Investment Rating - The investment rating for the company is "Buy" and is maintained [3][4]. Core Insights - In the first three quarters, the company's revenue reached 563 million yuan, representing a year-on-year increase of 22.07%. The net profit attributable to the parent company was 195 million yuan, up 21.12% year-on-year, while the net profit after deducting non-recurring gains and losses was 186 million yuan, reflecting an 18.72% increase year-on-year. For the third quarter alone, revenue was 173 million yuan, a slight increase of 0.27% year-on-year, with a net profit of 58.41 million yuan, up 5.74% year-on-year, but a decline of 15.19% for the net profit after deductions [3][4][6]. - The company plans to distribute a cash dividend of 5 yuan per 10 shares (tax included), totaling 59.63 million yuan (tax included). For the 2024 fiscal year, the total cash dividend planned is 178 million yuan (tax included), accounting for 91.32% of the net profit attributable to the parent company [3][4][6]. Financial Performance - The company's contract liabilities showed growth, increasing to 965 million yuan by the end of the third quarter, up 0.7% from the beginning of the year. This indicates the company's relative advantages in product, brand, and operations despite a challenging economic environment [4]. - The gross profit margin faced pressure, decreasing by 4.17 percentage points to 75.38%. The expense ratios for sales, management, R&D, and finance increased year-on-year, with sales expenses rising due to increased advertising spending. The combined effect of the gross profit margin and expense ratios led to a decline in net profit after deductions [4][6]. - The company has effectively built a professional talent team, enhancing organizational efficiency and improving individual performance, which supports sustained and stable growth in business performance [4]. Future Outlook - The company is expected to maintain its product positioning that is "down-to-earth and effective," adapting to market demand trends and continuously updating its offerings. It aims to execute a major client strategy, focusing on customer referrals and repeat purchases to optimize customer structure and expand market coverage [4]. - Forecasts for the net profit attributable to the parent company for 2024, 2025, and 2026 are 250 million yuan, 300 million yuan, and 360 million yuan, respectively, corresponding to price-to-earnings ratios of 17, 15, and 12 times [4][6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a year-on-year revenue increase of 22.1% for the first three quarters of 2024, reaching 563 million yuan, and a net profit increase of 21.1%, totaling 195 million yuan. The third quarter of 2024 saw a slight revenue increase of 0.3% year-on-year, with net profit rising by 5.7% [2][3] - The company announced its first-ever third-quarter dividend plan, proposing a cash dividend of 178 million yuan, which accounts for 91.32% of the net profit attributable to the parent company [2][5] - The company is focusing on the recovery of course consumption rhythm and collection performance in Q4, as the revenue pressure in Q3 was attributed to a slowdown in the consumption rhythm of concentrated EMBA courses [3][6] Summary by Sections Financial Performance - In Q3 2024, the company's gross margin was 75.38%, down 3.2 percentage points year-on-year, primarily due to an increase in the proportion of lower-margin consulting services [4] - The company’s cash collection remained flat year-on-year for the first nine months of 2024, with a contract liability of 965 million yuan at the end of Q3, reflecting a 10% year-on-year increase [3][4] Dividend Policy - The company has maintained a high dividend payout ratio, with cash dividend payment rates of approximately 109%, 213%, 97%, and 91% for the periods of 2021, 2022, 2023, and 2024 respectively, indicating a strong commitment to returning value to shareholders [5] Earnings Forecast and Valuation - The company is expected to achieve revenues of 783 million yuan, 909 million yuan, and 1.04 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 16.46%, 16.13%, and 14.39% [6][10] - The net profit attributable to the parent company is projected to be 259 million yuan, 302 million yuan, and 348 million yuan for the same years, with growth rates of 18.16%, 16.30%, and 15.24% [6][10]

