36氪获悉，东方时尚公告，因2023、2024年度财务报告内部控制有效性被审计出具否定意见，且2022 - 2024年度扣非前后净利润孰低者均为负值，2024年审计报告显示持续经营能力存不确定性，公司股票继 续被实施其他风险警示。2025年8月，控股股东及其关联方解决非经营性资金占用问题，相关风险警示 已撤销。目前公司经营正常，正完善内控。此外，公司预重整能否进入正式程序、立案调查结果均不确 定，若法院受理重整申请，股票将被实施退市风险警示。 ...

作者：Colin 随着AI技术浪潮的来临，教育行业迎来了新一轮转型狂欢，近期，包括好未来、粉笔、作业帮等在内的教培巨头们纷纷押注"AI+教育"，试图在技术变革中 寻找新的增长曲线。 然而，这场声势浩大的转型和跨界背后却也伴随着成本高企、产品合规等争议。AI之于教育究竟是破局利器，还是阶段性的资本故事？ 教育企业转型AI求生，还是成本高企的"伪增长"概念 AI转型曾被教培企业视为摆脱传统路径依赖的"救命稻草"，但现实却是多数企业陷入"增收不增利"的怪圈，而更加诡异的是，导致"增收不增利"的原因并非 完全因为企业加码了AI研发，反而是因为企业在营销费用上砸下重金所致。这种重营销，轻研发的现象，也不禁令外界对企业入局AI的长期决心存疑。 以好未来为例。尽管AI学习机带动收入大增，但2026财年第一季度营销费用激增50.5%至1.777亿美元，占收入比例攀升至30.9%，这也意味着每创造1美元收 入就有0.3美元投入获客。 而同样发力AI的国内职业教育赛道头部企业粉笔的处境则更显尴尬，据其财报显示，上半年公司实现营收14.92亿元，同比下滑8.5%;净利润2.27亿元，同比 减少18.34%，而这一数据表现，在考公市 ...

"感觉挺生气的，我是觉得中公教育名气比较大，觉得不会坑人，没想到退费这么难。"莫同学无奈说 道。截至发稿，莫同学依旧没有等到她的退款。 上海有思律师事务所执行主任陈晓婷提到，相关案例在法律上主要有三层风险，一是广告法层面的虚假 宣传风险，二是民事纠纷中的欺诈或者重大误解风险，三是消费者保护法律项下的不公平格式条款风 险。 "机构关于'保过'的销售承诺，明显属于虚假宣传，并违反《中华人民共和国广告法》相关规定。"陈晓 婷表示，《中华人民共和国广告法》第二十四条明确规定，教育、培训广告不得含有对升学、通过考 试、获得学位学历或者合格证书的保证性承诺；不得明示或者暗示有相关考试机构或者其工作人员、考 试命题人员参与教育、培训。#揭秘考研保过套路#全文↓ 莫同学于2024年在中公教育报名了21300元的"考研协议班"，承诺考不过可以重修或退款。考研结果公 布后，没有考过的莫同学于2025年5月向机构申请退费。按照合同规定，机构应该在确认后的45个工作 日内退还约定的7000元费用。 7月份，已经超过合同约定时间，莫同学却迟迟没有收到退款。在莫同学的反复催促下，退费服务人员 却表示"退费打款时间没办法和您承诺""近期公 ...

12月27日，苏州科技商学院第八期高级科创人才研修班开班仪式在苏州大学天赐庄校区举行，苏州 大学科技商学院揭牌。市委副书记、市长吴庆文，苏州大学校长张桥出席活动。 自成立3年来，苏州科技商学院筑巢引凤，累计培训4000余名高层次科技创新人才。活动中，全球 化智库副主任、中国能源安全研究所所长高志凯，清科集团创始人董事长、清科控股董事长兼CEO倪正 东，中科创星创始合伙人、联席CEO米磊获聘产业导师。现场，星火创投·基金技术经理人培育计划启 动，第五批骐骥研学基金签约，为苏大—元禾青创资金获评项目颁奖。当天还举行了AI+OPC创新论 坛。 省教育厅副厅长杨树兵；苏州大学校领导沈明荣、张正彪，市政府秘书长徐本等参加活动。 吴庆文在致辞时表示，近年来，苏州大力推动发展方式由要素驱动向创新驱动转变，促进开放与创 新、创新与产业、产业与资本深度融合，着力营造"创新主体集聚、创新人才荟萃、创新成果涌流、创 新活力迸发"的创新生态。高级科创人才研修班是科技商学院的"示范班"，旨在深化"政产学研金"协同 创新，努力培养"懂科技、懂产业、懂管理、懂创新"的复合型人才。希望研修班能为学员提供沟通交 流、分享经验的"朋友圈"和各类 ...

