Core Insights - The rapid development of technologies such as artificial intelligence, big data, and cloud computing is significantly transforming global industrial structures and talent demand patterns [1] - China, as a major manufacturing and digital economy power, faces unprecedented opportunities and challenges in vocational education [1] - The digital economy in China reached a scale of 53.9 trillion yuan by the end of 2023, accounting for 42.8% of GDP, with a talent gap of 25 million [1][16] - The Ministry of Human Resources and Social Security and other departments have launched an action plan to accelerate digital talent cultivation from 2024 to 2026 [1] Industry Trends - Vocational education is transitioning from traditional skill training to a "digital + skills" model, emphasizing the need for high-quality technical talent [1] - AI is driving the creation of new professional demands, leading to the introduction of six new AI-related majors by Xinhua Internet Technology [3][5] - These new majors focus on key areas such as artificial intelligence, new energy, and popular fields like short videos and e-commerce [5][6] Company Initiatives - China Oriental Education is restructuring its vocational education framework using AI technology, creating a replicable model for digital transformation [2] - The company has developed a "dual-teacher" system, incorporating industry professionals into teaching roles to enhance practical skills [12] - Collaborations with leading companies like Huawei and Autodesk are aimed at developing relevant curricula and providing practical training opportunities [10][12] Educational Innovations - The "Deep Smart Campus" platform developed by China Oriental Education utilizes AI to enhance teaching and learning processes, providing personalized feedback and support [13] - Project-based learning is emphasized, allowing students to engage in real-world projects, thereby improving their practical skills and employability [7][8] - The integration of advanced technologies such as VR/AR in training environments is creating immersive learning experiences for students [13] Talent Development - The first batch of students in the new quality production-related majors reached 3,000, with a job placement rate of over 95% [16] - The focus on innovation capability, problem-solving skills, and teamwork is essential for meeting the demands of the new quality production era [16] - The comprehensive vocational education innovation system established by China Oriental Education significantly enhances talent cultivation quality and provides valuable insights for industry reform [16]

Core Viewpoint - The strategic partnership between China Oriental Education Group and Japan Hollywood University aims to enhance international vocational education and create a new model for the beauty industry through collaboration in various educational and industry sectors [1][2][4]. Group 1: Strategic Collaboration - The signing ceremony took place at Japan Hollywood University, marking a significant step in international cooperation in vocational education [1]. - The partnership focuses on areas such as international education advancement, study tours, academic exchanges, digital education innovation, and industry empowerment [2][4]. - Both institutions plan to explore the establishment of a "Fashion Beauty Industry College" to integrate education with industry practices, addressing market demands for high-quality talent [2][4]. Group 2: Educational Goals and Standards - The collaboration aims to promote mutual recognition of beauty technology standards between China and Japan, developing international courses that align with global market trends [6][9]. - The partnership is expected to enhance the quality of vocational education in the beauty industry, aligning with national policies for deeper integration of education and industry [9][10]. - The cooperation will leverage the strengths of both institutions, combining Japan's innovative beauty education with China's practical experience in the fashion beauty sector [4][6]. Group 3: Industry Impact - This collaboration is seen as a significant breakthrough in vocational education international cooperation, responding to national policies aimed at industry upgrading [7][9]. - The partnership is anticipated to provide a solid talent foundation for the transformation and upgrading of the beauty industry in China, promoting high-quality development [9][10]. - The initiative is expected to enhance the international competitiveness of Chinese vocational education, particularly in the beauty sector, by developing high-caliber professionals [9][10].

