据证券之星公开数据整理，近期行动教育（605098）发布2025年中报。截至本报告期末，公司营业总收 入3.44亿元，同比下降11.68%，归母净利润1.31亿元，同比下降3.51%。按单季度数据看，第二季度营 业总收入2.13亿元，同比下降14.22%，第二季度归母净利润1.03亿元，同比下降8.06%。本报告期行动 教育盈利能力上升，毛利率同比增幅1.77%，净利率同比增幅8.35%。 本次财报公布的各项数据指标表现一般。其中，毛利率77.49%，同比增1.77%，净利率38.28%，同比增 8.35%，销售费用、管理费用、财务费用总计1.16亿元，三费占营收比33.69%，同比增7.98%，每股净资 产8.39元，同比增1.16%，每股经营性现金流0.57元，同比减61.28%，每股收益1.1元，同比减4.35% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 3.89 Z | 3.44Z | -11.68% | | 归母净利润(元) | 1.36 Z | 1.31亿 | -3.51% | | 扣非净利润( ...

Core Viewpoint - Action Education reported a decline in revenue for the first half of 2025, but showed improvement in profitability metrics such as gross margin and net margin [2][8]. Financial Overview - Total revenue for the period was 344 million yuan, a year-on-year decrease of 11.68% - Net profit attributable to shareholders was 131 million yuan, down 3.51% year-on-year - Non-recurring net profit was 120 million yuan, a decline of 11.61% year-on-year - In Q2, total revenue was 213 million yuan, a decrease of 14.22% year-on-year - Q2 net profit attributable to shareholders was 103 million yuan, down 8.06% year-on-year - Q2 non-recurring net profit was approximately 97.31 million yuan, a decline of 12.1% year-on-year - Gross margin improved to 77.49%, an increase of 1.77% year-on-year - Net margin increased to 38.28%, up 8.35% year-on-year [2][9]. Cash Flow Situation - Operating cash flow per share was 0.57 yuan, a significant decrease of 61.28% compared to the same period last year - Cash and cash equivalents amounted to 1.349 billion yuan, an increase of 3.44% year-on-year [4]. Accounts Receivable and Debt - Accounts receivable stood at 294,300 yuan, a year-on-year increase of 238.05% - Interest-bearing debt was 14.0367 million yuan, up 12.83% year-on-year [5]. Main Business Composition - Revenue from management training was 285 million yuan, accounting for 82.99% of total revenue with a gross margin of 84.33% - Revenue from management consulting was approximately 54.44 million yuan, making up 15.83% of total revenue with a gross margin of 46.55% [6]. Development Outlook - The company is transitioning from "Effective Education" to "Effective Education + AI," aiming to build an intelligent management ecosystem - A comprehensive AI initiative for core business processes has been launched, along with a "Hundred Schools Plan" to establish 100 branches in key cities over the next 3-5 years - The goal is to empower 10,000 enterprises to become AI organizations and train 1 million AI managers within three years [7]. Summary - Overall, while Action Education faced revenue decline in the first half of 2025, it managed to improve its profitability metrics. However, the significant drop in operating cash flow raises concerns about future cash management [8].

Summary of Action Education's Conference Call Company Overview - **Company**: Action Education - **Industry**: Education and Management Consulting Key Financial Metrics - **Revenue**: 3.43 billion CNY in H1 2025 - **Net Profit**: 1.32 billion CNY - **Net Profit Attributable to Shareholders**: 1.31 billion CNY - **EMBA Revenue**: 1.28 billion CNY from Principal EMBA and 1.2 billion CNY from Concentrated EMBA [2][3] - **Management Consulting Revenue**: 54.43 million CNY, accounting for 18% of total revenue [2][3] Performance Insights - **Attendance Rates**: - Concentrated EMBA had a 96% attendance rate in H1 2025, down from 112% in the previous year [4] - Principal EMBA had an attendance rate of 108% [3] - **Growth in Orders**: Orders increased by 60-70% in July 2025, indicating strong demand [5] Operational Efficiency - **Gross Margin Improvement**: Increased from 67.4% to 72% due to a higher proportion of concentrated and principal courses [6] - **Cost Management**: Reduction in sales expenses while R&D expenses increased, leading to improved operational efficiency [6] Strategic Initiatives - **AR Organization Development**: Plans to build a world-class AR organization within 3-5 years, focusing on human resources, marketing, research, and financial control systems [7] - **AI Integration**: Implementation of AI technologies to enhance recruitment and training, resulting in a 16% increase in new employee retention and a 46% increase in sales performance [9][10] Customer Service and Product Upgrades - **Smart Service Platform**: Aiming to enhance efficiency for entrepreneurs through technology, including the launch of the "Digital Organization" course in collaboration with DingTalk's co-founder [8] - **High-Frequency Training**: New employees now receive 28 training sessions per month, significantly improving their communication and sales skills [11] Market Challenges - **Impact of Trade Wars**: Attendance rates dropped in Q2 2025 due to trade tensions, particularly affecting regions reliant on foreign trade [18][21] - **Regional Variability**: Some areas like Guangdong faced significant declines, while others like Shanghai maintained better attendance [18] Expansion Plans - **Hundred Cities, Hundred Schools Strategy**: Successfully recruited 9 general managers and established 7 offices, with expectations of generating 50-60 million CNY in revenue this year [15][22] - **Sales Leadership Development**: New sales leaders are expected to stabilize by the end of 2025, contributing significantly to revenue growth [23] Conclusion - **Future Outlook**: Confidence in achieving annual operational goals due to improved attendance rates and strong order growth, alongside strategic investments in AI and organizational development [5][19]

