记者丨贺泓源 编辑丨朱益民 A股教育股半年报发布完毕，业绩相比去年同期有所好转。 21世纪经济报道记者统计28家教育股公司半年报发现，2025年上半年总营收156.1亿元，同比增长 4.8%。 科大讯飞继续位列A股教育股第一，其智慧教育业务营收35.3亿元，同比增长23.47%；营收前10名公司 名单与去年一样，只是豆神教育超过行动教育升到第8位，其他8家公司位次不变。 按照业务类型，A股教育公司主要从事教育信息化、职业教育、民办学校、校外培训业务。今年上半 年，一方面头部公司有回暖迹象，另一方面教育股整体仍分化严重，过半公司负增长。 TOP10公司表现如何 2025年上半年，A股教育股营收前10名公司为：科大讯飞、学大教育、视源股份、华图山鼎、中公教 育、鸿合科技、昂立教育、豆神教育、行动教育、正元智慧。10家公司总营收129亿元，同比增长 7.1%。 科大讯飞智慧教育业务营收35.3亿元，同比增长23.47%，但增幅收窄1.67个百分点。智慧教育是科大讯 飞的第一大业务，包括面向G端、B端、C端的业务体系，产品线丰富。上半年，讯飞学习机收入同比 增长104%，或是整体增长的牵引性动力。 学大教育继续稳扎稳 ...

A股教育股半年报发布完毕，业绩相比去年同期有所好转。 21世纪经济报道记者统计28家教育股公司半年报发现，2025年上半年总营收156.1亿元，同比 增长4.8%。 科大讯飞继续位列A股教育股第一， 其智慧教育业务营收35.3亿元，同比增长23.47%；营收前 10名公司名单与去年一样，只是豆神教育超过行动教育升到第8位，其他8家公司位次不变。 按照业务类型，A股教育公司主要从事教育信息化、职业教育、民办学校、校外培训业务。今 年上半年，一方面头部公司有回暖迹象，另一方面教育股整体仍分化严重，过半公司负增长。 TOP1 0公司表现如何 2025年上半年，A股教育股营收前10名公司为：科大讯飞、学大教育、视源股份、华图山鼎、 中公教育、鸿合科技、昂立教育、豆神教育、行动教育、正元智慧。 10家公司总营收129亿 元，同比增长7.1%。 记者丨 贺泓源 编辑丨朱益民 | | 教育股前十大公司业绩 | | | | --- | --- | --- | --- | | 营业收入 | 同比变化 | 净利润 | 同比变化 | | 35.31 | 23.47% | | | | 19.16 | 18.27% | 2.30 | ...

来源：环球网 近日，学大教育发布半年报。 上半年，学大教育实现营业收入19.16亿元，同比增长18.27%；归母净利 润2.3亿元，同比增长42.18%。横向上看，学大教育的业务优势和壁垒持续夯实；纵向上看，学大教育 已经连续十个季度保持增长，显示出在复杂形势下的强大韧性。 业内人士指出，这得益于学大教育坚持长期主义和稳健增长的经营理念，以及将个性化教育领域优势在 其他领域快速复制的能力。 领跑A股教育半年报 A股教育上市公司的营收TOP10的格局相对稳定，但其中亦发生微妙的变化，凸显学大教育的竞争优 势。 首先，TOP10公司整体营收增长情况好于去年，但学大教育仍保持行业领跑。今年上半年，TOP10公司 营收负增长的公司由5家减少到3家，营收增长超过10%的公司由3家增长到6家。在整体增长改善的情况 下，学大教育继续领跑，其18.27%的增速在TOP10公司中排名第3。在去年高基数情况下持续高增长， 显示出其较强的增长能力。 其次，学大教育在垂直领域稳扎稳打，单位模型的规模化增长明显。今年上半年，职业培训行业增长承 压，这与行业竞争加剧、单价下降有关。学大教育的网点数量虽不如其他公考领域"巨头"企业，但学大 ...

