Financial Data and Key Metrics Changes - Total net revenue decreased by 2% year over year, but net revenue excluding Easter buy increased by 21.2% year over year [6] - Operating income increased by 9.8% year over year to $124.5 million [17] - Net income attributable to New Oriental increased by 0.1% year over year to $87.3 million [18] - Non-GAAP net income decreased by 14.3% year over year to $113.3 million [18] - Cash and cash equivalents totaled approximately $1.42 billion, with total assets around $4.7 billion [19] Business Line Data and Key Metrics Changes - Overseas test drive business revenue increased by 7% year over year [9] - Overseas study consulting business revenue increased by 21% year over year [9] - Adults and university students business revenue increased by 17% year over year [9] - New educational business initiatives recorded a revenue increase of 35% year over year [11] - Integrated tourism-related business line revenue increased by 85% year over year [11] Market Data and Key Metrics Changes - Top 10 cities contributed over 60% of the overseas test drive business [10] - Top 10 cities contributed approximately 50% of the intelligent learning system and device business [11] - Revenue contribution from top 10 cities in integrated tourism-related business exceeded 50% [12] Company Strategy and Development Direction - Company remains committed to long-term value creation and operational consistency [6] - Continued investments in AI and technology integration to enhance educational offerings and operational efficiency [14][22] - Share repurchase program extended with an increased aggregate value from $400 million to $700 million [15] Management Comments on Operating Environment and Future Outlook - Management anticipates total net revenue growth in the range of 10% to 13% for the upcoming quarter [20] - Cost control measures initiated to enhance efficiency and operating margins [21] - Management expects overseas related business growth to be in the range of 5% to 10% in the upcoming quarter [27] Other Important Information - Operating costs decreased by 3.2% year over year, while selling and marketing expenses increased by 13% [17] - Deferred revenue increased by 15% year over year to approximately $1.75 billion [19] Q&A Session Summary Question: Drivers of slowdown in overseas related businesses - Management indicated that the slowdown is due to macroeconomic conditions and international relations changes, projecting growth of 5% to 10% for overseas related business in Q4 [27] Question: Breakdown of other business growth in Q4 - Management provided estimates for Q4 growth: overseas related business around 8%, domestic university students business around 19%, high school business around 16-17%, and K-9 educational business around 30-35% [30] Question: K-9 offline enrollment growth and learning device impact - Management explained that slower K-9 growth is impacted by enrollment timing differences and expects K-9 business to grow over 35% in Q4 [41] Question: Sustainability of margin expansion into FY26 - Management expects margin expansion due to ongoing cost control and efficiency enhancements, aiming for a lower percentage of headquarters expenses in FY26 [70][72] Question: Future shareholder payback plans - Management confirmed ongoing discussions for future capital allocation plans, including potential dividends and share buybacks [50] Question: Growth expectations for other business segments next year - Management anticipates similar growth rates for core business lines as in Q4, with overseas related business stabilizing and K-9 new business expected to grow around 25-30% [58] Question: AI and technology development strategy - Management emphasized the integration of AI in teaching and learning processes, enhancing efficiency and data collection for better student outcomes [63][64] Question: Learning hardware business strategy amid competition - Management expressed confidence in the learning hardware business model, leveraging educational strengths and technology to maintain competitive margins [81][83]

博骏教育公告，根据管理层对截至2025年2月28日止六个月的未经审核管理账目的初步审阅，预期本集 团于报告期间录得净亏损介乎约人民币890万元至人民币1080万元，而2024年同期则录得纯利约人民币 390万元。董事会认为，预期净亏损主要由于截至2025年2月28日止六个月的融资成本约人民币4800万元 所致，主要包括银行借款成本约人民币2620万元、其他借款成本约人民币1900万元及解除应付关连公司 款项的折现约人民币280万元。借款产生的融资成本主要与用于兴建四川文轩职业学院校舍的借款有 关。 ...

金鑫介绍，自DeepSeek横空出世之后，天立国际在全国范围内的60所学校，进行了100余场活动，包括 校长、学科带头人、班主任、学科老师，都在学习AI。"教师的认知突围一定是我们整个教育全周期所 有链条当中非常关键的一环。"她表示。 从"被动接受"到"主动探索" "科技很有趣，但正确使用工具让我看到了它真正的力量。"金鑫引用楚雄天立一名学生的原话，讲述了 一个典型案例：2022年，云南楚雄一名对飞行器设计感兴趣的学生在AI辅助下，通过"交互式提问"不断 验证流体力学模型，最终在2024年全国飞行器仿真挑战赛中创造性拆解智能决策系统，斩获全国季军。 "这不是AI的胜利，而是人类探索精神的胜利。"金鑫强调，天立教育鼓励学生将AI视为"互动伙伴"而 非"答案机器"。"当AI给出结论时，学生必须追问'为什么数据成立''验证是否充分'——这种批判性思维 才是AI无法替代的。" "AI疯狂得很，输入一句话就能生成漂亮的图片，但若缺乏知识沉淀，它也可能'一本正经地胡说八 道'。"在由中国经营报社与天立国际主办的"AI赋能教育：探索转型升级与应用实践的新路径"研讨会 上，天立国际首席品牌官金鑫如此表示。 在研讨会现场，金鑫 ...

