金十图示：2025年04月25日（周五）热门中概股行情一览（美股收盘） 122.37亿市值 91.09亿市值 76.57亿市值 87.89 46.83 4.02 -6.00(-6.39%) -0.16(-3.77%) +0.70(+1.53%) 陈画陈晖 9 荷富科技 唯品会 唯品会 的品 72.69亿市值 68.17亿市值 57.43亿市值 17.39 13.24 40.93 -0.28(-1.58%) +0.17(+1.30%) -0.19(-0.46%) ↑ 好未来 再鼎医药 SOU 名创优品 zai ... TAL 好来源 55.50亿市值 53.18亿市值 35.31亿市值 9.16 17.00 32.00 -0.22(-1.28%) +0.23(+2.63%) -1.80(-5.33%) 陆金所控股 CD 金山云 == the state 27.00亿市值 32.90亿市值 32.55亿市值 27.78 11.96 3.12 -0.58(-4.63%) -0.27(-0.96%) +0.17(+5.59%) 雾芯科技 IOTY) 爱奇艺 RELX Q 微博 18.54亿市值 21.93亿市值 20 ...

Group 1: Financial Performance - In the fourth quarter and full year of fiscal 2025, the company reported a net revenue of $2.25 billion, representing a year-on-year growth of 51% [2] - The net profit attributable to the company was $84.59 million, a significant improvement from a net loss of $3.57 million in the same period last year [2] - Under non-GAAP measures, the net profit attributable to the company was $150 million, compared to $85.32 million in the previous year [2] Group 2: AI Ecosystem Development - The company has established a comprehensive "AI + Education" ecosystem, leveraging its proprietary "Jiuzhang" model and AI technology to enhance educational services [3][4] - The launch of the "Jiuzhang" model in August 2023 marked a significant step in the company's AI strategy, enabling the development of various applications such as Jiuzhang Aixue App and Suishiwen App [3] - The "Jiuzhang Aixue" solution integrates AI applications across the entire educational process, from lesson preparation to post-class learning [4] Group 3: Product Offerings and Innovations - The company has introduced multiple AI learning devices, including the Xueersi Learning Machine, which integrates the Jiuzhang model and covers K12 subjects [6] - The upgraded Xueersi Learning Machine, set to launch in May 2024, will feature new AI functionalities such as homework mode and AI speaking practice [6] - The company is also focusing on providing AI solutions to educational institutions and schools, facilitating their digital transformation [6][7] Group 4: Industry Impact and Future Outlook - The company's AI strategy is seen as forward-looking and strategic, enhancing the quality and efficiency of educational services [7] - As AI technology continues to evolve, the company's AI business is expected to maintain rapid growth, potentially becoming a new growth engine for the company [7]