Macro Strategy - The report highlights the focus on domestic economic policy changes driven by anti-involution and the Fourth Plenary Session [1] Fixed Income - The report discusses why domestic commercial banks are unlikely to shrink their balance sheets, citing factors such as economic slowdown, loose monetary policy, and the government's call for financial services to support the real economy [2] - It notes that while some small and medium-sized banks may consider balance sheet reduction, the overall probability for the industry is low [2] Industry Analysis New Industries - The company reported a revenue of 2.185 billion yuan in H1 2025, a decrease of 1.18% year-on-year, and a net profit of 771 million yuan, down 14.62% [4] - The overseas market showed strong performance with a revenue of 954 million yuan, an increase of 19.62% [5] - Domestic revenue was 1.229 billion yuan, down 12.81%, with a notable decline in reagent business [5] BYD Electronics - The company achieved a revenue of 80.61 billion yuan in H1 2025, a year-on-year increase of 2.6%, and a net profit of 1.73 billion yuan, up 14% [6] - The new energy vehicle business saw a revenue increase of 60.5% to 12.45 billion yuan, driven by smart cabin and driving products [6] Pinduoduo - The company’s profit exceeded expectations, leading to an adjustment in the Non-GAAP net profit forecast for 2025-2027 [9] Northern Huachuang - The company is benefiting from the domestic semiconductor equipment platform trend, with a focus on expanding its product line through acquisitions [10] Wan Ye Enterprises - The company reported a turnaround in H1 2025, driven by rapid growth in bismuth materials and semiconductor equipment [11] Horizon Robotics - The company achieved a revenue of 1.57 billion yuan in H1 2025, a 68% increase, with significant growth in chip shipments [12] BeiGene - The company’s core product sales are expected to drive revenue growth, with an upward revision of net profit forecasts for 2025-2027 [14] Jiuzhoutong - The company reported a revenue of 81.106 billion yuan in H1 2025, a 5.1% increase, with a net profit of 1.446 billion yuan, up 19.7% [15] Fenzhong Media - The company maintains a steady growth trajectory, with EPS forecasts for 2025-2027 remaining stable [16] High Measurement Co. - The company is entering the humanoid robot market, leveraging its core technology in grinding equipment [17] Tian Nai Technology - The company adjusted its profit forecast for 2025-2027, maintaining a "buy" rating due to the potential of single-wall carbon tubes [18] Hailiang Co. - The company is expected to see significant growth in the U.S. market, with net profit forecasts for 2025-2027 remaining stable [19] Sanofi - The company reported a revenue of 2.264 billion yuan in H1 2025, with strong performance in the overseas market [20] Xue Da Education - The company is positioned as a leading personalized education provider, with stable growth in its training business [22] Blue Sky Gas - The company is committed to high dividend payouts, with a focus on improving cash flow despite lower profits in H1 2025 [23] Haitian Precision - The company is experiencing short-term pressure on earnings but is steadily advancing its capacity and channel development [24] Solidarity Hall - The company is leveraging AI and overseas expansion to enhance its business model and revenue potential [25] Shoulu Hotel - The company is optimizing its hotel operations and expanding its footprint, with profit forecasts for 2025-2027 remaining stable [27] Changhua Group - The company is expected to see continued revenue growth, driven by new product launches and customer acquisition [28] SF Express - The company is entering a growth phase, with profit forecasts for 2025-2027 being adjusted upward [29] Oil and Gas Sector - The company is experiencing rapid growth in oil and gas production, with profit forecasts for 2025-2027 being adjusted upward [30] Alibaba - The company is focusing on cloud business growth and AI investments, with profit forecasts for FY2026-2028 being adjusted [31] Ding Sheng New Materials - The company is experiencing strong growth in battery foil shipments, with profit forecasts for 2025-2027 being adjusted [32] BYD - The company is facing increased competition, leading to adjustments in profit forecasts for 2025-2027 [34] Okai Yi - The company is experiencing steady revenue growth, with profit forecasts for 2025-2026 being adjusted downward [35] Maiwei Biotech - The company maintains its revenue forecasts for 2025-2027, focusing on strategic drug development [36] United Imaging - The company reported a revenue of 6.016 billion yuan in H1 2025, with strong growth in both domestic and overseas markets [37]

证券研究报告 | 2025年09月02日 | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 2,213 | 2,786 | 3,409 | 4,149 | 4,953 | | (+/-%) | 23.1% | 25.9% | 22.4% | 21.7% | 19.4% | | 净利润(百万元) | 154 | 180 | 251 | 301 | 363 | | (+/-%) | 1312.3% | 16.8% | 39.8% | 19.8% | 20.7% | | 每股收益（元） | 1.26 | 1.46 | 2.04 | 2.44 | 2.95 | | EBIT Margin | 11.7% | 10.4% | 9.4% | 10.2% | 10.7% | | 净资产收益率（ROE） | 25.5% | 21.8% | 25.1% | 24.8% | 24.8% | | 市盈率（PE） | 38.3 | 33.0 | 23.6 | 19.7 | 16 ...

丨证券研究报告丨 公司研究丨点评报告丨学大教育（000526.SZ） [Table_Title] 2025 中报业绩点评：降本增效业绩高增，老 师产能持续扩张 报告要点 [Table_Summary] 2025 上半年：营业收入 19.16 亿元，同比+18.27%，归母净利润 2.30 亿元，同比+42.18%（业 绩预告区间 41.14%-60.02%），扣非后归母净利润 2.11 亿元，同比+39.05%（业绩预告区间 38.09%-60.12%）。单二季度：营业收入 10.52 亿元，同比+15.04%，归母净利润 1.56 亿元， 同比+40.01%，扣非后归母净利润 1.53 亿元，同比+43.88%。预计 2025-2027 年归母净利润 3.05、3.78、4.74 亿元，对应 PE 分别为 19.59、15.79、12.58X，维持"买入"评级。 分析师及联系人 [Table_Author] 赵刚 杨会强 马健轩 SAC：S0490517020001 SAC：S0490520080013 SFC：BUX176 请阅读最后评级说明和重要声明 %% %% %% %% research.95579 ...

