以下文章来源于每日经济新闻 ，作者每经记者 每日经济新闻 . 中国主流财经全媒体。互联网新闻信息服务许可证编号：51120190017 。 4月24日，"猿辅导员工猝死在公司"的消息冲上社交媒体热搜。 4月25日，猿辅导就舆论关注的"员工猝死在公司"事件向《每日经济新闻》记者回应称：4 月23日，武汉公司员工李某某突发意外不幸离世，我们和员工的亲人十分悲痛。李某某是 公司优秀的员工，加入公司的5年时间，工作上爱岗敬业，有责任感，业绩表现一贯保持优 秀。 猿辅导 不幸的发生给员工家庭带来了灾难，恳请大家尊重逝者隐私，照顾员工亲人情绪，不传播、 不扩散未经核实信息，感谢大家的理解。 目前，是什么导致了年轻生命的仓促离去还未有定论。但事件激发了"教培人"对工作环境 的声讨。业内认为，教育企业绞尽脑汁转型的同时也应注意到，要在不同环境下"细水长 流"，企业的经营理念、管理模式、企业文化都需随之调整。 相关人员：死者约二十六七岁 长期的工作态度和绩效评估表现都不错 4月24日，"猿辅导员工猝死在公司"的消息冲上社交媒体热搜。《每日经济新闻》记者就事 情经过、公司处理方式等内容询问猿辅导方面，截至发稿未获有效回复。 4月 ...

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]