作为一个在全网投放花超过5个亿的人，我来聊聊投放这个话题。 一、投放是决战资源 我记得我的某一任leader，曾经有这么一个观点，他说，投放是决战资源，不是冷启动资源。当时我们 有个产品的自然流跑得非常好，我跟他讨论要不要加一些投放，我当时觉得可以加，他觉得没必要，他 觉得即使要加，投几千块试试看 ROI 水位就可以了，然后接着用自然流倒逼团队的各项技能提升，同 时观察对手的动作。 媒体池子里的付费流量就这么多，你的对手如果没有抢着买的话，你也没必要现在就上去抢。相反，要 把自己的内功修炼好，把产品卖点、直播间转化率、后端的续费复购做到足够高，此时一旦你的对手开 始投放，你只要后端的各项数据比他做得好，并且你还有自然流，你上去就可以出他两倍甚至三倍的价 格竞争，一下子就给他干懵逼了。 他接着告诉我，他认为投放是决战资源，要么不干，要么就要独占鳌头，小打小闹不起任何作用，也毫 无竞争力，当你后端一切效率都比对手好时，你可以用投放拖死他，让他不投就没新增，但一投就亏 损。 二、投放的壁垒在投放之外 投放的壁垒永远来自于你能承受比别人更高的成本，或是你的产品有绝对壁垒，除此之外，所有依赖投 放带来的领先，都只是暂时 ...

暮春傍晚，暖风轻拂。大福踮着步子挪进北京小八道湾胡同6号院。痛风发作，他本不应出门，但这天 是鼓楼西夜校的即兴剧场戏剧培训班上课的日子，他不想错过。 43岁的大福，从事IT行业。学表演、练舞蹈、脱口秀，他的兴趣班"报得很杂"。"但只有这个课是我一 定会来的。"他说。 2024年的惊蛰那一天，鼓楼西夜校正式"开学"。这是这家民营小剧场成立10周年之际推出的创举。它来 自剧场创始人李羊朵的一个念头：建立一个兼具精神充电与生活赋能的学习园地，供大家在业余时间自 我拓展，探索人生的更多可能。在她的理解中，剧场，不仅是演出的地方，也应该有更多文化功能。 成立一年多来，夜校已"开课"百余场，有大师工作坊、围读会、演读会等多种形式。即兴剧场是其中最 抢手的。为了大家的体验，即兴剧场每期的报名人数控制在15人左右。夜校"校长"小树说，每次都 是"偷着上架"，还没来得及官宣，名额就被一抢而光。学员们建了微信群，小树鼓励大家互相转让体验 名额。如今，群里已经有快200人了。 和大福一样，来这儿上课的绝大多数人都没有表演经历。对他们来说，表演不仅是一种技能，也是内心 的疗愈。出差路过，来体验的；初到北京，来找归属感的；工作压力大， ...

大家有没有遇到过这样的情况，兴冲冲办了健身卡、美容卡，结果商家突然关门跑路，充的钱全都打了水漂。这样的"坑"相信不少人都遇到 过。1日，最高人民法院发布的预付式消费司法解释正式实施，以后再遇到"卷款跑路""退卡难"等等这些糟心事，就可以用新规来维权了。 找不到商家 如何维权追回预付款？ 商家跑路，消费者该如何追回预付款？何种情况下消费者有权要求商家退卡退费？退卡时，如果商家设置障碍，比如要求扣除高额手续费、转 让费等，该如何解决？带着这些大家关心的问题，进入今天的一问到底。先来看一个大家普遍关心的问题，消费者办卡之后，商家"卷款跑 路"，找不到人了，消费者应该如何维权？怎么追回预付款呢？ 最高人民法院民一庭法官 谢勇：消费者在办卡时应注意了解商家的名称、住所地、联系方式这些信息，以便于日后维权。消费者可以向消费 者权益保护组织和市场监管部门投诉，以获得维权支持。消费者还可以向人民法院起诉，只要能提供商家的名称、住所地这些基本信息，即使 商家跑路，人民法院仍可缺席审理，依法作出生效判决后，通过执行程序查控被告财产。如果商家的行为涉嫌犯罪，消费者可以向公安机关报 案，由公安机关依法进行侦查，并通过刑事追赃退赔追回 ...

