Group 1 - The company reported a revenue of 2.79 billion yuan for 2024, representing a year-on-year growth of 25.9%, and a net profit attributable to shareholders of 180 million yuan, up 16.8% year-on-year [1] - In Q4 2024, the company achieved a revenue of 539 million yuan, a year-on-year increase of 28.6%, but the net profit attributable to shareholders fell to 3.96 million yuan, a decline of 89% year-on-year due to a significant drop in gross margin by 13 percentage points and credit impairment provisions [1] - For Q1 2025, the company reported a revenue of 860 million yuan, a year-on-year increase of 22.5%, and a net profit attributable to shareholders of 73.77 million yuan, up 47.0% year-on-year, with a non-recurring profit of 14.95 million yuan compared to 4.2 million yuan in the same period last year [1] Group 2 - The number of personalized learning centers increased to approximately 300 by the end of 2024, up by around 60 centers from the end of 2023, with the number of teachers growing from 3,215 to 4,394, a year-on-year increase of 37% [2] - The company maintains a stable development in traditional high school training business, with a focus on the progress of new center openings, while actively expanding into vocational education, having completed initial layouts in secondary vocational schools [2] - Profit forecasts for the company are projected at 250 million yuan, 310 million yuan, and 370 million yuan for the years 2025 to 2027, maintaining a "recommended" rating [2]

公司公布2024 年报业绩：收入27.86 亿元（华泰预期26.8 亿元），同比25.9%；调整后归母净利润2.25 亿元（华泰预期2.45 亿元），同比34%。 1QFY25 收入8.64 亿元，同比22.46%；调整后归母净利润8771 万元，同比49.67%。公司24 年收入好于 我们预期，利润略低于预期，主要反映新增产能对收入和利润短期影响的差异。综合来看，行业需求稳 健，25Q1 收入和利润保持较高增速，多元化发展下长期空间可期，维持"买入"评级收入利润延续增 长，AI 会话紧跟时代变化 学大教育 2024 年营业收入达 27.86 亿元（yoy+25.90%），加回全年0.45亿股权激励费用，调整后归母 净利润为2.25 亿（yoy+34.04%）。逐季度来看24Q3/24Q4/25Q1 收入增速分别为15.7%/28.5%/22.5%，现 金收款增速为 16.6%/14.6%/12.6%，呈现自然放缓。盈利能力在人员和网点扩展下保持高位，FY24 调 整后营业利润为12%（yoy-0.36pct），展现良好的成本费用控制能力。星图 AI 会话系统研发完成，该 工具可根据学习情况和兴趣爱好，提供个 ...

日前，第五届"用英语讲中国故事大会"安徽选区来华留学生高级选拔活动举办，吸引来自乌克兰、比利 时、俄罗斯、韩国、泰国、越南、马来西亚等21个国家的80余名留学生参与。留学生们用流利的中文讲 述自己与中国的缘分，展现对中华文化的了解与热爱。 据统计，安徽现有来自120个国家的3000多名留学生，安徽省政府通过多元奖学金体系及社会实践项 目，推动留学生成为中外友好的实践者。 为了让外国留学生讲好中国故事，本届活动从三个维度着力：一是注重城市情感联结。通过主题设定， 引导留学生探索本地文化，增强对安徽的了解和认识；二是注重传统文化传承。结合非遗市集、中医药 体验等活动，让留学生在互动中感受中华文化魅力；三是注重青年国际传播。鼓励留学生通过社交媒体 分享见闻，成为传播中华文化的"民间使者"。 活动中，多名留学生分享了他们对安徽的美好印象。他们的讲述中既有科技发展带来的生活变革，也有 黄梅戏里的婉转音韵。 来自越南的留学生武氏香在演讲中讲述了自己初到合肥、在机场迷路，受到当地工作人员暖心帮助的经 历，这件事让她感受到中国人的热情、善良，也让她理解了"远亲不如近邻"的温暖。 马来西亚留学生茹欣怡的分享以"安徽泾县医养中心 ...

