Action Education(SH:605098) Zheng Quan Zhi Xing·2025-08-12 22:21Core Viewpoint - Action Education reported a decline in revenue for the first half of 2025, but showed improvement in profitability metrics such as gross margin and net margin [2][8]. Financial Overview - Total revenue for the period was 344 million yuan, a year-on-year decrease of 11.68% - Net profit attributable to shareholders was 131 million yuan, down 3.51% year-on-year - Non-recurring net profit was 120 million yuan, a decline of 11.61% year-on-year - In Q2, total revenue was 213 million yuan, a decrease of 14.22% year-on-year - Q2 net profit attributable to shareholders was 103 million yuan, down 8.06% year-on-year - Q2 non-recurring net profit was approximately 97.31 million yuan, a decline of 12.1% year-on-year - Gross margin improved to 77.49%, an increase of 1.77% year-on-year - Net margin increased to 38.28%, up 8.35% year-on-year [2][9]. Cash Flow Situation - Operating cash flow per share was 0.57 yuan, a significant decrease of 61.28% compared to the same period last year - Cash and cash equivalents amounted to 1.349 billion yuan, an increase of 3.44% year-on-year [4]. Accounts Receivable and Debt - Accounts receivable stood at 294,300 yuan, a year-on-year increase of 238.05% - Interest-bearing debt was 14.0367 million yuan, up 12.83% year-on-year [5]. Main Business Composition - Revenue from management training was 285 million yuan, accounting for 82.99% of total revenue with a gross margin of 84.33% - Revenue from management consulting was approximately 54.44 million yuan, making up 15.83% of total revenue with a gross margin of 46.55% [6]. Development Outlook - The company is transitioning from "Effective Education" to "Effective Education + AI," aiming to build an intelligent management ecosystem - A comprehensive AI initiative for core business processes has been launched, along with a "Hundred Schools Plan" to establish 100 branches in key cities over the next 3-5 years - The goal is to empower 10,000 enterprises to become AI organizations and train 1 million AI managers within three years [7]. Summary - Overall, while Action Education faced revenue decline in the first half of 2025, it managed to improve its profitability metrics. However, the significant drop in operating cash flow raises concerns about future cash management [8].