Group 1: Economic Shift - The middle class in Shenzhen is experiencing a significant lifestyle change, moving from luxury spending to cost-cutting measures as housing and car ownership become liabilities [1] - The trend of "消费降级" (consumption downgrade) reflects a broader societal shift, where previously high-spending individuals are now focused on saving money and finding affordable alternatives [1][11] Group 2: Education Sector Changes - Parents are shifting from private education to public schooling, saving substantial amounts on tuition fees, with some families reportedly saving 180,000 yuan annually [2][4] - The focus on educational spending is changing, with families now prioritizing cost-effective options like free online tutorials over expensive classes [4] Group 3: Consumer Behavior - There is a noticeable shift in consumer habits, with individuals opting for cheaper alternatives like Luckin Coffee instead of Starbucks, and second-hand luxury goods losing value [5] - The rise of price comparison tools among consumers indicates a growing trend towards frugality and budget-conscious shopping [7] Group 4: Real Estate Market - The real estate market in Shenzhen is facing a downturn, with properties that once sold for high prices now being viewed as burdens, leading to an increase in foreclosures [8] - The number of foreclosed properties has reportedly increased sevenfold over three years, indicating a significant market shift [8] Group 5: Lifestyle Adjustments - The middle class is finding comfort in simpler, more affordable food options, such as street food, as opposed to high-end dining experiences [9] - There is a growing realization that financial security is more about cash flow and family connections than material possessions [11][12]

作为一个在全网投放花超过5个亿的人，我来聊聊投放这个话题。 一、投放是决战资源 我记得我的某一任leader，曾经有这么一个观点，他说，投放是决战资源，不是冷启动资源。当时我们 有个产品的自然流跑得非常好，我跟他讨论要不要加一些投放，我当时觉得可以加，他觉得没必要，他 觉得即使要加，投几千块试试看 ROI 水位就可以了，然后接着用自然流倒逼团队的各项技能提升，同 时观察对手的动作。 媒体池子里的付费流量就这么多，你的对手如果没有抢着买的话，你也没必要现在就上去抢。相反，要 把自己的内功修炼好，把产品卖点、直播间转化率、后端的续费复购做到足够高，此时一旦你的对手开 始投放，你只要后端的各项数据比他做得好，并且你还有自然流，你上去就可以出他两倍甚至三倍的价 格竞争，一下子就给他干懵逼了。 他接着告诉我，他认为投放是决战资源，要么不干，要么就要独占鳌头，小打小闹不起任何作用，也毫 无竞争力，当你后端一切效率都比对手好时，你可以用投放拖死他，让他不投就没新增，但一投就亏 损。 二、投放的壁垒在投放之外 投放的壁垒永远来自于你能承受比别人更高的成本，或是你的产品有绝对壁垒，除此之外，所有依赖投 放带来的领先，都只是暂时 ...

大家有没有遇到过这样的情况，兴冲冲办了健身卡、美容卡，结果商家突然关门跑路，充的钱全都打了水漂。这样的"坑"相信不少人都遇到 过。1日，最高人民法院发布的预付式消费司法解释正式实施，以后再遇到"卷款跑路""退卡难"等等这些糟心事，就可以用新规来维权了。 找不到商家 如何维权追回预付款？ 商家跑路，消费者该如何追回预付款？何种情况下消费者有权要求商家退卡退费？退卡时，如果商家设置障碍，比如要求扣除高额手续费、转 让费等，该如何解决？带着这些大家关心的问题，进入今天的一问到底。先来看一个大家普遍关心的问题，消费者办卡之后，商家"卷款跑 路"，找不到人了，消费者应该如何维权？怎么追回预付款呢？ 最高人民法院民一庭法官 谢勇：消费者在办卡时应注意了解商家的名称、住所地、联系方式这些信息，以便于日后维权。消费者可以向消费 者权益保护组织和市场监管部门投诉，以获得维权支持。消费者还可以向人民法院起诉，只要能提供商家的名称、住所地这些基本信息，即使 商家跑路，人民法院仍可缺席审理，依法作出生效判决后，通过执行程序查控被告财产。如果商家的行为涉嫌犯罪，消费者可以向公安机关报 案，由公安机关依法进行侦查，并通过刑事追赃退赔追回 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has experienced a slowdown in revenue growth, but cost reduction and efficiency improvements are expected to enhance profitability [3][7] - For FY2025 Q3, the company reported revenue of $1.18 billion, a year-over-year decrease of 2%, while net profit attributable to shareholders was $90 million, reflecting a year-over-year increase of 0.1% [6][8] - The company anticipates a revenue guidance for FY2025 Q4 of $1.01 to $1.04 billion, representing a year-over-year growth of 10% to 13% [8][12] Revenue Performance - The company's FY2025 Q3 revenue was $1.18 billion, with the education business (excluding Dongfang Zhenxuan) generating $1.04 billion, which is a year-over-year increase of 21.2%, exceeding previous guidance of 18% to 21% [8][12] - The gross profit for FY2025 Q3 was $650 million, with a gross margin of 55.1%, an increase of 8.5 percentage points year-over-year, primarily due to cost reduction and efficiency improvements [8][12] Profitability Metrics - Operating profit for FY2025 Q3 was $120 million, a year-over-year increase of 9.8%, with an operating margin of 10.5%, up 1.1 percentage points year-over-year [8][12] - Non-GAAP operating profit was $140 million, a year-over-year decrease of 0.2%, with a Non-GAAP operating margin of 12%, slightly above Bloomberg consensus expectations of 10.8% [8][12] Financial Position - As of the end of FY2025 Q3, the company had cash and cash equivalents of $1.42 billion, time deposits of $1.41 billion, and short-term investments of $1.85 billion [8][12] - The company has a strong brand reputation and operational experience in the education sector, which supports its profitability outlook despite challenges in traditional study abroad and new cultural tourism businesses [12] Future Projections - The company is projected to achieve revenues of $4.86 billion, $5.53 billion, and $6.27 billion for FY2025, FY2026, and FY2027, respectively, with net profits of $414 million, $514 million, and $617 million for the same periods [11][12] - The report anticipates a PE ratio of 19, 15, and 13 for FY2025, FY2026, and FY2027, respectively, indicating a favorable valuation outlook [12]

