Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 142.40 [6][7]. Core Insights - The company reported a revenue of RMB 86.6 billion for Q1 2025, representing a year-over-year increase of 18%, which exceeded consensus expectations by 1% [2][3]. - Operating profit for Q1 2025 was RMB 10.6 billion, surpassing expectations by 23%, while adjusted net profit reached RMB 10.9 billion, exceeding expectations by 11% [2][3]. - The management indicated that while short-term subsidy competition in the domestic food delivery market may impact profits, the long-term profitability is expected to return to reasonable levels due to the company's strong operational capabilities and market position [3][4]. Revenue and Profitability Summary - Q1 2025 revenue breakdown includes core local business revenue of RMB 64.3 billion (yoy +18%) and new business revenue of RMB 22.2 billion (yoy +19%) [2]. - The company has seen a 25% year-over-year increase in active merchants for its dine-in services, and the flash purchase segment has expanded its product categories significantly [2][3]. - The company anticipates revenue for 2025 to be RMB 385.9 billion, with adjusted net profit projected at RMB 40.5 billion, reflecting a cautious adjustment due to expected subsidy competition [4][5]. Valuation and Forecast - The valuation for the company's various segments includes an 8x PE for the food delivery business, 24x PE for the dine-in business, and 40x PE for the flash purchase business, leading to a target price of HKD 142.40 [4][11][12]. - The company is expected to achieve a net profit of RMB 23.5 billion from the food delivery segment in 2025, with a significant reduction in the previous forecast due to competitive pressures [11][12]. - The adjusted net profit forecast for 2025 is RMB 40.5 billion, with a projected EPS of RMB 6.63 [5][22].

Core Viewpoint - Nantong Rural Commercial Bank is enhancing the capabilities of branch managers through a five-strategy framework aimed at supporting rural revitalization and high-quality local economic development [1][9]. Group 1: Political Leadership - The bank emphasizes political leadership as a core task in building the branch manager team, focusing on political capability training [2]. - As of the end of April, the balance of inclusive loans for rural households and small enterprises exceeded 17 billion yuan, with a net increase of 1 billion yuan and a growth rate of 6.5%, significantly higher than the average loan growth rate of the bank [2]. Group 2: Strategic Navigation - The bank is implementing benchmarking actions to optimize service direction and support key industrial chains and park enterprises [3]. - A new service model combining "list system + responsibility system" has been introduced, along with exclusive financial solutions [3]. - Sixteen comprehensive branches are conducting a credit action led by party building, ensuring precise service delivery through data tracking [3]. Group 3: Professional Support - The bank is developing a "three-in-one" composite branch manager team, focusing on marketing, service management, and product management [4]. - Branch managers are expected to maintain high-net-worth clients, resolve issues, and promote new business opportunities [4][5]. Group 4: Management Efficiency - The bank is promoting refined management to balance business development and risk control [6]. - A differentiated interest rate system has been established to respond flexibly to market changes [6]. - The bank is enhancing customer experience and improving compliance to mitigate operational and credit risks [6][7]. Group 5: Cultural Integrity - The bank is strengthening its cultural integrity by promoting compliance awareness through various activities [8]. - A "striver culture" is being advocated to foster a competitive atmosphere and recognize exemplary individuals [8]. - Emphasis is placed on personal conduct and the regulation of power to ensure a disciplined team and standardized operations [8].

Investment Rating - The report maintains a "Buy" rating for New Oriental Education Technology (9901 HK) with a target price adjusted to HKD 46.00, indicating a potential upside of 24.7% from the current price of HKD 36.90 [1][4][10]. Core Insights - The report highlights that the study company is experiencing pressure in its study abroad business while maintaining stable performance in K12 education. The revenue for non-selective business is expected to grow by 22% year-on-year, with an adjusted operating profit margin declining by approximately 2.5 percentage points due to slower growth in study abroad-related services and investments in cultural tourism [2][8]. - The company plans to allocate more resources to youth study abroad services, and with cost reduction and efficiency improvement measures taking effect, there is still potential for long-term profit margin improvement [2][8]. Financial Forecast Adjustments - Revenue projections for FY25E have been slightly adjusted to USD 4,902 million, a decrease of 0.9% from previous estimates. For FY26E and FY27E, revenue is projected at USD 5,670 million and USD 6,420 million, reflecting decreases of 2.2% and 3.9% respectively [3][13]. - The adjusted operating profit for FY25E is forecasted at USD 503 million, with an operating profit margin of 10.3%. For FY26E and FY27E, the adjusted operating profit is expected to be USD 656 million and USD 771 million, with margins of 11.6% and 12.0% respectively [3][13]. - The adjusted net profit for FY25E is projected at USD 474 million, with a net profit margin of 9.7%. For FY26E and FY27E, net profit is expected to be USD 519 million and USD 620 million, with margins of 9.2% and 9.7% respectively [3][13]. Revenue Breakdown - The report provides a detailed breakdown of revenue sources, indicating that the study abroad consulting and preparation services are expected to generate USD 1,182 million in FY25E, while high school education is projected at USD 1,295 million. New business segments are expected to contribute USD 1,268 million [3][8][13].

Investment Rating - The report maintains a "Buy" rating for New Oriental Education Technology (9901 HK) with a target price adjusted to HKD 46.00, indicating a potential upside of 24.7% from the current price of HKD 36.90 [1][10][12]. Core Insights - The report highlights that the study company is experiencing pressure in its study abroad business while maintaining stable performance in K12 education. The revenue for non-selective business is expected to grow by 22% year-on-year, with an adjusted operating profit margin declining by approximately 2.5 percentage points due to slower growth in study abroad-related services and investments in cultural tourism [2][4][8]. - The company plans to allocate more resources to youth study abroad services, and with cost reduction and efficiency improvement measures taking effect, there is still potential for long-term profit margin improvement [2][3][4]. Financial Forecast Adjustments - Revenue projections for FY25E have been slightly adjusted to USD 4,902 million, a decrease of 0.9% from previous estimates. For FY26E and FY27E, revenue is projected at USD 5,670 million and USD 6,420 million, reflecting decreases of 2.2% and 3.9% respectively [3][13]. - The adjusted operating profit for FY25E is forecasted at USD 503 million, with an operating profit margin of 10.3%. For FY26E and FY27E, the adjusted operating profit is expected to be USD 656 million and USD 771 million, with margins of 11.6% and 12.0% respectively [3][13][14]. - The adjusted net profit for FY25E is projected at USD 474 million, with a net profit margin of 9.7%. For FY26E and FY27E, net profits are expected to be USD 519 million and USD 620 million, with margins of 9.2% and 9.7% respectively [3][13][14]. Market Performance - The stock has a 52-week high of HKD 70.90 and a low of HKD 35.40, with a market capitalization of HKD 60,342.20 million. The stock has seen a year-to-date decline of 24.62% [6][12].