本文来自微信公众号：巨潮WAVE （ID：WAVE-BIZ），作者：侯恬，头图来自：AI生成 教育，历来是中国家庭最舍得投入的领域。 尤其是当代大城市里的中产阶层，大多是第一代通过高考和大学完成阶层跃升的人。他们亲身经历过"好学历带来好工作"的红利期，教育帮助他们进入城 市和写字楼，乃至于进入到更高的社会层级，因此他们深知教育的重要性。 于是，中产们的教育支出一路走高。根据《中国教育消费市场分析报告2024》，中国家庭在子女教育上的年均支出已达4万元，其中一线城市许多家庭年 均教育支出超10万元。 内卷的升级却让这种投入的回报不断下降——高考依旧是千军万马过独木桥，每年千万考生挤向有限的顶尖院校名额，即便是持续高投入，如果孩子缺乏 天赋或努力，结果依然可能不尽如人意。 一部分有经济能力的家庭，开始转向新的卷法：送孩子读国际学校。避开竞争激烈的高考赛道，转向国外学校或国内的国际本科，成为一条被越来越多中 产家庭选择的"旁路"。 与国内公立教育不同，国际学校不再以考试分数作为唯一评价标准，而是强调跨学科能力、批判性思维与实践探索，课程设置更加灵活，学习节奏也更开 放，学生拥有更多自主选择与时间管理的空间。这正中了 ...

Core Viewpoint - Six key projects were signed during a meeting in Sanya, covering various industries such as low-altitude economy, urban renewal, international education, and medical devices, which will inject new momentum into the upgrading of Sanya's real economy [1] Group 1: Project Highlights - The Southern Airlines General Aviation Hainan Regional Headquarters project aims to help Sanya establish a low-altitude economy demonstration zone [1] - The FIA Formula E World Championship project will introduce top international events like Formula E, enhancing Sanya's international influence [1] - The Sanya Bay New City urban renewal project focuses on creating a high-quality urban area and livable environment, aligning with the "International Tourism Community" core positioning [1] Group 2: Economic and Cultural Development - The Haitang Bay industrial land project will promote the agglomeration of modern service industries [1] - The Higher Education Publishing House overseas business headquarters project will support Sanya's international cultural dissemination and enhance the city's soft power [1] - The Sanya Yazhou Bay Science and Technology City medical device one-stop comprehensive service operation platform project will serve the development of Sanya's health industry, gradually forming a characteristic industrial cluster effect [1]

Core Insights - The event "Study Abroad for Children" was successfully held in Kunming, co-hosted by Bank of China Yunnan Branch and New Channel Kunming School, focusing on study abroad planning and cross-border financial services [1][3] - The event highlighted the increasing demand for quality international education and professional financial services among families in Yunnan [5] Group 1: Event Overview - The event featured speeches from key representatives, including Wu Tao, Vice President of Bank of China Yunnan Branch, and Li Hua, Deputy General Manager of the Personal Finance Department [1] - The event provided professional and comprehensive financial and educational guidance for families intending to send their children abroad [1] Group 2: Financial Services - Qiao Li, Cross-Border Product Manager of the Personal Finance Department, presented on the advantages of Bank of China's cross-border services, including study abroad account opening, foreign currency exchange, and cross-border remittances [3] - Bank of China leverages its century-long international service experience and global network to offer safe, convenient, and efficient cross-border financial solutions, helping families mitigate exchange rate risks and optimize fund allocation [3] Group 3: Educational Insights - Hu Min, Chairman of New Channel International Education Group, delivered a keynote speech on international education path planning, trends in studying abroad at a young age, and educational choices in the era of artificial intelligence, resonating with the audience [5] - The interactive segment of the event saw enthusiastic participation, reflecting the urgent need for quality international education and professional financial services among local families [5] Group 4: Future Initiatives - Bank of China Yunnan Branch plans to continue launching more exclusive financial products and service activities tailored for study abroad families, supporting their educational aspirations [5] - The event reinforced the trust between the bank and its clients, showcasing Bank of China's expertise and social responsibility in the cross-border financial sector [5]

