国海证券研报指出，学大教育上半年实现营收19.16亿元，yoy+18.27%，教育培训服务收入18.48亿元， 收入占比96.47%；归母净利润2.3亿元，归母净利润率11.99%，同比+2.02pct。上半年盈利能力同比提 高。受益于高考前收入的集中交付，Q2为公司传统收入、利润率高峰，叠加成本管控、提质增效，公 司盈利能力提升明显。该行认为公司是A股少有的老牌教育公司，2001年成立以来始终坚持以个性化教 育为核心理念，当前我们看好公司的原因包括：传统业务在外部经营环境改善和内部经营效率提升双重 作用下带来的收入增长及利润率改善；公司基于传统培训业务延伸出全日制、职业教育文化阅读、医教 融合等业务，贡献收入与利润。维持"买入"评级。 ...

Core Insights - The company reported a revenue of 1.92 billion yuan for the first half of 2025, representing a year-on-year increase of 18.3%, with a net profit attributable to shareholders of 230 million yuan, up 42.2% year-on-year [1] - In the second quarter of 2025, the company achieved a revenue of 1.05 billion yuan, a year-on-year increase of 15.0%, and a net profit of 160 million yuan, reflecting a 40.0% year-on-year growth [1] - The company is focusing on diversifying its educational offerings, including personalized education and vocational training, while also making progress in AI research [2] Financial Performance - The company’s revenue growth rate has gradually slowed down, with first quarter growth at 22.5% and second quarter growth at 15.0% due to the stabilization of store expansion [1] - The gross profit margin for the second quarter of 2025 was 39.8%, an increase of 1.0% year-on-year, while the net profit margin (excluding stock incentive costs) was 15.7%, up 3.2 percentage points year-on-year [2] - The company’s operating expenses have been optimized, with sales expense ratio at 6.1%, management expense ratio at 13.1%, and R&D expense ratio at 0.8% [2] Strategic Developments - The company has successfully overcome the impacts of the "double reduction" policy and is now focusing on the development of diversified educational services [2] - The company is actively expanding into the AI + education sector, with its Star Map model having passed regulatory approval and integrated with DeepSeek [2] - The company is expected to see continued improvement in profitability as it expands its network and market share, leveraging AI technology to enhance capacity [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [10][16]. Core Insights - The company has demonstrated strong revenue growth, with a 18.27% year-on-year increase in revenue for the first half of 2025, reaching 1.916 billion yuan, and a 42.18% increase in net profit, amounting to 230 million yuan [4][5]. - The company is expanding its business model by deepening its traditional education services while also venturing into new areas such as vocational education and cultural services, which are expected to contribute to a second growth curve [5][10]. - The company is leveraging AI technology to enhance operational efficiency and profitability, with a gross margin of 36.30% in the first half of 2025, reflecting a slight increase from the previous year [6][10]. Company Overview - The latest closing price of the company's stock is 48.97 yuan, with a total market capitalization of 6 billion yuan [3]. - The company has a total share capital of 1.22 billion shares, with a debt-to-asset ratio of 79.0% and a price-to-earnings ratio of 32.24 [3]. Financial Projections - Revenue projections for the company are estimated at 3.4 billion yuan for 2025, 4.1 billion yuan for 2026, and 4.7 billion yuan for 2027, with corresponding net profits of 253 million yuan, 304 million yuan, and 366 million yuan respectively [10][12]. - The expected earnings per share (EPS) are projected to be 2.07 yuan for 2025, 2.49 yuan for 2026, and 3.01 yuan for 2027, with price-to-earnings ratios decreasing from 24 times in 2025 to 16 times in 2027 [10][12].

