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证券研究报告 高途集团 (GOTU US) 业绩超预期，看好全年利润改善 | 华泰研究 | | | 季报点评 | | | --- | --- | --- | --- | --- | | 2025 年 | 5 月 | 16 日│美国 | K12 | 教育 | 高途发布 25Q1 财报：收入约 15 亿元，同比增长约 58%（显著好于指引上 限的 50.8%）；营业利润约 3480 万元，同比转正；non-GAAP 净利润约 1.4 亿元，显著好于彭博一致预期的 0.7 亿元，主要得益于核心业务的持续快速 增长以及 AI 赋能下运营效率的持续改善。公司宣布 1 亿美金额度的新一轮 回购计划，持续强化股东回报。我们预计 25 年随着公司更加注重增长与利 润的平衡，全年亏损同比有望大幅收窄，维持"买入"。 核心业务收入维持高速增长，AI 赋能产品创新 Q1 K12 业务约占总收入 85%，同比增速超 80%，其中传统学习服务同比 增速超过 35%，素质素养新业务连续 4 个季度实现纳新和收入的三位数增 长。Q1 大学生及成人业务约占总收入的 10%，其中 25 年 2 月推出"吴彦 祖带你学口语"明星课程，通过"明星 ...

Gaotu Techedu (GOTU) Q1 2025 Earnings Call May 15, 2025 08:00 AM ET Company Participants Catherine Chen - Head of Investor RelationsLarry Chen - Founder, Chairman & CEOShannon Shen - CFO Conference Call Participants Yishan (Crystal) Li - Equity Research AnalystElsie Sheng - AnalystYucen (Eunice) Liu - Global Investment Research Analyst Operator Hello, ladies and gentlemen. Thank you for standing by and welcome for the GaltooTek edu First Quarter twenty twenty five Earnings Conference Call. At this time, all ...

Gaotu Techedu (GOTU) Q1 2025 Earnings Call May 15, 2025 08:00 AM ET Speaker0 Hello, ladies and gentlemen. Thank you for standing by and welcome for the GaltooTek edu First Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in listen only mode. After management's remarks, there will be a question and answer session. Today's conference call is being recorded. I would now like to turn the conference over to your first speaker today, Ms. Catherine Chen, Head of Investor Rela ...

Core Viewpoint - Gaotu Techedu Inc. reported strong financial results for the first quarter of 2025, with significant year-over-year growth in revenues and profitability, driven by enhanced operational efficiency and strategic investments in AI-powered educational solutions [1][5][10]. Financial Performance - Net revenues increased by 57.7% to RMB1,493.0 million from RMB946.9 million in Q1 2024 [3][10]. - Gross billings rose by 21.8% to RMB888.7 million from RMB729.4 million in the same period [3][10]. - Income from operations was RMB34.8 million, a turnaround from a loss of RMB77.7 million in Q1 2024 [3][14]. - Net income reached RMB124.0 million, compared to a net loss of RMB12.3 million in the prior year [3][19]. - Non-GAAP net income surged by 4,419.2% to RMB137.3 million from RMB3.0 million in Q1 2024 [3][19]. Operational Highlights - The company achieved a net income margin of 9.2% and an operating margin increase of 10.5 percentage points year-over-year [5][8]. - Deferred revenue balance grew by 44.0% to over RMB1.4 billion, indicating strong future revenue potential [8]. - The company allocated RMB136 million for share repurchases, with a total of approximately RMB460 million under the current buyback plan [6][9]. Strategic Initiatives - Gaotu is focusing on creating a technology-empowered value loop in education by integrating AI into its products and services, enhancing user experience and learning outcomes [7][9]. - The company plans to continue investing in product quality and expanding its user base to meet evolving customer needs [9]. Future Outlook - For Q2 2025, total net revenues are expected to be between RMB1,298 million and RMB1,318 million, reflecting a year-over-year increase of 28.5% to 30.5% [26].

Core Viewpoint - Gaotu Techedu Inc. is set to report its financial results for the first quarter of 2025 on May 15, 2025, before U.S. markets open, indicating the company's ongoing commitment to transparency and investor communication [1]. Group 1: Company Overview - Gaotu Techedu Inc. is a technology-driven education company and online large-class tutoring service provider in China, focusing on delivering educational content and digitalized learning products [3]. - The company utilizes an online live large-class format to provide courses, which is believed to be an effective and scalable model for distributing high-quality teaching resources to students in China [3]. - Big data analytics is integrated into all aspects of Gaotu's business, enhancing teaching delivery, student learning experiences, and operational efficiency [3]. Group 2: Earnings Conference Call - Gaotu's management will conduct an earnings conference call on May 15, 2025, at 8:00 AM U.S. Eastern Time, allowing investors to gain insights into the company's performance [2]. - Dial-in details for the conference call are provided for international, U.S., Hong Kong, and Mainland China participants, ensuring accessibility for a global audience [2]. - A telephone replay of the conference call will be available for a week following the event, along with a live and archived webcast on the company's investor relations website [2].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of $4.60, indicating a potential upside of 71.0% from the current price of $2.69 [1][2][12]. Core Insights - The company's Q1 2025 performance is expected to exceed expectations, with a projected revenue of 1.43 billion RMB, representing a year-on-year increase of 51%. This growth is attributed to innovations in adult education courses and strong holiday demand [2][6]. - The gross margin is anticipated to improve to 70% due to better offline business profitability and stable customer acquisition efficiency. The adjusted operating profit is forecasted at 26 million RMB, a significant improvement compared to previous expectations [2][6]. - The report maintains the full-year revenue and profit forecasts for 2025, projecting a revenue increase of 27% and a substantial reduction in annual losses [6][12]. Financial Projections - Revenue for 2025 is projected at 5.768 billion RMB, with a growth rate of 26.7%. The adjusted operating loss is expected to narrow significantly to 350 million RMB [5][13]. - The gross profit is estimated to be 3.896 billion RMB, with a gross margin of 67.5% for 2025 [5][13]. - The adjusted net loss for 2025 is projected at 215 million RMB, with an adjusted net profit margin of -3.7% [5][13]. Market Performance - The company's market capitalization is approximately 388.38 million USD, with a 52-week high of $8.35 and a low of $1.88. The stock has seen a year-to-date increase of 22.83% [4][12]. - The average daily trading volume is reported at 2.20 million shares [4].

