机构：国元国际 研究员：冯浩 【投资要点】 给予买入评级，目标价6.89 港元 公司为华南地区教培龙头，成立于1997 年，2018 年在香港联交所主板上市。 公司注重股东回报，逐年提升分红率，2025/2026 年计划派息比例分别为60%/70%，股息分末期和中期 两次派付，股息率在同业中具吸引力，反映公司良好的现金流能力，提升投资者信心。 公司一直秉承"一切为了孩子健康生长"的初心，致力于为家庭用户提供孩子的综合成长服务与解决方 案。2017 年，卓越教育提出了"向未来生长"的品牌战略。2022 年，公司开始积极转型素质教育， 2023/2024 年扣非归母净利润同比+108.99%/74.21%，业绩大幅增长。2024 年，公司坚定推进"All inAI"战略，赋能教学体系。 公司凭借在教育行业27 年的从业经验，积累了良好的声誉，近期广州暑期续课率接近80%。公司的"强 语文"优势早已深入人心，在 "双减"后，充分发挥其"双减"前"强语文"优势，推动素质教育产品的创新 和升级。 此外，顺应国家重视人工智能教育的趋势，公司推出人工智能编程课程，团队已连续在世界机器人大赛 等多个比赛中获得奖项。受益大湾区 ...

（原标题：信"心"心理问答｜高考志愿填报当天，我把自己逼哭了：全世界都在替你做选择） 读者来信： 我是一名刚结束高考的学生，现在正面临人生中第一个真正意义上的重大选择 —— 填报志愿。可我发现 自己好像卡在了一个奇怪的困境里： 从高考结束那天起，我的生活就变成了一场 " 他人意见的轰炸现场 " 。 父母是最先行动的。他们请了一位据说 " 很有经验 " 的志愿填报老师，每天下班回家就催着我视频咨 询： " 老师说了，计算机专业现在缺口大，毕业起薪高 "" 师范类行业稳定，以后跳槽也有优势 " 。那位 老师也确实专业，打开电脑给我分析各校历年分数线、就业率，甚至精确到某个岗位的月薪中位数。 可当我坐在屏幕前，听着那些陌生的专业术语和漂亮的数据时，心里却越来越慌 —— 这些和我有什么关 系呢？我根本不知道自己是否适合这些专业，更不确定学了之后会不会快乐。 亲戚们也没闲着。 " 学医多好啊，医生越老越吃香。 " 女孩子当老师多体面，假期多还能照顾家里。 " 有人跟我说： " 选热门专业准没错，现在 AI 这么火，学个数据分析以后肯定抢手！ " 也有人劝我： " 别太现实啦，趁年轻选个感兴趣的！ " 这些声音交织在一起 ...

估值建模，是金融行业必备技能， 无论在一级（股权）、一级半（定增）、二级（IPO、并购重组）领 域，重要性都不用多言。 然而，目前市场上流传的估值建模体系在实战中，往往存在诸多问题： 1、 逻辑问题 ——表格数据超多，而缺少逻辑直观展示，做表格的研究员能看懂，而看表格的公司领 导往往一头雾水； 2、 估值方法搭配问题 ——DCF模型，和PE法、PB法、EV/EBITDA法、PS法、P/GMV、P/MAU、终 点估值法等各种方法，得出的结果可能大相径庭，这些方法该如何选择搭配、有机融合？ 3、 假设缺陷问题 ——DCF计算过程往往假设科目过多、甚至一些假设是拍脑袋得出，如何对各科 目，做出更加有理有据的假设？ 针对这些深入影响估值判断与决策沟通的关键难点， 梧桐课堂 特联合并购优塾，于 2025年7月19-20 日 在 上海 ，举办 《DCF现金流贴现-建模技能速成指南》 线下培训。 主讲嘉宾 ● 注册会计师、注册税务师 ● 4年审计经验、5年投研经验及估值建模经验 ● 曾为多家不同行业的公司进行财务建模，涉及家电行业（美XX、格XX、老XX）、互联网行业 （腾XX、阿XX、网XX等）、保险行业（中XX、中XX ...

