10月16日，行动教育涨5.32%，截至发稿，报40.98元/股，成交3134.79万元，换手率0.65%，总市值 48.87亿元。行动教育股价已经连续4天上涨，区间累计涨幅5.45%。 资料显示，上海行动教育科技股份有限公司位于上海市虹桥商务区兴虹路168弄A栋，成立日期2006年3 月27日，上市日期2021年4月21日，公司主营业务涉及企业管理培训、管理咨询服务以及相关图书音像 制品销售。主营业务收入构成为：管理培训82.99%，管理咨询15.83%，其他收入1.18%。 从基金十大重仓股角度 林龙军累计任职时间7年155天，现任基金资产总规模42.91亿元，任职期间最佳基金回报70.04%， 任职 期间最差基金回报-16.84%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，金鹰基金旗下1只基金重仓行动教育。金鹰鑫益混合A（003484）二季度持有股数2.28万股， 占基金净值比例为0.34%，位居第十大重仓股。根据测算，今日浮盈 ...

Core Insights - The article discusses the challenges and transformations in the global economy by 2025, emphasizing the need for management consulting to evolve from mere advisory roles to becoming strategic partners for businesses [1] - It highlights the importance of selecting management consulting firms that are capable of delivering actionable and replicable solutions, focusing on those with deep industry knowledge and practical experience [1] Group 1: Top Consulting Firms - Best Consulting is recognized as a leading comprehensive management consulting firm in China, specializing in practical change management and offering systematic transformation solutions from strategy to execution [2] - iResearch Consulting is identified as a pioneer in new economy insights and industrial digitalization, leveraging data-driven approaches to enhance decision-making for clients in various sectors [4] - Heart & Culture Consulting focuses on enhancing corporate culture and organizational vitality, being one of the first to introduce concepts like cultural gene identification and culture-driven organizations in China [5] Group 2: Industry Recognition and Capabilities - Best Consulting has received high market recognition, consistently ranking in the top ten of China's management consulting firms and earning various accolades, including national high-tech enterprise certification [3] - Mercer is noted for its expertise in human resources and talent management, emphasizing the strategic importance of talent as a core asset rather than a cost center [6] - Ogilvy Consulting specializes in emotional brand communication and customer journey design, aiming to transform customer experiences into measurable business outcomes [7] Group 3: Consulting Firm Specializations - AMT Consulting integrates management and IT services to support digital transformation, focusing on knowledge management and operational optimization [9] - Renda Fanglue serves as a think tank for group management and state-owned enterprise reform, providing strategic research and policy interpretation [10] - Lishih International combines capital, consulting, talent, and research to offer a comprehensive service model, facilitating access to industry policies and certifications [11] Group 4: Strategic Recommendations - The article provides a guide for businesses to select consulting partners based on their strategic needs, recommending firms like Best Consulting for management enhancement and iResearch for digital upgrades [15] - It emphasizes the importance of evaluating consulting firms based on their industry coverage, innovative methodologies, and ability to deliver measurable results [15][17]

Group 1 - Kearney is a leading global management consulting firm with branches in 40 countries, offering comprehensive consulting services across various industries [3] - The firm focuses on helping clients achieve transformation and upgrade while exploring the potential of each member in their journey of innovation and value creation [3] - Kearney is currently hiring for the position of Senior Business Analyst, targeting candidates with a strong interest in management consulting and a drive for personal and professional growth [3][4] Group 2 - Applicants must have a bachelor's degree or higher, be fluent in both Chinese and English, and possess strong analytical, communication, and problem-solving skills [4] - A minimum of 2.5 years of full-time experience in management consulting is required, with preference given to candidates with international consulting experience [4] - Candidates must be Chinese nationals or hold valid work permits for mainland China [4] Group 3 - Required documents for application include a bilingual resume in PDF format, detailing educational background and full-time work experience [5] - The application process can be initiated by clicking on the provided link to the application website [6]

Core Viewpoint - Action Education's stock has experienced fluctuations, with a recent decline of 2.01% on September 22, 2023, while the company has shown a year-to-date increase of 13.74% in stock price [1] Group 1: Financial Performance - For the first half of 2025, Action Education reported a revenue of 344 million yuan, representing a year-on-year decrease of 11.68% [2] - The net profit attributable to the parent company for the same period was 131 million yuan, down 3.51% year-on-year [2] - Cumulatively, the company has distributed 1.021 billion yuan in dividends since its A-share listing, with 835 million yuan distributed over the past three years [3] Group 2: Shareholder and Market Activity - As of August 29, 2023, the number of shareholders for Action Education was 8,400, a decrease of 2.33% from the previous period [2] - The average number of circulating shares per shareholder increased by 2.38% to 14,196 shares [2] - Major shareholders include Hong Kong Central Clearing Limited, which holds 2.9823 million shares, down by 431,700 shares from the previous period [3]