肯尼亚梅嫩加伊火山脚下，地热电站设施井然分布，绿色管道蜿蜒其中。"压力正常，温度正常。"肯尼 亚索西安地热电站机械工程师约瑟夫·卡马乌和往常一样，与中方运维团队一起巡查设备运行状态。 近年来，中肯两国不断深化务实合作，推进高质量共建"一带一路"，日益充实全面战略合作伙伴关系内 涵，为构建新时代中肯命运共同体贡献力量。 在肯尼亚，一列行驶在蒙内铁路上的货运列车穿过蒙巴萨 红树林。 本报记者 黄炜鑫摄 "为肯尼亚的绿色发展持续注入动能" 能源是工业化的基础。近年来，肯尼亚经济快速发展，电力需求随之攀升。为克服电力供应短缺问题， 开发清洁能源成为肯尼亚政府的重要举措。 卡马乌所在的索西安地热电站由中国开山集团总承包，于2023年6月底投产送电。这是非洲首个从设计 到建设、调试完全由中企独立完成的地热发电站。"中国技术先进，设备运行高效，可操作性更强。"卡 马乌说。 除了索西安地热电站，在肯尼亚，中企正在对奥尔卡里亚一期地热电站改造升级。作为非洲第一座地热 电站，1981年投入运营的奥尔卡里亚一期地热电站由于管道锈蚀、技术过时等原因，一度陷入无法正常 运营状态。2023年8月，中国电建山东电力建设第三工程有限公司正式 ...

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.0664 | 0.0170 | 290.59 | -0.3688 | | 每股净资产（元） | 0.78 | 0.47 | 65.96 | -0.75 | | 每股公积金(元) | 1.93 | 1.69 | 14.2 | 3.36 | | 每股未分配利润(元) | -2.02 | -2.09 | 3.35 | -5.01 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 7.57 | 9.93 | -23.77 | 10.13 | | 净利润(亿元) | 1.37 | 0.32 | 328.13 | -6.87 | | 净资产收益率(%) | 10.59 | 20.20 | -47.57 | | 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 56618.1万股，累计占流通股比： 34.05%，较上期变化： 27882.76万 ...

昂立教育（600661）公告，2025年第一季度营收为3.09亿元，同比增长10.78%；净利润为1332.08万 元，同比增长22.93%。 ...

【1】三部门联合发文，17条举措力促进就业创业 【5】学大教育2025年一季度净利润同比增长47% 4月26日，学大教育发布2025年一季度财报，报告期内，学大教育实现营业总收入8.64亿元，同比增长 22.46%；归属母公司股东净利润7377.35万元，同比增长47%。 【6】中公教育2025年一季度营收净利双降 4月26日，中公教育披露2025年一季度报告，报告期内，中公教育实现营业总收入5.75亿元，同比下降 24.69%；归母净利润3999.45万元，同比下降51.69%。 【2】计划招生1035人，北京发布贯通培养招生计划 4月27日，据"首都教育"微信公众号消息，近日，《关于2025年开展高端技术技能人才贯通培养试验工 作的通知》发布，招生对象为符合当年中考升学资格的本市正式户籍考生，计划招生1035人，最低报考 分数线统一设置为380分。 【3】北京城六区发布2025年义务教育阶段入学政策 4月27日，据"首都教育"微信公众号消息，北京城六区正式发布2025年义务教育阶段入学政策。其中， 东城区将根据学位供给情况和户籍、房产、居住年限等因素，积极稳妥推进以登记入学为主，单校划片 和多校划片相结合 ...

证券研究报告 | 2025 年 04 月 28 日 晨会集萃 制作：产品中心 重点推荐 《策略|行业比较周报——震荡期后续主线的思考》 1、复盘市场历次底部区域，趋势性上涨前往往会经历多次反弹的下跌期 和 w 型磨底期，较为典型的磨底期成交量先收缩后放量，以过渡开启上 涨行情。2、站在后验的角度，主线必然是政策确定性与产业逻辑确定性 的双击。我们判断，市场主线往往是一个长期逻辑，当某行业本身不具备 长期逻辑或行业的长期逻辑被证伪，由于短期逻辑与长期标准背离，尽管 在磨底期上涨，但可能不会发展成为主线。主要有三种情况：1）防御属 性行业，资金只是短期避险。这种情况多见于电力公用、必选消费等行业， 磨底期结束后资金风险偏好回升，防御板块的吸引力降低。2）行业的政 策支持的逻辑短期相对更弱。如 2005 年民营经济政策催化下的电力板块。 3）行业在磨底期后格局并未优化。如 2016 年上半年磨底期的有色板块， 上涨的本质是供给侧改革驱动的预期行情，但随着产能的释放，需求的证 伪，行业逻辑回归现实，并未发展成主线。 风险提示：1）过去历史经验仅供参考；2）风格分类仅供参考；3）政策 出台和落地具备不确定性。 《策略| ...

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]