（记者 曾健辉） 每经AI快讯，行动教育1月4日晚间发布公告称，截至2025年12月31日，公司尚未回购股份，前述回购 进展符合法律法规的规定及公司股份回购方案的要求。 每经头条（nbdtoutiao）——AI泡沫破灭？美股下跌20%？量子计算颠覆加密货币？金价涨破1万美元？ 2026年华尔街和科技圈十大预测来了 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company is a leader in corporate management training, demonstrating strong growth resilience with a revenue scale that continues to increase, and a net profit margin consistently above 30% since 2023 [9] - The industry benefits from the development of the private economy, with long-term quality leaders having opportunities to increase market share despite short-term macroeconomic pressures [9] - The company leverages a differentiated product strategy and an excellent business team to create a competitive advantage, focusing on practical management training courses and a strong faculty with real-world experience [9] - The strategic focus on large clients, the "Hundred Schools Plan," and AI empowerment are expected to enhance growth flexibility and drive future expansion [9] - Profit forecasts indicate a net profit of 300 million, 350 million, and 400 million RMB for 2025, 2026, and 2027 respectively, with a target price of 52.53 RMB per share based on a 2026 P/E ratio of 18x [9] Summary by Sections Company Overview - The company has been deeply engaged in corporate management training for over 20 years, providing a full lifecycle of management education services, with management training revenue accounting for over 80% of total revenue [14] Industry Analysis - The corporate training industry is experiencing continuous growth, with the market size expected to reach 1.3194 trillion RMB by 2025, driven by an increasing number of enterprises and a growing awareness of training needs [45][46] Product and Team Strength - The company emphasizes research and development to create effective and comprehensive course offerings, utilizing a "factory model" for systematic course development [55] - The faculty includes a mix of local practitioners and international experts, ensuring high-quality course delivery [60] Growth Strategies - The company has successfully implemented a large client strategy, significantly increasing its client base and revenue from major enterprises [72] - AI initiatives are enhancing operational efficiency across various business processes, contributing to improved performance metrics [77][78]

Group 1 - The core viewpoint of the news is that Action Education has shown a slight increase in stock price, reaching 41.94 CNY per share, with a total market capitalization of 5.001 billion CNY [1] - Action Education, established on March 27, 2006, and listed on April 21, 2021, is primarily engaged in corporate management training, management consulting services, and the sale of related audio-visual products [1] - The revenue composition of Action Education is as follows: management training accounts for 82.99%, management consulting for 15.83%, and other income for 1.18% [1] Group 2 - According to data, one fund under Baoying Fund holds a significant position in Action Education, with Baoying Consumer Theme Mixed Fund (003715) owning 359,200 shares, representing 4.68% of the fund's net value [2] - The Baoying Consumer Theme Mixed Fund has a total scale of 285 million CNY and has achieved a year-to-date return of 1.49%, ranking 7570 out of 8087 in its category [2] - The fund manager, Zhang Ruolun, has been in position for 123 days, with the fund's total assets amounting to 355 million CNY [3]

格隆汇12月22日丨行动教育(605098.SH)公布，公司拟以自有资金不低于人民币2000万元（含），不超 过人民币2500万元（含）回购公司股份，用于公司的员工持股计划或股权激励，若公司未能在股份回购 实施结果暨股份变动公告日后3年内使用完毕已回购股份，尚未使用的已回购股份将予以注销。 回购股份价格：不超过人民币45元/股，该价格未超过董事会通过回购股份决议前30个交易日公司股票 交易均价的150%。 ...

经济观察网2025年12月16日，行动教育（605098）发布公告，公司拟2000万元至2500万元回购股份，回 购价格不超过45元/股。 ...

Core Insights - Companies face systemic challenges such as strategic ambiguity, organizational inefficiency, and product-channel imbalance amid economic slowdown and technological transformation [1] - Executive training institutions are evolving from mere knowledge providers to growth partners that facilitate actionable learning and implementation [1] Group 1: Brand Strength - Action Education is recognized as a leading institution in China's management education sector, being the first management education company listed on the Shanghai Stock Exchange in 2021 [2] - The company ranks first in revenue among management consulting firms in China, showcasing its professional depth and industry influence [2] - With nearly 40 direct branches globally, Action Education provides localized learning experiences and comprehensive support for executives [2] Group 2: Course System - The curriculum is designed to address core challenges faced by executives, focusing on strategic, organizational, and execution needs [4] - The "Condensed EMBA" course emphasizes profit growth and includes ten modules covering strategic design, value innovation, and marketing strategy, among others [4] - The "Principal EMBA" course focuses on long-term organizational competitiveness, featuring mandatory and elective modules on AI organizations, performance mechanisms, and talent development [5] Group 3: Faculty Strength - The faculty comprises practical operators and authoritative academic/industry experts, ensuring that course content is understandable and applicable [6] - Notable instructors include former IMF Vice President Zhu Min and industry leaders who have successfully scaled companies [7][8] Group 4: Alumni Ecosystem - Action Education has developed a significant alumni network that provides resource collaboration and cross-industry connections [9] - Alumni include prominent companies that have successfully navigated challenges through strategic upgrades and organizational restructuring [9][10] Group 5: Teaching Model - The teaching model emphasizes consensus, co-creation, and co-action, ensuring that learning translates into actionable results [11] - The program requires CEOs to participate actively, fostering alignment in strategic implementation [11] - Post-course support includes a training system to disseminate knowledge throughout the organization and dedicated consultants to track progress [13] Conclusion - Action Education offers a comprehensive solution from strategic design to organizational implementation, aiming to build systematic capabilities for companies to achieve sustainable growth and excellence [14]