齐鲁晚报·齐鲁壹点记者 巩悦悦 实习生 张晓文 白应婵 济南报道 近两年，一种名为"AI智习室"的新型学习空间悄然扩张。其核心是利用学习机上的智能助学系统，辅以线下督学、托管等服务。企查查 显示，一年内有4000余家"智能自习室"注册成立。近日，记者实地探访济南多家机构发现，部分标榜"个性化训练"的场所，实际通过捆 绑销售学习机、无证教师督导等方式游走于政策灰色地带。 进货1500元/台，"定价由自己决定" 7月9日上午，记者在济南市历下区的一家AI智能学习中心看到，该自习室约60平方米，40多名学生正在装有隔断的书桌前操作学习机。 其中一位八九岁的男孩正坐在学习桌前，聚精会神地进行单词与汉语的连线练习。每当正确完成一组连线，屏幕就会立即跳转到下一个 学习任务。 记者以学生家长的身份前往咨询。其间一位家长恰巧带五年级儿子前来，该店负责人提出要先带学生进行线上测试，再根据具体情况制 定相应的辅导策略和学习计划。据该店负责人介绍，"AI自习"就是利用学习机进行上课、做题、测验，学习机上的内容涵盖小学到高中 的全部网课及教材资源，"下学期还没学到的新知识，学习机上都有。" 当天，记者走访另外三家连锁品牌的人工智能学 ...

暑期来了，想给孩子报个科技培训班，万一遇到虚假宣传，钱退不回来怎么办？ 夏天到了，想办张健身卡塑形，又怕练几天老板"跑路"，钱打水漂？ 牙齿需要进行根管治疗，但是周期比较长，担心钱还没用完店家就关门，退款无路？ 在日常生活中，预付式消费是一种常见的消费模式，但上述"预付金额难追讨""拒绝合理退费"等问题让不少消费者头疼不已，如何破解这一发展困境？ 针对问题频发领域出台专项措施 近年来，预付式消费领域问题频发，出现商家"卷款跑路"、设置"霸王条款"、收款不退等现象，严重损害了消费者的合法权益，也影响了市场的正常秩序。 ▲健身房 今年3月14日，最高人民法院举行新闻发布会，发布了《最高人民法院关于审理预付式消费民事纠纷案件适用法律若干问题的解释》，并于5月1日起正式施 行，为消费者和经营者提供明确的法律指引，助力形成消费和投资相互促进的良性循环。 成都市也正在积极推进相关工作，切实保障消费者权益。当前正值暑假开启节点，成都市相关部门将针对学科类、文化艺术类、体育类、科技类等培训，以 及口腔、美容、健身等领域的预付式消费纠纷出台专项措施，促进行业健康可持续发展，让广大市民朋友消费无忧。 监管护航，预付无忧，预付式消 ...

Core Viewpoint - Dou Xin, the chairman of Dou Shen Education, presents contrasting images to different groups, with parents seeing him as a charismatic educator and investors questioning the company's stability amid legal and financial troubles [1][3] Group 1: Company Performance and Financials - Dou Shen Education's stock price has fluctuated significantly since its transition from the telecommunications sector to education, with a 30% decline from its peak of 13.50 yuan in November 2022 [3] - The company reported net losses of 2.567 billion yuan, 592 million yuan, and 687 million yuan from 2020 to 2022, with total liabilities exceeding 2.6 billion yuan and an asset-liability ratio of 129.7% by 2023 [10] - Following a bankruptcy restructuring in 2023, the company issued 1.198 billion shares at a ratio of 10 shares for 13.8 shares, raising 1.1 billion yuan to alleviate debt [10] Group 2: Regulatory Issues and Governance - On June 27, 2025, Dou Shen Education received a fine of 2.3 million yuan from the China Securities Regulatory Commission for failing to disclose multiple lawsuits and significant omissions in its semi-annual report [4] - Dou Xin was fined 1.1 million yuan and warned for his lack of diligence as the responsible supervisor during the violations [4] Group 3: Consumer Trust and Market Perception - In 2025, complaints against Dou Shen Education surged on the Black Cat Complaints platform, with issues related to refund disputes and false advertising becoming prevalent [7] - The company's AI transformation efforts have been met with skepticism, as AI-related revenue accounted for only 3.6% of total income in 2024, while traditional training and live e-commerce remained the main revenue sources [11] Group 4: Strategic Direction and Challenges - Dou Xin has positioned AI as the core direction for transformation, yet the company's AI products have faced criticism for lacking functionality and accuracy compared to competitors [11] - The company aims to expand its educational offerings beyond language arts, but the success of this strategy remains uncertain amid competition from both traditional education institutions and AI tech firms [12]