21世纪经济报道记者王峰 北京报道 4月24日，好未来（NYSE：TAL）发布截至2025年2月28日的2025财年第 四季度和全年未经审计财务报告。 4月24日晚的财报会上披露，本季度好未来学习机业务收入环比下降，这主要是因为上个季度开展了"双 11"电商大促，学习机营收大涨，到本季度发生自然波动。 洛图科技数据显示，2025年第一季度，中国学习平板市场的全渠道销量为126.5万台，同比上涨29.4%，销额 为40.2亿元，同比上涨15.8%。好未来旗下的学而思学习机的销量份额超过13%，依然是市场中的绝对头 部。 营收略低于预期并不要紧，因为好未来的两项主营业务——线下素养小班课和学习机的市场增长空间仍被长 期看好。 也就是说，虽然略显疲态，但好未来的长期增长不成问题。只不过，本季度好未来出现了一定的效率下降。 本季度，好未来的毛利率为51%，去年同期为52.9%。毛利率下降的主要原因是成本增幅超过营收增幅。本 季度，好未来营收成本为2.9亿美元，同比增加44.7%，超过了营收42.1%的增幅。 本季度，好未来营收6.1亿美元，同比增长42.1%，但未达此前市场预估的6.323亿美元营收预期。2025财年 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $14.82 [7][8]. Core Insights - The company reported 4QFY25 revenue of $610 million, a year-over-year increase of 42.1%, but below Bloomberg's consensus estimate of 47.2%. The Non-GAAP operating profit was a loss of $1.69 million, significantly lower than the expected profit of $36.38 million, primarily due to a slowdown in the learning machine business and changes in product structure. However, the company's education business continues to grow rapidly both online and offline [1][2]. - The education services revenue for 4Q is estimated at approximately $436 million, reflecting a year-over-year growth of 43% in RMB and 41% in USD. The number of teaching outlets has increased by about 70% year-over-year, and the active user base for online schools continues to grow significantly [2][4]. - The company has shown good cost control, with sales expenses for 4QFY25 at $21.8 million, reflecting a year-over-year increase in expense ratio of 6.4 percentage points, while management expenses grew only 1% year-over-year [3][4]. - The company is transitioning from a high-speed expansion phase to stable growth, with an expected revenue growth rate of 46% for the tutoring business and 50% for online schools in FY26 [4][5]. Financial Projections - The company expects FY26 revenue to be approximately $3.006 billion, with a year-over-year growth of 33.59%. The adjusted net profit for FY26 is projected to be $226 million, reflecting a significant increase from the previous year [6][12]. - The report provides a detailed breakdown of financial metrics, including an expected Non-GAAP operating profit margin of 5.49% for FY26, an increase of 2.74 percentage points year-over-year [4][12]. - The company’s valuation is based on a sum-of-the-parts (SOTP) approach, applying a 25x P/E for learning services and a 30x P/E for the learning machine business, leading to a target price of $14.82 [15][16].

Investment Rating - The report assigns a "Buy" rating to TAL Education Group (TAL US) with a target price of $13.30, indicating a potential upside of 48.9% from the current price of $8.93 [4][15]. Core Insights - The report highlights that TAL Education is focusing on enhancing its profitability in the fiscal year 2026, with a projected revenue growth of 30%, reaching approximately $2.917 billion [2][8]. - The company is expected to benefit from strong demand in quality education training and sales of learning devices, with a significant increase in enrollment driven by the expansion of teaching points [8][9]. - The report emphasizes the importance of AI technology in improving operational efficiency and reducing costs, projecting an adjusted operating profit margin of over 7% for fiscal year 2026, which would be a doubling from fiscal year 2025 [8][9]. Financial Overview - Revenue projections for TAL Education are as follows: $1.49 billion for 2024, $2.25 billion for 2025, $2.917 billion for 2026, $3.418 billion for 2027, and $3.864 billion for 2028, with year-on-year growth rates of 46.2%, 51.0%, 29.6%, 17.2%, and 13.0% respectively [3][16]. - Net profit is expected to increase from $85 million in 2025 to $512 million by 2028, with significant growth rates of 73.6% in 2025 and 107.9% in 2026 [3][16]. - The report notes that the adjusted EPS is projected to rise from $0.14 in 2025 to $0.84 in 2028, reflecting a strong recovery and growth trajectory [3][16]. Market Performance - The stock has shown a 52-week high of $14.79 and a low of $7.42, with a current market capitalization of approximately $4.09 billion [6][15]. - The stock has experienced a year-to-date decline of 10.88% [6]. Strategic Focus - TAL Education is committed to providing high-quality teaching services and content, with ongoing investments in product diversification and channel variety to adapt to different business cycles [8][9]. - The company is also enhancing its brand influence through technology integration, content upgrades, and user experience improvements, including the introduction of new AI-assisted features [8][9].