Core Insights - Action Education conducted 16 block trades on November 18, with a total trading volume of 1.336 million shares and a total transaction value of 51.0219 million yuan, at a price of 38.19 yuan, reflecting a discount of 7.75% compared to the closing price of the day [2][4] - Institutional proprietary seats participated in 8 of the trades, with a total transaction value of 18.2014 million yuan, indicating a net purchase of 18.2014 million yuan [2][4] - Over the past three months, Action Education has recorded 17 block trades, with a cumulative transaction value of 66.2979 million yuan [2] Trading Performance - The closing price of Action Education on November 18 was 41.40 yuan, down 0.17%, with a daily turnover rate of 0.52% and a total transaction amount of 25.5235 million yuan [2] - The net inflow of main funds for the day was 358,000 yuan, while the stock has seen a cumulative increase of 1.30% over the past five days, with a total net outflow of 1.3661 million yuan during the same period [2] Company Background - Shanghai Action Education Technology Co., Ltd. was established on March 27, 2006, with a registered capital of 119.2511 million yuan [2]

Group 1 - The company reported a significant increase in collections and performance in Q3 2025, with collections reaching 219 million yuan, a year-on-year increase of 53% [1] - For the first three quarters, total collections amounted to 557 million yuan, showing a year-on-year decrease of 6.4%, which is a notable improvement compared to a 25% decline in the first half of the year [1] - The company distributed a cash dividend of 0.5 yuan per share in Q3 2025, totaling 59.626 million yuan, with a dividend payout ratio of 71.49% [1] Group 2 - The company launched the "Hundred Schools Plan" aimed at opening 100 branches in key cities across the country over the next 3-5 years, leveraging AI to enhance efficiency and quality [1] - The "system + AI" model has already produced 9 branch general managers and a core team of 42 members, achieving a total performance of 5.2792 million yuan from March to July 2025 [1] - The company has maintained a high dividend payout ratio in recent years and is entering a new development phase with the implementation of the Hundred Schools Plan [2] Group 3 - The company is expected to achieve net profits attributable to shareholders of 304 million yuan, 353 million yuan, and 423 million yuan for the years 2025, 2026, and 2027 respectively [2] - The current market capitalization corresponds to a price-to-earnings ratio of 16X, 14X, and 12X for the years 2025, 2026, and 2027 [2] - The company is recognized as a leader in the corporate management training industry, actively refining its strategy and products while nurturing new talent [2]

Core Viewpoint - The company reported a stable performance in Q3 2025, with significant improvements in revenue and net profit, indicating a positive trend in cash collection and profitability metrics [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 566 million yuan, a year-over-year increase of 0.52%, and a net profit attributable to shareholders of 215 million yuan, up 10.39% year-over-year [1]. - In Q3 2025, the company recorded revenue of 222 million yuan, reflecting a year-over-year growth of 27.93%, and a net profit of 83 million yuan, which is a 42.78% increase year-over-year [1]. - Cash collection in Q3 2025 saw a significant year-over-year increase of 53%, reaching 219 million yuan, contrasting with declines in Q1 and Q2 [1]. Profitability Metrics - The company's gross margin in Q3 2025 was 80.16%, an increase of 4.78 percentage points year-over-year, while the net profit margin was 37.59%, up 3.91 percentage points year-over-year [1]. - The expense ratios for sales, management, R&D, and financial costs in Q3 2025 were 24.6%, 10.9%, 3.2%, and -2.2%, respectively, showing improvements in sales and management expenses compared to the previous year [1]. Shareholder Returns - The company plans to distribute a cash dividend of 0.5 yuan per share (before tax), totaling 60 million yuan (before tax), which represents 71.49% of the net profit attributable to shareholders for Q3 2025, highlighting its commitment to shareholder returns [1]. Investment Outlook - The company is recognized as a leader in corporate management training, with a positive outlook on cash collection and shareholder returns. The long-term strategy focuses on increasing customer penetration and improving sales efficiency, with projected net profits of 300 million, 340 million, and 370 million yuan for 2025-2027 [2].

Core Viewpoint - The company reported significant growth in Q3 2025, driven by improved enrollment rates and a strong order backlog, indicating a positive outlook for future performance [4][5]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 570 million, a year-on-year increase of 0.5%, and a net profit attributable to shareholders of 210 million, up 10.4% year-on-year [4]. - In Q3 2025, revenue reached 220 million, reflecting a year-on-year growth of 27.9%, while net profit attributable to shareholders was 80 million, marking a 42.8% increase year-on-year [4]. Growth Drivers - The significant improvement in Q3 performance was attributed to the recovery of enrollment rates, particularly in major cities like Chengdu, Shanghai, and Shenzhen, as customer demand that was delayed in Q2 was released in Q3 [5]. - As of September 2025, the company's contract liabilities stood at 1.048 billion, indicating a robust order backlog that supports future revenue recognition [5]. Profitability and Cost Management - The gross margin for the first three quarters of 2025 was 78.54%, increasing to 80.16% in Q3, reflecting a year-on-year increase of 2.63 and 4.78 percentage points, respectively, due to an optimized product mix [6]. - The sales expense ratio decreased to 24.63% in Q3, down 4.77 percentage points year-on-year, primarily due to a high expense base from the previous year's "Principal Festival" [6]. - The net profit margin for the first three quarters was 38.38%, rising to 38.53% in Q3, with a year-on-year increase of 3.43 and 4.44 percentage points, respectively [6]. Strategic Initiatives - The company is advancing its AI strategy, which has begun to show positive effects, such as improved retention rates and sales performance through an AI assessment system [7]. - The "Hundred Schools Plan," initiated in February 2025, aims to expand the sales network to 100 cities over the next 3-5 years, with progress including the recruitment of 9 branch managers and a core team of 42 people, generating over 5.27 million in revenue [7].