion and technological advancements to enhance training and client engagement.