Core Insights - The financial performance of Xueda Education shows significant growth in revenue and net profit for Q1 2025, with revenue reaching 863.7 million yuan, a year-on-year increase of 22.46%, and net profit attributable to shareholders rising to 73.77 million yuan, up 47.00% [3][4] Financial Overview - As of 2024, Xueda Education reported total assets of 3.828 billion yuan and total liabilities of 3.026 billion yuan, resulting in a high debt-to-asset ratio of 79.05% [4] - The company's debt ratio is among the highest in the A-share listed education companies, only surpassed by *ST Kaiyuan, Angli Education, and Zhonggong Education [4] Management Compensation - The founder and chairman, Jin Xin, experienced significant fluctuations in salary over recent years, with compensation dropping to 406,900 yuan in 2022 but rebounding to 2.567 million yuan in 2024, an increase of 893,000 yuan from the previous year [3] - In 2024, Jin Xin received the highest salary among disclosed executives, surpassing the vice president's compensation by 1.7452 million yuan [3] Investment Activities - Xueda Education has significantly increased its investment in financial products, with the amount rising from 2.5165 million yuan to 106 million yuan by year-end 2024, indicating a healthy cash position and lack of financial distress [4]

Core Viewpoint - The "Beijing Action Plan for Deepening Reform and Boosting Consumption" aims to meet new educational training demands through various initiatives and partnerships [1] Group 1: Educational Initiatives - The plan emphasizes the establishment of diverse and personalized educational services, utilizing venues like youth activity centers and organizing short-term camps [1] - A third-party selection and review mechanism will be implemented to support high-quality after-school services in schools [1] - Higher education institutions are encouraged to open educational resources to the public via platforms like the National Higher Education Smart Education Platform [1] Group 2: International Collaboration - The plan aims to strengthen the "Study in Beijing" brand and support high-level Sino-foreign cooperative education projects [1] - It promotes the establishment of international summer schools and other branded projects by universities [1] - Vocational schools are encouraged to collaborate with renowned foreign enterprises to build training bases and cultivate talent [1]

从近十年教育政策，看素质教育大方向 国家政策鼓励素质教育发展，推动教育从"应试导向"向"全面发展导向"转变 国家持续颁布一系列政策，鼓励非学科教育市场发展，加大教育投入，推动教育从"应试导 向"向"全面发展导向"转变，为非学科类教育市场发展创造了广阔空间。近年来，中国教育政策持 续优化，从 2014 年深化课程改革到 2021 年"双减"政策落地，再到 2022 年规范非学科类培训，政 策导向始终聚焦素质教育发展。这些政策不仅规范了校内外教育市场，还释放了家长对非学科类教 育的需求，促使教育机构加速创新，向素质教育转型。 | 颁布时间 | 政策名称 | 主要内容 | | --- | --- | --- | | 2014年3月 | 《关于全面深化课程改革落实立德树人根本任务的意见》 | 全面深化课程改革,加强素质教育,注重学生德智体美劳全面发展。 | | 2014年9月 | 《国务院关于深化考试招生制度改革的实施意见》 | 启动新一轮考试招生制度改革,推进高考综合改革,形成分类考试、综合评价、多元录取的模式, | | 2019年2月 | 《中国教育现代化2035》 | 明确实现教育现代化的实施路径,包括总体规划 ...

Core Viewpoint - The penetration of AI technology in the education industry is deepening, with companies like Dou Shen Education launching AI-driven educational products that focus on practical outcomes and significant sales figures [2][3]. Group 1: AI Product Launches - Dou Shen Education launched a new AI education product called "Chao Lian" during the summer, achieving over 30 million yuan in sales within six days [2]. - Other companies such as New Oriental and Gao Tu have also introduced AI education products, indicating a competitive landscape in the AI education sector [6]. Group 2: Product Features and Innovations - "Chao Lian" incorporates three essential elements: AI super teachers, interactive modeling, and effective learning outcomes [3]. - Dou Shen Education has partnered with Ying Zhi Technology to develop a learning companion robot tailored for educational settings [3]. Group 3: Financial Performance and Market Response - Dou Shen Education's AI education business is projected to generate revenue of 27.31 million yuan in 2024 [4]. - The company experienced a stock price increase of 5.98% to 8.86 yuan following the product launch [2]. Group 4: Strategic Direction and Future Plans - Dou Shen Education aims to transition from a traditional education company to an AI education company by 2025, leveraging its technological capabilities [3][7]. - The company plans to launch 12 additional products related to "Chao Lian," covering major subjects like Chinese, Mathematics, and English [4]. Group 5: Competitive Landscape - The education industry is witnessing intense competition as traditional companies release AI education products, with Dou Shen Education focusing on more complex AI solutions that integrate hardware and real teachers [7][8]. - Industry experts note that while AI's penetration in education is increasing, the overall market is still in its early stages, with significant differences in technology integration among leading companies [7].