新京报讯（记者徐彦琳）7月31日，好未来教育（以下简称"好未来"）公布2026财年第一季度未经审计 财务报告。截至2025年5月31日，第一季度净收入从上年同期的4.14亿美元上升到本季度的5.75亿美元， 同比增长38.8%。 编辑 缪晨霞 经营利润为1434.6万美元，上年同期经营亏损为1733万美元。非美国会计准则经营利润（不考虑股权激 励费用）为2510.9万美元，上年同期为87.6万美元。 校对 柳宝庆 归属于好未来的净利润为3128.2万美元，上年同期归属于好未来的净利润为1140.2万美元，同比增长 174.4%。归属于好未来的非美国会计准则净利润（不考虑股权激励费用）为4204.5万美元，上年同期为 2960.8万美元。 截至2025年5月31日，现金、现金等价物和短期投资合计余额为34.73亿美元，而截至2025年2月28日的 余额为36.18亿美元。 好未来总裁兼首席财务官彭壮壮表示，在本季度，好未来收入实现了同比增长，主要得益于公司学习服 务和AI驱动的智能硬件业务的稳步增长。未来，将继续致力于推动K-12学习领域的创新，充分利用人 工智能和技术的最新进展。 ...

风险提示 硬件盈利不及预期；中小机构竞争加剧；校外培训政策收紧。 业绩简评 2025 年 7月 31 日晚间公司披露 2026 财年一季报（2025年 3-5 月）， 实现营收 5.75 亿美元/yoy+38.8%，略低于彭博一致预期（5.79 亿美元）,Non-GAAP 经营利润 0.25 亿美元，高于彭博一致预期 （0.12 亿美元），Non-GAAP 归母净利润 0.42 亿美元，高于彭博一 致预期（0.31 亿美元）。 经营分析 1）培优和网校推动学习服务收入稳定增长。网点扩张和入学人次 的增长是培优业务增长的主要动力，本季度培优的续班率仍然维 持约 80%的健康水平。公司持续在现有城市进行网点加密，但考虑 组织能力和教师培养周期，培优增速预计逐渐放缓。并且随着教 培供需重新开始平衡，新开网点的爬坡速度有所变慢。本季度公 司对学而思网校进行了销售投入，根据 Questmobile 数据，2025 年 3-5 月学而思网校 App 月活用户数约 200 万人左右，同比增长 超过 100%。FY2026Q1 期末公司预收款总额 9.68 亿美元/yoy+51%, 增速环比降 6ppt，但仍然是主要教培公司 ...

交银国际研究 公司更新 | 教育 | 收盘价 | | 目标价 | 潜在涨幅 | 2025 年 8 月 1 日 | | --- | --- | --- | --- | --- | --- | | 美元 | | 10.94 | 美元 13.30 | +21.6% | | | 好未来教育 (TAL US) | | | | | | K12 素养教培业务稳健 | 财务数据一览 | | | | | | | --- | --- | --- | --- | --- | --- | | 年结2月28日 | 2024 | 2025 | 2026E | 2027E | 2028E | | 收入 (百万美元) | 1,490 | 2,250 | 2,881 | 3,422 | 3,873 | | 同比增长 (%) | 46.2 | 51.0 | 28.0 | 18.8 | 13.2 | | 净利润 (百万美元) | 85 | 150 | 296 | 436 | 512 | | 每股盈利 (美元) | 0.14 | 0.24 | 0.48 | 0.71 | 0.83 | | 同比增长 (%) | -429.9 | 73.6 | 98. ...

证券研究报告 好未来 (TAL US) 主业维持高增，季度利润超预期 2025 年 8 月 01 日│美国 K12 教育 公司公布 1QFY26（下文简称 Q1）业绩：收入 5.75 亿美元，同比+38.8%， 略低于彭博 39.8%的一致预期；non-GAAP 经营利润 2511 万美元，对应 OPM 为 4.4%，高出彭博一致预期 2.3pp；non-GAAP 归母净利润为 4205 万美元， 对应 NPM 为 7.3%，高出彭博一致预期 1.9pp。公司宣布一项新的股票回购 计划，预计在未来 12 个月内回购最多 6 亿美元普通股。我们预计 Q1 利润 超预期主要由培优和网校的持续增长以及课程排期季节性差异贡献，但后者 可能对暑期（Q2）学习服务收入增速造成一定压力。考虑到公司教育业务线 上线下保持稳健增长，进一步强化股东回报，维持"买入"评级。 Q1 业绩超预期，培优和网校高增推动利润率提升 我们预计 Q1 学习服务收入约为 4.05 亿美元，yoy+40% RMB/39% USD。 结合我们的网点统计和 Questmobile 周活跃用户数据，我们预计 Q1 培优/ 网校业务收入 yoy+46%/5 ...

金十图示：2025年07月31日（周四）热门中概股行情一览（美股收盘） @ JIN10.COM 金十数据 | 一个交易工具 UNIO.COM UNIO.COM IN 10.COM 157.47亿市值 110.40亿市值 96.10亿市值 22.84 19.69 4.88 -0.29(-1.45%) +0.36(+8.09%) +0.56(+2.49%) 新东方 TALHAR 好未来 唯品会 唯品会 葡萄方 77.70亿市值 72.12亿市值 66.67亿市值 15.09 44.10 10.93 +0.01(+0.07%) -0.27(-0.60%) +0.84(+8.33%) MIN 名创优品 59.40亿市值 再鼎医药 0 ) 奇富科技 zai 42.00亿市值 46.20亿市值 19.12 34.36 37.81 -0.81(-4.06%) +0.05(+0.15%) -0.76(-1.97%) 雾芯科技 金山云 == RELX 40.48亿市值 27.90亿市值 31.99亿市值 2.29 14.48 27.01 +0.80(+5.85%) -0.01(-0.04%) +0.02(+0.88%) 陆金所 ...