Core Viewpoint - The report highlights the significant improvement in the profitability of Xueda Education, with a strong performance in the first half of 2025, leading to a "buy" rating from Minsheng Securities [1] Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.916 billion yuan, a year-on-year increase of 18.27%, and a net profit attributable to shareholders of 230 million yuan, up 42.18% year-on-year [2] - Earnings per share (EPS) reached 1.94 yuan, reflecting a year-on-year growth of 41.39% [2] - The education training service revenue was 1.848 billion yuan, with a growth of 18.42% year-on-year [2] Profitability and Cost Control - The gross profit margin for the reporting period was 36.30%, an increase of 0.26 percentage points year-on-year, and the net profit margin was 11.99%, up 2.01 percentage points year-on-year [3] - The company effectively controlled expenses, with a period expense ratio of 22.02%, down 1.1 percentage points year-on-year [3] - The total assets and total liabilities as of June 30, 2025, were 3.724 billion yuan and 2.777 billion yuan, respectively, with a debt ratio of 74.59%, down 2.69 percentage points year-on-year [3] Business Development - The company is rapidly developing its full-time training base and personalized full-time bilingual schools, with over 30 full-time training bases and 5 bilingual schools, serving more than 7,500 students [4] - Xueda Education is actively expanding into vocational education, cultural reading, and medical education integration, with 14 cultural spaces opened through partnerships with various vocational colleges [4] Investment Outlook - Revenue projections for 2025-2027 are 3.223 billion yuan, 3.717 billion yuan, and 4.088 billion yuan, with corresponding EPS of 2.07 yuan, 2.53 yuan, and 2.92 yuan [4] - The company is expected to benefit from the growth in the number of students for high school and college entrance examinations, with a strong outlook for personalized education and other business expansions [4]

学大教育（000526.SZ）2025 年中报点评： ➢ 全日制基地发展较快，职教等布局值得期待。凭借个性化教育优势，公司积 极发展全日制培训基地业务和个性化全日制双语学校。截止 2025 年 6 月末，公 司全日制培训基地超过了 30 所，全日制双语学校 5 所，在校生超过 7500 人， 全日制业务发展相对较快。同时，公司积极布局职业教育、文化阅读、医教融合 等业务。公司通过收购、托管、合作共建等方式与多所中高职院校合作发展职教 业务，已开业文化空间共计 14 所，职教等业务值得期待。 ➢ 投资建议：预计 2025-2027 年公司营业收入分别为 32.23 亿元、37.17 亿 元和 40.88 亿元，EPS 分别为 2.07 元、2.53 元和 2.92 元，对应动态 PE 分别为 24 倍、19 倍和 17 倍。公司是个性化教育龙头，受益未来中高考生源增长，个 性化教育业务快速增长。同时，公司积极发展职业教育、文化阅读和医教融合业 务，未来发展值得期待。公司盈利能力提高，费用控制成效显著，业绩有望持续 释放。我们看好公司未来成长性，维持公司"推荐"评级。 ➢ 风险提示：政策变动、市场竞争加剧、名师流 ...

Core Viewpoint - The A-share education sector in the first half of 2025 continues to exhibit a "polarized" pattern, with some companies thriving while others struggle, reflecting the complex and changing market environment [1][20]. Group 1: "Fire Zone" Companies - Companies in the "fire zone" such as Xueda Education, Angli Education, and Tuo Wei Information show significant growth and profitability, driven by different strategies: scale expansion, comprehensive transformation, and technology-driven approaches [3][20]. - Xueda Education achieved revenue of 1.92 billion with a growth rate of 18.3% and a net profit of 230 million, focusing on personalized education and national expansion [4][20]. - Angli Education reported revenue of 632 million, up 11.84%, and turned a profit of 2.88 million, diversifying into multiple educational sectors including quality education and vocational training [6][20]. - Tuo Wei Information's revenue was 1.306 billion, down 24.42%, but net profit surged to 78.81 million due to non-recurring gains, highlighting a reliance on financial adjustments rather than core business growth [8][20]. Group 2: "Ice Zone" Companies - Companies in the "ice zone" like Quantu Education, Honghe Education, and ST Kaiyuan face severe challenges, including significant revenue declines and ongoing losses, reflecting the harsh realities of the education industry [10][20]. - Quantu Education's revenue fell to 125 million, down 36.58%, with a net loss of 32.3 million, struggling with policy tightening and reduced client payment capabilities [11][20]. - Honghe Education reported revenue of 1.4 billion, down 10.99%, with a net profit of only 45 million, as its core interactive whiteboard business continues to decline [12][20]. - ST Kaiyuan's revenue dropped to 75.64 million, down 22.6%, with a net loss of 44.36 million, facing severe financial distress and potential delisting risks [16][20]. Group 3: "Middle Zone" Companies - Companies like Keda Xunfei, Kewen Education, and Kede Education are positioned in the middle zone, showing both growth potential and structural challenges [20][24]. - Keda Xunfei achieved revenue of 10.91 billion, up 17%, but reported a net loss of 360 million, indicating a struggle to convert growth into profitability [21][20]. - Kewen Education's revenue was 171 million, with a net profit of 735,000, reflecting a strong brand in international education despite its small scale [23][20]. - Kede Education's revenue declined to 366 million, down 1.15%, while its net profit fell by 15.16%, showcasing a dual narrative of declining core business and capital market interest due to its AI chip investments [22][20].

