教育及招聘行业业绩综述25Q1复盘及25Q2策略：左手高股息业绩股，右手布局AI弹性标的

Group 1 - The report highlights the strong performance of vocational education, particularly Oriental Education, which is expected to exceed market expectations due to factors such as the return of students from public schools and reduced competition in the public sector [4][5] - K12 education is experiencing a recovery in competition, but profit margins are under pressure due to competitive factors, with a recommendation to focus on companies with strong expansion capabilities and lower online business ratios [4][5] - Corporate training shows a strong cyclical attribute, with a significant decline in collection growth, indicating potential risks, especially in regions heavily involved in export businesses [4][5] Group 2 - The report continues to recommend Oriental Education for its strong performance and high dividends, driven by changes in employment expectations among graduates and favorable policies for vocational education [5][6] - TAL Education (好未来) is also recommended, with expectations for profit recovery as the company focuses on balancing growth and profitability in its online and offline businesses [5][6] - The report suggests monitoring AI-driven education companies like Dou Shen Education and Sheng Tong Co., which are expected to release catalysts in Q2 [6] Group 3 - K12 training demand remains resilient, with revenue growth observed, but the growth rate varies significantly among companies due to differences in business scale and product positioning [12][13] - The report indicates that the number of profitable non-academic licenses in K9 education has increased by approximately 14.3% year-on-year, reflecting a shift towards non-academic training as academic training supply contracts [14][16] - The competitive landscape is expected to stabilize, with a focus on service quality rather than scale, as the industry transitions into a more orderly competition phase [16][17]