Key Points **Industry/Company Involved**: * **Company**: Action Education * **Industry**: Education and Training **Core Views and Arguments**: 1. **Positive Start in October**: The company reported a good start in October, attributing it to government policies and improved confidence among entrepreneurs. [1] 2. **Dividend Policy**: The company maintains a high level of dividends, reflecting its commitment to returning value to investors and its optimism about future growth. [1] 3. **Large Customer Strategy**: The company has successfully implemented a large customer strategy, with 179 large customers contributing 60% of orders in the first three quarters. This strategy is expected to continue. [1] 4. **Order Trends**: The company plans to increase the number of courses in the fourth quarter and aims for a 20-30% growth rate for the year. However, there is uncertainty regarding the exact growth rate. [2] 5. **Contract Liabilities**: The growth rate of contract liabilities has slowed down, potentially due to longer payment cycles and the company's large customer strategy. [3] 6. **Revenue and Profitability**: Revenue increased due to higher prices, but profitability was affected by a decrease in the contribution of certain courses and changes in the revenue mix. [5] 7. **Cash Flow**: Net cash flow decreased due to increased payments to external teachers and the increase in the proportion of external teachers. [6] 8. **Sales and Marketing Expenses**: Sales and marketing expenses remained stable, with a slight increase in the third quarter due to larger events and advertising. [7] 9. **Government Subsidies**: Government subsidies are expected to be sustainable, with the company receiving around 1 million yuan in the fourth quarter. [7] 10. **Employee Bonuses**: Employee bonuses are expected to be higher at the end of the year, reflecting the company's growth target. [7] 11. **Growth Outlook**: The company expects the market environment to remain challenging, but aims to maintain similar absolute revenue levels to the previous year. [8] 12. **New Initiatives**: The company has introduced the "Golden Brick Plan" to target listed companies and has increased its investment in marketing and personnel. [9] 13. **New Large Customers**: The company has secured new large customers, including a major food company and a home appliance manufacturer. [10] 14. **Product and Course Changes**: The company has introduced new courses and instructors, including a teacher specializing in new manufacturing and a teacher on organizational leadership. [12] **Other Important Points**: * The company is facing challenges in the current market environment but is actively adapting and seeking new opportunities. * The company is committed to returning value to investors and maintaining its growth target. * The company is investing in marketing and personnel to expand its customer base and improve its market position.

Investment Rating - The report maintains a "Buy" rating for Action Education (605098 SH) [1] Core Views - The company achieved revenue of 563 million yuan in the first three quarters of 2024, a year-on-year increase of 2207% Net profit attributable to the parent company was 195 million yuan, up 2112% year-on-year [1] - In Q3 2024, revenue growth slowed to 027% year-on-year, with net profit attributable to the parent company increasing by 574% to 5841 million yuan [1] - The company plans to distribute a cash dividend of 500 yuan per 10 shares (tax included) [1] - The dividend payout ratio exceeds 90%, with a total planned cash dividend of 178 million yuan for the first three quarters of 2024 [2] Financial Performance Revenue and Profit - Q1 Q2 Q3 2024 revenue growth rates were 2811%, 3950%, and 027% respectively, showing a slowdown in growth [1] - Q3 2024 gross margin decreased by 417 percentage points to 7538% [1] - Q3 2024 net profit margin increased by 18 percentage points to 341%, partly due to 92 million yuan in government subsidies [1] Cash Flow and Liabilities - Q3 2024 cash received from sales of goods and services was 143 million yuan, a year-on-year decrease of 243% [1] - As of Q3 2024, contract liabilities were 965 million yuan, up 102% year-on-year but down 36% quarter-on-quarter [1] Future Projections - Adjusted net profit forecasts for 2024-2026 are 263 million, 309 million, and 362 million yuan respectively [2] - Current stock price corresponds to PE ratios of 18x, 15x, and 13x for 2024-2026 [2] Financial Indicators Income Statement - Projected operating income for 2024-2026: 808 million, 957 million, and 1116 billion yuan [3] - Projected net profit attributable to the parent company for 2024-2026: 263 million, 309 million, and 362 million yuan [3] Balance Sheet - Total assets projected to grow from 2269 million yuan in 2024 to 3049 million yuan in 2026 [4] - Current assets expected to increase from 1985 million yuan in 2024 to 2742 million yuan in 2026 [4] Cash Flow - Operating cash flow projected to grow from 278 million yuan in 2024 to 568 million yuan in 2026 [4] - Net cash flow from financing activities expected to be -120 million, -141 million, and -165 million yuan in 2024-2026 [4] Valuation Metrics - Projected EPS for 2024-2026: 220 yuan, 259 yuan, and 304 yuan [3] - Projected P E ratios for 2024-2026: 18x, 15x, and 13x [3] - Projected P B ratios for 2024-2026: 431x, 373x, and 323x [4]

证券代码：605098 证券简称：行动教育 公告编号：2024-050 上海行动教育科技股份有限公司 第五届监事会第五次会议决议公告 本公司监事会及全体监事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。 （一）审议通过了关于《公司 2024 年第三季度报告》的议案 表决结果：3 票同意、0 票反对、0 票弃权。 监事会就 2024 年第三季度报告发表审核意见如下： 1、公司 2024 年第三季度报告的编制和审议程序符合法律法规、《公司章程》 及公司各项内部管理制度的规定； 2、公司 2024 年第三季度报告的内容和格式符合中国证监会和上海证券交易 所的各项规定，所包含的信息真实反映了公司 2024 年第三季度的财务状况和经 营业绩； 3、在发表本意见前，未发现参与公司 2024 年第三季度报告编制和审议的人 员有违反保密规定的行为； 一、监事会会议召开情况 上海行动教育科技股份有限公司（以下简称"公司"）第五届监事会第五次 会议通知于 2024 年 10 月 16 日以书面形式送达公司全体监事。会议于 2024 年 10 月 21 日 11:00 ...

