Action Education(SH:605098) Zheng Quan Shi Bao Wang·2025-08-14 11:43Core Insights - The company reported a total revenue of 344 million yuan for the first half of 2025, representing a year-on-year decline of 11.68% [1] - The net profit attributable to shareholders was 131 million yuan, down 3.51% year-on-year, while the net profit after deducting non-recurring items was 120 million yuan, a decrease of 11.61% [1][3] - The operating cash flow for the first half of the year was only 68 million yuan, a significant drop of 60.9% year-on-year, indicating a deterioration in cash generation capability [3] Financial Performance - The company’s three key profit indicators showed a decline in the first half of the year, but the report did not specify the reasons for the decline in operating performance [3] - The company announced a high dividend payout plan, proposing a cash dividend of 1.19 billion yuan, which accounts for 90.7% of the net profit attributable to shareholders, raising concerns about future growth potential [3] Strategic Initiatives - The company is undergoing a transformation from "effective education" to "effective education + AI" in 2025, with a strong emphasis on its AI strategy mentioned over 70 times in the report [3] - Despite the focus on AI, the report did not separately disclose AI-related revenue or costs, indicating that the AI transformation is still in the internal efficiency improvement stage and has not yet generated new revenue streams [3][4] Research and Development - The company’s R&D expenditure for the first half of 2025 was only 11 million yuan, representing 3.26% of revenue, which is considered insufficient for deep technological development and innovation in the AI field [4] - The progress of fundraising projects has been slow, with significant delays in the completion of key projects, raising concerns about the future prospects of these investments [4]