Summary of CRA International Conference Call - December 10, 2025 Company Overview - **Company Name**: Charles River Associates (CRA) - **Ticker**: CRAI - **Industry**: Economic consulting and management consulting - **Anniversary**: Celebrated 60th anniversary in 2025 and over 27 years as a publicly traded company [2][3] Core Business Segments - **Revenue Composition**: - Legal and Regulatory: Approximately 80% of total revenue - Management Consulting: Remaining 20% [4] - **Key Practices**: - Antitrust and Competition Economics: 40%-45% of total revenue - Life Sciences, Energy, Auctions and Competitive Bidding, Maritime Practices: Contribute to management consulting [8][9] Financial Performance - **Revenue Growth**: Over 50% growth in the past five years; year-to-date 2025 shows continued growth [11] - **Headcount Growth**: Increased by 20% over the past five years [11] - **Earnings Per Share (EPS)**: Grew by 142% over the past five years [11] - **Shareholder Returns**: Nearly $200 million returned to shareholders through share repurchases and dividends [12] - **Share Repurchase**: Average repurchase price over the past five years was $88, with current trading above $190 [12] Talent and Workforce - **Employee Qualifications**: - Approximately 75% of senior colleagues have advanced degrees; over 40% hold PhDs [5][6] - Less than 10% voluntary turnover among top revenue-generating employees over the past five years [7] - **Diversity**: Employees from over 70 countries, speaking more than 35 languages [6] Market Position and Clientele - **Client Base**: Worked with 85 of the Fortune 100 companies and 98 of the Am Law 100 law firms in the past two years [10] - **Project-Based Business Model**: Trust built on a project-by-project basis rather than subscription-based [10] Investment Thesis - **Long-Term Value Maximization**: Focus on earning returns above the cost of capital and returning excess capital to shareholders [13] - **Organic Growth**: Approximately two-thirds of growth is organic, with a focus on talent acquisition and retention [17] Current Market Dynamics - **M&A Activity**: Increasing momentum in mergers and acquisitions, with CRA involved in significant deals [24] - **Litigation Activity**: Notable increase in litigation filings, indicating a robust demand for consulting services [26] Conclusion - **Outlook**: CRA anticipates continued success and record performance in 2025, with a strong pipeline of new business opportunities and talent acquisition [19][23]

来源：活报告 2025年12月2日，倍通数智首次向港交所递交招股书，拟在香港主板上市，独家保荐人为建银国际。 公司是中国医疗健康流通数字化管理的开创者和领导者，2024年收入2.43亿元，净利润0.49亿元；2025 年上半年收入1.26亿元，净利润0.31亿元，同比增长逾47%。 公司是中国医疗健康行业领先的数据赋能商。公司以海量数据资产与行业专业知识库为核心，构建了医 疗健康行业全要素智能数据平台，藉助公司经验证的、可拓展的业务模式，以及行业协同能力，实现医 疗健康行业产品全生命周期覆盖和医药流通领域全渠道无缝整合。 公司基于海量的数据资产、强大的数据管理能力和稳固的客户基础，围绕医疗健康企业产品全生命周 期，提供数据赋能解决方案，有效推动企业数字化转型，实现流通数字化死循环管理，提高企业市场竞 争力和运营管理效率。 公司是中国医疗健康流通数字化管理的开创者和领导者。根据弗若斯特沙利文报告，公司于2009年在中 国医药及医疗器械行业内首创渠道数据直连(DDI)解决方案。2024年，按收入计，公司在中国医药及医 疗器械企业第三方渠道数字化服务提供商中排名第二。 于往绩记录期间，公司的收入主要来自三大类服务， ...

