【卓越教育集团（3978.HK）】素质业务收入高增，AI赋能成效显著——2025年半年报点评（陈彦彤/汪航宇/聂博雅）

Core Viewpoint - The company has demonstrated significant revenue growth and profitability in the first half of 2025, driven by its educational services and AI integration [4][5]. Revenue Performance - In H1 2025, the company achieved a revenue of 920 million yuan, representing a year-on-year increase of 188.9% [4]. - The revenue breakdown shows that quality education, full-time review, and tutoring projects generated 723 million, 101 million, and 89 million yuan respectively, with year-on-year growth rates of 513.1%, -18.3%, and 17.6% [5]. Profitability Analysis - The gross margin for H1 2025 was 45.0%, a slight increase of 0.1 percentage points year-on-year, with all business segments showing improved margins [6]. - The net profit margin for H1 2025 was 16.5%, down 0.7 percentage points year-on-year, primarily due to increased investments in regional expansion, research, and AI [6]. Market Expansion and AI Integration - The company plans to deepen its market presence in the Greater Bay Area, leveraging population growth and educational demand, particularly in Guangzhou, Shenzhen, and Foshan [7]. - Future AI applications in education will include personalized question recommendations and AI companions, enhancing the personalization of teaching and service experience [7]. Shareholder Returns - The company has announced a three-year dividend plan, committing to gradually increase the payout ratio to 50%, 60%, and 70% from 2024 to 2026, reflecting management's confidence in future growth [8].