行动教育：实效商学院，成长与红利兼备

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first coverage [2][4]. Core Insights - The company focuses on providing a full lifecycle knowledge service and intellectual support platform for enterprises, with a strong emphasis on practical solutions to management challenges [2][3]. - The enterprise management training market is experiencing robust growth, with a projected market size exceeding 1 trillion yuan by 2024, driven by increasing demand from a growing number of enterprises [3][31]. - The company has established partnerships with over 100 leading enterprises, enhancing its market position and customer base [2][3]. Summary by Sections Company Overview - The company is recognized as a leader in enterprise management training, offering core courses such as condensed EMBA and principal EMBA, which are designed to address real-world business management issues [2][17]. Industry Analysis - The enterprise management training market in China reached 698.9 billion yuan in 2021, with a compound annual growth rate (CAGR) of 32.32% from 2016 to 2021, and is expected to grow at a CAGR of 14.97% from 2023 to 2025 [3][31]. - The number of registered enterprises in China reached 32.82 million by the end of 2022, with a CAGR of 15.89% from 2019 to 2022, indicating a strong potential customer base for training services [29][30]. Competitive Advantages - The company offers a significantly shorter learning period compared to traditional MBA programs, with condensed EMBA courses lasting only 3 days and principal EMBA courses taking 1.5 years [3][40]. - The curriculum is designed to be practical and effective, focusing on real business challenges and regularly updated based on market and client needs [3][40]. - The company boasts a strong faculty with extensive experience in billion-dollar enterprises, ensuring the effectiveness of its training programs [3][40]. Financial Analysis - The company has shown stable revenue growth, with a CAGR of 14.2% from 2015 to 2023, and a revenue of 389 million yuan in the first half of 2024, representing a year-on-year increase of 35.2% [3][46]. - The core business of enterprise management training contributes over 80% of the company's revenue, highlighting its importance to overall financial performance [3][46].