11月26日美股盘前，高途披露了截至2025年9月30日的第三季度未经审计业绩报告。今年前三季度，高途营收44.62亿元，同比增长41.0%，其中第三季度 营收为15.79亿元，同比增长30.7%。 然而，营收高速增长之际，高途的盈利指标仍处于亏损——前三季度，公司净亏损2.39亿元，其中第三季度净亏损1.47亿元。 | | | For the three months ended September 30, | | | --- | --- | --- | --- | | | 2024 | 2025 Pct. Change | | | Net revenues | 1,208,253 | 1,579,026 | 30.7% | | Gross billings | 1,069,159 | 1,188,909 | 11.2% | | Loss from operations | (490,107) | (178,025) | (63.7)% | | Net loss | (471,273) | (147,121) | (68.8)% | | Non-GAAP net loss | (457.195) | (13 ...

在中国加速老龄化的大背景下，60岁以上人口在2024年突破3亿，"银发群体"开始呈现出与以往不同的 学习诉求——从满足基础生活转向追求文化素养、精神价值与表达能力。中老年人不再满足于"被照 顾"，而希望通过学习获得成就感、表达欲与社会连接，实现从"养老"到"享老"的转变。然而，与迅速 增长的需求相比，市面上的学习产品仍主要围绕青少年或泛人群设计，复杂操作、听不清、练不准、难 坚持等问题长期困扰着熟龄群体，供需矛盾日益突出。 在这样的时代节点上，深耕中老年兴趣教育十年的十方融海梨花教育，把答案押在了"文化素养+ AI +适老学习系统"这条几乎无人深耕的赛道上。从早期的知识分享平台"荔课"，到技能训练平台"女娲云 教室"，再到面向熟龄用户的文化素养品牌"梨花教育"，梨花教育的业务版图不断延展；2024年发布 的"小智AI"开源操作系统已累计接入近100万台设备，AI陪练系统可对用户50项声音特征建模。今年10 月，公司又战略投资浙新四维智能，加速多模态情感大模型与硬件融合。在资本端，金沙江、高榕、泓 川源等机构的持续押注，也为其"课程—技术—硬件"三层生态奠定了基础。 在服务了2200万中老年学习者之后，梨花教育 ...

Macro Insights - In October 2025, industrial enterprises' profits fell to -5.5% year-on-year from 21.6% in September, while revenue growth also declined to -3.3% from 3.1% [2] - The cash flow of industrial enterprises continues to improve, with cash and short-term investments rising to 5.3% year-on-year in September from 5% in August [2] Fixed Income Analysis - The report discusses the transition of China's economy into a new phase of old and new driving forces, emphasizing the need for a new framework for fundamental analysis [2] Consumer Sector Strategy - The real estate cycle, particularly changes in real estate prices, is crucial for assessing the recovery of consumption in 2026, with expectations of structural stabilization in housing prices [3] - The current allocation and valuation of the essential consumer sector are at historical lows, indicating a high probability of a bottoming out, suggesting opportunities for investment [3] Aerospace and Defense - The report highlights the advancements in reusable rocket technology, with China actively developing rockets like Zhuque-3 and Long March 12A, which are expected to enhance space transportation capacity and reduce costs [5] - The success of reusable rockets is anticipated to accelerate the construction of large satellite constellations, particularly in satellite internet [5] Company-Specific Insights - BOSS Zhipin (2076 HK) is rated "Buy" with a target price of 107.6 HKD, benefiting from its leading position in online recruitment and expected steady profit growth [6] - Advantest (6857 JP) is also rated "Buy" with a target price of 23,000 JPY, poised to benefit from the increasing complexity of AI chips and the growth of the semiconductor testing market [6] - Gaotu Group (GOTU US) reported a revenue of 1.58 billion CNY for Q3 2025, a year-on-year increase of 30.7%, with a focus on improving profitability through AI technology [9] - Atour (ATAT US) achieved a revenue of 2.628 billion CNY in Q3 2025, reflecting a year-on-year growth of 38.4%, with a strong outlook for both hotel and retail segments [10] - Zhongjiao Holdings (839 HK) reported a revenue of 7.363 billion CNY for FY25, indicating a year-on-year growth of 11.9%, transitioning towards a focus on internal growth and value enhancement [10]