以"深化产科教融合赋能高质量发展——新时代福建高职教育的使命与创新"为主题，福建省高等教育学 会高等职业技术教育分会成立大会22日至23日在黎明职业大学召开，福建省45家高职院校、25家企业会 员单位代表近100人参会。 据悉，本次大会由福建省高等教育学会高等职业技术教育分会筹委会主办、黎明职业大学承办。分会筹 委会22日下午举行预备会，听取分会筹备工作报告，审议分会规则、成立大会议程、2025年工作计划， 并对高职分会拟任领导机构人选进行了充分酝酿。 在23日召开的成立大会上，福建省高等教育学会副会长、秘书长黄跃鹏代表学会宣读《关于同意成立高 等职业技术教育分会的批复》。大会审议通过《福建省高等教育学会高职分会规则》，选举产生第一届 理事、常务理事、副秘书长、秘书长、副理事长、理事长。黎明职业大学党委副书记、校长王锋当选为 福建省高等教育学会高职分会第一届理事长；闽江职业大学原校长、福耀科技大学第一届理事会理事孙 芳仲被特聘为第一届名誉理事长；黎明职业大学党委副书记余大杭担任常务副理事长。 黎明职业大学党委书记杨远志代表黎大向分会的成立表示热烈祝贺。他指出，分会的成立，对于打造福 建特色职教体系、推动职教高 ...

Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Views - The company has transformed into a new leader in offline public examination training, achieving significant revenue growth and profitability improvements. In 2024, the company reported revenue of 2.833 billion yuan, a year-on-year increase of 1046.34%, and a net profit of 53 million yuan, marking a return to profitability. For Q1 2025, revenue reached 827 million yuan, up 18.91% year-on-year, with a net profit of 121 million yuan, an increase of 67.38% [1][2]. - The company's strategic shift towards vocational education, particularly in civil service and public institution exam training, has positioned it as a new leader in the public examination sector. The gross margin for 2024 and Q1 2025 was 53.48% and 61.36%, respectively, while the net margin improved to 1.87% and 14.69% [1][2]. - The company has implemented a stock incentive plan aimed at motivating key employees, with performance targets set for net profit, which are expected to drive further growth [3]. Financial Performance Summary - The company forecasts revenue growth from 2.833 billion yuan in 2024 to 4.784 billion yuan in 2027, with growth rates of 1046.34%, 17.5%, 25.0%, and 15.0% for the respective years [4][8]. - The net profit attributable to shareholders is projected to increase from 53 million yuan in 2024 to 556 million yuan in 2027, with growth rates of 157.6%, 509.5%, 25.6%, and 37.0% [4][8]. - Earnings per share (EPS) are expected to rise from 0.38 yuan in 2024 to 3.95 yuan in 2027, with dynamic price-to-earnings (PE) ratios decreasing from 250 to 24 over the same period [4][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has entered a profit realization phase, with significant revenue and profit growth reported for 2024 and Q1 2025. The revenue for 2024 reached 2.83 billion yuan, a year-on-year increase of 1,046%, while the net profit attributable to shareholders was 0.53 billion yuan, up 158% year-on-year [8] - The company has launched an employee stock ownership plan, allowing 275 core employees, including 13 executives, to acquire shares at a price of 45.91 yuan per share, with a total investment cap of 1.25 billion yuan [8] - The company is expected to continue to release profits as it stabilizes operations post-employee stock plan implementation, with revised net profit forecasts for 2025-2027 being 3.7 billion, 4.5 billion, and 4.9 billion yuan respectively [8] Financial Performance Summary - For 2024, total revenue is projected at 28.33 billion yuan, with a year-on-year growth of 1,046% and a net profit of 0.53 billion yuan, reflecting a 158% increase [8] - The first quarter of 2025 shows revenue of 8.27 billion yuan, a 19% increase year-on-year, and a net profit of 1.21 billion yuan, up 67% year-on-year [8] - The non-academic training business has seen substantial growth, with revenue reaching 2.79 billion yuan in 2024, a year-on-year increase of 1,309% [8] Valuation Metrics - The company’s earnings per share (EPS) for 2024 is projected at 0.38 yuan, increasing to 2.62 yuan in 2025, and further to 3.22 yuan in 2026 [1] - The price-to-earnings (P/E) ratio is expected to be 34.78 for 2025, 28.32 for 2026, and 26.27 for 2027, indicating a relatively reasonable valuation within the public examination training industry [8]

