Group 1 - The company reported a revenue of 2.79 billion yuan for 2024, representing a year-on-year growth of 25.9%, and a net profit attributable to shareholders of 180 million yuan, up 16.8% year-on-year [1] - In Q4 2024, the company achieved a revenue of 539 million yuan, a year-on-year increase of 28.6%, but the net profit attributable to shareholders fell to 3.96 million yuan, a decline of 89% year-on-year due to a significant drop in gross margin by 13 percentage points and credit impairment provisions [1] - For Q1 2025, the company reported a revenue of 860 million yuan, a year-on-year increase of 22.5%, and a net profit attributable to shareholders of 73.77 million yuan, up 47.0% year-on-year, with a non-recurring profit of 14.95 million yuan compared to 4.2 million yuan in the same period last year [1] Group 2 - The number of personalized learning centers increased to approximately 300 by the end of 2024, up by around 60 centers from the end of 2023, with the number of teachers growing from 3,215 to 4,394, a year-on-year increase of 37% [2] - The company maintains a stable development in traditional high school training business, with a focus on the progress of new center openings, while actively expanding into vocational education, having completed initial layouts in secondary vocational schools [2] - Profit forecasts for the company are projected at 250 million yuan, 310 million yuan, and 370 million yuan for the years 2025 to 2027, maintaining a "recommended" rating [2]

"无论时代条件如何变化，我们始终都要崇尚劳动、尊重劳动者" 4月3日，北京丰台区永定河畔，春和景明、惠风和畅。习近平总书记拿起铁锹走向植树点，同现场的北 京市、国家林草局负责同志和干部群众、少先队员一起忙碌起来。铲土造坑、培土围堰、提水浇灌…… 习近平总书记在这里接连种下油松、金枝槐、美人梅、车梁木、杜仲、元宝枫等多棵树苗。 一边劳动，习近平总书记一边询问孩子们的学习生活和劳动锻炼情况，勉励他们"美好生活都是靠劳动 创造出来的""在劳动中锻炼身体、锤炼意志、增长知识"。 光荣属于劳动者，幸福属于劳动者。 习近平总书记在庆祝中华全国总工会成立100周年暨全国劳动模范和先进工作者表彰大会上指出，要深 入践行社会主义核心价值观，大力弘扬劳模精神、劳动精神、工匠精神。工人阶级和广大劳动群众在长 期奋斗中铸就的劳模精神、劳动精神、工匠精神，是社会主义核心价值观的生动体现。要大力弘扬劳动 最光荣、劳动最崇高、劳动最伟大、劳动最美丽的社会风尚，营造尊重劳动、尊重知识、尊重人才、尊 重创造的良好氛围，激励全体人民通过辛勤劳动、诚实劳动、创造性劳动实现对美好生活的向往。 "劳动创造了中华民族，造就了中华民族的辉煌历史，也必将创 ...

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]