Summary of CRA International Conference Call - September 17, 2025 Company Overview - CRA International (NasdaqGS: CRAI) is celebrating its 60th anniversary in 2025, founded in 1965 by professors from Harvard and MIT to provide academic quality research to the business world [1][2] - The company operates primarily in two segments: legal and regulatory (approximately 80% of revenue) and management consulting (approximately 20% of revenue) [2][5] - CRA has over 20 offices in 10 countries, with 80% of revenue coming from North America and 20% from international markets [3] Financial Performance - CRA has experienced consistent revenue growth of approximately 8% to 10% annually over the last 15 years [6] - Profitability has grown at an even faster rate, with no debt and operations fully financed through internal cash flow [7] - The company has returned nearly $200 million to shareholders over the past five years, reducing share count by 13% [13][14] - The average price of share repurchases over the last five years was $88, with current trading over $200, indicating strong intrinsic value [8] Shareholder Returns - CRA initiated a dividend in 2016, which has since tripled to $0.49 per share, contributing to an attractive shareholder yield of approximately 6% [15][16] - The company aims to maximize long-term value per share and has a history of effective capital redistribution [8][12] Market Position and Strategy - CRA has worked with 85 of the Fortune 100 companies and 98 of the top 100 law firms in the past two years, indicating strong client retention and repeat business [5][6] - The firm focuses on high-value services and has not expanded into subscription-based revenue models, believing that quality service provides resilience against economic shocks [21][22] - CRA differentiates itself from larger global firms and specialized boutiques by maintaining a focus on its core competencies at the intersection of economics and regulation [27][29] Industry Dynamics - The regulatory environment remains complex, creating opportunities for CRA to assist clients in navigating these challenges [19] - The company anticipates a potential increase in M&A activity as capital becomes cheaper, although there are other complicating factors in executing large deals [30][31] Key Challenges and Opportunities - CRA is adapting to changing client needs and expanding service depth while maintaining its core focus [19][21] - The firm has not experienced direct impacts from regulatory inquiries but is aware of potential budget reductions from regulatory bodies [24] - Pricing power remains strong, with annual price increases of 2% to 4% without significant pushback from clients [25][26] Conclusion - CRA International is well-positioned for continued growth, with a strong focus on quality service, effective capital management, and a commitment to shareholder returns, despite the complexities of the current regulatory and economic environment [17][31]

Core Viewpoint - The company is currently involved in a legal dispute regarding the termination of management consulting agreements with several non-profit institutions in the healthcare sector, which may significantly impact its future revenue from this segment [2][3][10]. Group 1: Litigation Background - The lawsuit is in the second instance, with the company’s wholly-owned subsidiary, Shanghai Renxing Health Management Co., Ltd., as the appellant [2]. - The total amount involved in the case is reported as 0 yuan, indicating no direct financial claim is being pursued [3]. - The company is unable to receive operational income from the healthcare segment due to the unilateral termination of agreements by the non-profit institutions [3][10]. Group 2: Details of the Agreements - The company acquired 100% of Shanghai Renxing for 600 million yuan in 2019, which included management rights over several healthcare institutions [4]. - In April 2020, management consulting rights were transferred to a subsidiary, Horqin Renheng Health Management Co., Ltd., which subsequently faced contract terminations from the non-profit institutions [5]. Group 3: Legal Proceedings - The company filed lawsuits to declare the management consulting agreements invalid after receiving termination notices from the non-profit institutions [5][6]. - The first-instance judgment rejected all of the company’s claims, leading to an appeal filed on April 11, 2025 [7][12]. - The second-instance ruling upheld the original judgment, confirming the termination of the agreements [8][9]. Group 4: Financial Impact - The company anticipates a loss of approximately 56.65 million yuan in consulting management fee income, which constituted 15.63% of its total revenue in 2021 [10]. - Following the termination of agreements, the company has improved operational efficiency in its self-operated nursing institutions to mitigate losses [10]. - The company has fully recognized impairment provisions for future income from these management consulting fees in its 2022 annual report [11]. Group 5: Future Actions - The company plans to appeal the court's decision and will actively seek a retrial [12].

