Core Insights - The company reported a total revenue of 344 million yuan for the first half of 2025, representing a year-on-year decline of 11.68% [1] - The net profit attributable to shareholders was 131 million yuan, down 3.51% year-on-year, while the net profit after deducting non-recurring items was 120 million yuan, a decrease of 11.61% [1][3] - The operating cash flow for the first half of the year was only 68 million yuan, a significant drop of 60.9% year-on-year, indicating a deterioration in cash generation capability [3] Financial Performance - The company’s three key profit indicators showed a decline in the first half of the year, but the report did not specify the reasons for the decline in operating performance [3] - The company announced a high dividend payout plan, proposing a cash dividend of 1.19 billion yuan, which accounts for 90.7% of the net profit attributable to shareholders, raising concerns about future growth potential [3] Strategic Initiatives - The company is undergoing a transformation from "effective education" to "effective education + AI" in 2025, with a strong emphasis on its AI strategy mentioned over 70 times in the report [3] - Despite the focus on AI, the report did not separately disclose AI-related revenue or costs, indicating that the AI transformation is still in the internal efficiency improvement stage and has not yet generated new revenue streams [3][4] Research and Development - The company’s R&D expenditure for the first half of 2025 was only 11 million yuan, representing 3.26% of revenue, which is considered insufficient for deep technological development and innovation in the AI field [4] - The progress of fundraising projects has been slow, with significant delays in the completion of key projects, raising concerns about the future prospects of these investments [4]

全面推进"实效教育+AI"的4.0 时代战略转型，"百校计划"加速扩张。AI 赋能成效显著：在人力资源方 面，通过AI 测评系统，25H1 新人留存率同比提升16%，出单业绩同比增长46%；在营销方面，AI 系统 将目标客户识别用时从4小时缩短至10 分钟，日均客户触达效率提升13 倍。2025 年2 月，公司开启"百 校计划"，计划未来3-5 年在全国重点城市开设100 家分校。该计划进展顺利，2025 年3-7 月期间，已成 功复制9 位分校总经理，组建了42 人的核心团队，并累计创造业绩527.92 万元，展现出较强的组织复制 能力和市场扩张潜力。 盈利预测、估值与评级：考虑到培训需求的恢复仍有不确定性，我们下调公司25-27 年归母净利润预测 分别至2.94/3.34/3.71 亿元（分别下调4%/3%/3%），折合2025-2027 年EPS 分别为2.46/2.80/3.11 元，对 应PE 分别为15x/13x/12x，考虑到公司为管理培训龙头，未来大客户开发空间仍较大，维持"增持"评 级。 风险提示：宏观经济风险，市场竞争加剧风险，依赖关键人员风险。 事件：行动教育25H1 实现营业收入3.4 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment returns over the next 6-12 months [5]. Core Insights - The company experienced a decline in revenue and net profit in the first half of 2025, with revenue at 340 million yuan, down 11.7% year-on-year, and net profit at 130 million yuan, down 3.5% year-on-year [1]. - Despite short-term business pressures, the company has a solid order backlog, with contract liabilities amounting to 1.059 billion yuan, reflecting a 5.83% increase compared to the same period last year [1]. - The company is actively pursuing an AI-driven strategic transformation, which has shown significant results in improving employee retention and marketing efficiency [3]. Summary by Sections Financial Performance - In H1 2025, the company's gross margin was 77.49%, an increase of 1.35 percentage points year-on-year, primarily due to a decrease in the proportion of low-margin consulting revenue [2]. - The net profit margin for H1 2025 reached 38.28%, up 2.95 percentage points year-on-year, aided by changes in the fair value of financial assets and increased investment income [2]. - The company plans to distribute a cash dividend of 119 million yuan, representing 90.74% of net profit attributable to shareholders [2]. Strategic Initiatives - The company is advancing its "Effective Education + AI" strategy, with plans to open 100 branches in key cities over the next 3-5 years, showing strong market expansion potential [3]. - AI implementation has led to a 16% increase in employee retention and a 46% growth in sales performance in H1 2025 [3]. Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been adjusted to 294 million yuan, 334 million yuan, and 371 million yuan, respectively, reflecting a slight downward revision [3]. - The estimated EPS for 2025-2027 is projected to be 2.46 yuan, 2.80 yuan, and 3.11 yuan, with corresponding P/E ratios of 15x, 13x, and 12x [3].