Investment Rating - The report assigns a "Buy" rating for TAL Education Group (TAL US) with a target price of $13.30, indicating a potential upside of 48.9% from the current price of $8.93 [4][15]. Core Insights - The report highlights that TAL Education is focusing on enhancing its profitability in the fiscal year 2026, with a projected revenue growth of 30%, reaching approximately $2.917 billion [2][8]. - The company is expected to benefit from strong demand in quality education training and sales of learning devices, with a notable retention rate of 80% for its small class offerings [8][9]. - The integration of AI technology is anticipated to improve operational efficiency and reduce costs, aiming for an adjusted operating profit margin of over 7% in fiscal year 2026, doubling from fiscal year 2025 [8][9]. Financial Overview - Revenue projections for TAL Education are as follows: - 2024: $1.490 billion - 2025: $2.250 billion - 2026E: $2.917 billion - 2027E: $3.418 billion - 2028E: $3.864 billion - Year-on-year growth rates are expected to be 46.2% for 2024, 51.0% for 2025, and 29.6% for 2026 [3][16]. - Net profit estimates are projected to increase significantly, with figures of $85 million for 2024, $150 million for 2025, and $307 million for 2026 [3][16]. - The report indicates a significant improvement in earnings per share (EPS), with projections of $0.14 for 2024, $0.24 for 2025, and $0.51 for 2026 [3][16]. Market Performance - The stock has shown a 52-week high of $14.79 and a low of $7.42, with a current market capitalization of approximately $4.09 billion [6][15]. - The stock has experienced a year-to-date decline of 10.88% [6]. Strategic Focus - TAL Education is committed to expanding its product offerings and enhancing its brand influence through technology and content integration, including the launch of new courses and AI-assisted features [8][9]. - The company aims to diversify its channels and adapt to different business cycles to ensure sustained growth [8].

Group 1: Education Sector Developments - Eight universities in Beijing have released enrollment guidelines for the "Strong Foundation Program," focusing on emerging technology majors such as robotics engineering and artificial intelligence [1] - Changping District in Beijing has published a "white list" of 25 approved off-campus training institutions, including several local schools [2] - Wuhan University has added eight new undergraduate programs, including space-time information engineering and digital economy, while discontinuing outdated programs [3] Group 2: Financial Performance of Education Companies - TAL Education reported a net revenue of $2.25 billion for the fiscal year 2025, with a net profit of $84.59 million, marking a turnaround from a net loss of $3.57 million in the previous year [4] - Kevin Education achieved a revenue of $320 million for the fiscal year 2024, a 25.92% increase year-on-year, but reported a net loss of $3.69 million, reducing losses by 25.66% compared to the previous year [5] - Bojun Education's mid-term results for fiscal year 2025 showed revenues of $207 million, a 25.2% decline, and a net loss of $653.9 thousand, reversing from profit to loss [6]

Exhibit 99.1 TAL Education Group Announces Unaudited Financial Results for the Fourth Fiscal Quarter and the Fiscal Year 2025 (Beijing–April 24, 2025)—TAL Education Group (NYSE: TAL) ("TAL" or the "Company"), a smart learning solutions provider in China, today announced its unaudited financial results for the fourth quarter and the fiscal year ended February 28, 2025. Highlights for the Fourth Quarter of Fiscal Year 2025 Highlights for the Fiscal Year Ended February 28, 2025 - Net revenues were US$610.2 mil ...

