【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]

本周，大盘继续走出修复性行情，但更多地体现在局部板块上。全周，中小盘股、微盘股走势略强，大 盘股、蓝筹股表现略弱，本周的情况与上周相反。其中，国证2000指数、中证1000指数、创业板指数、 微盘股指数的涨幅均超过1.70%，而上证50指数下跌了0.33%。 那么，中小盘股表现略强，是否意味着稳市场的任务已经结束了？4月25日召开的政治局会议，有哪些 值得关注的内容？今天，达哥和牛博士就大家关注的话题展开讨论。 牛博士：达哥，你好，又到了周末我们聊行情的时间。4月25日召开的政治局会议，引起了投资者的广 泛关注，你怎么看？对于下周的走势，你又是如何看待的？ 道达：我对比了本次会议与过去几次会议的表述，发现了一些值得关注的方向。 首先说下大家最为关注的股市与楼市。 去年12月及今年2月的政治局会议，表述都是"稳住楼市股市"；而本次政治局会议的表述则是"持续稳定 和活跃资本市场""持续巩固房地产市场稳定态势"。 综上，我认为，从股市的角度来看，持续稳定和活跃资本市场，将夯实市场根基；设立服务消费与养老 再贷款，应该是本次政治局会议最大的预期差。 对于资本市场，表述中的"活跃"两个字是超预期的。对于房地产市场来说， ...

Event Overview - In 2024, the company's revenue, net profit attributable to shareholders, net profit excluding non-recurring items, and operating cash flow were 2.786 billion, 180 million, 164 million, and 667 million yuan, respectively, representing year-on-year growth of 25.90%, 16.84%, 16.25%, and 9.77% [1] - In Q4 2024, the company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 539 million, 5 million, and 3 million yuan, with year-on-year growth of 28.6%, -89.2%, and -88.2%, indicating a slight profit in the second half of the year despite rapid revenue recovery in Q4 [1] - The increase in operating cash flow was primarily due to an increase in advance payments for educational training services [1] Financial Performance - In Q1 2025, the company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 864 million, 74 million, and 59 million yuan, with year-on-year growth of 22.5%, 47.0%, and 27.9% [1] - The significant growth in net profit was mainly attributed to investment income from recovering previously impaired equity and a decrease in expense ratios [1] Business Segmentation - The education training, housing rental, equipment rental, and other income segments generated 2.7 billion, 1 million, 4 million, and 840 million yuan, with year-on-year growth of 25.64%, -91.67%, -20.00%, and 54.90% respectively [3] - The company has over 300 personalized learning centers and 30+ full-time training bases as of the end of 2024, with revenue from Beijing Xueda Information reaching 2.759 billion yuan, a year-on-year increase of 25.5% [3] - The company has made significant acquisitions in vocational education and established deep collaborations with various vocational colleges and industry leaders [3] Profitability Analysis - The company's gross margin for 2024 was 34.6%, a year-on-year decrease of 1.9 percentage points, primarily due to increased teacher costs and lower capacity utilization from school expansions [4] - In Q4 2024, the gross margin dropped to 32.8%, a year-on-year decline of 12.6 percentage points, with a net profit margin of 0.7% [4] - In Q1 2025, the gross margin was 32.0%, a year-on-year decrease of 0.4 percentage points, while the net profit margin improved to 8.5% [5] Cash Flow and Liabilities - As of Q1 2025, the company's contract liabilities amounted to 1.139 billion yuan, a year-on-year increase of 13.9%, primarily due to increased advance payments in the education training business [6] Investment Outlook - Short-term profitability may be impacted by intensified competition and expansion costs, but long-term growth is expected in personalized training and high-margin full-time education services [7] - The company has adjusted its revenue forecasts for 2025-2026 to 3.382 billion and 4.035 billion yuan, respectively, while lowering net profit forecasts to 255 million and 364 million yuan [7] - The projected earnings per share for 2025-2027 are adjusted to 2.09, 2.99, and 3.84 yuan, with a maintained "buy" rating based on the closing price of 54.2 yuan on April 25, 2025 [7]

