证券代码：300338 证券简称：*ST开元 公告编号：2025-023 一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 √适用 □不适用 中审亚太会计师事务所（特殊普通合伙）为本公司出具了带持续经营重大不确定性段落的无保留意见审 计报告，本公司董事会、监事会对相关事项已有详细说明，请投资者注意阅读。 公司上市时未盈利且目前未实现盈利 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 □适用 √不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 所有董事均已出席了审议本报告的董事会会议。 中审亚太会计师事务所（特殊普通合伙）对本年度公司财务报告的审计意见为：带持续经营重大不确定 性段落的无保留意见。 本报告期会计师事务所变更情况：公司本年度会计师事务所由中审众环会计师事务所（特殊普通合伙） 变更为中审亚太会计师事务所（特殊普通合伙）。 非标准审计意见提示 董事会决议通过的本报告期优先股利润分配预案 □适用 □不适用 2、报告期主要业务或产品简介 报告期内，公司从事的主要业务是职 ...

Group 1 - The core viewpoint is that vocational education is entering a "golden era," with significant government support and reforms aimed at enhancing its integration with general education and industry [7][10][12] - The government work report emphasizes the importance of vocational education in supporting the modern industrial system, highlighting that 70% of talent in modern manufacturing comes from vocational education [7][8] - By 2035, the goal is to establish a modern vocational education system that effectively integrates general and vocational education, as well as industry and education [7][8] Group 2 - Hangzhou is accelerating its development as a world-class modern socialist international metropolis, which necessitates a higher demand for high-end engineering and skilled talent, providing an opportunity for vocational education reform [8] - The launch of vocational education activity week in Hangzhou marks a new phase in the development and changes in vocational education [9] Group 3 - New pilot classes have been introduced in Hangzhou to break the "one exam determines lifetime" model, allowing for dual pathways between general and vocational education [10][11] - Students in the new pilot classes can voluntarily apply to switch schools based on their learning situation, facilitating a two-way flow between vocational and general education [11][12] Group 4 - The proportion of long-term enrollment in vocational education has reached 50%, indicating a shift from "forced diversion" to "active choice" among parents regarding vocational education [12][14] - The integration of vocational education with higher education is gaining traction, with increasing numbers of high-scoring students opting for vocational schools [12][13] Group 5 - The establishment of integrated five-year programs in vocational schools is becoming popular, allowing students to bypass traditional college entrance exams and directly enter university [14] - The graduation rate for vocational schools in Hangzhou reached a historic high of 94.8%, reflecting the growing acceptance and success of vocational education [14] Group 6 - Vocational education is increasingly recognized for its strategic value in connecting education with industry, with numerous collaborations between vocational schools and enterprises emerging [15][16][17] - New professional programs are being developed in response to industry needs, with a total of 346 vocational programs now available in Hangzhou [17] Group 7 - Hangzhou's vocational schools have achieved notable success in national and international skill competitions, enhancing the prestige of vocational education [18][19] - The "1+X" certificate system is being promoted, allowing students to earn multiple vocational skill certificates alongside their academic qualifications [19] Group 8 - Vocational education is being extended to various age groups and sectors, promoting lifelong learning and skill acquisition among the workforce [20]

Group 1 - The 2025 Adobe Certified Professional (ACP) World Championship China Finals concluded successfully on April 20 in Shanghai, showcasing outstanding design talents from across the country [1][5] - The competition attracted over 13,216 participants from more than 350 institutions, marking a significant engagement in the design education sector [5] - The event is recognized as the "Olympics of the Youth Design Community," having been held annually since 2013, with participation from over 300,000 contestants from more than 70 countries [5] Group 2 - Students from Xinhua Computer Education, a subsidiary of China Oriental Education, achieved remarkable results, winning 1 first prize, 2 second prizes, and 3 third prizes in the graphic design category, along with 2 third prizes in the video category [1][9] - The success of the students is attributed to the practical training and mentorship provided by their instructors, emphasizing the importance of real-world applications in design education [2][3] - The competition highlighted the craftsmanship spirit of Xinhua Computer Education, showcasing the institution's commitment to nurturing skilled talents in the design field [7]

" 欧米伽未来研究所 " 关注科技未来发展趋势，研究人类向欧米伽点演化过程中面临的重大机遇与挑战。将 不定期推荐和发布世界范围重要科技研究进展和未来趋势研究。（ 点击这里查看欧米伽理论 ） 在全球经济格局风云变幻，科技浪潮日新月异的今天，创新已成为衡量一个国家竞争力的核心标尺，是 驱动经济增长和社会进步的根本动力。刚刚过去的几年，世界经历了诸多挑战，从全球疫情到地缘政治 紧张，再到气候变化的严峻考验，这一切都使得国家层面的战略规划，特别是关于如何通过创新保持韧 性、抓住机遇显得尤为重要。 正是在这样的背景下，英国剑桥大学制造研究所 (Institute for Manufacturing, IfM) 旗下的剑桥工业创新 政策小组 (Cambridge Industrial Innovation Policy, CIIP) 于2025年3月发布了最新的《英国创新报告》。这 份报告并非仅仅是数据的罗列，它更像是一次对英国创新生态系统和工业表现的深度"体检"，旨在通过 翔实的数据和国际比较，为政策制定者、行业领袖以及所有关心英国未来发展的人们，提供一个清晰、 客观的参照系。 这份报告的独特之处在于，它突破了传统创新 ...