证券代码：605098 证券简称：行动教育 公告编号：2024-049 一、董事会会议召开情况 上海行动教育科技股份有限公司（以下简称"公司"）第五届董事会第五次 会议通知于 2024 年 10 月 16 日以邮件形式通知公司全体董事。会议于 2024 年 10 月 21 日 10:00 在公司会议室以现场结合通讯方式召开。本次会议应出席董事 7 人，实际出席董事 7 人。会议由董事长李践先生主持，本次会议的召开符合《公 司法》《公司章程》及有关法律、法规的规定。 二、董事会会议审议情况 本次会议经与会董事充分审议，形成如下决议： 上海行动教育科技股份有限公司 第五届董事会第五次会议决议公告 本公司董事会及全体董事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。 （一）审议通过了关于《公司 2024 年第三季度报告》的议案 表决结果：7 票同意、0 票反对、0 票弃权。 本议案已经第五届董事会审计委员会 2024 年第三次会议审议通过。 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）披露的 《2024 年第三季度报告》。 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥173,426,788.80, representing a year-over-year increase of 0.27%[2] - Net profit attributable to shareholders for the same period was ¥58,410,907.48, reflecting a growth of 5.74% compared to the previous year[2] - The net profit excluding non-recurring gains and losses was ¥49,393,417.00, which is a decrease of 15.19% year-over-year[2] - Total operating revenue for the first three quarters of 2024 reached ¥562,861,743.01, an increase of 22% compared to ¥461,101,972.23 in the same period of 2023[14] - The net profit attributable to the parent company for Q3 2024 is ¥194,598,903.35, an increase from ¥160,660,694.32 in Q3 2023, representing a growth of approximately 21.1%[15] - The total comprehensive income for Q3 2024 is ¥197,137,514.29, compared to ¥161,075,809.91 in Q3 2023, indicating a year-over-year increase of about 22.4%[16] - Basic and diluted earnings per share for Q3 2024 were both ¥0.50, an increase of 6.38% year-over-year[4] - Basic and diluted earnings per share for Q3 2024 are both ¥1.65, up from ¥1.36 in Q3 2023, reflecting an increase of approximately 21.4%[16] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥2,050,649,878.42, showing a decline of 2.19% from the end of the previous year[4] - Total assets decreased to ¥2,050,649,878.42 as of September 30, 2024, from ¥2,096,479,278.79 at the end of 2023, a decline of 2.18%[13] - The total liabilities as of September 30, 2024, were ¥1,107,365,780.89, down from ¥1,133,998,637.92, a decrease of 2.35%[13] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥187,893,096.32, down 37.22% compared to the previous year[4] - Cash inflow from operating activities for the first three quarters of 2024 is ¥621,701,126.52, slightly down from ¥624,302,598.90 in the same period of 2023[17] - Cash outflow from operating activities increased to ¥433,808,030.20 in the first three quarters of 2024, compared to ¥325,030,238.87 in the same period of 2023, marking a rise of about 33.4%[17] - The net cash flow from investing activities for the first three quarters of 2024 is -¥277,929,882.89, worsening from -¥104,701,058.58 in the same period of 2023[18] - Total cash and cash equivalents at the end of Q3 2024 stand at ¥534,930,770.46, a decrease from ¥544,514,809.20 at the end of Q3 2023[18] - Cash and cash equivalents as of September 30, 2024, were ¥1,235,187,467.72, down from ¥1,358,004,999.62 at the end of 2023, a decrease of 9.05%[12] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 8,444[7] - Major shareholder Li Jian holds 31.10% of the company's shares, making him the controlling shareholder[10] Expenses and Investments - Total operating costs for the first three quarters of 2024 were ¥342,453,292.03, up from ¥279,400,714.71 in 2023, reflecting a 22.6% increase[14] - Research and development expenses for the first three quarters of 2024 were ¥14,897,834.19, down from ¥18,366,861.14 in 2023, a decrease of 18.5%[14] - The company reported a financial income of ¥19,962,253.09 for the first three quarters of 2024, slightly down from ¥20,462,379.98 in the same period of 2023[14] - The company has made significant investments, with cash payments for investments totaling ¥999,985,600.00 in the first three quarters of 2024, compared to ¥701,999,984.82 in the same period of 2023[18] - The company received government subsidies amounting to ¥9,204,953.64 during the reporting period[5] Inventory and Equity - The company's inventory decreased significantly to ¥1,389,450.32 from ¥2,873,718.27, a reduction of 51.6%[12] - Long-term equity investments increased to ¥453,892.33 from ¥142,085.37, representing a growth of 218.5%[12] Return on Equity - The weighted average return on equity increased by 0.31 percentage points to 6.03% for the current period[4]

