Summary of Conference Call Notes Industry Overview - The education sector demonstrates strong resilience despite global trade tensions and tariff barriers, making it a good long-term investment opportunity for investors [2][3][5] Key Points on Specific Companies Xue Da Education - Xue Da Education is expected to benefit from a peak in high school enrollment around 2030, with a record number of college entrance exam registrations this year, supporting its performance over the next 3-5 years [3][5] - The company is projected to achieve a net profit of approximately 272 million yuan by 2025, with a valuation level of about 23 times earnings, indicating significant growth potential [3][7] - The high school tutoring market is currently free from significant price wars due to a controlled competitive landscape, allowing for stable pricing and growth [6] - Xue Da's network expansion potential is substantial, with the possibility of doubling its current nearly 300 locations, which could further enhance its profitability [7] Action Education - Action Education focuses on corporate management training, targeting companies with revenues over 300 million yuan, which provides strong cash flow stability and resilience against economic pressures [8][9] - The company anticipates a year-on-year revenue growth of approximately 5% in 2024, with a significant quarterly increase of about 17% expected in Q4 [10] - Long-term growth drivers include the "Hundred Schools Plan" for channel expansion and AI-enabled business upgrades, with projected revenues of 1.023 billion yuan and profits of about 332 million yuan by 2025 [11][12] - Action Education's business model shows strong resilience across different economic cycles, maintaining training budgets even during economic downturns [9] AI Technology in Education - AI applications in education are primarily focused on efficiency improvements, with leading companies leveraging brand strength and R&D capabilities to stay ahead [4] - The successful implementation of AI in education depends not only on technology but also on organizational structure and trust with parents [4] Financial Outlook - Action Education's profitability is expected to maintain a growth rate of 10% to 15% in the coming years, supported by strong cash flow and a high dividend payout ratio [12] - The company has committed to maintaining a dividend payout ratio of no less than 80% over the next three years, with expected dividend yields of 6% to 7% [12] Conclusion - The education sector, particularly companies like Xue Da Education and Action Education, presents promising investment opportunities due to their resilience, growth potential, and strategic positioning in the market [2][3][5][8][12]

Core Insights - The report emphasizes the importance of domestic demand and high-performing leading companies, as well as sectors benefiting from increased tariffs [3][7] - The consumer services sector has outperformed benchmarks since March, with low-valued high-performing stocks showing resilience amid tariff negotiations [3][10] Sector Analysis 1. Consumer Internet Platforms - The performance of leading companies in the consumer internet space is expected to be stable, with significant growth in domestic travel during the Qingming holiday [4] - Companies like Tongcheng Travel and Ctrip are projected to benefit from increased user engagement and market penetration [4][19] 2. Natural Scenic Area Leaders - Companies in this sector are noted for their defensive attributes, with expected profit growth driven by increased visitor numbers during holidays [4] - Jiuhua Tourism is anticipated to see a net profit increase of approximately 32% in Q1, supported by improved visitor flow [4][8] 3. Chain Consumption Leaders - The hotel industry is showing signs of stabilization, with RevPAR (Revenue per Available Room) expected to improve due to rising travel demand [5][25] - Major hotel chains are focusing on expanding their market share through aggressive opening strategies, with significant growth targets set for 2025 [28][33] 4. Duty-Free Sector - The duty-free market is positioned to benefit from tariff increases, with a focus on the recovery of consumer spending and the influx of foreign tourists [6][7] - The report highlights the potential for growth in the duty-free segment as policies evolve to stimulate economic recovery [6][19] Investment Recommendations - The report suggests a focus on companies such as Tongcheng Travel, Meituan-W, Ctrip Group-S, and Huazhu Group-S, which are expected to perform well in the current economic environment [7][8] - The emphasis is on sectors with strong domestic demand and those that are likely to benefit from tariff adjustments, indicating a favorable investment outlook [7][8]