Core Viewpoint - China Oriental Education has shown significant stock price growth of 90% this year, outperforming the vocational education sector by over 85 percentage points, despite previous declines in market value due to policy impacts [1][2] Financial Performance - In 2024, the company reported total revenue of 4.116 billion RMB, a year-on-year increase of 3.5%, with gross profit reaching 2.115 billion RMB, up 10.8%. Shareholder net profit surged by 88% to 513 million RMB, with gross and net profit margins improving to 51.38% and 12.46%, respectively [1][5][7] - The company plans to distribute a final dividend of 0.22 HKD per share, resulting in a payout ratio of 93.5% and a dividend yield of nearly 4% [1] Brand Performance - China Oriental Education operates five training brands, achieving an average employment rate of 94.9% across these brands in 2024. Revenue contributions from each brand were as follows: New Oriental (46.6%), Oumandi (2.56%), Xinhua Computer (18.54%), Wantong (22.2%), and Oumandi (8.3%) [2][4] - The average tuition fee across all brands was 27,600 RMB, reflecting a 3.6% increase, with training participants totaling approximately 146,300, a slight increase of 0.4% year-on-year [2][4] Cost Management - The company has optimized its cost structure, with selling, administrative, and financing expense ratios decreasing to 23.66%, 12.34%, and 2.87%, respectively. The overall period expense ratio fell to 38.87%, a decrease of 16.75 percentage points year-on-year [5] Industry Context - The vocational education and training market in China exceeded 1 trillion RMB in 2022, with stable growth expected. The sector is experiencing renewed opportunities due to high unemployment rates and a demand for specialized skills [6] - China Oriental Education stands out as a rare investment opportunity in the vocational training sector, benefiting from increased attention and a strong fundamental performance [6][8]

Core Viewpoint - The article discusses the launch of the new AI-based exam preparation system by Fenbi, highlighting its innovative features and the underlying technology that enhances the learning experience for students preparing for public examinations [6][18]. Group 1: AI Teacher Upgrade - Fenbi's AI Teacher 2.0 introduces "heuristic Q&A interaction," which encourages students to think critically rather than providing direct answers, enhancing their understanding and retention of knowledge [9][12]. - The AI system analyzes students' learning behaviors to create personalized study plans, optimizing their preparation process by focusing on their weaknesses [9][12]. Group 2: Gamification of Learning - The new system incorporates gamification elements, transforming the study process into an engaging experience similar to a game, which increases motivation and enjoyment in learning [12][18]. - The interactive nature of the AI allows for immediate feedback and guidance, creating a smooth learning loop that enhances efficiency [12][18]. Group 3: Technical Foundation - The core technology behind the system is Fenbi's proprietary domain-specific model, PRO, which has been tailored for vocational education and has shown superior performance compared to general-purpose models in key examination subjects [14][15]. - Internal performance metrics indicate that Fenbi's model outperforms competitors in various cognitive tasks relevant to public examinations, demonstrating its specialized understanding of the subject matter [15][16]. Group 4: Business Model and Financial Performance - Fenbi's AI product matrix includes various services that cater to different learning needs, allowing for diverse revenue models such as subscriptions and pay-per-use [18]. - In 2024, Fenbi reported revenues of 2.79 billion yuan and a net profit of 240 million yuan, reflecting a 27% year-on-year growth, showcasing the successful monetization of its AI-driven educational strategies [18]. Group 5: Future Implications - The introduction of the AI exam preparation system signifies a shift in learning paradigms, addressing inefficiencies in traditional study methods and offering personalized, engaging solutions [20]. - The competitive landscape in vocational education is expected to increasingly rely on AI capabilities and data assets, positioning Fenbi favorably for future growth [20].

Investment Rating - The report initiates coverage on the company with a "Cautious Recommendation" rating [5] Core Viewpoints - The company, as a leading player in the off-campus education sector in Shanghai, is undergoing a strategic transformation focusing on non-subject training, which includes four major business segments: quality education, vocational education, adult education, and international and foundational education [1][2] - The "Double Reduction" policy has accelerated the clearing of supply in the education sector, leading to significant changes in the competitive landscape, with a notable reduction in the number of training institutions [1][23] - The company has a relatively high asset quality, with significant growth in usage rights assets and contract liabilities, which support its growth [2] Summary by Sections Company Overview - The company, founded in 1984, became the first listed company in the off-campus training sector in China after acquiring Shanghai Angli Education Technology Group in 2014 [10] - In 2023, the company transitioned to having a controlling shareholder, with CICC becoming the major stakeholder, which is expected to benefit its development [1][13] - The company has shifted its focus from subject training to non-subject training, resulting in a recovery in revenue after a significant decline [14][19] Industry Analysis - The "Double Reduction" policy has led to a drastic reduction in the number of training institutions, with offline institutions decreasing by 92.14% and online institutions by 87.07% as of February 2022 [23][25] - The competitive landscape in Shanghai has changed significantly, with leading companies adopting contraction strategies and some exiting the market entirely [26][31] - The demand for off-campus training remains strong in Shanghai due to high income levels and a growing population, particularly in the K12 segment [35][37] Company Analysis - The company is implementing a dual-line strategy focusing on K12 quality education and expanding vocational education through a B2B2C model [2][19] - The company has a high asset quality, with cash flow improving and significant growth in usage rights assets and contract liabilities [2][4] - The company is expected to benefit from the release of market demand in Shanghai, supported by its core competitiveness and the backing of its controlling shareholder [3] Financial Analysis - Revenue projections for 2024-2026 are estimated at 1.235 billion, 1.597 billion, and 2.081 billion yuan, with respective growth rates of 27.9%, 29.3%, and 30.3% [3][4] - The company is expected to turn profitable by 2026, with net profits projected to be 0.97 billion yuan, reflecting a significant recovery from previous losses [3][4]