Core Insights - The report highlights an increase in institutional attention towards sectors such as electric equipment, non-bank financials, and public utilities, indicating a shift in market focus [4][5][6] - The electric vehicle market in Europe is experiencing significant growth, with major automakers like Volkswagen, Renault, and BMW reporting substantial increases in battery electric vehicle (BEV) sales [15][16] - The report emphasizes the resilience of the viscose staple fiber market, with stable demand and limited new capacity contributing to a tight supply-demand balance [11][12][13] Institutional Research Tracking - The report outlines a decrease in total institutional research activity across the A-share market, with a notable decline in the number of companies being researched compared to the previous year [5][6] - Key sectors receiving increased attention include electric equipment, non-bank financials, and public utilities, reflecting a shift in investor focus [4][6][7] Electric Vehicle Market Trends - European automakers are set to continue launching new electric vehicle models, which is expected to sustain the momentum of the electric vehicle market [16][17] - The report notes that the EU's carbon emission regulations are being adjusted, which may impact the pace of electric vehicle adoption but overall trends remain positive [17] Viscose Staple Fiber Market Analysis - The report indicates that the apparent consumption of viscose staple fiber is projected to grow, with 2023 and 2024 consumption expected to reach 3.81 million tons and 4.09 million tons respectively, reflecting year-on-year increases of 9.74% and 7.28% [11] - The industry is characterized by high capacity utilization rates, with the effective capacity utilization expected to remain above 80% due to stable demand and limited new capacity [12][13] Company-Specific Updates - The report provides updates on specific companies, such as Wanhua Chemical, which is expected to benefit from supply-side improvements in the chemical sector, maintaining a "buy" rating [28] - Action Education is noted for its stable operations and high dividend payout strategy, with a focus on AI-driven growth in the long term [32] Recommendations - The report suggests investment in companies like Sanyou Chemical and Biyuan Chemical, which are positioned to benefit from the ongoing trends in the viscose staple fiber and chemical markets [14][23] - In the electric vehicle sector, recommended stocks include CATL and Yiwei Lithium Energy, which are expected to gain from the growth in battery demand [17]

全面推进"实效教育+AI"的4.0 时代战略转型，"百校计划"加速扩张。AI 赋能成效显著：在人力资源方 面，通过AI 测评系统，25H1 新人留存率同比提升16%，出单业绩同比增长46%；在营销方面，AI 系统 将目标客户识别用时从4小时缩短至10 分钟，日均客户触达效率提升13 倍。2025 年2 月，公司开启"百 校计划"，计划未来3-5 年在全国重点城市开设100 家分校。该计划进展顺利，2025 年3-7 月期间，已成 功复制9 位分校总经理，组建了42 人的核心团队，并累计创造业绩527.92 万元，展现出较强的组织复制 能力和市场扩张潜力。 盈利预测、估值与评级：考虑到培训需求的恢复仍有不确定性，我们下调公司25-27 年归母净利润预测 分别至2.94/3.34/3.71 亿元（分别下调4%/3%/3%），折合2025-2027 年EPS 分别为2.46/2.80/3.11 元，对 应PE 分别为15x/13x/12x，考虑到公司为管理培训龙头，未来大客户开发空间仍较大，维持"增持"评 级。 风险提示：宏观经济风险，市场竞争加剧风险，依赖关键人员风险。 事件：行动教育25H1 实现营业收入3.4 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment returns over the next 6-12 months [5]. Core Insights - The company experienced a decline in revenue and net profit in the first half of 2025, with revenue at 340 million yuan, down 11.7% year-on-year, and net profit at 130 million yuan, down 3.5% year-on-year [1]. - Despite short-term business pressures, the company has a solid order backlog, with contract liabilities amounting to 1.059 billion yuan, reflecting a 5.83% increase compared to the same period last year [1]. - The company is actively pursuing an AI-driven strategic transformation, which has shown significant results in improving employee retention and marketing efficiency [3]. Summary by Sections Financial Performance - In H1 2025, the company's gross margin was 77.49%, an increase of 1.35 percentage points year-on-year, primarily due to a decrease in the proportion of low-margin consulting revenue [2]. - The net profit margin for H1 2025 reached 38.28%, up 2.95 percentage points year-on-year, aided by changes in the fair value of financial assets and increased investment income [2]. - The company plans to distribute a cash dividend of 119 million yuan, representing 90.74% of net profit attributable to shareholders [2]. Strategic Initiatives - The company is advancing its "Effective Education + AI" strategy, with plans to open 100 branches in key cities over the next 3-5 years, showing strong market expansion potential [3]. - AI implementation has led to a 16% increase in employee retention and a 46% growth in sales performance in H1 2025 [3]. Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been adjusted to 294 million yuan, 334 million yuan, and 371 million yuan, respectively, reflecting a slight downward revision [3]. - The estimated EPS for 2025-2027 is projected to be 2.46 yuan, 2.80 yuan, and 3.11 yuan, with corresponding P/E ratios of 15x, 13x, and 12x [3].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company experienced a revenue decline of 11.7% year-on-year in H1 2025, with total revenue of 340 million yuan and a net profit of 130 million yuan, down 3.5% year-on-year [3] - The company maintains a high dividend payout ratio exceeding 90%, with a dividend yield of 6% [2][3] - The "Hundred School Plan" is progressing smoothly, with expectations for a turnaround in fundamentals [3][6] Financial Performance Summary - In H1 2025, management training revenue was 290 million yuan, down 8.9%, while management consulting revenue was 50 million yuan, down 25.6% [3] - The overall gross margin increased by 1.3 percentage points to 77.5%, with management training gross margin rising to 84.3% [3] - The company reported a cash collection decline of 20% in Q2 2025, with cash received from sales and services amounting to 230 million yuan [3] - The company has distributed a total of 268 million yuan in cash dividends over the past 12 months [3] AI Empowerment and Expansion Plans - The company has initiated an AI transformation project across four core business processes, significantly improving efficiency [3] - The "Hundred School Plan" aims to open 100 branches in key cities over the next 3-5 years, with AI assisting in the training and replication of branch managers [3][4] Earnings Forecast - The company forecasts net profits of 301 million yuan, 350 million yuan, and 399 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 15x, 13x, and 11x [6]