据港交所12月2日披露，倍通数智开曼控股有限公司(倍通数智)递表港交所主板，建银国际为其独家保荐人。 根据弗若斯特沙利文报告，倍通数智于2009年在中国医药及医疗器械行业内首创渠道数据直连(DDI)解决方案。 DDI模式可实现生产企业与众多经销商及销 售终端之间的直接、结构化和自动化数据交换，从而提升数据准确性，加强复杂流通网络的可追溯性，并支持更高效的渠道监管和合规管理。根据弗若斯特 沙利文报告，2024年，按收入计，倍通数智在中国医药及医疗器械企业第三方渠道数字化服务提供商中排名第二。 倍通数智专为医疗健康行业提供的数字化及数据治理综合解决方案包括渠道数据治理服务、风险管理服务、管理咨询服务。公司的渠道数据治理服务帮助客 户收集并处理渠道数据，为客户构建清晰且有序的数据管理基础和流程，以实现高效的渠道数据治理；公司的风险管理服务通过分析客户数据，为客户提供 渠道风险管理以及合规解决方案。 另外，倍通数智的管理咨询服务提供基于数据的市场分析，为客户提供宝贵洞察，助力其制定战略决策。公司的解决方案覆盖不同垂直领域的多元化商业场 景，细分客户包括制药、医疗器械、动保和疫苗。通过协助客户及时获取可信渠道数据信息， ...

据港交所12月2日披露，倍通数智开曼控股有限公司(倍通数智)递表港交所主板，建银国际为其独家保荐人。 招股书显示，倍通数智是中国医疗健康行业领先的数据赋能商。公司以海量数据资产与行业专业知识库为核心，构建了医疗健康行业全要素智能数据平台， 借助公司经验证的、可拓展的业务模式，以及行业协同能力，实现医疗健康行业产品全生命周期覆盖和医药流通领域全渠道无缝整合。 根据弗若斯特沙利文报告，倍通数智于2009年在中国医药及医疗器械行业内首创渠道数据直连(DDI)解决方案。 DDI模式可实现生产企业与众多经销商及销 售终端之间的直接、结构化和自动化数据交换，从而提升数据准确性，加强复杂流通网络的可追溯性，并支持更高效的渠道监管和合规管理。根据弗若斯特 沙利文报告，2024年，按收入计，倍通数智在中国医药及医疗器械企业第三方渠道数字化服务提供商中排名第二。 利润： 于2022年度、2023年度、2024年度及2025年截至6月30日止六个月，倍通数智实现年内/期内溢利及全面收益总额分别约为4522.4万元、3377.2万元、4929.7 万元、3058.9万元人民币。 | | | 截至12月31日止年度 | | 截至6月3 ...

Group 1 - Kearney is a leading global management consulting firm with branches in 40 countries, offering a wide range of consulting services across various industries [2] - The firm focuses on helping clients achieve transformation and upgrade through strategic, organizational, operational, digital solutions, and enterprise service transformation [2] - Kearney emphasizes innovation and value creation, aiming to explore the unlimited potential of each member while navigating the dynamic business environment [2] Group 2 - Applicants must hold a bachelor's degree or higher, be fluent in both Chinese and English, and possess strong analytical, communication, and problem-solving skills [4] - Candidates with over four years of full-time management consulting experience are preferred, especially those with international consulting experience [4] - Applicants must be Chinese nationals or hold valid work permits for mainland China [4] Group 3 - Required documents include a bilingual resume in PDF format, detailing educational background and full-time work experience with specific dates [5]

Core Viewpoint - Action Education's stock price has increased by 5.32% on October 16, reaching 40.98 CNY per share, with a total market capitalization of 4.887 billion CNY, indicating a cumulative increase of 5.45% over the past four days [1] Group 1: Company Overview - Shanghai Action Education Technology Co., Ltd. is located in the Hongqiao Business District of Shanghai and was established on March 27, 2006, with its listing date on April 21, 2021 [1] - The company's main business includes corporate management training, management consulting services, and the sale of related books and audio-visual products [1] - The revenue composition of the company is as follows: management training accounts for 82.99%, management consulting for 15.83%, and other income for 1.18% [1] Group 2: Fund Holdings - According to data, one fund under Jin Ying Fund has a significant holding in Action Education, specifically Jin Ying Xin Yi Mixed A (003484), which held 22,800 shares in the second quarter, representing 0.34% of the fund's net value [2] - The fund has realized a floating profit of approximately 47,200 CNY today, with a total floating profit of 45,800 CNY during the four-day increase [2] - Jin Ying Xin Yi Mixed A (003484) was established on November 16, 2016, with a current scale of 145 million CNY and a year-to-date return of 3.7%, ranking 7145 out of 8161 in its category [2]

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]