VIE Structure and Regulatory Risks - Gaotu Techedu Inc. operates primarily through its mainland China subsidiaries and the VIE, with revenues from the VIE accounting for 100% of total revenues for the years ended December 31, 2022, 2023, and 99.99% for 2024[30]. - The VIE structure involves unique risks, as investors are purchasing interests in a Cayman Islands holding company rather than direct equity in the VIE[30]. - The contractual arrangements with the VIE include exclusive management services and business cooperation agreements, allowing the company to control the VIE's operations[31]. - The contractual arrangements are not equivalent to equity ownership, and the company does not have direct control over the VIE through ownership[31]. - The VIE's shareholders have pledged their equity interests as security for the obligations under the exclusive call option agreement, which allows the company to purchase equity interests in the VIE[34]. - The exclusive call option agreement grants the company the right to purchase equity interests in the VIE at the lowest price permissible under Chinese law[36]. - The PCAOB has not issued new determinations regarding its ability to inspect accounting firms in mainland China, affecting the company's compliance with the HFCAA[41]. - The company is subject to the Holding Foreign Companies Accountable Act, which may prohibit trading of its shares if audit reports are not issued by PCAOB-inspected firms for two consecutive years[41]. - The evolving regulatory environment in China continues to pose risks to the company's operations and financial condition, necessitating compliance with new regulations[77]. - The legal system in mainland China presents uncertainties that could limit the enforceability of contractual arrangements, affecting the company's ability to conduct business[170]. - The shareholders of the VIE may have conflicts of interest that could adversely impact the company's control and economic benefits from the VIE[171]. - The PRC tax authorities may challenge the contractual arrangements, potentially leading to increased tax liabilities for the VIE and negatively affecting the company's financial condition[172]. - The Foreign Investment Law introduces uncertainties regarding the company's corporate structure and compliance, which could have adverse effects on operations[174]. Financial Performance and Position - Net revenues for 2023 were RMB 2,960,813, an increase of 18.5% from RMB 2,498,214 in 2022[56]. - Gross profit for 2023 was RMB 2,170,606, representing a gross margin of approximately 73.3%[56]. - Operating expenses for 2023 totaled RMB 2,319,612, up from RMB 1,915,216 in 2022, indicating a 21.1% increase[56]. - The net loss attributable to ordinary shareholders for 2023 was RMB 7,298, compared to a net income of RMB 13,172 in 2022[56]. - Cash and cash equivalents as of December 31, 2023, were RMB 636,052, a decrease from RMB 819,911 in 2022[58]. - Total assets as of December 31, 2023, were RMB 5,413,309, an increase from RMB 4,876,175 in 2022[58]. - The company reported a total of RMB 1,321,118 in cash and cash equivalents by the end of 2024, reflecting a strong liquidity position[58]. - The net loss for the year ended December 31, 2024, was $143.706 million, compared to a net loss of $1.028 million in 2023, indicating a deterioration in profitability[60]. - Total costs and expenses of $785.745 million for the year ended December 31, 2024, compared to $438.009 million in 2023, representing an increase of approximately 79.3%[60]. - The company had total shareholders' equity of $264.882 million as of December 31, 2024, compared to $437.508 million in 2023, indicating a decline of approximately 39.4%[62]. Dividend and Tax Considerations - The ability to pay dividends is dependent on the profits of mainland China subsidiaries, which can only distribute dividends from accumulated profits as per local regulations[42]. - Dividends from mainland China subsidiaries are subject to a 10% withholding tax, which could increase tax liability and reduce cash available[45]. - If the holding company or subsidiaries outside of mainland China are deemed "resident enterprises," they would be subject to a 25% enterprise income tax on worldwide income[45]. - The statutory enterprise income tax rate in China is 25%, but the company benefits from a preferential rate of 15% as a high and new technology enterprise, which is subject to annual evaluations[201]. - Non-resident shareholders may be subject to a 10% withholding tax on dividends if the company is deemed a mainland China resident enterprise[212]. Business Strategy and Market Position - The company intends to retain most, if not all, of its available funds and future earnings to operate and expand its business[43]. - The company is focusing on expanding its learning services, which include traditional learning, non-academic tutoring, and adult education services, as a primary source of income[78]. - The company is developing educational products tailored to individual learning needs, aiming to enhance students' critical thinking skills and study habits[78]. - The company plans to focus on market expansion and new product development in the upcoming years to drive future growth[59]. - The company has ceased offering compulsory education academic subject tutoring services since the end of 2021, which has materially affected its business operations[78]. - The company aims to maintain or increase its operating margin by growing revenues faster than costs or reducing costs as a percentage of net revenues[84]. Operational Challenges and Compliance - The company faces significant demands on management and resources due to expanded course offerings and educational services[79]. - The company must adapt course offerings and pricing strategies to meet local market demands across different regions in China[87]. - The company is subject to evolving laws and regulations regarding cybersecurity, data protection, and privacy, which could increase compliance costs and operational risks[90]. - The company faces uncertainties regarding compliance with new data-related legislations, which may require stricter data protection measures and could impact future listings[96]. - The company has not experienced major difficulties in engaging, training, or retaining high-quality teaching staff, but future challenges may arise due to competition and market conditions[89]. - The company faces risks related to the effectiveness of its corporate structure, which could lead to a decline in the value of its securities if regulatory compliance is questioned[165]. - The company may face challenges in obtaining necessary operating licenses and permits, which could materially impact its business and financial condition[106]. - The company is exposed to significant costs and business disruptions due to limited business insurance coverage in mainland China[150]. Market and Economic Factors - The private education industry in China is highly competitive, with significant pressure from competitors that could affect market share and net revenues[101]. - Changes in China's economic, political, or social conditions could materially affect the company's business and operations[181]. - The Chinese government's economic measures may adversely affect the company's financial condition and operations due to potential regulations over capital investments and tax changes[182]. - High inflation in China could increase operating costs, such as employee compensation and office expenses, negatively impacting the company's financial results[182]. - The company is affected by geopolitical tensions, particularly between the U.S. and China, which could impact its business operations and financial condition[159]. Risks Related to Technology and Data - The integration of AI technologies in learning services may present compliance and reputational challenges that could adversely affect business operations[121]. - Breaches of security measures could lead to unauthorized data disclosure, resulting in loss of students and potential legal liabilities[130]. - The company faces risks related to data privacy and security, which could lead to regulatory fines and impact operational results if not adequately addressed[131]. - The reliance on third-party cloud computing services for data maintenance poses risks; interruptions could reduce student satisfaction and harm the company's reputation[118]. Shareholder and Market Dynamics - The trading price of the company's ADSs has been volatile since listing, influenced by market and industry factors[220]. - The dual-class voting structure allows Mr. Larry Xiangdong Chen to control 88.7% of the voting power, potentially limiting other shareholders' influence on corporate matters[229]. - The dual-class structure may prevent the inclusion of the company's ADSs in major indices, which could lead to a less active trading market[230]. - The market price of the company's ADSs could decline if securities analysts do not publish adequate or favorable research about the company[226]. - Substantial sales of ADSs or the perception of such sales could adversely affect the market price of the ADSs and impair future capital raising efforts[227].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of April 2025 -------------- Commission File Number: 001-38923 ---------- Gaotu Techedu Inc. 5F, Gientech Building, 7 East Zone, 10 Xibeiwang East Road Haidian District, Beijing 100193 People's Republic of China (Address of principal executive offices) Indicate by check mark whether the registrant files or ...

