Dividend Distribution - The company plans to distribute a cash dividend of 10 CNY per 10 shares for the first half of 2024, totaling 118,078,600 CNY (including tax) [8] - For the third quarter of 2024, the company will distribute a cash dividend of 5 CNY per 10 shares, amounting to 59,625,550 CNY (including tax) [8] - The proposed cash dividend for the 2024 annual report period is 7.5 CNY per 10 shares, totaling 89,438,325 CNY (including tax), which represents 99.47% of the net profit attributable to shareholders [9] - The cumulative cash dividend over the last three accounting years amounts to 715,841,155 RMB, with an average annual net profit of 199,625,725.10 RMB, resulting in a cash dividend ratio of 358.59% [181] - The total cash dividend planned for 2024 is 267,142,475 RMB (including tax), which is 99.47% of the net profit attributable to shareholders [179] - The company has maintained a clear and defined cash dividend policy, ensuring compliance with the articles of association and shareholder resolutions [177] - The company has authorized the distribution of cash dividends at its annual shareholder meeting, with the latest meeting held on October 21, 2024 [175] Financial Performance - The company achieved a net profit of 268,572,695.24 CNY for the 2024 fiscal year [9] - The company's operating revenue for 2024 reached ¥783,434,345.21, representing a 16.54% increase compared to ¥672,241,095.67 in 2023 [35] - Net profit attributable to shareholders for 2024 was ¥268,572,695.24, up 22.39% from ¥219,445,895.05 in 2023 [35] - The basic earnings per share for 2024 increased to ¥2.27, a rise of 22.04% from ¥1.86 in 2023 [36] - The total assets of the company as of the end of 2024 were ¥2,232,013,797.24, reflecting a 6.46% growth from ¥2,096,479,278.79 in 2023 [35] - The weighted average return on equity for 2024 was 29.01%, an increase of 6.73 percentage points from 22.28% in 2023 [36] - The total profit reached 315.58 million yuan, reflecting a growth of 22.63% compared to the previous year [86] Strategic Initiatives - The company emphasizes a focus on "platform construction" and "high-quality development" as part of its strategic initiatives [14] - The company aims to redefine entrepreneurial education by addressing the deep needs of entrepreneurs and fostering a long-term vision [15] - The company highlights the importance of transitioning from "scale growth" to "value creation" in the current global economic landscape [21] - The company expresses confidence in its future direction and commitment to creating greater value for shareholders [22] - The company is committed to building a world-class practical business education platform to empower enterprises [22] Customer and Market Growth - The company developed over 1,200 new clients in 2024, with 295 of them being major clients, indicating significant growth in its customer base [49] - The net promoter score reached 76.9%, significantly exceeding the industry average, showcasing strong customer satisfaction [49] - The company has established a high-quality talent development system, contributing to a robust order volume in training and consulting services [37] - The company plans to continue expanding its training and consulting services to maintain revenue growth [37] Management Training and Consulting - The management training business includes a 3-day condensed EMBA program aimed at cultivating operational managers through 60 management tools and 80 operational methods [61] - The company emphasizes the importance of management training in enhancing employee skills and adapting to new productivity demands [57] - The management training content is continuously updated to include new knowledge and skills relevant to emerging productivity trends [58] - The company collaborates with world-class business schools to enhance its training offerings, ensuring high-quality educational experiences [68] - The management consulting services are tailored to client needs, covering areas such as performance management, marketing control, and brand strategy, with a relatively long consulting cycle [66] Governance and Compliance - The company has established a comprehensive governance structure with specialized committees to ensure effective decision-making and oversight [138] - The company held 8 board meetings, 8 supervisory board meetings, and 16 specialized committee meetings during the reporting period, ensuring effective governance and compliance with regulations [139] - The company has maintained compliance with information disclosure obligations, ensuring transparency and protecting minority investors' rights [139] - The company has not faced any significant differences in corporate governance compared to regulatory requirements, indicating strong adherence to governance standards [139] Environmental and Social Responsibility - The company published its first ESG report in 2024, receiving an A rating from Huazheng Index, highlighting its commitment to sustainable development [50] - The company invested 370,000 RMB in environmental protection during the reporting period [191] - The company actively promotes low-carbon practices and resource conservation in its daily operations [193] - The company does not engage in production activities and thus does not have significant pollutant emissions, aside from general waste [192] Risks and Challenges - The company recognizes risks from macroeconomic fluctuations that could impact demand for management training services, linking its performance to the overall economic environment [132] - The company faces competitive risks in the management training industry, necessitating increased investment in new product development and project construction to enhance competitiveness [133] - The company is focused on retaining key personnel to mitigate risks associated with employee turnover, implementing incentive schemes and improving the work environment [133]

行动教育（605098）公告，2024年营业收入为7.83亿元，同比增长16.54%。归属于上市公司股东的净利 润为2.69亿元，同比增长22.39%。公司拟向全体股东每10股派发现金红利7.5元(含税)，合计拟派发现金 红利8943.83万元(含税)。 ...

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].