Financial Data and Key Metrics Changes - Revenue for Q2 2025 increased nearly 13% year over year to $207.4 million [11][26] - Average full-time active students grew over 10% year over year to 24,604 students [11][25] - New student starts grew more than 21% year over year to 6,650 starts [11][25] - Net income increased 47% to $11.4 million with diluted earnings per share of $0.21 [11][27] - Adjusted EBITDA grew approximately 28% year over year to $28.9 million [11][27] Business Line Data and Key Metrics Changes - Concord division saw a 15.5% increase in average full-time active students and a 15.9% rise in new student starts year over year [25] - UTI division generated a 7% increase in average full-time active students and a 26.4% growth in new student starts year over year [26] Market Data and Key Metrics Changes - Demand for skilled labor, particularly in trades and healthcare, continues to strengthen, creating a favorable environment for the company [10][60] - The ongoing supply and demand imbalance in critical sectors is generating additional tailwinds for the business [10] Company Strategy and Development Direction - The company is committed to growth, diversification, and optimization as part of its North Star strategy [34] - Plans to launch at least six new programs each year and open at least two new campuses annually starting in fiscal 2026 [22] - The company is raising its fiscal 2025 guidance, anticipating consolidated revenue between $825 million and $835 million [19][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory despite regulatory changes and macroeconomic uncertainties [9][10] - The company is well-positioned to accelerate growth in its Concord and UTI divisions [9] - Management highlighted the importance of maintaining strong communication with the Department of Education [9][84] Other Important Information - The company is expanding its program offerings, including new nursing programs and skilled trades programs [13][18] - The company has recently appointed a new CFO and COO to support its growth strategy [20][21] Q&A Session Summary Question: Any campuses or programs to highlight for strong new starts? - Management noted increased marketing investment in healthcare and strong performance in clinical courses, as well as growth in skilled trades programs [41][42] Question: How does enrollment growth break out for UTI and Concord in Q3 and Q4? - Management indicated that growth rates may become challenging for Concord due to capacity limits, while UTI is focusing on high school populations [46][47] Question: Can you comment on trends in employer demand for graduates? - Management reported steady demand for transportation graduates and increasing demand for skilled trades and healthcare professionals [56][59] Question: What are the plans for marketing spend? - Management plans to continue investing in marketing, particularly in areas showing good ROI [68] Question: What could go wrong in achieving the low end of guidance? - Management expressed confidence in the guidance but acknowledged potential challenges in maintaining double-digit growth rates in the upcoming quarters [86]

财务数据显示，截至2024年12月31日，见知教育收入总额2.49亿人民币，同比减少43.52%；归母净利 润-3351.35万人民币，同比增长91.03%。 本文源自：金融界 大事提醒： 作者：行情君 4月30日，见知教育2024财年年报归属股东应占溢利-3351万人民币，同比增长91.03%，基本每股收 益-0.24人民币。 资料显示，见知教育科技集团有限公司以推动职业教育改革创新为宗旨,以培养应用型人才为目标,不断 开拓创新,将政策指引与企业战略有效结合,以就业、创业理论体系为底层的职业素养培训,在互联网的基 础上,通过原生IP在线平台开展校内教学,帮助学生实现职业素养与专业技能的双升级. 通过视频、试题等 多种资源形式,引导学生"教""学"合一的就业教育,创业教育等整体解决方案。 5月3日，见知教育(JZ)盘中上涨6.14%，截至00:59，报0.813美元/股，成交317.0美元，总市值2291.44万 美元。 经过多年努力,见知教育现已获得多项荣誉认定,包括:国家高新技术企业、软件企业认定、中关村高新技 术企业、国家十二五重点出版物规划项目、中国教育装备行业协会会员单位等。已拥有41项软件著作 权 ...

Group 1 - The core viewpoint of the articles emphasizes the importance of high-end manufacturing in supporting vocational education development, as seen in the case of Zhengzhou Railway Vocational and Technical College's "undergraduate to specialized" admissions policy [2][5] - The demand for skilled workers in high-end manufacturing sectors is driving the need for vocational education, which requires a higher level of knowledge and comprehensive skills from students [2][3] - The success of vocational education in Germany, which has a strong manufacturing base, contrasts with the decline of vocational education in the U.S. due to the outsourcing of manufacturing jobs [3][4] Group 2 - The specific programs offered by Zhengzhou Railway Vocational and Technical College, such as those related to high-speed rail technology, reflect the growing need for skilled professionals in China's leading manufacturing sectors [4] - The high employment rate of graduates from these vocational programs, maintaining over 90% for three consecutive years, underscores the effectiveness of aligning education with industry needs [4] - The article highlights that the development of vocational education is fundamentally reliant on the growth of high-end manufacturing, which can provide decent job opportunities for graduates [5]

Financial Performance - The company achieved operating revenue of 38,388.05 million yuan in 2024, a year-on-year increase of 7.84% [3] - The net profit attributable to shareholders was 5,493.25 million yuan, up 9.12% year-on-year [3] - The net profit after deducting non-recurring gains and losses was 5,276.71 million yuan, reflecting an increase of 11.15% year-on-year [3] - In Q1 2025, operating revenue grew by 4.85%, but net profit attributable to shareholders decreased by 41.61% due to increased depreciation and costs from the stock incentive plan [4] Inventory and Cost Management - The company improved its inventory turnover rate through enhanced inventory management and information technology applications [2] - The decline in gross margin for the emergency safety simulation training system by 13.74% was attributed to changes in market demand and a higher proportion of hardware costs [3] Strategic Initiatives - The company plans to transition from an equipment supplier to a digital service provider in vocational education through the implementation of an AI-based vocational education platform [5] - The digital service model includes comprehensive digital education solutions and intelligent upgrades for training [5] Market Position and Competition - The competitive landscape remains stable, with new competitors entering the market; however, the company leverages over 20 years of industry experience to maintain its market position [6] - The company is optimistic about future industry prospects, driven by national policies promoting digital transformation in vocational education [8] Value Management and Investor Relations - The company emphasizes continuous revenue and profit growth, achieving 3.84 billion yuan in revenue for 2024, a 7.84% increase [10] - A proactive dividend policy has been maintained, with a proposed distribution of 3.5 yuan per 10 shares and a total cash dividend of 183.35 million yuan since listing [10] - The company is committed to transparent information disclosure and enhancing investor relations through various communication channels [12]

Group 1 - The first "Ronglian Chengshi, Win in High-tech" industry matchmaking conference will be held on May 9 in Rugao Software Park to promote regional collaborative innovation and enhance enterprise development momentum [1] - The conference will focus on 150 key enterprises, including industrial companies, productive service enterprises, and newly settled projects, along with financial institutions and vocational education organizations, to build a cross-industry cooperation network [3] - The event aims to enhance the resilience of the industrial and supply chains and cultivate regional innovation clusters through deep cooperation in technology and application scenarios [3] Group 2 - The matchmaking conference will innovate the traditional connection model by creating a "display + connection + service" integrated platform, utilizing digital means for participants to quickly understand resources and accurately match cooperation needs [3] - 22 banks will introduce customized financial products for enterprises, while 2 vocational education institutions will establish direct talent delivery channels, forming a multi-dimensional ecosystem of capital empowerment, talent support, and service assurance [3] - The event is expected to create strategic opportunities for cross-industry integration and value co-creation, fostering new development collisions and cooperation opportunities for enterprises inside and outside the region [4]

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].

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]