Core Viewpoint - Gaotu Techedu Inc. announced the resignation of independent director Mr. Ming Liao and the appointment of Mr. Hao Sun as his replacement, effective April 22, 2025, with no disputes involved in the resignation [1][4]. Group 1: Management Changes - Mr. Ming Liao resigned as an independent director, audit committee member, compensation committee member, and chair of the nominating and corporate governance committee [1]. - Mr. Hao Sun has been appointed as a new independent director, member of the audit committee and compensation committee, and chair of the nominating and corporate governance committee [2]. Group 2: Background of New Director - Mr. Hao Sun is a Tenured Associate Professor at the Gaoling School of Artificial Intelligence at Renmin University of China since September 2021, with previous positions at Northeastern University and the University of Pittsburgh [3]. - He holds a bachelor's degree in civil engineering from Hohai University, a master's and Ph.D. in engineering mechanics from Columbia University, and completed postdoctoral training at MIT [3]. - Mr. Sun has authored 80 peer-reviewed publications and received multiple awards, including Forbes "30 Under 30" in Science and MIT Technology Review Intelligent Computing Innovator Award of China [3]. Group 3: Company Overview - Gaotu Techedu Inc. is a technology-driven education company and online large-class tutoring service provider in China, offering learning services and digitalized educational products [6]. - The company utilizes an online live large-class format to deliver courses, aiming to effectively disseminate high-quality teaching resources [6]. - Big data analytics is integrated into the company's operations to enhance teaching delivery, student learning experiences, and operational efficiency [7].