Investment Rating - The report maintains a "Recommended" rating for the company [5][6]. Core Viewpoints - The company is positioned as the "first stock" in effective management education, aiming to become a global effective business school by providing comprehensive lifecycle services for enterprises, including management training, consulting, and learning tools [1][11]. - The management training business is the core focus, with a compound annual growth rate (CAGR) of 21.68% from 2020 to 2023, accounting for 88.56% of the business in 2023, with a gross margin of 82.16% [2][18]. - The company has adopted a "one core, two wings" strategy to enhance its market network and expand its consulting business, which has seen a significant resurgence with a 122.81% year-on-year growth in the first half of 2024 [3][36]. - The company has a strong cash position with a high average dividend payout ratio, and it has secured a substantial order backlog, indicating good growth potential [4][5]. Summary by Sections Company Overview - The company, established in 2006, transitioned to a joint-stock company in 2011 and was listed on the stock market in 2021, becoming the first effective management education stock in China [11][13]. - The ownership structure features family control and platform holdings, with significant employee stock options introduced in 2022 [15][16]. Industry Analysis - The management training industry is experiencing rapid growth, with a projected market size of over 900 billion yuan in 2023, expected to reach 1.32 trillion yuan by 2025 [2][30]. - The industry is characterized by a large number of small companies, with leading firms like the company and its competitor holding a low market share of 0.07% and 0.03% respectively [2][34]. Strategic Development - The "one core, two wings" strategy focuses on strengthening management training while expanding consulting and equity investment services, with a notable increase in consulting revenue [3][36]. - The company is actively pursuing opportunities for international expansion and enhancing its digital education offerings [1][11]. Financial Performance - The company has demonstrated strong profitability with a net profit margin that has shown a consistent upward trend, and it has maintained a high return on equity (ROE) and return on assets (ROA) [19][20]. - Revenue forecasts for 2024 to 2026 predict significant growth, with expected revenues of 863 million yuan, 1.036 billion yuan, and 1.191 billion yuan respectively [5][6].

Investment Rating - The report maintains a "Recommended" rating for the company [5][6]. Core Viewpoints - The company is positioned as the "first stock" in practical management education, aiming to become a global practical business school by providing comprehensive lifecycle services for enterprises, including management training, consulting, and learning tools [1][11]. - The management training business is the core focus, with a compound annual growth rate (CAGR) of 21.68% from 2020 to 2023, accounting for 88.56% of the business in 2023, with a gross margin of 82.16% [2][18]. - The company has adopted a "one core, two wings" strategy to enhance its market network and is actively seeking opportunities for international expansion [3][36]. - The company has a strong cash position with a high average dividend payout ratio, and it has seen a significant increase in new orders, indicating good growth potential [4][5]. Summary by Sections Company Overview - The company, Shanghai Action Education Technology Co., Ltd., was established in March 2006 and became the first stock in practical management education in April 2021 [1][11]. - It focuses on providing comprehensive knowledge services and intellectual support to small and medium-sized enterprises, aiming to build a world-class practical business school [1][11]. Industry Analysis - The management training industry is experiencing rapid growth, with a projected market size of over 900 billion yuan in 2023, expected to reach 1.3194 trillion yuan by 2025 [2][30]. - The industry is characterized by a large number of small companies, with leading firms having low market share, indicating significant growth opportunities for top players [2][34]. Strategic Development - The "one core, two wings" strategy focuses on strengthening management training while expanding management consulting and equity investment businesses [3][36]. - The company has established a digital platform for management consulting, enhancing service delivery and standardization [3][36]. Financial Performance - The company has a high asset quality with no interest-bearing debt, and a cash flow ratio of 1.34 times in 2023, indicating strong financial health [4][5]. - Revenue projections for 2024-2026 are 863 million yuan, 1.036 billion yuan, and 1.191 billion yuan, respectively, with corresponding net profits of 279 million yuan, 333 million yuan, and 393 million yuan [5][6].