Core Insights - The average annual salary for employees at Dongfang Zhenxuan in the fiscal year 2025 is 839,600 yuan, which is 2.02 times higher than the salary at the live e-commerce company Jia Ge Pengyou Holdings for the fiscal year 2024 [1] - New Oriental faced significant challenges due to the "double reduction" policy implemented in July 2021, which severely impacted its K9 tutoring business that accounted for 60% of its revenue [1] - Following a reduction in employee numbers, the average salary at New Oriental and New Oriental Online increased significantly, with New Oriental's average management expenses reaching 234,300 yuan in fiscal year 2022 and New Oriental Online's average salary hitting 348,600 yuan [1] - In fiscal year 2023, Dongfang Zhenxuan's revenue surged to 4.51 billion yuan, leading to a collective salary increase, with the average annual salary reaching 375,000 yuan [1] - Despite a 32.7% year-on-year decline in revenue to 4.39 billion yuan in fiscal year 2025, the average salary increased to 839,600 yuan due to a reduction of nearly 500 employees [1] Company Specifics - Currently, only Yu Minhong from New Oriental receives an annual salary in the millions, which is approximately 87 times the average management expense per employee at New Oriental and nearly 13 times the average salary at Dongfang Zhenxuan [2] - Yu Minhong has been publicly criticized by Luo Yonghao for being overly frugal, to which he responded by emphasizing his responsibility to protect Dongfang Zhenxuan and its hosts [2]

11月27日，教育科技公司高途（NYSE：GOTU）发布了截至2025年9月30日的2025财年第三季度财 报。 财报发布后，高途创始人陈向东与CFO沈楠在随后的业绩说明会上，详细拆解了各业务线的进展，并首 次系统性披露了线下业务的发展态势。 考研赛道上，高途以"个性化提分"破局，推出分层课程与五阶教学体系，搭配"直播+回放+AI答疑"模式 适配职场人需求。三季度考研业务贡献近6成营收，二三线城市线下集训营报班率环比涨23%。 AI则升级了教学模式，"名师+辅导老师+AI伴学"体系通过"学情画像"精准推送练习，使完课率提升 18%，也让辅导老师聚焦核心答疑工作。 此外，高途通过与剑桥考评院合作、服务体育及电竞领域等跨界动作，悄悄拓宽成人教育边界。 比起营收增长，更让市场安心的是亏损的大幅收窄。成本控制是亏损收窄的关键：营销费用率下降5.2 个百分点，通过高校公益讲座等精准获客方式提升转化率。高途还提前完成8000万美元股票回购，并启 动1亿美元新计划，稳固市场信心。 但线下扩张仍存隐患：教学点从百余家扩至150家，营收占比却不足5%，部分校区因无证办学被罚，陈 向东坦言线下体系需1-2年打磨。 数据显示，高途 ...

Core Insights - The integration of AI in education is not just a trend but a necessity for survival in the industry, as highlighted by the shift in competitive logic from "products and prices" to "systems and capabilities" [3][4] - The essence of education remains focused on human interaction, with AI serving as a tool to enhance teaching efficiency rather than replace the fundamental role of educators [4][5] - The future of education will be characterized by a learner-centered approach, leveraging AI to create personalized learning experiences that cater to individual needs [5][7] Group 1 - AI is no longer an optional choice for educational enterprises but a critical requirement for future survival [3] - High expectations are placed on companies to undergo comprehensive transformations in their underlying structures, resource allocation, and talent systems to remain competitive [3][4] - The strategy "All with AI, Always AI" emphasizes the importance of AI as a structural force in the company's development [3][4] Group 2 - AI is reshaping the teaching process but cannot replace the deeper values of education, such as encouragement and personality development, which must be delivered by teachers [4][5] - High expectations are placed on educators to utilize AI as an enhancer of their capabilities, leading to a more impactful classroom experience [4][5] - The focus is on creating a learning environment where students feel understood and recognized, moving away from standardized processes [5][7] Group 3 - The penetration of AI into education extends beyond the classroom, fundamentally altering operational logic and organizational structures within companies [7] - High expectations are placed on educational enterprises to develop core operational capabilities centered around AI to maintain innovation and organizational resilience [7] - The transformation driven by AI is not about changing the essence of education but about enhancing its efficiency, precision, and warmth [7]

高途集团方面同时表示，面向未来，"教育+AI"正推动教育深刻变革。公司将积极拥抱这一趋势，以AI 技术赋能个性化学习、提升教学效率，让高质量教育更普惠、更高效。 中证报中证网讯（记者 王辉）11月26日，美股中概股高途集团发布2025财年第三季度财务报告。财报 显示，截至2025年9月30日，高途第三季度实现收入15.8亿元人民币（下同），同比增长30.7%；现金收 入11.9亿元，同比增长11.2%。同时，截至2025年9月30日，高途今年前9个月实现收入44.6亿元，同比 增长41.0%；现金收入43.3亿元，同比增长25.4%。 高途集团同时宣布，公司原8000万美元回购计划提前完成，目前已开启使用新的1亿美元回购计划。高 途集团创始人、董事长兼CEO陈向东表示："公司将持续以用户需求为核心，构建覆盖全生命周期的产 品与服务体系，推动线上与线下深度融合，并加速AI在教学、服务与运营全流程的落地，形成兼具规 模效率与个性化体验的差异化价值"。 ...

