尚德机构管理层表示，成人教育行业正迈入高质量发展的新阶段。"对我们而言，增长的核心已不再是 单纯的规模扩张，而是效率、创新与长期价值的平衡。过去几个季度，我们持续优化组织结构与运营管 理，通过更精准的课程布局和稳健的现金流管理，使增长更加扎实可持续。未来，我们将继续以用户需 求为中心，推动数字化转型与组织能力提升，构建更具韧性的教育服务体系。" 经营确定性：从扩张优先到盈利优先 2025年，中国成人教育行业正经历一场深刻的结构重塑。经历资本驱动的高速扩张与周期性调整后，行 业增长逻辑正从"速度优先"转向"质量优先"。企业的核心竞争力不再取决于流量与投放，而在于能否构 建长期稳定的盈利能力与经营效率。 2025年11月20日，北京——日前，尚德机构(NYSE: STG)公布了2025年第三季度未经审计的财务业绩。 报告期内，公司实现营收5.23亿元人民币，同比增长6.5%；净利润1.25亿元，同比增长40.5%；净利率 为24.0%，较去年同期提升5.8个百分点。这已是尚德机构连续第18个季度保持盈利。在成人教育行业整 体进入理性增长周期的背景下，公司凭借稳健的财务表现与清晰的战略节奏，展现出长期经营韧性与跨 ...

Core Viewpoint - Xiaopeng's sales performance has significantly improved, with a delivery volume of 35,000 units in April, representing a year-on-year growth of 273%, making it the second-best seller in the new energy vehicle market after Leap Motor [1] Group 1: Sales Performance - In the first four months of the year, Xiaopeng's total delivery volume reached 129,000 units, a year-on-year increase of 313%, positioning it as the champion among new forces [1] - The success is attributed to the popular models MO3 and P7+, which have driven sales growth [1] - The monthly sales of P7+ are expected to stabilize around 8,000 units by 2025, with both models accounting for over 70% of total monthly sales [1] Group 2: Market Competition - The new energy vehicle market is experiencing intensified competition, with over 40% penetration, leading to the exit of several brands [2] - Despite the competition, BYD remains the strongest leader in the market, while new forces are stabilizing [2] - Xiaopeng's two popular models are nearing the end of their order backlog, with delivery cycles shortening to 1-2 weeks [2] Group 3: Product Strategy - Xiaopeng focuses on creating cost-effective models targeting young consumers, with MO3 priced between 100,000 to 130,000 yuan and P7+ between 180,000 to 200,000 yuan [3] - The company plans to launch around 30 new models or major updates within three years, including the G7 SUV and G01 six-seat SUV by 2025 [6] Group 4: Financial Performance - Xiaopeng's sales growth has led to a significant increase in revenue, with a projected revenue growth of over 100% in Q1 2025 [6] - The gross margin improved to 14.44% in Q4 2024, with a net loss ratio narrowing to 8.26% [6] - The company has a cash reserve of 32.72 billion yuan, providing a healthy cash flow situation compared to peers [9] Group 5: Future Outlook - Xiaopeng is expected to maintain its competitive edge by leveraging its self-developed technologies and cost reduction strategies [8] - The company is also exploring new business areas, such as flying cars and humanoid robots, which may provide future revenue streams [9] - The ability to sustain high sales growth and maintain market share will be crucial for Xiaopeng's success in the competitive landscape [10]