明明有300多名会员 月入流水也有30万元+ 不缺生源更不差钱 这样的优质教培机构 竟被硬生生祸害到关门 这离奇一幕的背后 是一群"职业闭店人"伸出的黑手 12月25日，上海市公安局 公布了这样一起案子 近期，上海市局经侦总队牵头侦破一起新型"职业闭店人"合同诈骗案，抓获顾某、韩某等4名犯罪嫌疑人，捣毁一个恶意闭店团伙。本案涉及3家教育培训 机构，涉案金额达100余万元。 此案引起警方高度重视。市局经侦总队通过串并类似警情后发现，上海有多家教培机构出现前述失联闭店的风险苗头，且均指向顾某、韩某。 顾某和韩某是"职业闭店人" 自2023年10月起，顾某、韩某二人开始从事为教培机构闭店转课业务。2024年8月，韩某还曾因从事"职业闭店"不规范被市场监督管理部门处罚过。被处 罚后，顾、韩二人并未收手，而是伙同林某、刘某等社会闲散人员，采用他人代持股份、代办法人等方式继续开展"闭店"业务。 多家机构背后都有相同两人 今年6月，市民肖女士向浦东分局张江派出所报案，称此前买课的一家儿童美术培训机构突然关停、实控人失联。今年4月，她与这家机构签订21250元购 买150节大课包的合同后发现，原有户外写生、节日手工等活动被取 ...

每经编辑｜金冥羽 明明有300多名会员 月入流水也有30万元+ 这离奇一幕的背后 是一群"职业闭店人"伸出的黑手 12月25日，上海市公安局 公布了这样一起案子 近期，上海市局经侦总队牵头侦破一起新型"职业闭店人"合同诈骗案，抓获顾某、韩某等4名犯罪嫌疑人，捣毁一个恶意闭店团伙。本案涉及3家教育培训 机构，涉案金额达100余万元。 多家机构背后都有相同两人 不缺生源更不差钱 这样的优质教培机构 竟被硬生生祸害到关门 今年6月，市民肖女士向浦东分局张江派出所报案，称此前买课的一家儿童美术培训机构突然关停、实控人失联。今年4月，她与这家机构签订21250元购 买150节大课包的合同后发现，原有户外写生、节日手工等活动被取消，销售人员和老师陆续离职，1对1课程也被安排到了大课。 后来才得知，该机构已经转由顾某、韩某经营。顾、韩二人一直对外声称自己从事培训行业多年、资源丰富、资产众多，但这家机构却在今年6月突然关 停，关停时她尚有大量课时未能销课，损失2万余元。 上海市公安局经侦总队三支队民警郑维榕："这家机构决定下午关店，直到中午11点多才通知老师下午不用来上班。正常的闭店流程基本上需要提前两个 月。" 此案引起警 ...

Investment Rating - The report maintains a "Buy" rating for the overseas education sector, particularly highlighting New Oriental as a key player [10]. Core Insights - The overseas education sector is experiencing improved operational efficiency and accelerated profit margin expansion, with New Oriental expected to report a revenue of $1.165 billion for Q2 FY26, representing a year-on-year growth of 12.2% [5][10]. - The report anticipates a significant increase in non-GAAP net profit for New Oriental, projected at $63 million, which is a 77.8% increase year-on-year, with a non-GAAP net profit margin of 5.4%, expanding by 2 percentage points [5][10]. Summary by Sections 1. Overseas Education - **Market Review**: The education index rose by 2.8% in the week of December 19-25, outperforming the Hang Seng Index by 1.8 percentage points, with a year-to-date increase of 13.1% [4]. - **Company Update**: New Oriental's revenue is expected to reach $1.165 billion, with the education business (including cultural tourism) contributing $957 million, a growth of 11% year-on-year [5][10]. - **Study Abroad Business**: The revenue from study abroad exam training and consulting is projected to decline by 3% to $242 million, reflecting a slowdown in growth due to high base effects from the previous year [2][5]. - **New Business Growth**: New business segments, including K9 competency training and learning machine services, are expected to grow by 21% to $364 million, driven by differentiated offerings for primary and secondary education [3][6]. - **Operating Profit Margin Improvement**: Despite a slowdown in high-margin study abroad business, the increase in competency business margins is expected to offset this. The non-GAAP operating profit margin is projected to expand by approximately 2 percentage points to 4.7% [6][10]. 2. Overseas Pharmaceuticals - **Market Review**: The Hang Seng Healthcare Index saw a slight increase of 0.02%, underperforming the Hang Seng Index by 1.24 percentage points [12]. - **Key Events**: Notable transactions include Sanofi's $2.2 billion acquisition of vaccine company Dynavax, which has a marketed hepatitis B vaccine and a promising shingles vaccine candidate [14]. - **Investment Recommendations**: The report suggests focusing on innovative drug companies with active business development opportunities and clinical progress in key pipelines, including companies like BeiGene and Innovent Biologics [15]. 3. Overseas Social Services - **Ctrip's Q3 Performance**: Ctrip reported a 16% year-on-year revenue increase to $18.4 billion, with strong performance across various business segments, particularly in international OTA platforms [17]. - **Tongcheng Travel's Q3 Performance**: Tongcheng Travel's revenue grew by 10% to $5.5 billion, with a notable increase in accommodation and core OTA business revenues [18]. - **Key Focus**: The report highlights potential growth in the outbound travel sector and the importance of hotel management services as additional growth drivers [19].