Investment Rating - The industry investment rating is "Outperform the Market" (maintained rating) [5] Core Views - The report highlights that Huatu Shanding has become a new leader in offline public examination training with impressive performance, targeting a non-net profit of 320 million for 2025 [1] - For 2024, the non-degree training revenue is projected to reach 2.8 billion, with a year-on-year growth of 1046%, and a net profit of 52.99 million, marking a turnaround from losses [1] - The report emphasizes the company's focus on high-quality products and a strong market presence, with over 330,000 training students and coverage in more than 300 cities and 600 counties [4] Summary by Sections Financial Performance - In Q1 2025, revenue reached 830 million, a year-on-year increase of 19%, with a net profit of 121 million, up 67% year-on-year [2] - The gross margin improved to 61%, a 6 percentage point increase year-on-year, while the net profit margin reached 15%, up 4 percentage points year-on-year [2] - As of Q1 2025, contract liabilities amounted to 834 million, reflecting a 53% year-on-year increase, indicating positive revenue growth expectations [2] Dividends and Buybacks - The company plans to distribute a cash dividend of 0.55 yuan per 10 shares (including tax) and to increase capital by issuing 1.8 bonus shares for every 10 shares held, with a total dividend payout ratio of 68% [3] - A share buyback plan is proposed, with a budget of 225 million to 450 million yuan, at a maximum price of 127.91 yuan per share, aiming to repurchase 1.76 million to 3.52 million shares, representing 1.25% to 2.5% of the total share capital [3] Stock Incentives - The company intends to grant stock options not exceeding 2.72 million shares, representing 1.94% of the total share capital, with a purchase price of 45.91 yuan per share [4] - Performance targets for 2025 and 2026 are set at 320 million and 400 million for non-net profit, respectively, with significant year-on-year growth expectations [4] - If performance meets or exceeds the target, 100% of the options will be unlocked; if below the trigger value, none will be unlocked [4]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has experienced a slowdown in revenue growth, but cost reduction and efficiency improvements are expected to enhance profitability [3][7] - For FY2025 Q3, the company reported revenue of $1.18 billion, a year-over-year decrease of 2%, while net profit attributable to shareholders was $90 million, reflecting a year-over-year increase of 0.1% [6][8] - The company anticipates a revenue guidance for FY2025 Q4 of $1.01 to $1.04 billion, representing a year-over-year growth of 10% to 13% [8][12] Revenue Performance - The company's FY2025 Q3 revenue was $1.18 billion, with the education business (excluding Dongfang Zhenxuan) generating $1.04 billion, which is a year-over-year increase of 21.2%, exceeding previous guidance of 18% to 21% [8][12] - The gross profit for FY2025 Q3 was $650 million, with a gross margin of 55.1%, an increase of 8.5 percentage points year-over-year, primarily due to cost reduction and efficiency improvements [8][12] Profitability Metrics - Operating profit for FY2025 Q3 was $120 million, a year-over-year increase of 9.8%, with an operating margin of 10.5%, up 1.1 percentage points year-over-year [8][12] - Non-GAAP operating profit was $140 million, a year-over-year decrease of 0.2%, with a Non-GAAP operating margin of 12%, slightly above Bloomberg consensus expectations of 10.8% [8][12] Financial Position - As of the end of FY2025 Q3, the company had cash and cash equivalents of $1.42 billion, time deposits of $1.41 billion, and short-term investments of $1.85 billion [8][12] - The company has a strong brand reputation and operational experience in the education sector, which supports its profitability outlook despite challenges in traditional study abroad and new cultural tourism businesses [12] Future Projections - The company is projected to achieve revenues of $4.86 billion, $5.53 billion, and $6.27 billion for FY2025, FY2026, and FY2027, respectively, with net profits of $414 million, $514 million, and $617 million for the same periods [11][12] - The report anticipates a PE ratio of 19, 15, and 13 for FY2025, FY2026, and FY2027, respectively, indicating a favorable valuation outlook [12]

Core Viewpoint - ST Dongshi (Oriental Fashion) has received a qualified audit opinion for its 2024 annual report due to significant financial issues, including undelivered VR simulators, incomplete AI driving training systems, and non-operational fund occupation by the controlling shareholder [2][3][4]. Financial Issues - The audit report highlights three major financial issues affecting Oriental Fashion: undelivered VR simulators, incomplete AI driving training systems, and non-operational fund occupation by the controlling shareholder [2][3]. - As of the end of 2023, 2809 out of 3179 VR simulators were not delivered as per the contract, leading to a bad debt provision of 30.25 million yuan [2][3]. - For the AI driving training systems, only 350 out of 1294 required systems were delivered, resulting in a receivable amount of 49.86 million yuan, with 15.73 million yuan already provisioned as bad debt [3][4]. Fund Occupation - The controlling shareholder occupied company funds through accounts receivable factoring, with 35 million yuan deducted from the company's bank account, leading to a bad debt provision of 3.5 million yuan [3][4]. - The total balance of other receivables reached 387 million yuan by the end of 2024, with bad debt provisions amounting to 49.48 million yuan, representing 29.71% of the company's net assets [4]. Company Response - Oriental Fashion has attempted to recover the funds from Tianjin Haihe Zhongtai Commercial Factoring Co., Ltd. through legal action, but the initial and appeal judgments were unfavorable [5]. - The company has communicated with the supplier, Qianzhong Phantom, regarding the undelivered VR simulators and has issued reminders for compliance [5]. - Efforts are ongoing to establish a repayment plan with the controlling shareholder to address the non-operational fund occupation [5].

