A prolonged energy crisis caused by the widening war in the Middle East may offer the Russian war machine an economic lifeline just as it was beginning to show signs of strain over its war in Ukraine. Russia could receive a windfall if disruption in the Middle East pushes buyers towards its energy, while a possible slowdown in western arms supplies to Ukraine as the US military action in Iran continues could give Russia a further boost.
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线下是高途的重要战略方向，虽然管理层预计，未来部分网点将实现盈亏平衡，但在此之前，线下业务将持续拉低整体毛利率，并占用大量现金流。盈利时间点取决于线下网点的招生爬坡速度和运营效率，这里面存在很大的不确定性。也就是说，线下业务短期内是“吞金兽”，而非“现金牛”。