（记者 贾运可） 每经AI快讯，中公教育（SZ 002607，收盘价：2.7元）12月26日晚间发布公告称，公司第七届第九次董 事会会议于2025年12月26日在北京市海淀区学清路23号汉华世纪大厦B座会议室以现场结合通讯表决的 方式召开。会议审议了《关于公司部分贷款延期的议案》等文件。 2025年1至6月份，中公教育的营业收入构成为：教育培训占比97.49%，其他业务占比2.51%。 截至发稿，中公教育市值为167亿元。 每经头条（nbdtoutiao）——对话马斯克脑机接口"一号受试者"：大脑植入芯片23个月，我正重新夺回 人生的独立 ...

Investment Rating - The report maintains a positive outlook on the overseas education sector, particularly on New Oriental, with an investment rating of "Buy" [12]. Core Insights - New Oriental is expected to achieve revenue of $1.165 billion in 2QFY26, representing a year-on-year growth of 12.2%. The education business (including cultural tourism) is projected to generate $957 million, up 11% year-on-year, while other businesses (mainly Dongfang Zhenxuan) are expected to reach $208 million, growing 18% year-on-year. The Non-GAAP net profit attributable to the parent company is anticipated to be $63 million, reflecting a significant year-on-year increase of 77.8% [6][12]. - The report highlights a slowdown in the growth of the study abroad business, with expected revenue of $242 million in 2QFY26, down 3% year-on-year. This slowdown is attributed to high-end consumption challenges in the one-on-one exam preparation segment. The company is adapting by shifting from one-on-one to one-to-many class formats to lower per-class costs and expanding services to younger students [2][6]. - New business segments, including K9 competency training and learning machine services, are projected to grow by 21% year-on-year to $364 million in 2QFY26. The company aims to enhance operational efficiency and profit margins through improved utilization of existing teaching resources [3][7]. Summary by Sections Market Review - The education index increased by 2.8% during the week, outperforming the Hang Seng Index by 1.8 percentage points. Year-to-date, the education index has risen by 13.1%, lagging behind the Hang Seng Index by 9.18 percentage points [5]. Company Updates - New Oriental's revenue forecast for 2QFY26 is $1.165 billion, with a Non-GAAP net profit of $63 million and a Non-GAAP net profit margin of 5.4%, expanding by 2 percentage points year-on-year [6][12]. - The report notes a significant decline in the growth rate of the study abroad business, with a projected revenue decrease of 3% year-on-year [2][6]. - The new business segment is expected to maintain strong growth, with a projected revenue increase of 21% year-on-year [3][7]. Investment Analysis - The report recommends focusing on Hong Kong vocational education companies, particularly China Oriental Education, due to a rebound in vocational training demand and the company's proactive operational adjustments. It also suggests monitoring higher education companies as profitability is expected to improve [12].

Investment Rating - The report assigns a "Buy" rating for the company, Dou Shen Education, for the first time [1]. Core Insights - Dou Shen Education is positioned as a leader in aesthetic education, focusing on creating an "AI + Education" ecosystem. The company aims to leverage its self-developed AI models to enhance educational services and product offerings [1][10]. - The company has undergone significant restructuring and is now focusing on non-subject quality education and AI education, which has led to a return to profitability and growth in revenue and net profit [20][21]. Summary by Sections 1. Company Overview - Dou Shen Education, formerly known as Li Si Chen, has transformed its business model to focus on K12 non-subject quality education, utilizing AI technology to reconstruct educational services [13]. - The company has a strong management team with extensive experience in the education sector, led by its actual controller, Dou Xin, who holds 18.29% of the shares [18]. 2. Market Dynamics - The education and training sector is experiencing a significant demand, with the number of college entrance exam candidates increasing from 9.4 million in 2017 to 13.42 million in 2024, while the admission rate has decreased from 43.7% to 37.0% during the same period [34]. - The report highlights a supply-demand imbalance in the education sector, with rising prices expected due to increased competition and a recovery in participation rates post-regulatory changes [36]. 3. AI Education Strategy - Dou Shen Education has developed a product matrix that includes AI-driven educational tools such as "AI Dual Teacher" and "AI Super Training Ground," which aim to enhance the learning experience and efficiency [15][19]. - The company has established a dual-driven model combining AI software services and hardware terminals, creating a closed-loop learning ecosystem that covers user needs across various scenarios [10][12]. 4. Financial Projections - The report forecasts total revenue for Dou Shen Education to reach 1,050.6 million yuan in 2025, with a year-on-year growth of 38.82%. Net profit is expected to be 90.62 million yuan, reflecting a decrease of 33.92% compared to the previous year [1]. - The company's earnings per share (EPS) is projected to be 0.04 yuan in 2025, with a price-to-earnings (P/E) ratio of 165.33 at the current market price [1]. 5. Competitive Landscape - The report notes that AI technology is breaking the traditional constraints of education, allowing for high-quality, large-scale, and personalized learning experiences that were previously unattainable [51]. - Dou Shen Education's unique data assets and knowledge graphs create a competitive barrier that is difficult for competitors to replicate in the short term [10][12].