典礼现场，大屏幕上回放着孩子们六年学习生活的珍贵片段。从稚嫩入学到自信成长，一幅幅画面令在 场师生与家长动容。毕业班教师和五年级学生分别献上精彩节目，为毕业生送上祝福。学校校长吴剡芝 在致辞中介绍，近年学校先后荣获"宁波市智慧校园标杆校""慈溪市教育科研先进集体"等多项荣誉。展 现了学校在落实个性化教育理念、提升学生综合素养方面取得的突出成果。 2018年，经宁波市政府批准，慈溪文谷外国语小学由学大教育集团和文谷传媒联合创办，学校践行学大 教育的个性化教育理念，以"立德树人、中外合璧、多元发展"为办学理念，秉承"辅仁、求真、弘毅"的 校训，围绕"十会"育人目标为课程指引，结合"五育"构建了多维度、多层次的延展课程框架。在教学实 践中，学校坚持"不背书包回家""高质轻负"的理念，以课程整合和学习方式创新激发学生内驱力，培养 具备全球胜任力的时代新人。 6月29日，学大教育旗下全日制学校——慈溪文谷外国语小学举行2025届毕业典礼。学大教育创始人、 董事长兼CEO金鑫，宁波文谷教育投资有限公司董事长马国庆等领导出席，与校方代表、毕业班师生及 家长共同见证108名"小谷粒"圆满完成小学学业，迈向新的成长阶段。 阶段 ...

他介绍，基于这幅不断进化的"画像"，AI能够为每个学生量身定制学习路径、推荐适配的内容难度与呈 现形式、设计个性化的练习策略、甚至预判可能遇到的认知障碍并提供及时干预。"这不仅仅是推送不 同的题目，而是构建一个围绕个体需求动态调整的'学习生态系统'，目标是让学习过程更符合个体规 律，从而更有效、更高效地达成学习目标。" 伴鱼团队在过去十年间，始终将"个性化"作为产品研发的核心基因。从早期面向儿童的互动阅读平 台"伴鱼绘本"，到提供深度个性化教学服务的"伴鱼一对一"，再到聚焦阅读能力体系化培养的"伴鱼阅 读营"和运用AI赋能的"伴鱼智学"，每一款产品都在实践中不断验证和深化着个性化教育的理念，也赢 得了广大家长和学生的信任与喜爱。 "我们坚信，教育的温度，恰恰就藏在'个性化'的细节里。"黄河动情地说，"当技术能够细腻地捕捉到一 个孩子微小的进步并给予恰如其分的鼓励，当系统能感知到他的困惑并调整讲解方式，当学习路径能顺 应他的兴趣自然延展……这些瞬间所传递的，是技术背后对人的理解和尊重，是对个体独特价值的确 认。AI在教育中的角色，绝不应是冰冷的'流水线'和标准化的'模具'；它应该是一位充满智慧的'助产 士'和' ...

据《北京日报》报道，日前，北京市委教育科技人才工作领导小组印发《关于促进中小学生身心健康发 展的若干意见》（以下简称"身心健康二十条"），对学生身心健康进行一体谋划部署，同步提升学生强 健体魄和积极心理品质。 一段时间以来，从"小眼镜""小胖墩"现象，到引起争议的孩子课间缺少必要活动、晚上睡眠不足问题， 再到不少学生因学业压力引发心理危机事件等，中小学生的身心健康问题在舆论场上频频引起关注。 为此，社会各界提出相关的意见建议，督促相关部门系统化解这些问题对中小学生身心健康带来的负面 影响。此番北京出台的"身心健康二十条"，就是对社会关切的积极回应，也为这一工作的具体开展提供 了可供参考的样本。 从具体内容看，此次提出的一系列举措，旨在为中小学生身心健康发展提供全方位、可预期的支持环 境。在一些典型问题上，相应的政策要求也极具针对性，例如提出"健全学生身心健康分级就诊咨询机 制，完善多渠道就诊服务体系"，就是为了持续推动各级医院满足学生在心理健康层面的就诊需求。 为克服学生和家长的病耻感，该文件同时明确支持二级及以上综合医院开设儿科和心理门诊等举措。在 以往的专科医院就医模式下，不少学生和家长往往因为担心"被贴 ...