相比于2024年，这两个档位价格均上涨1000元。 3月31日，张雪峰创立的教育机构峰学未来，开启高考志愿填报服务抢购。据悉今年共有两种规格高报服务，分别 是12999元的梦想卡，与18999元的圆梦 卡。 | 回单编号 250C179800A7 回血类型 | | | 支付结算 | 业务名称 支付汇兑 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 凭证种类 | | 图语是H | | 信台标志 惜方 | 转账方式 | 实时转账 | | | 付款人账号 | | | | | | | | | 付款人名称 苏州峰学蔚来教育科技有限公司 | | | | | | | | | 开户行名称 交通银行江苏自贸试验区苏州片区支行 | | | | | | | 78805000 | | 胶款人联盟 ------------ | | | | | | | | | 收款人名称 临小众理上大学教育发展基金会 | | | | | | | | | 开户行名称 招商银行股份有限公司哈尔滨和兴支行 | | | | | | | | | 而种 | 人民币 | 金额 | 250,00 ...

"并购六条"实施已有半年。 然而跨界并购并非易事，一方面存在企业炒作情况，另一方面核心条款难达成共识，整合后难度大、失败 风险高。据记者不完全统计，过去半年至少有6单以失败告终。 联储证券近期发布的《A股年度并购报告》显示，2023年—2024年期间退市的企业中，有45%曾实施跨 界收购，甚至有的业务"大换血"。在该团队看来，从严监管上市公司的盲目跨界并购很有必要，而上市公 司也应量力而行。 半年有近30起跨界并购 自"并购六条"实施以来已有半年时间，在此期间，上市公司对跨界并购表现出较高的积极性，并陆续披露 了相关并购方案。 根据联储证券报告，"9·24"并购新政颁布后，有16起披露的交易属跨界并购，占2024年全年25起的六 成，可见在并购新政的刺激下，上市公司开展跨界并购的步伐有所加快。 而这16家上市公司在发布跨界并购计划后，股价都经历"井喷式"上涨，从复牌后至2024年年末股价的最 高涨幅平均值为125.78%。 去年9月24日"并购六条"实施至今已有半年时间，其中允许"开展符合商业逻辑的跨行业并购"的监管态度 受到市场关注。此后多家上市公司表示有这方面计划。 根据券商中国记者不完全统计，近半年以来 ...

Vasta Platform (VSTA) Q4 2024 Earnings Call March 13, 2025 01:17 AM ET Company Participants Cesar Silva - Chief Financial OfficerGuilherme Mélega - CEOLucca Marquezini - Equity Research Associate Conference Call Participants Marcelo Santos - Equity AnalystMirela Oliveira - Equity Research AnalystLucas Nagano - Analyst Operator Before we begin, I would like to read a forward looking statement. During today's presentation, our executives will make forward looking statements. Forward looking statements general ...

南方财经全媒体集团全国两会报道组 作 者丨王峰、张敏、季媛媛 编 辑丨包芳鸣 2 0 2 5 年 3 月 5 日 上 午 ， 十 四 届 全 国 人 大 三 次 会 议 在 人 民 大 会 堂 举 行 开 幕 会 ， 审 议 政 府 工 作 报 告。 2 0 2 5年是"十四五"规划的收官之年，也是全面建设社会主义现代化国家新征程的关键之年。 在这一重要时刻，政府工作报告为经济社会发展指明了方向，明确了重点任务。 2 1世纪经济 报道记者梳理了政府工作报告十大经济社会发展关注点。通过这些关注点，我们可以更好地理 解中国经济高质量发展的内在逻辑，把握未来趋势，共同迎接新征程上的机遇与挑战。 1、GDP增长5%左右 经济增长预期目标为5%左右，综合考虑了国内外形势和各方面因素，兼顾了需要与可能。这 个预期目标，既是稳就业、防风险、惠民生的需要，也有经济增长潜力和有利条件支撑，并与 中长期发展目标相衔接，突出迎难而上、奋发有为的鲜明导向。 从地方两会公布的经济增长目标来看，2 0 2 5年3 1个省份的GDP增长目标加权平均为5 . 3%。总 体来看，2 0 2 5年我国经济将进一步回升向好，全年有望实现5%左右的 ...