Summary of Conference Call Company Overview - The conference call involved **Action Education**, discussing its performance and strategic plans for 2024 and 2025 [1][2]. Key Points and Arguments 1. **2024 Performance**: The company expects a profit growth of **20% to 25%** compared to 2023, indicating a strong recovery in Q4 2024 [2]. 2. **Strategic Plan for 2025**: The company introduced a "Hundred Filial Piety Plan" aimed at expanding its business and enhancing operational efficiency [2]. 3. **AI Integration**: Action Education is leveraging AI technology to improve internal processes and sales efficiency. This includes training new employees and enhancing customer management [3][4]. 4. **Customer Expansion**: The company is focusing on developing clients in non-consumer sectors, such as chemicals and renewable energy, while maintaining a stronghold in consumer industries [7][8]. 5. **Client Targeting**: The strategy emphasizes targeting large clients with revenues exceeding **300 million**. The company plans to segment its approach based on client size [8][11]. 6. **Course Offerings**: The company will introduce new elective courses based on market trends, including AI-related topics, to enhance its educational offerings [12]. 7. **Pricing Strategy**: A price increase for courses was implemented on January 1, 2025, raising the group price from **25,800** to **29,800** per person [6]. 8. **Profit Growth Target**: For 2025, the profit growth target is set at **10% to 15%**, with a focus on increasing attendance at courses rather than expanding the number of courses offered [5]. 9. **Client Resilience**: The company believes its clients possess strong resilience against economic pressures, which is reflected in their course attendance rates [13][24]. 10. **Sales Performance**: The sales team is expected to manage **30 to 50 clients** each, with strict performance metrics in place to ensure effective client engagement [19][20]. Additional Important Insights - **Dividend Policy**: The company has maintained a high dividend payout ratio of **96%** as of Q3, with limited room for further increases [23]. - **Market Conditions**: The macroeconomic environment is showing signs of improvement, which is expected to positively impact client confidence and course attendance [24]. - **Employee Training**: The company has seen improved performance from new employees in 2024 compared to 2023, attributed to the implementation of AI tools [26]. This summary encapsulates the essential insights from the conference call, highlighting the company's strategic direction, performance expectations, and market positioning.

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7]. Core Insights - The company is integrating AI capabilities through the DeepSeek-R1 model, enhancing its operational efficiency and decision-making processes [1][2]. - The company has launched the "Hundred Schools Plan," aiming to establish 100 branches in key cities over the next 3-5 years, which is expected to accelerate its growth [3]. - The company focuses on providing effective management education, targeting the development of managerial skills and organizational innovation [4]. Financial Projections - The company forecasts revenue growth from 450.92 million in 2022 to 1,229.46 million by 2026, with a compound annual growth rate (CAGR) of approximately 23.50% [6][12]. - The projected EPS for 2024, 2025, and 2026 are 2.17, 2.58, and 3.17 respectively, indicating a positive growth trajectory [4][12]. - The company expects to maintain a gross margin of around 79% and a net profit margin of approximately 30% over the next few years [12].

Summary of the Conference Call Company Overview - The company is involved in the education sector, focusing on training and consulting services, particularly in emerging industries such as renewable energy and policy-supported sectors [3][4]. Key Financial Performance - In Q4 2024, the company reported a sales and collection growth of over 5% compared to 2023, achieving a profit growth of 20% to 25% [3][4]. - For 2025, the profit growth target is set between 10% and 15% [4][30]. - As of the end of 2024, the company had contract liabilities exceeding 900 million yuan, with order collections increasing by approximately 5% year-on-year [6][4]. Customer Development and Industry Focus - The company completed 295 major clients in 2024, with a significant focus on the renewable energy sector, where the share of emerging industries rose from 1%-2% in 2023 to about 5%-6% in 2024 [4][5]. - The company aims to continue developing new industries in line with national policy guidance [5]. Order and Revenue Projections - The order growth rate in Q4 2024 was approximately 17% year-on-year, with expectations for Q1 2025 to remain stable or slightly increase compared to the previous year [8][4]. - The overall order target for 2025 is set between 1 billion to 1.1 billion yuan [4][8]. Internal Strategies and Employee Development - The company plans to recruit 300 new employees in 2025 and enhance training through an AI coaching system to improve sales efficiency [4][14][15]. - The AI system is developed in collaboration with external vendors and is aimed at improving recruitment and training processes [16][15]. New Course Offerings and Employee Performance - The company plans to launch 2-3 new topics each year, with specific courses being developed in collaboration with top business schools [19][4]. - In 2024, there were multiple new employees achieving million-level performance, and over ten employees reached ten-million-level performance [20][21]. Market Outlook and Competitive Landscape - The company remains optimistic about the market outlook for 2025, driven by internal efforts and supportive national policies [7][4]. - The competitive landscape is described as active, with potential for growth in various sectors, including large chain consumer companies and specialized fields like renewable energy [22][23]. Financial Management and Shareholder Returns - The company anticipates maintaining a dividend payout ratio exceeding 90%, with plans for 2 to 3 dividend distributions throughout the year [32][30]. - Employee stock reduction plans are expected to be around 1% to 2%, with specific details to be outlined later in the year [31][30]. Conclusion - The company is positioned for growth in 2025, with strategic focus on emerging industries, internal development, and maintaining strong financial health while ensuring shareholder returns.