会议首先由，财务部长周华锋通报第一季度工作任务完成情况。 产教融合处经理董亚平对第一季度运营数据进行剖析，指出各学校附加项目开发的不同态势，并提出针对性发展建议。 监事会主席李丽汇报了2025年第一季度教·培中心监督监察工作情况。 只 ft t 10 LU I e F 维 s l " " " 1 the first ... o 11 11 Election 录 睡 d I 8 . 1 . I ya 郑工学院、林州建院、双语高中、林州外国语、培训管理部分别汇报第一季度存在的问题及第二季度重点工作安排和解决问题的思路。 集团总裁、教·培运营中心主任谷建光作总结讲话。谷总首先肯定了集团教·培运营中心各单位、部门在第一季度取得的成绩和辛苦付出，对大家用实干与 创新，共同推动集团在教育赛道上跑出了加速度表示感谢。 接着，谷总从四个方面深入剖析了当前面临的挑战以及下一步的工作方向。 4月28日，中原华信控股集团教·培运营中心在郑工学院六楼西会议室召开了2025年第一季度运营分析总结会暨第二季度重点工作推进会议。集团总裁、教· 培运营中心主任谷建光，监事会主席李丽，教·培运营中心相关负责人以及各学校班子成员、监事会、办公室 ...

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 | ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][12]. Core Insights - The company reported a revenue of 2.786 billion RMB for 2024, representing a year-on-year growth of 25.9%, with a net profit of 180 million RMB, up 16.8% year-on-year [2]. - In Q1 2025, the company achieved a revenue of 864 million RMB, a 22.5% increase year-on-year, and a net profit of 73.77 million RMB, reflecting a significant growth of 47.0% [2]. - The growth in revenue is primarily driven by personalized education services, with training service fees reaching 2.697 billion RMB in 2024, a 25.64% increase [3]. - The company expanded its personalized learning centers from over 240 to more than 300, covering over 100 cities and employing more than 4,000 teachers [3]. - The company has improved its profit margins, with a net profit margin of 8.07% in 2024, up 0.49 percentage points year-on-year, and a projected increase in profitability due to enhanced utilization of offline learning networks [4]. Financial Projections - The company is projected to achieve net profits of 231 million RMB, 285 million RMB, and 344 million RMB for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.898, 2.342, and 2.827 RMB [5][10]. - The company's current PE ratios are estimated at 28, 23, and 19 for the years 2025, 2026, and 2027 respectively [5].

盛通股份（002599）公告，2025年第一季度营业收入4.54亿元，同比下降6.00%。净亏损997.38万元， 去年同期净亏损808.56万元。 ...

昂立教育（600661.SH）公告点评： 多策并举聚焦利润增长，回购+员工持股彰显信心 2025 年 04 月 29 日 ➢ 事项：2024 年公司实现营业收入 12.30 亿元，同比增长 27.32%；归母净 利润-0.49 亿元。2025 年 Q1 公司实现营业收入 3.09 亿元，同比增长 10.78%； 归母净利润 0.13 亿元，同比增长 22.93%。 ➢ 沪上教培龙头稳步增长，盈利能力有所提升。公司是沪上教培龙头，通过战 略调整聚焦非学科培训，同时积极发展职业教育、成人与国际教育，公司收入稳 步增长。2024-2025 年 1Q 公司营业收入分别为 12.30 亿元和 3.09 亿元，分别 同比增长 27.32%%和 10.78%。公司盈利能力有所增强，2024 年公司毛利率为 44.73%，同比提高 3 个百分点，2024 年公司亏损主要来自于商誉减值和股权激 励费用，两者合计约 0.38 亿元；2025 年 1 季度公司扭亏为盈，净利率 4.57%。 ➢ 线下网点快速恢复，名师战略助力成长。公司是沪上线下网点较多的区域龙 头企业，打造"您身边的昂立"。截至 2024 年末，公司使用权资产和租 ...

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].