Core Viewpoint - The discussion highlights the increasing wealth inequality in the U.S., the inefficiency of government, and the stagnation of technological progress, suggesting that these issues are interconnected and may lead to significant societal consequences [2][3][6]. Summary by Sections Wealth Inequality - The disparity between the wealth of the top 1% and the bottom 99% has been growing at an unprecedented rate, potentially surpassing levels seen in the early 20th century [2][3]. - The right-wing has largely ignored this issue, either denying its existence or deeming it unimportant, which is seen as a significant blind spot [2][3]. Government Inefficiency - Government efficiency has deteriorated, with rising expenditures failing to yield proportional improvements in governance [3][4]. - Examples include the prolonged construction times for infrastructure projects compared to historical benchmarks, indicating a decline in operational effectiveness [3][4]. Technological Stagnation - There is a concern that technological progress has slowed since the late 1960s, with significant innovations becoming rare outside of specific sectors like computing and finance [6][7]. - The stagnation in technological advancement is linked to broader economic growth issues, leading to political cynicism and a zero-sum perception of economic competition [7][10]. Globalization's Impact - Globalization has created a "winner-takes-all" environment, adversely affecting the middle class and white-collar workers, particularly through labor arbitrage with countries like China [12][20]. - The benefits of globalization have not been evenly distributed, leading to increased inequality and social unrest [12][20]. Education and Innovation - The education system is criticized for perpetuating a bubble, with many students accumulating debt without securing corresponding employment opportunities [27][29]. - There is a call for a reevaluation of educational investments and a shift towards recognizing non-college career paths as viable options [27][29]. Future Considerations - The discussion raises philosophical questions about the role of government in planning for the future, particularly in the context of technological innovation and economic policy [15][17]. - The potential for long-term societal issues stemming from demographic changes and technological stagnation is emphasized, suggesting a need for proactive policy adjustments [23][24].

Investment Rating - The industry rating is neutral [5] Core Insights - Excellent Education's 2024 earnings forecast exceeds expectations, with projected revenue of 1.05-1.15 billion yuan, representing a year-on-year growth of 114.5%-135.0%, and net profit of 180-200 million yuan, a year-on-year increase of 100.3%-122.5% [1][11] - The company plans to gradually increase its dividend payout ratio to 50%, 60%, and 70% over the next three fiscal years, with a corresponding dividend yield of 3-3.3% for 2024 [1][11] - The introduction of the AI model DeepSeek shows advantages such as enhanced reasoning capabilities, lower costs, and the ability to operate offline, potentially replacing experienced teachers [1][11] Summary by Sections Weekly Insights - DeepSeek's applications in education focus on reducing labor costs and providing personalized solutions for diverse student needs [2][12] - Recommended beneficiaries from AI in education include both 2C training institutions and 2B equipment companies, with specific companies highlighted for investment [2][12] Investment Recommendations - Recommended stocks include China Oriental Education for vocational education, and several K12 training and higher education companies such as Xueda Education, Kede Education, and Tianli International Holdings [3][13] - The report emphasizes the potential for profit margin improvement in K12 education due to policy stabilization and continued growth in summer enrollment [3][13] Market Review - The report notes that CITIC Education's stock fell by 10.45%, while the Shanghai Composite Index decreased by 1.72%, indicating a significant underperformance relative to the market [4][20] - Year-to-date, the CITIC Education Index has risen by 6.83%, outperforming the Shanghai Composite Index by 5.04% [4][20] Company Developments - Various companies are integrating AI technologies, such as DeepSeek, into their educational products, enhancing learning experiences and operational efficiencies [15][17][19] - Notable developments include the launch of AI-powered educational systems by companies like Kede Education and the introduction of specialized learning products by Hightut Group [43][44]

教育部教育考试院 ； 教育部留学服务中心 ； 全国学生资助管理中心 ； 教育部学生服务与素质发展中心 ； 教育部学位与研究生教育发展中心 ； 教育部教育质量评估中心 ； 教育部学校规划建设发展中心 ； 教育部中外人文交流中心 ； 中国教育出版传媒集团 （人民教育出版社） 、 （高等教育出版社） 、 （语文出版社） ； 中国教育国际交流协会秘书处 ； 教育部学生体育协会联合秘书处 ； 中国教育学会秘书处 ； 中国高等教育学会秘书处 ； 中国教师发展基金会秘书处 ； 中国教育发展基金会秘书处 ； 另有75所直属高等学校。 教育部下设 27个机关司局 ，分别是： 办公厅、政策法规司、发展规划司、综合改革司、人事司、财务司、教材局、基础教育司、校外教 育培训监管司、职业教育与成人教育司、高等教育司、教育督导局、民族教育司、教师工作司、体育卫 生与艺术教育司、思想政治工作司、社会科学司、科学技术与信息化司、高校学生司（高校毕业生就业 服务司）、学位管理与研究生教育司（国务院学位委员会办公室）、语言文字应用管理司、语言文字信 息管理司、国际合作与交流司（港澳台办公室）、巡视工作办公室、机关党委、离退休干部局和中华人 民共 ...