来源：环球网 近日，学大教育发布半年报。 上半年，学大教育实现营业收入19.16亿元，同比增长18.27%；归母净利 润2.3亿元，同比增长42.18%。横向上看，学大教育的业务优势和壁垒持续夯实；纵向上看，学大教育 已经连续十个季度保持增长，显示出在复杂形势下的强大韧性。 业内人士指出，这得益于学大教育坚持长期主义和稳健增长的经营理念，以及将个性化教育领域优势在 其他领域快速复制的能力。 领跑A股教育半年报 A股教育上市公司的营收TOP10的格局相对稳定，但其中亦发生微妙的变化，凸显学大教育的竞争优 势。 首先，TOP10公司整体营收增长情况好于去年，但学大教育仍保持行业领跑。今年上半年，TOP10公司 营收负增长的公司由5家减少到3家，营收增长超过10%的公司由3家增长到6家。在整体增长改善的情况 下，学大教育继续领跑，其18.27%的增速在TOP10公司中排名第3。在去年高基数情况下持续高增长， 显示出其较强的增长能力。 其次，学大教育在垂直领域稳扎稳打，单位模型的规模化增长明显。今年上半年，职业培训行业增长承 压，这与行业竞争加剧、单价下降有关。学大教育的网点数量虽不如其他公考领域"巨头"企业，但学大 ...

Core Insights - The company reported a revenue of 1.92 billion yuan for the first half of 2025, representing a year-on-year increase of 18.3%, with a net profit attributable to shareholders of 230 million yuan, up 42.2% year-on-year [1] - In the second quarter of 2025, the company achieved a revenue of 1.05 billion yuan, a year-on-year increase of 15.0%, and a net profit of 160 million yuan, reflecting a 40.0% year-on-year growth [1] - The company is focusing on diversifying its educational offerings, including personalized education and vocational training, while also making progress in AI research [2] Financial Performance - The company’s revenue growth rate has gradually slowed down, with first quarter growth at 22.5% and second quarter growth at 15.0% due to the stabilization of store expansion [1] - The gross profit margin for the second quarter of 2025 was 39.8%, an increase of 1.0% year-on-year, while the net profit margin (excluding stock incentive costs) was 15.7%, up 3.2 percentage points year-on-year [2] - The company’s operating expenses have been optimized, with sales expense ratio at 6.1%, management expense ratio at 13.1%, and R&D expense ratio at 0.8% [2] Strategic Developments - The company has successfully overcome the impacts of the "double reduction" policy and is now focusing on the development of diversified educational services [2] - The company is actively expanding into the AI + education sector, with its Star Map model having passed regulatory approval and integrated with DeepSeek [2] - The company is expected to see continued improvement in profitability as it expands its network and market share, leveraging AI technology to enhance capacity [2]

Group 1 - Zhejiang Taizhou Yelinwan Investment Planning Co., Ltd. pledged a total of 2.1 million shares of Xueda Education, accounting for 1.72% of the total share capital [1] - As of the announcement date, Zhejiang Taizhou Yelinwan Investment Planning Co., Ltd. has pledged a total of 12.2 million shares, representing 98.0% of its total holdings [1] - Other major shareholders have also pledged significant portions of their shares, with Tianjin Ante Cultural Communication Co., Ltd. pledging 4.98 million shares (47.02% of its holdings) and Tianjin Jinfeng Cultural Communication Co., Ltd. pledging 2.47 million shares (41.13% of its holdings) [1] Group 2 - Xueda Education reported a revenue of 864 million yuan for Q1 2025, an increase of 22.46% year-on-year [3] - The net profit attributable to the parent company was 73.77 million yuan, reflecting a year-on-year increase of 47.0% [3] - The company has a debt ratio of 80.0% and a gross profit margin of 32.02% [3]

证券研究报告：社会服务 | 公司点评报告 发布时间：2025-06-26 股票投资评级 买入|首次覆盖 个股表现 -35% -27% -19% -11% -3% 5% 13% 21% 29% 37% 45% 2024-06 2024-09 2024-11 2025-01 2025-04 2025-06 学大教育 社会服务 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 48.03 | | --- | --- | | 总股本/流通股本（亿股）1.22 / 1.18 | | | 总市值/流通市值（亿元）59 / 57 | | | 52 周内最高/最低价 | 63.49 / 40.56 | | 资产负债率(%) | 79.0% | | 市盈率 | 31.62 | | 第一大股东 | 浙江台州椰林湾投资策 | | 划有限公司 | | 研究所 分析师:王晓萱 SAC 登记编号:S1340522080005 Email:wangxiaoxuan@cnpsec.com 业务扩展多点开花，教培、职教、书店、医教各有进展。教培端， 2024 年公司的个性化学习中心从 240 余所增加至超过 300 所， ...