证券代码：605098 证券简称：行动教育 公告编号：2025-003 上海行动教育科技股份有限公司 关于 5%以上股东减持股份结果公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 上述减持主体存在一致行动人： | | | 股东持股的基本情况 本次股份减持计划实施前，上海行动教育科技股份有限公司（以下简称"公 司"）控股股东、实际控制人的一致行动人上海云盾商务咨询合伙企业（有限合 伙）（以下简称"上海云盾"）持有上海行动教育科技股份有限公司（以下简称"公 司"）股份 12,219,633 股，占公司总股本的 10.2470%；上海云盾与其一致行动 人合计持有公司股份 51,699,364 股，占公司总股本比例为 43.3534%。 减持计划的实施结果情况 2024 年 10 月 26 日，公司披露了《关于 5%以上股东减持股份计划公告》（公 告编号：2024-052），上海云盾计划通过大宗交易方式按市场价格减持不超过 106 万股，减持比例不超过公司总股本的 0.8889%。在减持计划实施期间，上 ...

证券代码：605098 证券简称：行动教育 公告编号：2025-002 一、减持主体减持前基本情况 上述减持主体无一致行动人。 上海行动教育科技股份有限公司 关于 5%以上股东减持股份结果公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 股东持股的基本情况 本次股份减持计划实施前，上海蓝效商务咨询合伙企业（有限合伙）（以下 简称"上海蓝效"）持有上海行动教育科技股份有限公司（以下简称"公司"）无 限售流通股 22,505,438 股，占公司总股本的 18.8723%。 减持计划的实施结果情况 2024 年 10 月 26 日，公司披露了《关于 5%以上股东减持股份计划公告》（公 告编号：2024-053），上海蓝效计划通过大宗交易方式按市场价格减持不超过 58 万股，减持比例不超过公司总股本的 0.4864%。在减持计划实施期间，上海蓝 效通过大宗交易方式累计减持 580,000 股，占公司总股本的 0.4864%。截至 2024 年 1 月 9 日，上海蓝效持有公司股份 21,925,438 股 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 45.90 CNY over the next six months, while the current price is 34.26 CNY [1]. Core Insights - The company is a leader in management training, emphasizing high dividends and shareholder returns. It has shown robust performance with a significant increase in revenue and net profit, driven by a strong demand in the corporate training sector and a strategic focus on large clients [6][24]. - The company has a solid financial outlook, with projected revenue growth and net profit increases over the next few years, supported by a sustainable business model and a focus on high-quality training services [6][24]. Summary by Sections Company Overview - The company, Shanghai Action Education Technology Co., Ltd., has been deeply engaged in the management education sector since its establishment in 2006, evolving through various stages of development [17][18]. - It offers a range of services including corporate management training, consulting, and related educational products, with a focus on practical and effective management solutions [20][21]. Industry Analysis - The corporate training industry is experiencing rapid growth, with a projected market size increase to 1.3 trillion CNY by 2025, driven by strong demand and supportive government policies [31][34]. - The industry is characterized by a fragmented market with numerous specialized institutions, creating opportunities for companies like Action Education to establish a competitive edge through differentiated services [38][42]. Business Model - The company employs a "one core, two wings" business model, focusing on management training as its core service while also offering consulting and investment services [45]. - It has successfully implemented a prepayment model for its training services, leading to a significant increase in contract liabilities, which are expected to convert into revenue as training sessions are conducted [29][49]. Financial Projections - The company forecasts a compound annual growth rate (CAGR) of 17.9% for net profit from 2024 to 2026, with net profits projected at 2.64 billion CNY, 3.04 billion CNY, and 3.60 billion CNY respectively [6][24]. - The management training business has maintained a high gross margin, with the latest figures showing a margin of 83.6% for the first half of 2024 [26]. Competitive Landscape - The corporate training market is becoming increasingly competitive, with new entrants and a growing number of businesses seeking training services, which enhances the overall market potential [34][38]. - Action Education is positioned in the top tier of the industry, leveraging its brand strength and high-quality training offerings to capture market share [42][45].