中国赴美留学人数仍在下降，王牌考试GRE和托福或遭出售

Core Insights - ETS's flagship businesses, GRE and TOEFL, are facing unprecedented challenges due to declining test-taker numbers, increased market competition, and changes in U.S. policies [1][4][3] - ETS is negotiating to sell its GRE and TOEFL businesses or seek investment to address these challenges [1][11] Financial Pressure - ETS has experienced financial difficulties, leading to multiple layoffs and the elimination of smaller testing products from its portfolio [2][6] - For the fiscal year ending September 2024, ETS reported annual revenue of $1.09 billion, with over 80% coming from core exam products and assessment services [3] Market Dynamics - The number of GRE test-takers has halved from 510,000 in 2017 to approximately 200,000 in 2024, influenced by changes in admission policies at major universities [4] - The U.S. College Board has signed a new contract with ETS, which will no longer manage the SAT, resulting in a loss of approximately $300 million in annual revenue [4] International Student Trends - A report from the Institute of International Education indicates a 1% decline in international student enrollment in U.S. colleges for the fall of 2025, with a notable 12% drop in graduate-level international students [5] - Chinese students, a significant demographic, numbered 265,919 in the 2024/2025 academic year, reflecting a 4.5% decrease from the previous year [7] Competitive Landscape - The language testing market is undergoing transformation due to slow global economic recovery and tightening visa policies in major study destinations [8] - Competitors like IELTS are also facing challenges, with IDP Education projecting a 28%-30% drop in student placements due to policy uncertainties [9] Strategic Moves - ETS is exploring potential investors, including Hillhouse Capital and Nexus Capital Management, to expand its influence in the Middle East and India [11][12] - Recent adjustments to the TOEFL exam format aim to enhance its appeal, including reducing test duration and improving score reporting times [10]