TAL Education Group (TAL) Q1 2026 Earnings Call July 31, 2025 08:00 AM ET Company ParticipantsFang Liu - IR DirectorAlex Peng - President & CFOJackson Ding - Deputy CFOEddy Wang - Executive DirectorFelix Liu - Executive DirectorConference Call ParticipantsTimothy Zhao - AnalystJing Yuan - Equity Research Summer AnalystOperatorLadies and gentlemen, good day, and thank you for standing by. Welcome to Tahoe Education Group's Fiscal twenty twenty six First Quarter Earnings Conference Call. At this time, all par ...

TAL Education Group (TAL) Q1 2026 Earnings Call July 31, 2025 08:00 AM ET Speaker0Ladies and gentlemen, good day, and thank you for standing by. Welcome to Tahoe Education Group's Fiscal twenty twenty six First Quarter Earnings Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. Please be informed that today's conference is being recorded.I'd now like to hand the conference over to Ms. Fang Liu, Investor Re ...

"投资人主要看重瓦拉英语四个差异化优势，一是全流程AI情境化学习系统；二是技术壁垒体现在数据 维度——情境互动产生的行为数据（点击轨迹、犹豫时长）比传统课堂高出一个数量级，为AI诊断提 供燃料；三是课程设置涉及英语听说读写全部要素，三年课程体系严格对标剑桥英语等级，L2级别 （对标KET）；四是瞄准新课标与校内教学的差距形成的刚需市场。"刘庆逊向《证券日报》记者如是 称。 至于这笔投资的未来用途，刘庆逊直言，AI为教育带来了巨大改变，瓦拉英语目前获得的融资将全部 用于产品研发，投资人目前对瓦拉英语还没有什么阶段性要求，接下来要做好产品，跑通商业模式，做 好公司。 （文章来源：证券日报） 据悉，刘庆逊早年创办留学考培平台"考满分"，2017年被好未来收购。随后，他执掌学而思网校，打造 双师直播模式。2023年，刘庆逊再次创业，创新研发情境化学习App瓦拉英语。 在刘庆逊来看，"互联网+教育"时代催生了工具类产品（题库、单词App）和服务创新（在线直播 课）；而"AI+教育"时代，真正的突破将发生在内容维度。"工具只能解决'怎么练'，而我们要解决'为什 么学'，用'AI+情境学习法'，知识能真正被吸收和内化。"刘 ...

Group 1 - The 2025 World Artificial Intelligence Conference (WAIC 2025) held in Shanghai focused on the commercialization of AI, particularly in education, highlighting the theme "Intelligent Era, Common Prosperity" [1][2] - AI is transforming traditional learning models by providing diverse resources and personalized experiences, addressing the issue of unequal educational resources [2][3] - The "AI + Education" market in China is projected to exceed 70 billion yuan by 2025 and approach 300 billion yuan by 2030, driven by advancements in generative models [3] Group 2 - Companies like Xueersi and NetEase Youdao showcased their AI educational products, including learning machines and intelligent hardware, indicating a significant growth phase in the education technology sector [4][5] - The industry is transitioning from "personalized tutoring" to "proactive learning assistance," with most mainstream products now incorporating personalized features [5][6] - The integration of AI in education is prompting a reevaluation of educational philosophies, emphasizing that AI should serve as a tool to foster well-rounded student development [6]

Core Viewpoint - The development of artificial intelligence (AI) has the potential to address the "impossible triangle" in the education sector, which refers to the challenge of balancing personalization, high quality, and large scale in education delivery [1][12]. Group 1: AI in Education - AI-powered learning machines are being likened to "AI tutors," capable of personalizing content based on individual student characteristics and providing interactive explanations [1][5]. - The T4 flagship learning machine, developed by the company, utilizes self-developed large models to create an intelligent learning system that enhances student engagement and understanding [5][6]. - The introduction of AI in education is seen as a means to facilitate personalized learning plans for each student, with the capability to support multiple user accounts on a single device [5][13]. Group 2: Market Growth and Competition - The AI learning machine has become one of the fastest-growing business segments for the company, with a strategy focused on leveraging advanced technology for educational purposes [12][13]. - The AI learning machine market in China is projected to see significant growth, with an expected 25.5% increase in unit sales and a 37.6% rise in sales revenue in 2024 [13]. - The competitive landscape includes several key players, with the company holding over 13% market share in the first quarter of 2025, alongside brands like Zuoyebang and iFLYTEK [13]. Group 3: Innovations and Collaborations - The company has established an AI Lab and has been proactive in developing educational AI models, including the "Zhijiao AIXue" app, which integrates large language models with knowledge graphs for comprehensive learning support [8][11]. - A collaboration with Beijing Normal University has led to the development of the "Shicheng Wanxiang" vertical model, aimed at enhancing teacher capabilities in lesson preparation and personalized student support [14].