（文章来源：每日经济新闻） 国信证券8月12日发布研报称，给予行动教育（605098.SH，最新价：37.2元）优于大市评级。评级理由 主要包括：1）受宏观环境影响，2025H1公司收入、业绩短期承压；2）2025年第二季度销售收款降幅 环比收窄，合同负债稳健增长；3）结构优化&AI 助力人效提升，毛利率逆势提升；4）AI战略与百校 计划成果初显，高股息属性仍显著。风险提示：股东减持；招生人数不达预期；宏观经济下行的风险 等。 ...

民生证券研报指出，行动教育上半年业绩略低于预期，全年业绩仍然可期。当前公司正在积极推进"百 校计划"，并积极向"时效管理+AI"转型。预计下半年，随着经济向好、外部环境边际改善，公司EMBA 课程的报到率、续费率等有望改善，且2024年下半年基数相对较低，全年业绩仍然可期。2025年1-6月 公司毛利率、净利率分别为77.49%、38.28%，同比分别提高1.35pct、1.44pct，较2024年全年分别提高 2.95pct、3.63pct，盈利能力显著增强。同时，公司坚持多次分红，且股息率较高。2021年上市以来，公 司已累计分红9次，累计分红10.21亿元，是募资总额的1.75倍。2025年中报，公司计划10派10元，分红 率90.74%，股息率2.79%，分红率高。公司坚持"一核两翼"发展战略、"大客户战略"和"金砖计划"，并 开启了"百校计划"，布局"实效管理教育+AI"，未来发展动力十足。公司是典型"低估值、高分红"标 的，维持"推荐"评级。 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][27]. Core Views - The company experienced a revenue decline of 11.7% year-on-year in H1 2025, with a total revenue of 344 million yuan. The net profit attributable to shareholders was 131 million yuan, down 3.5% year-on-year [9][27]. - In Q2 2025, the company reported a revenue of 213 million yuan, a decrease of 14.22% year-on-year, and a net profit of 103 million yuan, down 8.06% year-on-year. The management training business showed relative resilience with a revenue of 285 million yuan, down 8.9% [9][12]. - The company is leveraging AI technology to enhance operational efficiency, resulting in a gross margin increase to 77.5%, up 1.3 percentage points year-on-year [2][22]. Summary by Sections Financial Performance - In H1 2025, the company achieved a gross margin of 77.5%, benefiting from a higher proportion of high-margin management training services and improved efficiency through AI [2][22]. - The net profit margin for H1 2025 was 38.2%, an increase of 3.2 percentage points year-on-year [2][22]. - The company’s cash receipts from sales in Q2 2025 were 233 million yuan, a decline of 20.17% year-on-year, but the decline was less severe compared to Q1 2025 [15][27]. Business Strategy - The company has initiated an "AI Strategy" and a "Hundred Schools Plan," which have begun to show results, including a 46% year-on-year increase in new employee performance and a significant improvement in customer outreach efficiency [3][25]. - The "Hundred Schools Plan" has successfully replicated nine branch managers from March to July 2025, indicating a strong potential for organizational growth driven by AI [25][26]. Shareholder Returns - The company plans to distribute a cash dividend of 119 million yuan for H1 2025, representing a payout ratio of 90.74% of net profit [3][26]. - The current dividend yield (TTM) stands at 6.09%, highlighting the company's commitment to returning value to shareholders [3][27].