证券研究报告·公司点评报告·教育 学大教育（000526） 2025 年中报点评：营收符合预期，教育培训 业务稳步增长 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,213 | 2,786 | 3,374 | 3,917 | 4,491 | | 同比（%） | 23.09 | 25.90 | 21.12 | 16.08 | 14.66 | | 归母净利润（百万元） | 153.78 | 179.69 | 257.37 | 329.52 | 404.48 | | 同比（%） | 1,035.24 | 16.84 | 43.24 | 28.03 | 22.75 | | EPS-最新摊薄（元/股） | 1.26 | 1.47 | 2.11 | 2.70 | 3.32 | | P/E（现价&最新摊薄） | 37.80 | 32.35 | 22.58 | 17.64 | 14.37 | [Table_Tag] [Ta ...

Market Overview - The education sector experienced a decline of 2.7% on September 2, with Guomai Technology leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Individual Stock Performance - Action Education (605098) closed at 36.05, with a slight increase of 0.14% and a trading volume of 15,700 shares [1] - Kevin Education (002659) remained unchanged at 5.24, with a trading volume of 214,400 shares [1] - Xueda Education (000526) fell by 0.98% to 47.70, with a trading volume of 27,300 shares [1] - ST Dongshi (603377) decreased by 1.39% to 3.56, with a trading volume of 212,600 shares [1] - Zhonggong Education (002607) dropped 1.66% to 2.97, with a trading volume of 3,027,500 shares [1] - Angli Education (600661) fell by 1.92% to 10.70, with a trading volume of 60,100 shares [1] - Borui Communication (600880) decreased by 2.15% to 5.01, with a trading volume of 292,400 shares [1] - ST Kaiyuan (300338) fell by 2.17% to 4.05, with a trading volume of 57,100 shares [1] - ST Chuan Zhi (003032) decreased by 2.38% to 6.56, with a trading volume of 67,600 shares [1] - Quantu Education (300359) fell by 2.45% to 5.96, with a trading volume of 170,300 shares [1] Capital Flow Analysis - The education sector saw a net outflow of 401 million yuan from institutional investors, while retail investors experienced a net inflow of 307 million yuan [2] - The net inflow from speculative funds was 93.74 million yuan [2] Detailed Capital Flow for Selected Stocks - Kevin Education (002659) had a net inflow of 8.16 million yuan from institutional investors, while speculative funds saw a net outflow of 4.64 million yuan [3] - Action Education (605098) experienced a net inflow of 6.19 million yuan from institutional investors, with a net outflow of 3.53 million yuan from speculative funds [3] - Xueda Education (000526) had a minimal net inflow of 143,500 yuan from institutional investors, with a net outflow of 3.46 million yuan from speculative funds [3] - Kede Education (300192) saw a slight net outflow of 187,300 yuan from institutional investors, with a significant net outflow of 24.17 million yuan from speculative funds [3] - ST Kaiyuan (300338) experienced a net outflow of 3.39 million yuan from institutional investors, while speculative funds had a net inflow of 711,800 yuan [3] - ST Chuan Zhi (003032) had a net outflow of 6.13 million yuan from institutional investors, with a net inflow of 890,700 yuan from speculative funds [3] - Angli Education (600661) saw a net outflow of 8.87 million yuan from institutional investors, while retail investors had a net inflow of 9.28 million yuan [3] - ST Dongshi (603377) experienced a net outflow of 12.71 million yuan from institutional investors, with a net inflow of 9.10 million yuan from retail investors [3] - Quantu Education (300359) had a net outflow of 12.94 million yuan from institutional investors, while retail investors saw a net inflow of 7.30 million yuan [3]

智通财经APP讯，学大教育(000526.SZ)公告，公司截至2025年8月31日以集中竞价交易方式累计回购公 司股份数量为217.13万股，占公司目前总股本的1.78%，支付总金额为1.11亿元(不含交易费用)。 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 学大（厦门）教育科技集团股份有限公司（以下简称"公司"）于2024年12 月30日召开第十届董事会第二十次会议、第十届监事会第十六次会议，于2025年1 月17日召开的2025年第一次临时股东会，审议通过了《关于回购公司股份方案的 议案》，同意公司使用自有资金和/或自筹资金以集中竞价交易的方式回购公司股 份，用于股权激励和/或注销，回购股份的种类为公司发行的人民币普通股（A股）。 本次回购股份的资金总额不低于人民币11,000万元（含）且不超过人民币15,000万 元（含），本次回购股份的价格为不超过人民币66.80元/股（含），回购期限为自 公司股东会审议通过回购方案之日起不超过12个月。具体内容详见公司于2025年1 月2日在《中国证券报》《证券时报》和巨潮资讯网（www.cninfo.com.cn）披露的 《关于回购公司股份方案的公告》（公告编号：2024-097）。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9号——回购股份》等相关规定，公司应当在回购期间每个月的前三个交易日内 ...