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].

证券代码：605098 证券简称：行动教育 公告编号：2025-001 上海行动教育科技股份有限公司 股票期权激励计划 2024 年第四季度自主行权结果 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 年第四季度，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 441,500 股。 5、公司对本次股票期权激励计划内幕信息知情人及激励对象买卖公司股票 情况进行了自查，并于 2022 年 8 月 13 日披露了《关于 2022 年股票期权激励计 划内幕信息知情人及激励对象买卖公司股票的自查报告》。 6、公司于 2022 年 9 月 7 日召开第四届董事会第九次会议，审议通过了《关 于调整 2022 年股票期权激励计划授予激励对象名单及期权数量的议案》及《关 于向激励对象授予股票期权的议案》，公司独立董事发表了独立意见，认为授予 条件已经成就，确认的授予日符合相关规定。公司于 2022 年 9 月 7 日召开第四 届监事会第八次会议，审议通过 ...

证券代码：605098 证券简称：行动教育 公告编号：2024-057 上海行动教育科技股份有限公司 第五届监事会第六次会议决议公告 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、监事会会议召开情况 公司本次调整募投项目部分实施地点并增加实施主体有利于提高募集资金 使用效率，加快募集资金投资项目的实施进度，符合公司和全体股东利益，不存 在损害公司和中小股东合法利益的情况。本次调整募投项目部分实施地点并增加 实施主体履行了必要审议程序，符合相关规范性文件的规定。 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 《关于调整部分募投项目实施地点并增加实施主体的公告》。 特此公告。 上海行动教育科技股份有限公司 上海行动教育科技股份有限公司（以下简称"公司"）第五届监事会第六次 会议通知于 2024 年 12 月 13 日以书面形式送达公司全体监事。会议于 2024 年 12 月 19 日 11:00 在公司会议室以现场方式召开。本次会议应到监事 3 人，实到 监事 3 人。会议由监事会主席包俊 ...

上海行动教育科技股份有限公司 章 程 | 第一节 | 股份发行 | 2 | | --- | --- | --- | | 第二节 | 股份增减和回购 | 5 | | 第三节 | 股份转让 | 6 | | 第一节 | 股东 7 | | | 第二节 | 股东大会的一般规定 | 12 | | 第三节 | 股东大会的召集 16 | | | 第四节 | 股东大会的提案与通知 17 | | | 第五节 | 股东大会的召开 19 | | | 第六节 | 股东大会的表决和决议 23 | | | 第一节 | 董 事 | 29 | | 第二节 | 董事会 | 32 | | 第一节 | 监事 | 40 | | 第二节 | 监事会 | 41 | | 第一节 | 财务会计制度 | 42 | | 第二节 | 内部审计 48 | | | 第三节 | 会计师事务所的聘任 | 48 | | 第一节 | 通知 | 49 | | 第二节 | 公告 | 50 | | 第一节 | 合并、分立、增资和减资 | 50 | | 第二节 | 解散和清算 | 51 | | 第十二章 | 附则 54 | | 第一章 总则 第一条 为维护上海行动教育科技股份有限公司 ...