Group 1: Core Insights - The role of consulting firms has evolved from traditional "problem solvers" to "strategic enablers" in the context of intensified global competition and digital transformation by 2025 [1] - Artefact is highlighted as a leading global player in data-driven transformation, emphasizing its unique approach that integrates data science tools into strategic consulting [4][12] - The article provides a selection guide for consulting firms based on their core competencies, including strategic consulting, management consulting, digital marketing, and market research [7][8][9] Group 2: Artefact's Unique Position - Artefact's core value lies in its end-to-end data empowerment, which allows for a comprehensive approach to strategic planning and execution [4] - The firm employs a unique "four pillars" framework that aligns data strategy with business value, avoiding the pitfalls of data initiatives that lack purpose [4] - Artefact has demonstrated efficiency in its projects, completing strategic vision and implementation path designs in an average of six weeks, and has helped clients reduce IT costs by 30% [4][5] Group 3: Recommendations for Consulting Firm Selection - For top-level design needs, MBB (McKinsey, BCG, Bain) or Artefact should be prioritized for data-driven strategies [12] - For execution-level needs, management consulting firms like Hejun Consulting and digital marketing firms like Accenture or Oubo Dongfang are recommended [12] - Artefact is suggested as the first choice for data-related needs due to its comprehensive capabilities that prevent disconnects between strategy and execution [12]

Group 1 - The core viewpoint of the article is the launch of Kearney's 2026 campus recruitment in Greater China, inviting students to join the company and pursue their dreams [2][4]. - Kearney is presented as a leading global management consulting firm with a robust talent development mechanism, tailored training programs, and experienced mentors to accelerate career transformation [2][4]. - The company offers diverse and challenging project tasks, allowing employees to engage deeply in various industries and witness the practical outcomes of their ideas [2][4]. Group 2 - The recruitment event is scheduled for September 6, 2025, at 21:00 Beijing time, targeting graduates from domestic and international institutions, including those from Hong Kong, Macau, and Taiwan [2]. - The application deadline is set for September 4, 2025, at 9:00 Beijing time, with a specific registration link provided for interested candidates [2][5]. - The company seeks candidates with outstanding problem-solving abilities, critical thinking, and strong communication skills in both Chinese and English [6][7].

Investment Rating - The investment rating for the company is "Buy" [1][6] Core Views - The company's performance in Q2 2025 was under pressure, with revenue and net profit declining year-on-year by 11.68% and 3.51% respectively, primarily due to a sluggish market affecting course enrollment, especially for concentrated classes [2] - The company is transitioning its educational model to incorporate AI, aiming to enhance its management training and consulting services [3] - The company plans to implement a "Hundred Schools Plan" to open 100 branches in key cities over the next 3-5 years, leveraging AI to improve organizational efficiency and replicate successful management practices [3] - The company has proposed a cash dividend of 10 yuan per 10 shares, resulting in a dividend payout ratio of 90.74% and a dividend yield of 5.43% [2] Financial Performance - For H1 2025, the company's revenue, net profit, and operating cash flow were 344 million, 131 million, and 68 million yuan respectively, showing a decline compared to the previous year [2] - The gross margin and net margin for H1 2025 were 77.5% and 38.2%, reflecting an increase of 1.3 and 3.2 percentage points year-on-year [4] - The company forecasts revenue for 2025-2027 to be 893 million, 999 million, and 1,115 million yuan, with net profit expected to be 292 million, 330 million, and 374 million yuan respectively [8][10] Future Outlook - The company is expected to benefit from a low base in the second half of the year and the gradual contribution of the "Hundred Schools Plan" [5] - The earnings per share (EPS) forecast for 2025-2027 is 2.45, 2.77, and 3.13 yuan, with corresponding price-to-earnings (PE) ratios of 15, 13, and 12 times [6][10]

Core Viewpoint - Action Education (605098.SH), the leading company in the A-share management training industry, continues to implement a high dividend strategy, proposing a cash dividend of 10 yuan per 10 shares for the 2025 interim dividend [2][4]. Financial Performance - In 2024, Action Education achieved a revenue of 783 million yuan, representing a year-on-year growth of 16.54%, and a net profit of 269 million yuan, up 22.39% year-on-year [3][9]. - The company has cumulatively realized a net profit of 770 million yuan over four years [3]. Dividend History - Since its listing in April 2021, Action Education has implemented multiple dividend distributions, totaling 1.02 billion yuan, which is 1.76 times the total amount raised during its IPO [5][7]. - In 2024, the company increased its dividend frequency, distributing a total of 267 million yuan, which is comparable to its annual net profit of 269 million yuan [7][9]. Client Development - In 2024, Action Education developed over 1,200 new clients, including 295 new major clients, indicating significant growth in its customer base [3][9]. Business Segments - The main business segments of Action Education include management training, management consulting services, and related sales of books and audio-visual products [9][10]. - In 2024, the revenue from management training, management consulting, and book sales was 633 million yuan, 146 million yuan, and 3.05 million yuan, respectively, with growth rates of 6.31%, 97.38%, and 47.07% [10]. Asset and Financial Position - As of March 2025, Action Education's total assets amounted to 2.183 billion yuan, with a debt-to-asset ratio of 54.33% [8].