2024 年是双减政策实施的第三年，AI 技术迅速发展，教培行业面临着前所未有的变革。近日，多家教育上市公司纷纷发表企业财报，这些数据背后，展 示着中国教育行业在政策调整与技术革命的交织中迎来深度转型。各公司在面对市场变化和技术革新时采取了多元化的策略，从构建综合教育生态系统到 依托 AI 技术实现突破，再到通过差异化服务抢占市场份额，展现了行业的活力与创新。 01 业绩情况：亏损与盈利并存，分化中谋增长 | | k12教培上市公司业绩一览 | | | | --- | --- | --- | --- | | 证券名称 | 总市值 | 营收 | 净利润 | | 新东方 | 79.38亿美元 | 11.83 亿美元 | 1.26 亿美元 | | 好未来 | 55.08亿美元 | 6.10 亿美元 | 8,459.1万美元 | | 高途 | 7.61亿美元 | 13.89亿元 | -1.36亿元 | | 网易有道 | 10.42亿美元 | 1.836亿美元 | 1140万美元 | | 学大教育 | 64.59亿美元 | 27.86亿元 | 1.8亿元 | | 卓越教育 | 46.17亿港元 | 11.02 亿元 | ...

日前，劳动经济学会就业促进专业委员会联合西南财经大学、深圳信息职业技术学院、中国经济体制改 革杂志社等单位，以"高校毕业生就业的机遇和挑战"为主题，举办2025年一季度就业形势分析会暨高校 毕业生就业研究与政策创新研讨会。来自发改委、教育部、中央党校、西南财经大学、香港中文大学等 部门及高校、企业的近50位专家学者共探就业形势新动态。 缓解高校毕业生就业压力，需要不断提升高校毕业生就业适应力。与会专家认为，应把职业教育与技能 提升放到更为重要的位置。中国教育科学研究院孙诚研究员表示，《教育强国建设规划纲要》明确提出 构建产教融合的职业教育体系，着重强调了职业教育在服务国家发展战略方面的重要意义，为职业教育 的发展提供了有力的政策支持和清晰的方向指引。 目前，在珠三角、长三角等地区，职业教育已展现出紧跟市场步伐的优势。深圳信息职业技术学院党委 书记苗宁礼介绍，该校将毕业生就业作为"第一民生工程"，以终为始促进教育教学质量提高的衡量标准 和牵引动力。近5年，该校毕业生就业率一直保持95%以上，一半以上就职于高新技术产业、新一代信 息技术产业和互联网产业，约四分之一入职行业头部及规模以上企业。与会专家表示，学校应加 ...

Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Views - The company has transformed into a new leader in offline public examination training, achieving significant revenue growth and profitability improvements. In 2024, the company reported revenue of 2.833 billion yuan, a year-on-year increase of 1046.34%, and a net profit of 53 million yuan, marking a return to profitability. For Q1 2025, revenue reached 827 million yuan, up 18.91% year-on-year, with a net profit of 121 million yuan, an increase of 67.38% [1][2]. - The company's strategic shift towards vocational education, particularly in civil service and public institution exam training, has positioned it as a new leader in the public examination sector. The gross margin for 2024 and Q1 2025 was 53.48% and 61.36%, respectively, while the net margin improved to 1.87% and 14.69% [1][2]. - The company has implemented a stock incentive plan aimed at motivating key employees, with performance targets set for net profit, which are expected to drive further growth [3]. Financial Performance Summary - The company forecasts revenue growth from 2.833 billion yuan in 2024 to 4.784 billion yuan in 2027, with growth rates of 1046.34%, 17.5%, 25.0%, and 15.0% for the respective years [4][8]. - The net profit attributable to shareholders is projected to increase from 53 million yuan in 2024 to 556 million yuan in 2027, with growth rates of 157.6%, 509.5%, 25.6%, and 37.0% [4][8]. - Earnings per share (EPS) are expected to rise from 0.38 yuan in 2024 to 3.95 yuan in 2027, with dynamic price-to-earnings (PE) ratios decreasing from 250 to 24 over the same period [4][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has entered a profit realization phase, with significant revenue and profit growth reported for 2024 and Q1 2025. The revenue for 2024 reached 2.83 billion yuan, a year-on-year increase of 1,046%, while the net profit attributable to shareholders was 0.53 billion yuan, up 158% year-on-year [8] - The company has launched an employee stock ownership plan, allowing 275 core employees, including 13 executives, to acquire shares at a price of 45.91 yuan per share, with a total investment cap of 1.25 billion yuan [8] - The company is expected to continue to release profits as it stabilizes operations post-employee stock plan implementation, with revised net profit forecasts for 2025-2027 being 3.7 billion, 4.5 billion, and 4.9 billion yuan respectively [8] Financial Performance Summary - For 2024, total revenue is projected at 28.33 billion yuan, with a year-on-year growth of 1,046% and a net profit of 0.53 billion yuan, reflecting a 158% increase [8] - The first quarter of 2025 shows revenue of 8.27 billion yuan, a 19% increase year-on-year, and a net profit of 1.21 billion yuan, up 67% year-on-year [8] - The non-academic training business has seen substantial growth, with revenue reaching 2.79 billion yuan in 2024, a year-on-year increase of 1,309% [8] Valuation Metrics - The company’s earnings per share (EPS) for 2024 is projected at 0.38 yuan, increasing to 2.62 yuan in 2025, and further to 3.22 yuan in 2026 [1] - The price-to-earnings (P/E) ratio is expected to be 34.78 for 2025, 28.32 for 2026, and 26.27 for 2027, indicating a relatively reasonable valuation within the public examination training industry [8]