Core Insights - The company reported a revenue of 795 million yuan for 2024, representing a year-on-year increase of 3.10%, and a net profit attributable to shareholders of 145 million yuan, up 4.73% year-on-year [1] - In Q1 2025, the company experienced a revenue decline of 2.27% to 183 million yuan and a net profit decrease of 6.80% to 38 million yuan [1] Financial Performance - For 2024, the education business saw a slight revenue increase of 3.45%, with vocational schools and full-time schools generating 365 million yuan [3] - The gross margin for the education segment decreased by 1.97 percentage points to 46.28%, while the gross margin for the ink business increased by 1.94 percentage points to 22.27% [3] - The overall gross margin for the company increased by 0.11 percentage points to 33.37% in 2024 [3] - The company reduced its expense ratios in 2024, with sales expense ratio down by 0.87 percentage points to 3.13%, management expense ratio down by 0.08 percentage points to 6.16%, R&D expense ratio down by 0.08 percentage points to 2.18%, and financial expense ratio down by 0.05 percentage points to -0.23% [3] Investment and New Initiatives - The company reported an investment income of 5.93 million yuan from its associate company, Zhonghao Xinying, which achieved a revenue of 598 million yuan, up 23% year-on-year, and a net profit of 85.91 million yuan, up 6% [3][4] - The company has diluted its equity stake in Zhonghao Xinying to 5.99% [4] - The launch of "Kede AI Learning" aims to integrate AI technology into vocational education, offering over 20 popular professional certifications and life skills courses [4] - Currently, "Kede AI Learning" has nearly 30,000 users [5] Q1 2025 Performance and Outlook - In Q1 2025, the company experienced a slight decline in both revenue and net profit, attributed mainly to a decrease in ink product prices due to lower raw material costs and an investment loss of 4.57 million yuan from Zhonghao Xinying, which was higher than in Q1 2024 [5] - The profit forecasts for 2025 to 2027 have been adjusted to 161 million yuan, 185 million yuan, and 210 million yuan respectively, with current stock price valuations at 31x, 27x, and 24x [5]

证券代码：300338 证券简称：*ST开元 公告编号：2025-023 一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 √适用 □不适用 中审亚太会计师事务所（特殊普通合伙）为本公司出具了带持续经营重大不确定性段落的无保留意见审 计报告，本公司董事会、监事会对相关事项已有详细说明，请投资者注意阅读。 公司上市时未盈利且目前未实现盈利 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 □适用 √不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 所有董事均已出席了审议本报告的董事会会议。 中审亚太会计师事务所（特殊普通合伙）对本年度公司财务报告的审计意见为：带持续经营重大不确定 性段落的无保留意见。 本报告期会计师事务所变更情况：公司本年度会计师事务所由中审众环会计师事务所（特殊普通合伙） 变更为中审亚太会计师事务所（特殊普通合伙）。 非标准审计意见提示 董事会决议通过的本报告期优先股利润分配预案 □适用 □不适用 2、报告期主要业务或产品简介 报告期内，公司从事的主要业务是职 ...