会议首先由，财务部长周华锋通报第一季度工作任务完成情况。 产教融合处经理董亚平对第一季度运营数据进行剖析，指出各学校附加项目开发的不同态势，并提出针对性发展建议。 监事会主席李丽汇报了2025年第一季度教·培中心监督监察工作情况。 只 ft t 10 LU I e F 维 s l " " " 1 the first ... o 11 11 Election 录 睡 d I 8 . 1 . I ya 郑工学院、林州建院、双语高中、林州外国语、培训管理部分别汇报第一季度存在的问题及第二季度重点工作安排和解决问题的思路。 集团总裁、教·培运营中心主任谷建光作总结讲话。谷总首先肯定了集团教·培运营中心各单位、部门在第一季度取得的成绩和辛苦付出，对大家用实干与 创新，共同推动集团在教育赛道上跑出了加速度表示感谢。 接着，谷总从四个方面深入剖析了当前面临的挑战以及下一步的工作方向。 4月28日，中原华信控股集团教·培运营中心在郑工学院六楼西会议室召开了2025年第一季度运营分析总结会暨第二季度重点工作推进会议。集团总裁、教· 培运营中心主任谷建光，监事会主席李丽，教·培运营中心相关负责人以及各学校班子成员、监事会、办公室 ...

2024 年是双减政策实施的第三年，AI 技术迅速发展，教培行业面临着前所未有的变革。近日，多家教育上市公司纷纷发表企业财报，这些数据背后，展 示着中国教育行业在政策调整与技术革命的交织中迎来深度转型。各公司在面对市场变化和技术革新时采取了多元化的策略，从构建综合教育生态系统到 依托 AI 技术实现突破，再到通过差异化服务抢占市场份额，展现了行业的活力与创新。 01 业绩情况：亏损与盈利并存，分化中谋增长 | | k12教培上市公司业绩一览 | | | | --- | --- | --- | --- | | 证券名称 | 总市值 | 营收 | 净利润 | | 新东方 | 79.38亿美元 | 11.83 亿美元 | 1.26 亿美元 | | 好未来 | 55.08亿美元 | 6.10 亿美元 | 8,459.1万美元 | | 高途 | 7.61亿美元 | 13.89亿元 | -1.36亿元 | | 网易有道 | 10.42亿美元 | 1.836亿美元 | 1140万美元 | | 学大教育 | 64.59亿美元 | 27.86亿元 | 1.8亿元 | | 卓越教育 | 46.17亿港元 | 11.02 亿元 | ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][12]. Core Insights - The company reported a revenue of 2.786 billion RMB for 2024, representing a year-on-year growth of 25.9%, with a net profit of 180 million RMB, up 16.8% year-on-year [2]. - In Q1 2025, the company achieved a revenue of 864 million RMB, a 22.5% increase year-on-year, and a net profit of 73.77 million RMB, reflecting a significant growth of 47.0% [2]. - The growth in revenue is primarily driven by personalized education services, with training service fees reaching 2.697 billion RMB in 2024, a 25.64% increase [3]. - The company expanded its personalized learning centers from over 240 to more than 300, covering over 100 cities and employing more than 4,000 teachers [3]. - The company has improved its profit margins, with a net profit margin of 8.07% in 2024, up 0.49 percentage points year-on-year, and a projected increase in profitability due to enhanced utilization of offline learning networks [4]. Financial Projections - The company is projected to achieve net profits of 231 million RMB, 285 million RMB, and 344 million RMB for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.898, 2.342, and 2.827 RMB [5][10]. - The company's current PE ratios are estimated at 28, 23, and 19 for the years 2025, 2026, and 2027 respectively [5].

盛通股份（002599）公告，2025年第一季度营业收入4.54亿元，同比下降6.00%。净亏损997.38万元， 去年同期净亏损808.56万元。 ...