Core Viewpoint - The company has shown solid revenue growth and profitability in the education sector, with a focus on personalized education and accelerated acquisitions in vocational training, despite some pressure on profit margins due to expansion costs [1][2][4]. Financial Performance - In 2024, the company achieved a revenue of 2.79 billion yuan, a year-on-year increase of 25.9%, and a net profit attributable to shareholders of 180 million yuan, up 16.8% year-on-year [1]. - The fourth quarter of 2024 saw a revenue of 540 million yuan, a 28.6% increase year-on-year, but a significant drop in net profit to 3.96 million yuan, down 89.2% year-on-year [1]. - For the first quarter of 2025, the company reported a revenue of 860 million yuan, a 22.5% increase year-on-year, and a net profit of 70 million yuan, up 47% year-on-year [1]. Business Segments - The company’s education training service revenue reached 2.697 billion yuan in 2024, with a year-on-year growth of 25.64% [1]. - The number of personalized learning centers increased from over 240 to more than 300, covering over 100 cities, with more than 4,000 full-time teachers [1]. - The company completed acquisitions of two vocational schools in 2024, further solidifying its position in the vocational education sector [1]. Profitability Metrics - The gross margin for 2024 was 34.56%, down 1.95 percentage points year-on-year, primarily due to the expansion of personalized learning centers [2]. - The net profit margin for 2024 was 6.33%, a decrease of 0.56 percentage points year-on-year [2]. - In the first quarter of 2025, the gross margin was 32.02%, a decline of 0.4 percentage points year-on-year [3]. Strategic Initiatives - The company announced a stock buyback plan of 110 to 150 million yuan to enhance shareholder value and demonstrate confidence in its long-term growth [3]. - The buyback will prioritize share cancellation, with an amount of 60 million yuan allocated for this purpose [3]. Industry Outlook - The education sector is gradually stabilizing, with the company positioned as a leading player in high school one-on-one training, showcasing a unique market presence [4]. - The company has cleared its debt to a major shareholder, improving its financial cost structure and potentially accelerating growth under the leadership of its founder [4].

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 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 2.79 billion yuan in 2024, representing a year-on-year increase of 25.9%, with a net profit attributable to shareholders of 180 million yuan, up 16.8% year-on-year [5] - The company is expanding its personalized education services and accelerating acquisitions in vocational education, with the number of personalized learning centers increasing from over 240 to more than 300 [6] - The company has repaid a significant loan, improving its financial structure and reducing financial costs, which is expected to support future growth [9] Financial Performance - In Q4 2024, the company reported a revenue of 540 million yuan, a year-on-year increase of 28.6%, but a net profit of 3.96 million yuan, down 89.2% year-on-year [5] - For Q1 2025, the company achieved a revenue of 860 million yuan, up 22.5% year-on-year, with a net profit of 70 million yuan, an increase of 47% year-on-year [5][8] - The company's gross margin for 2024 was 34.56%, down 1.95 percentage points year-on-year, primarily due to the rapid expansion of personalized learning centers [7] Growth Strategy - The company is actively expanding its non-academic education business, which is showing good growth momentum [9] - The company plans to repurchase shares worth 110 to 150 million yuan, reflecting confidence in its long-term development [8] Profit Forecast and Valuation - The report adjusts the company's net profit forecasts for 2025 and 2026 to 255 million yuan and 311 million yuan, respectively, reflecting a decrease of 8% and 13% [10] - The company is projected to maintain a strong position in the high school one-on-one training sector, with continued demand in the industry [10]

职业教育正迎来"黄金时代"。 今年全国两会上，职业教育成为热议焦点。政府工作报告明确提出："推进职普融通、产教融合， 增强职业教育适应性"，为职教改革指明了方向。教育部部长怀进鹏在"部长通道"上特别提到了职业教 育，"我国现代制造业70%的人才来自职业教育培养。"这充分彰显了职业教育在支撑现代产业体系中的 核心地位。 去年，浙江省委、省政府办公厅印发《关于加快构建现代职业教育体系的实施意见》，提出到2035 年，全面建成职普有效融通、产教深度融合、科教创新融汇的现代职业教育体系。 从国家到地方，均把职业教育摆在了经济社会发展和教育改革创新更加突出的位置。 当下的杭州，正加快打造世界一流的社会主义现代化国际大都市，努力成为中国式现代化的城市范 例，需要建立在经济高质量发展的基础上，这对高端工程技术及高素质技能型人才储备提出更高的要 求，也为推进现代职业教育改革升级提供了契机。 4月26日，杭州市职业教育活动周正式启幕，我们一起盘点杭州职业教育的新发展、新变化。 推进两类试点班 打破中考"一考定终身" 破解单向流动 畅通"学习赛道"互转 过去经常有这样的情况：普高里有部分学生，经过一段时间的学习，发现适应不了普高 ...