点击注册小程序 查看完整报告 特别申明： 内容解决方案：FY25Q4学习设备收入环比正常回落，同比持续增长 FY25Q4学习设备收入同比增长，但环比有所下降，属于"双十一"电商节销售高峰后的正常回落。根据久 谦电商数据（天猫+京东+抖音），我们估计FY25Q4线上主要渠道学而思学习机产品销量接近24万台，同 比+123%；销售额超10亿元，销售额同比+72%。FY25Q4学习设备整体用户群体的周平均活跃率约为 80%，每台设备的日均使用时长为 1 小时。 利润低于预期，销售费用率提升明显 FY25Q4利润低于预期， Non-GAAP归母净利润7012万美元，同比-85.4%。FY25Q4公司毛利率52.0%，同 比-0.9pcts；销售费用率35.7%，同比+6.4pcts，系为提升线上渠道渗透率和产品知名度而加大费用投入； 管理费用率19.4%，同比-7.9pcts，主要系公司FY25Q4分配至管理费用的基于股份的薪酬费用总额同比下 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用 ...

以下是新东方 FY25 Q1 的财报电话会纪要，财报解读请移步《 新东方：才出 "分手坑" 又挨 "关税锤"，素培能撑家底吗？ 》 一、财报核心信息回顾 | | | | | | New Oriental(EDU.N) FY3Q25 Financial Performance | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | USD 100 millions | 1Q24 | 2Q24 | 3Q24 | 4Q24 | 1025 | 2025 | 3025 | 4025 | Consensus | A vs Cons | | Total revenues | 11.00 | 8.70 | 12.07 | 11.37 | 14.35 | 10.39 | 11.83 | | 12.36 | -4.26% miss | | Yor | 47.796 | 36.3% | 60. 7% | 32.1% | 30.5% | 19.4% | -2.0% | | 24% | | | Core education re ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 2.79 billion yuan in 2024, representing 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 [2] - In 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 [2] - The company is entering a rapid expansion phase, with the number of personalized learning centers increasing from over 240 to over 300 in the second half of 2024, marking a 25% expansion [3] - The company’s net profit forecast for 2025-2027 has been adjusted to 252 million yuan, 304 million yuan, and 363 million yuan respectively, with current valuations at 26x, 22x, and 18x [3] Financial Performance Summary - Total revenue is projected to grow from 2.21 billion yuan in 2023 to 4.93 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 19.2% [4] - The net profit attributable to shareholders is expected to increase significantly from 154 million yuan in 2023 to 363 million yuan in 2027, reflecting a growth rate of 19.5% [4] - The gross margin is projected to decline from 36.5% in 2023 to 32.1% in 2027, indicating a potential impact from the expansion phase [4] Financial Ratios - The return on equity (ROE) is expected to decrease from 25.5% in 2023 to 21.6% in 2027 [4] - The earnings per share (EPS) is projected to rise from 1.26 yuan in 2023 to 2.98 yuan in 2027 [4] - The price-to-earnings (P/E) ratio is expected to decrease from 42.95 in 2023 to 18.19 in 2027, indicating a potential increase in valuation attractiveness over time [4]

21世纪经济报道记者王峰 北京报道 4月24日，好未来（NYSE：TAL）发布截至2025年2月28日的2025财年第 四季度和全年未经审计财务报告。 4月24日晚的财报会上披露，本季度好未来学习机业务收入环比下降，这主要是因为上个季度开展了"双 11"电商大促，学习机营收大涨，到本季度发生自然波动。 洛图科技数据显示，2025年第一季度，中国学习平板市场的全渠道销量为126.5万台，同比上涨29.4%，销额 为40.2亿元，同比上涨15.8%。好未来旗下的学而思学习机的销量份额超过13%，依然是市场中的绝对头 部。 营收略低于预期并不要紧，因为好未来的两项主营业务——线下素养小班课和学习机的市场增长空间仍被长 期看好。 也就是说，虽然略显疲态，但好未来的长期增长不成问题。只不过，本季度好未来出现了一定的效率下降。 本季度，好未来的毛利率为51%，去年同期为52.9%。毛利率下降的主要原因是成本增幅超过营收增幅。本 季度，好未来营收成本为2.9亿美元，同比增加44.7%，超过了营收42.1%的增幅。 本季度，好未来营收6.1亿美元，同比增长42.1%，但未达此前市场预估的6.323亿美元营收预期。2025财年 ...