问：新教育实验学校通过"学科阅读书目"和"晨诵午读暮省"等行动推广阅读。您认为，面对城乡资源差 异，如何确保乡村学校的阅读资源供给与城市同步？ 答：我一直认为，教育最重要的使命是帮助人形成自我教育的能力，所以，我们把阅读作为非常重要的 抓手来推进，将阅读看作教育最重要的基础。教育在很大程度上是为了培养孩子的阅读能力、阅读兴趣 和阅读习惯。一个人如果这方面的基础打牢了，他的自主学习的能力和终身学习的能力就形成了，教育 的主要任务也就基本完成了。 美国著名教育学者艾瑞克·唐纳德·赫希曾在《知识匮乏》一书中提出过这样一个观点：社会存在不公平 的重要原始起点是教育的不公平，而教育不公平中很重要的方面是阅读的不公平。 答：参与新教育实验的1万多所学校里，发展并不平衡，鱼龙混杂很难避免。如果分三类的话，一类是 做得成绩非常显著的，是我们的标杆性学校；一类虽然在做，但还没有真正把握要领；还有一类，虽然 挂了新教育的牌子，但并没有把新教育的行动理念、课程文化落实到自己学校。有人因此曾经质疑大规 模教育实验的价值与效果。我认为，在教育发展的过程当中，大规模、高品质、个性化的确曾经被视 为"不可能大三角"，但是，在数字化的时代， ...

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].

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]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company has maintained high revenue growth, with a projected total revenue of 27.86 billion yuan for 2024, representing a year-on-year increase of 26% [8] - The core education business is experiencing steady growth, focusing on personalized education, with a significant increase in the number of learning centers and teachers [8] - The company is expanding into new business areas, including vocational education and health management, while continuing to strengthen its core personalized education services [8] Financial Performance Summary - Total revenue projections for the company are as follows: 2,786 million yuan in 2024, 3,374 million yuan in 2025, 3,917 million yuan in 2026, and 4,491 million yuan in 2027, with respective year-on-year growth rates of 25.90%, 21.12%, 16.08%, and 14.66% [1][9] - The net profit attributable to the parent company is expected to reach 179.69 million yuan in 2024, 257.38 million yuan in 2025, 327.48 million yuan in 2026, and 395.99 million yuan in 2027, with year-on-year growth rates of 16.84%, 43.24%, 27.24%, and 20.92% respectively [1][9] - The earnings per share (EPS) are projected to be 1.47 yuan in 2024, 2.11 yuan in 2025, 2.69 yuan in 2026, and 3.25 yuan in 2027 [1][9] Business Expansion and Strategy - The company is focusing on personalized education, with over 300 learning centers and more than 4,000 dedicated teachers as of 2024 [8] - The company has made acquisitions in vocational education and is expanding its presence in cultural reading and health management sectors [8] - The company’s contract liabilities reached 11.39 billion yuan in 2025, reflecting a year-on-year increase of 14% [8]

Investment Rating - The report maintains a "Recommended" rating for the company [4][7]. Core Views - The company is a leader in personalized education, focusing on services for high school entrance exams and actively developing vocational education, cultural reading, and medical education integration, leading to rapid revenue growth and performance release [1][4]. - The company is expected to achieve revenues of 3.22 billion yuan, 3.72 billion yuan, and 4.09 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 2.11 yuan, 2.54 yuan, and 2.93 yuan, indicating strong future growth potential [4][6]. Financial Performance - In 2024, the company achieved operating revenue of 2.786 billion yuan, a year-on-year increase of 25.90%, and a net profit attributable to shareholders of 180 million yuan, up 16.84% [1][6]. - For Q1 2025, the company reported operating revenue of 864 million yuan, a 22.46% increase year-on-year, and a net profit of 74 million yuan, reflecting a significant growth of 45.45% [1][6]. - The gross profit margins for 2024 and Q1 2025 were 34.56% and 32.02%, respectively, while net profit margins were 6.33% and 8.51% [2][6]. Debt and Cash Flow - The company's asset-liability ratio has decreased from 96.24% in 2020 to 79.04% in 2024, indicating improved financial health [3][6]. - The cash collection ratio for 2024 and Q1 2025 was 108.51% and 125.68%, respectively, demonstrating strong cash flow management [3][6]. Business Expansion - The number of personalized learning centers increased from over 240 to more than 300 by the end of 2024, covering over 100 cities and employing more than 4,000 teachers, which supports the company's expansion strategy [4][6]. - The company's contract liabilities grew significantly, with figures of 932 million yuan and 1.139 billion yuan for 2024 and Q1 2025, respectively, indicating strong growth potential [4][6].