Financial Data and Key Metrics Changes - In Q4, the company recorded net revenues of $610.2 million, reflecting year-over-year growth of 42.1% in USD and 44.3% in RMB [11][25] - For the full fiscal year, net revenues totaled $2.3 billion, up 51% in USD and 52.2% in RMB year-over-year [31][32] - Non-GAAP income from operations was $61.8 million for the full year, compared to $19.7 million in the prior fiscal year [32] Business Line Data and Key Metrics Changes - Learning Services sustained revenue growth, with Peiyou Small Class Enrichment programs being the largest revenue contributor [16][68] - Learning Devices saw a year-over-year growth but experienced a typical seasonal decline in Q4 [69] - The retention rate for Peiyou Small Class reached 80% this fiscal quarter, indicating strong customer loyalty [18] Market Data and Key Metrics Changes - The company expanded its learning center footprint while maintaining a disciplined approach to evaluate market demand and operational efficiency [17] - The online enrichment learning business remained healthy, with ongoing innovation helping to navigate market dynamics [19] Company Strategy and Development Direction - The company is committed to sustainable growth in core business lines and expanding learning Content Solutions, leveraging technological advancements, particularly AI [37][38] - There is a focus on enhancing product capabilities and refining operational strategies to improve efficiency and profitability [41][42] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the industry's growth potential and the importance of developing high-quality products tailored to localized user needs [51] - The company aims to integrate AI into educational content creation and customer service, enhancing learning experiences and operational efficiency [82][88] Other Important Information - The Board approved a 12-month extension of the share repurchase program, allowing for up to $490.7 million in repurchases [34][98] - As of February 28, 2025, the company held approximately $3.2 billion in cash and cash equivalents, positioning it well for growth and shareholder returns [95] Q&A Session Summary Question: Update on Peiyou enrichment learning business and growth strategy - Management noted steady year-over-year growth for Peiyou and emphasized the importance of technology in future strategies [46][49] Question: Profitability profile of Learning Devices segment - Management acknowledged an adjusted operating loss in the Learning Devices segment but highlighted plans to enhance device functionality and expand the content library [57][60] Question: Breakdown of top-line growth by business line - Peiyou Small Class Enrichment programs were the largest revenue contributor, while Learning Devices showed healthy year-over-year growth despite seasonal declines [68][70] Question: Year-over-year decline in operating profit and sales/marketing spend - Increased selling and marketing expenses were attributed to online market penetration efforts, impacting the adjusted operating margin [71][72] Question: Future investment strategy and shareholder returns - The company plans to strategically allocate cash for growth while maintaining operational flexibility and extending the share repurchase program [96][98]

Financial Data and Key Metrics Changes - In Q4 2025, the company recorded net revenues of $610.2 million, reflecting a year-over-year growth of 42.1% in USD and 44.3% in RMB [10][20] - For the full fiscal year 2025, net revenues totaled $2.3 billion, up 51% in USD and 52.2% in RMB year-over-year [11][24] - Non-GAAP income from operations for the full year was $61.8 million, compared to $19.7 million in the prior fiscal year [25] Business Line Data and Key Metrics Changes - The Peiyou small class enrichment programs remained the largest revenue contributor within the learning services business, achieving solid growth [55] - The learning devices segment saw a year-over-year growth, although it experienced a typical seasonal decline in Q4 [56] - The retention rate for Peiyou small class reached 80% in the fiscal quarter [14] Market Data and Key Metrics Changes - The company expanded its learning center footprint while maintaining a disciplined approach to evaluate market demand and operational efficiency [14] - The online enrichment learning business continued to thrive, driven by user feedback and technological advancements [15] Company Strategy and Development Direction - The company is committed to sustainable growth in core business lines, focusing on high-quality standards for both offline and online enrichment learning products [28] - There is an emphasis on integrating AI-driven features to enhance learning outcomes and improve product capabilities [30] - The company aims to refine operational details to boost overall efficiency and profitability as it scales [31] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the industry's growth potential and the ability to deliver quality products to meet future needs [40] - The focus will remain on sustainable, healthy growth rather than pursuing hyper-growth for growth's sake [41] - Improving overall profitability is a key priority, with expectations of leveraging an expanding revenue base for operational efficiency [61] Other Important Information - The company welcomed Mr. Yi Wang as the new independent director and chairman of the compensation committee [12] - A share repurchase program was extended, allowing for up to $490.7 million in repurchases through April 2026 [26][80] Q&A Session Summary Question: Update on Peiyou enrichment learning business and growth strategy - Management noted steady year-over-year growth for Peiyou and emphasized the importance of technology in their strategy moving forward [36][38] Question: Profitability profile of Learning Devices segment - The learning device business reported an adjusted operating loss, with a focus on enhancing device functionality and expanding the product portfolio [44][46] Question: Breakdown of top line growth by business line - Peiyou small class enrichment programs were the largest revenue contributor, while learning devices remained a key growth driver [55][56] Question: Future investment strategy and shareholder returns - The company plans to maintain operational flexibility while strategically investing in areas that enhance existing products and services [78][80]