Group 1 - The core viewpoint of the news is that Xueda Education (000526.SZ) has reported significant institutional investment, with 31 institutional investors holding a total of 59.8536 million shares, representing 49.12% of the total share capital as of August 27, 2025 [1] - The top ten institutional investors collectively hold 46.26% of the shares, with an increase of 1.13 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, there was an increase in holdings from one public fund, specifically the Fortune Tianhui Growth Mixed (LOF) A/B, which saw an increase of 1.08% [2] - Five new public funds disclosed their holdings this quarter, including Galaxy Beautiful Mixed A and Galaxy Transformation Mixed A [2] - One social security fund, the National Social Security Fund 111 Combination, reported a decrease in holdings this quarter [2] - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.63% [2]

Core Viewpoint - Xueda Education achieved a revenue of 1.92 billion yuan in the first half of the year, representing a year-on-year increase of 18.3%, and a net profit attributable to shareholders of 230 million yuan, up 42.2% year-on-year, with a 44% increase when excluding share-based payment expenses [1] Financial Performance - The revenue from educational training services reached 1.85 billion yuan, marking an 18.4% year-on-year growth [1] - The company reported a significant increase in net profit, with a rise of 42.2% year-on-year, and a 44% increase when excluding share-based payment expenses [1] Operational Expansion - The number of personalized learning centers has exceeded 300, covering over 100 cities, with more than 5,200 full-time teachers [1] Cost Management - The sales expense ratio increased by 0.4 percentage points to 6.1%, while management expenses decreased by 1.1 percentage points to 13.7%, R&D expenses decreased by 0.2 percentage points to 0.8%, and financial expenses decreased by 0.2 percentage points to 1.4% [1] Investment Outlook - The mid-year performance is strong, with steady growth in educational training revenue and enhanced profitability, maintaining a "buy" rating [1]

Market Overview - The education sector experienced a decline of 0.46% on August 28, with ST Dongshi leading the drop [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Individual Stock Performance - China High-Tech (600730) saw a significant increase of 6.26%, closing at 9.51 with a trading volume of 446,300 shares and a turnover of 414 million yuan [1] - Kede Education (300192) rose by 2.25%, closing at 24.13 with a trading volume of 819,900 shares and a turnover of 192.6 million yuan [1] - ST Dongshi (603377) led the decline with a drop of 5.01%, closing at 3.79 with a trading volume of 344,400 shares and a turnover of 132 million yuan [2] - Xueda Education (000526) fell by 4.36%, closing at 48.97 with a trading volume of 76,300 shares and a turnover of 371 million yuan [2] Capital Flow Analysis - The education sector saw a net outflow of 479 million yuan from institutional investors, while retail investors contributed a net inflow of 350 million yuan [2] - Major stocks like China High-Tech and Xueda Education experienced mixed capital flows, with China High-Tech seeing a net inflow of 17.98 million yuan from institutional investors [3] - ST Dongshi and Kede Education faced significant net outflows from institutional investors, indicating potential concerns among larger investors [3]

风险提示：政策变化风险，出生人数严重下滑，行业竞争加剧。 盈利能力持续提升，财务状况显著优化。1）25H1/25Q2 公司毛利率分别为36.3%/39.81%，同比 +0.26/+0.98pcts。2）25H1/25Q2 公司销售费用率分别为6.14%/6.11%，同比+0.43/+0.17pcts，主要系公司 为提升市场占有率，市场投入增加。3）25H1/25Q2 管理费用率分别为13.69%/13.05%，同 比-1.14/-1.51pcts，主要系费用管控能力增强。4）25H1/25Q2 公司财务费用率分别为1.36%/1.21%，同 比-0.17/-0.07pcts。公司积极偿还借款，截至25H1 末，对紫光卓远的借款本金已全部还清，显著改善了 公司的资产负债结构，降低了财务费用。4）综合来看，25H1/25Q2 公司销售净利率达到 11.98%/14.84%，同比+2.01/+2.72pcts。25H1公司因实施股权激励产生股份支付费用2643 万元，若剔除 股份支付费用，公司实现归母净利润2.56 亿元，同比+43.86%，扣非归母净利润2.38 亿元，同比 +41.13%。 债务出清轻装上阵，行 ...