证券代码：605098 证券简称：行动教育 公告编号：2024-051 上海行动教育科技股份有限公司 2024 年第三季度利润分配预案公告 本公司董事会及全体董事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。 公司拟向全体股东每 10 股派发现金红利 5.00 元（含税）。截至本公告披露 日，公司总股本 119,251,100 股，以此计算合计拟派发现金红利 59,625,550.00 元（含税）。公司已于 2024 年 8 月 16 日披露了《2024 年半年度利润分派实施 公告》（公告编号 2024-032），2024 年半年度共计派发现金红利 118,078,600.00 元（含税）。 －1－ 截 至 本 公 告 披 露 日 ， 公 司 2024 年 度 拟 累 计 派 发 现 金 红 利 共 计 177,704,150.00 元（含税），占公司 2024 年 1-9 月归属于上市公司股东的净利 润比例为 91.32%。 如在本公告披露之日起至实施权益分派股权登记日期间，因可转债转股/回 购股份/股权激励授予股份回购注销/重大资产重组股份回购 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first coverage [2][4]. Core Insights - The company focuses on providing a full lifecycle knowledge service and intellectual support platform for enterprises, with a strong emphasis on practical solutions to management challenges [2][3]. - The enterprise management training market is experiencing robust growth, with a projected market size exceeding 1 trillion yuan by 2024, driven by increasing demand from a growing number of enterprises [3][31]. - The company has established partnerships with over 100 leading enterprises, enhancing its market position and customer base [2][3]. Summary by Sections Company Overview - The company is recognized as a leader in enterprise management training, offering core courses such as condensed EMBA and principal EMBA, which are designed to address real-world business management issues [2][17]. Industry Analysis - The enterprise management training market in China reached 698.9 billion yuan in 2021, with a compound annual growth rate (CAGR) of 32.32% from 2016 to 2021, and is expected to grow at a CAGR of 14.97% from 2023 to 2025 [3][31]. - The number of registered enterprises in China reached 32.82 million by the end of 2022, with a CAGR of 15.89% from 2019 to 2022, indicating a strong potential customer base for training services [29][30]. Competitive Advantages - The company offers a significantly shorter learning period compared to traditional MBA programs, with condensed EMBA courses lasting only 3 days and principal EMBA courses taking 1.5 years [3][40]. - The curriculum is designed to be practical and effective, focusing on real business challenges and regularly updated based on market and client needs [3][40]. - The company boasts a strong faculty with extensive experience in billion-dollar enterprises, ensuring the effectiveness of its training programs [3][40]. Financial Analysis - The company has shown stable revenue growth, with a CAGR of 14.2% from 2015 to 2023, and a revenue of 389 million yuan in the first half of 2024, representing a year-on-year increase of 35.2% [3][46]. - The core business of enterprise management training contributes over 80% of the company's revenue, highlighting its importance to overall financial performance [3][46].

证券代码：605098 证券简称：行动教育 公告编号：2024- 048 上海行动教育科技股份有限公司 股票期权激励计划 2024 年第三季度自主行权结果 暨股份变动公告 本公司董事会及全体董事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： 1. 本次行权股票数量：2024 年第三季度，公司股票期权激励计划激励对象 行权且完成股份过户登记的行权股票数量合计为 731,000 股。 2. 本次行权股票上市流通时间：采用自主行权模式，激励对象行权所得股 票于行权日（T 日）后的第二个交易日（T+2）日上市交易。 2024 年第三季度，上海行动教育科技股份有限公司（简称"公司"）股票期 权激励计划激励对象行权且完成股份过户登记的行权股票数量合计为 731,000 股。具体说明如下： 一、股票期权激励计划已履行的决策程序及相关信息披露 7、公司于 2022 年 10 月 11 日对《激励计划》授予的激励对象人数及授予权 益数量进行相应调整，并披露了《2022 年股票期权激励计划激励对象名单（调整 后）》《关于调整 2022 年股票期权激励计 ...