本报讯 （记者矫月）11月26日，高途教育科技集团有限公司（以下简称"高途集团"或"高途"）发布2025 财年第三季度财务报告。 财报显示，截至2025年9月30日，高途在第三季度实现收入15.8亿元，同比增长30.7%；现金收入11.9亿 元，同比增长11.2%。 同时，一直以来，高途持续拓展业界合作，通过构建多元化的"朋友圈"与"业务圈"，丰富教育生态并推 动服务创新升级。 在体育领域，高途成为中国国家体操队、艺术体操队和蹦床队的官方学习合作伙伴，将国家队学习合作 伙伴生态扩展至六支队伍，覆盖"水上+陆上"体育场景。国际教育方面，高途于7月开始与剑桥大学出版 及考评院多个官方考点达成合作，在语言测评和教育资源整合上深度协同。跨领域合作中，9月高途与 狼队电子竞技俱乐部合作，开创"教育+电竞"国际化人才培养模式，支持中国电竞走向世界舞台。在心 理健康服务方面，8月高途心理与京欣医疗联合举办青少年心理健康研讨会，针对四大核心议题探讨解 决方案，增强青少年心理健康服务体系。 通过一系列战略合作，高途正以更加开放的姿态拓展业务边界，构建涵盖体育竞技、国际教育、心理健 康等多维度的教育生态圈，持续推动"教育+"模式 ...

Core Insights - The company has positioned "profitability" as the strategic focus for the fiscal year 2026, marking a shift towards sustainable growth and efficiency [6][7][8] Financial Performance - For Q3 of fiscal year 2025, the company reported revenues of 1.58 billion yuan, a year-on-year increase of 30.7%, with cash revenue reaching 1.19 billion yuan, up 11.2% [1][2] - In the first nine months of fiscal year 2025, total revenue was 4.46 billion yuan, reflecting a 41% year-on-year growth, while cash revenue was 4.33 billion yuan, a 25.4% increase [1][2] Revenue Structure - The learning services segment contributed over 95% of total revenue, exceeding 1.5 billion yuan, with offline learning services surpassing 10% of total revenue for the first time [2] - Non-academic and traditional business segments together contributed over 1.26 billion yuan, accounting for more than 80% of total revenue, with a year-on-year growth exceeding 55% [3] Segment Performance - The non-academic business saw a revenue increase of approximately 60%, achieving its first quarterly profit, while traditional learning services grew by 15% [3] - Revenue from university and adult education services exceeded 237 million yuan, representing over 15% of total revenue, with both cash revenue and overall revenue showing double-digit year-on-year growth [4][5] Future Outlook - The company has provided revenue guidance for Q4 of fiscal year 2025, estimating between 1.628 billion and 1.648 billion yuan, with a projected year-on-year growth of 17.2% to 18.7% [6] - The management emphasizes a balanced growth trajectory for fiscal year 2026, targeting approximately 15% year-on-year revenue growth while focusing on sustainable net profitability and improved operating cash flow [7][8]

过去一年里，教育行业的讨论重心正在发生明显转向：从「数字化升级」进一步滑向「AI 原生化」。一个直接的体现是，美股三家具有代表性的教育企 业「有道（Youdao）、多邻国（Duolingo）及 Chegg」在 2024 至 2025 年的财报中展现出三条截然不同但同样关键的转型轨迹，它们共同揭示了 AI 对教 育商业模式正在形成的深度影响。 有道代表的是 AI 重塑业务结构，公司最大的收入板块已由学习服务迁至 AI 驱动的在线营销；多邻国代表的是 AI 重塑教育服务本身，内容生产、互动教 学与个性化反馈全面模型化，传统教研与外包团队的重要性被显著削弱；而 Chegg 则代表了一种最典型的冲击，当大模型能够直接满足「作业辅导」这 一核心需求时，传统付费答案模式就必须重建价值主张。 这三家公司构成了教育行业 AI 原生化的三种答案，也构成了这个行业在 2025 年分水岭上的三条路径。 有道：AI重塑业务组合，广告成为新主角 有道的真正转折点，藏在 2025 年前三个季度财报的结构变化里。 从整体数字看，2025 年一季度有道总净收入为 13 亿元人民币，同比略有下滑，但通过大幅优化费用结构，经营利润达到 1.04 ...