Group 1 - New Oriental Education Technology Group has announced the release of a new book titled "Children Going to the World" and the launch of the second season of the documentary series "Vision" to explore more vivid narratives in international education [1][2] - The documentary series "Vision" has achieved over 30 million views online and has won multiple awards, prompting families to deeply consider international education [1] - The new book compiles in-depth interviews and reflections from the first season, showcasing the growth stories of 71 students across 11 cities and 24 renowned international schools, providing families with a comprehensive reference for educational choices [1] Group 2 - The CEO of New Oriental, Zhou Chenggang, emphasized that the most valuable gain for children is their intrinsic pursuit rather than just acceptance letters from prestigious schools, aiming to build a bridge to quality international education for more families [2] - Visa has become a strategic partner for the second season of "Vision," highlighting its long-standing commitment to the international student community and the transformative power of education [2] - Visa's China President, Yin Xiaolong, expressed confidence in the collaboration with New Oriental, anticipating the second season to tell more diverse student stories and witness the limitless possibilities of growth together [2]

Group 1 - The core event was the premiere of the second season of "Vision: Telling 100 Stories of International Education" and the launch of the book "Children Going Global" by New Oriental International Education [1][2] - The first season of the documentary series has achieved over 30 million views online, showcasing 24 international schools across 11 cities and featuring nearly 100 school leaders and students [2] - The book "Children Going Global" focuses on 71 student stories from the 24 schools, emphasizing individual experiences rather than official narratives, addressing the evolving concept and forms of international education [2] Group 2 - The second season will involve visits to 20 distinctive international schools, aiming to present authentic growth stories of students and convey the value of international education [5] - Discussions among educators from participating international schools highlighted the core competencies that students should possess upon graduation [3][5] - New Oriental's CEO expressed the company's commitment to helping Chinese children realize their dreams of going global, emphasizing that prestigious schools serve as a guiding goal rather than an absolute destination [5]

汇丰的全球调查显示，年轻一代的父母更倾向于将孩子送往距离较近的国家和地区"就近留学"。除了传 统的热门留学目的地之外，中国香港和新加坡等地的学校已日益受到亚洲家庭青睐，凭借地理位置优 势、教育质量和更易适应的文化，其留学热度持续提高，带动更多国际留学生在亚洲区域内流动。汇丰 持续关注国际教育变化的趋势，并在国际教育资源和服务上不断焕新升级。 张凯还表示："我们很高兴连续第三年举办'汇丰国际教育节'，携手海内外教育专家，在充满变化的世 界里，解锁教育前沿趋势和资讯，助力家庭更科学精准规划国际教育、对接优质资源助力学生多元成 长。" 一线大咖分享国际教育新动态，助力人才环球无界成长 2025"汇丰国际教育节"于6月21日在上海正式开幕。海内外的国际教育行业专家、一线国际学校校长及 100+权威合作伙伴，汇聚一堂，分享真知灼见，为有留学意向的家庭带来精彩知识盛宴。 2025「汇丰国际教育节」盛大启幕 汇丰国际财富管理及卓越理财业务亚洲地区董事总经理张凯在开幕致辞中表示："世界局势的变化，全 球留学格局的加速重构，AI浪潮下的职业革命和教育革新，给国际教育带来了深远的影响。" 汇丰高管主持教育节启动仪式（从左至右依次 ...

