一个吴彦祖还不够！高途二季度营收大涨但重回亏损

Core Viewpoint - Gaotu Group reported a revenue of approximately 1.39 billion RMB for Q2 2025, marking a year-on-year growth of 37.6%, exceeding the guidance provided in the previous quarter [1][2] - Despite strong revenue growth, the company recorded a net loss of 216 million RMB, marking the seventh loss in the last eight quarters, which disappointed the capital market [1][8] Revenue Growth - As of June 30, 2025, Gaotu's Q2 revenue was approximately 1.39 billion RMB, with a year-on-year increase of 37.6% and cash revenue of 2.25 billion RMB, up 36.2% [2] - The company has maintained over 30% revenue growth for six consecutive quarters, with an average growth rate of 51.7% [2] - The main driver of revenue growth was the strong market demand and high-quality educational products and services [4] Business Segmentation - Gaotu's main business is learning services, which accounted for over 95% of revenue in Q2 [4] - The K12 non-subject training business contributed nearly 40% of total revenue, achieving triple-digit year-on-year growth for the fifth consecutive quarter [4][5] - The traditional business for high school students saw a year-on-year revenue increase of 12.1%, although growth slowed due to fewer classes during the Spring Festival [5] Cost and Profitability - The company reported an operating cost of 470 million RMB, a year-on-year increase of 50.9%, which outpaced revenue growth [11] - The increase in costs was attributed to a rise in the number of teachers, rental costs, and depreciation [12] - Despite the increase in costs, the company aims for long-term growth, with offline learning center revenue growing over 20% year-on-year [13] Operational Efficiency - Gaotu's return on investment (ROI) improved from 1.99 to 2.75 year-on-year, reflecting significant operational efficiency gains [7] - Marketing expenses decreased by 1.7% year-on-year, ending a streak of eight consecutive quarters of growth [6] Seasonal Trends - The company experienced a net loss in Q2, which aligns with the seasonal fluctuations typical in the K12 education sector [16] - Cash income is generally higher in the first and third quarters due to new student registrations, while the second and fourth quarters benefit from both new and returning students [15][16]