中证报中证网讯（王珞）2025年4月，历经三年深度调整的中公教育（002607），终于交出了一份业 绩"扭亏为盈"的年度成绩单。公告显示，2024年公司实现净利润1.84亿元，较上年同期净亏损2.09亿元 有明显改善。 2024年扭亏为盈 精益化管理成效显著 财报显示，中公教育2024年全年营收26.27亿元，同比下降14.89%，但净利润实现1.84亿元，较上年同 期净亏损2.09亿元有明显改善。值得关注的是，全年的毛利率提升了超5个百分点至59.66%，销售、管 理等费用均有不同程度下滑，这显示出精益化管理的显著成效。此外，公司的经营性现金流净额5.57亿 元，同比增长169.6%。 在运营层面，公司实施了组织架构调整计划，带动了直营网点产出比同比去年增长了10个百分点，人效 比同比去年大幅提升了51个百分点。年报显示，随着核心用户群体逐渐向Z世代青年转变，中公教育启 动了组织架构的年轻化变革，从业务管理层，到教研、市场、销售等部门的储备干部都呈现出明显的年 轻化趋势。此外，公司还加大对各大业务区的经营授权，提升业务前线决策敏捷性，释放业务区的市场 拓展动力。 战略转型：从培训供给到就业服务提供商 中公教 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 5.38 [7][13]. Core Views - The company's fundamentals are improving, with expectations of turning profitable for the full year 2025, supported by steady growth in its core business and operational efficiency improvements [1][5]. - The K12 school operations are showing robust growth, while vocational education is expanding through partnerships with leading companies [2][5]. - The company has optimized its operational efficiency, leading to an upward trend in profit margins [3][5]. - The change in major shareholder to Haiguotou is expected to facilitate asset structure optimization and enhance decision-making processes [4][5]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of RMB 320 million, a year-on-year increase of 25.92%, and a net profit loss of RMB 37 million, reducing losses by 25.66% [1]. - For Q1 2025, the company reported revenue of RMB 90.67 million, a year-on-year increase of 17.68%, and a net profit of RMB 468,400, marking a return to profitability [1]. Business Segments - Revenue from education services, training services, and housing leasing for 2024 was RMB 260 million, RMB 55 million, and RMB 5 million respectively, with year-on-year changes of +41.86%, -16.90%, and +10.13% [2]. - The K12 school segment is experiencing steady growth in student enrollment, while vocational education is expanding through collaborations with major companies [2]. Operational Efficiency - The company has effectively controlled sales, management, and financial expenses, with reductions of 18%, 4%, and 14% respectively [3]. - The gross profit margins for Q1 2024 to Q1 2025 showed an upward trend, indicating improved profitability [3]. Shareholder Changes - Haiguotou has become the largest shareholder after acquiring 14.84% of the shares, which is expected to streamline decision-making and support the company's long-term development [4]. Profit Forecast and Valuation - The company is projected to achieve net profits of RMB 25.16 million, RMB 46.65 million, and RMB 56.32 million for the years 2025, 2026, and 2027 respectively [5][6]. - The target price of RMB 5.38 is based on a DCF valuation, with an updated WACC of 9.36% and a perpetual growth rate of 2% [5][13].

获奖学生王梓骏表示："飞机维修岗位技能大赛让我获得奖学金，深感责任在肩，唯有在民航一线精进 岗位本领，方能回报学院精心培育之恩。" 2023级学生张成告诉记者，"之所以选择在民航管理干部学 院继续学习，看中的是在这里收获的不仅是一张文凭，更是能感受到民航专业知识与工作实践的深度融 合，学院的关怀让我们更加珍惜来之不易的学习机会。" 近年来，学院坚持以创新思维探索破解民航职工"工学矛盾"的有效路径，积极构建"激励——成长—— 反哺"的良性机制，教育学生不断筑牢终身学习的价值理念，自觉更新知识结构提升专业水平，持续赋 能民航青年成长成才，努力为建设知识型、技能型、创新型民航职工队伍提供动力。据悉，今年下半 年，学院还将启动评选专门面向毕业生设立的"远航奖学金"，激励投身民航一线的学子们不断成长进 步，不断健全完善民航职工终身教育体系。（编辑：李佳洹 校对：陈虹莹 审核：程凌） 《中国民航报》、中国民航网 记者张丰蘩 通讯员赵红丽 报道："没想到非全日制教育也设奖学金！这 份荣誉激励我要延续良好的学习习惯。"拿到民航管理学院奖助学金的2025级学生魏信陵说道。日前， 民航管理干部学院首次发放奖助学金13万余元，惠及 ...