Core Insights - The trend of Chinese students applying for overseas universities using Gaokao scores is increasing, with more universities in countries like the UK, Australia, Canada, and Germany accepting these scores as part of their admission criteria [1][4][3] Group 1: Dual Pathway Approach - The "Gaokao + Study Abroad" dual pathway is becoming popular among families, allowing students to prepare for both domestic and international education options simultaneously [1][2] - This approach helps alleviate exam pressure by providing students with more choices, although families still hope for admission to top domestic universities [2][5] Group 2: International Recognition of Gaokao Scores - Over 40 universities in the UK and more than 20 in Australia now accept Gaokao scores for direct admission, marking a significant shift in international education practices [1][4] - The acceptance of Gaokao scores is part of a broader trend where more overseas institutions recognize Chinese high school performance as a valid admission criterion [4][3] Group 3: Diverse Application Channels - The pathways for Chinese students to apply for overseas undergraduate programs are diversifying, including direct applications based on Gaokao or high school results, international course scores, and foundation programs [6][7] - The proportion of students applying directly to UK universities using international courses has risen significantly, from 46.6% in 2019 to 72.8% in 2024 [7][8] Group 4: Changing Professional Preferences - The choice of study abroad majors is evolving, with fields like computer science and engineering becoming more popular due to global industry demands [9][10] - The number of Chinese students studying abroad is projected to reach 856,000 in the 2024-2025 academic year, reflecting an 8.3% increase, with a focus on quality over quantity [9][10] Group 5: Emerging Markets and Opportunities - Countries like Singapore are becoming attractive study destinations, ranking high in international education evaluations due to their practical course offerings and favorable living conditions [11] - The trend of returning students engaging in emerging industries like AI and healthcare is growing, with 60% of returnees working in these sectors [12]

Core Insights - The article highlights the success of Hefei No. 168 International Department, which has achieved remarkable results in international education, including multiple admissions to prestigious universities like Oxford and Cambridge within just five years [4][8][39] - The school has broken the stereotype of limited resources and opportunities in second-tier cities, demonstrating that quality education can thrive outside major metropolitan areas [4][9][40] Group 1: Admission Achievements - Hefei No. 168 International Department has secured three admissions to Oxford and Cambridge, marking a significant milestone as the first in Anhui Province to achieve this feat [4][8] - The school has received over 600 offers from world-renowned universities, including 67 offers from University College London (UCL) alone [4][8] - The success of the school's students spans various disciplines, including not only STEM fields but also social sciences and arts [5][19] Group 2: Educational Approach - The school emphasizes a solid academic foundation, focusing on deep knowledge retention rather than rote memorization, which is often criticized in traditional Chinese education [5][6] - The A-Level curriculum is tailored to enhance students' strengths, allowing for flexible subject choices that cater to individual interests [5][6] - Innovative teaching methods are employed, integrating traditional Chinese culture with global perspectives, enhancing students' engagement and understanding [14][15][19] Group 3: Teacher Development - The faculty at Hefei No. 168 International Department is committed to continuous professional development, participating in various training and workshops to stay updated with educational trends [11][14] - Teachers are encouraged to innovate in their teaching practices, leading to a dynamic curriculum that evolves annually [14][19] - The school fosters a supportive environment where teachers' efforts are recognized, contributing to high morale and dedication [37][40] Group 4: Student-Centric Philosophy - The school adopts a holistic approach to education, focusing on the overall development of each student rather than solely academic achievements [25][27] - Students are encouraged to explore diverse interests, with opportunities to participate in various extracurricular activities and competitions [22][29] - The school aims to instill a sense of responsibility and community engagement among students, ensuring they are well-rounded individuals [25][27]

Core Points - The Australian government plans to increase the visa fees for international students from AUD 1,600 to AUD 2,000, which is expected to generate AUD 760 million in revenue over the next four years [2] - The opposition party, led by Dutton, proposes a more aggressive increase, suggesting a fee of at least AUD 2,500, and AUD 5,000 for students from the Group of Eight universities [2] - The rising visa fees have sparked criticism from educational leaders, who argue that Australia already has the highest fees globally, and further increases could harm the country's reputation in international education [2] Industry Context - Australia's higher education system is highly regarded globally, with international education being a significant export for the country [1] - The housing crisis in Australia has led to public backlash against international students, with some blaming them for rising housing costs [1] - Political parties are using the issue of international student visas as a means to address domestic concerns about housing supply and affordability [1]

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]