记者 吴桐 实习生 马睿 昨晚，来自德国的斯利克斯（SLIXS）人声乐团六位成员站到上海夏季音乐节（MISA）的舞台 上。没有乐器，没有伴奏，但是六个人的声音交织在一起时，却如同一支乐团模拟出丰富的声音：有管 风琴般的恢宏，有弦乐般的细腻，还有打击乐般的多变节奏。演出前接受采访时，乐团成员们说，斯利 克斯不是一个传统的阿卡贝拉团体，而是一个声音的实验室。 今年MISA以"写给未来"为主题，探讨人与自然、社会和谐共生的时代命题。乐团成员说："阿卡贝 拉本就是最环保的音乐形式！不需要任何乐器，仅凭六个人的声音就能创造出一个完整的音乐世界，这 或许就是最纯粹的'绿色音乐'。" 当晚演出的重头戏《哥德堡变奏曲》选段，经男高音米夏埃尔·艾曼的精心改编，令人耳目一新。 艾曼从这部经典作品中提取出七个变奏片段，包括第七变奏的爵士切分、第一变奏的电子脉冲感、第十 八变奏的暗黑吟诵等，就像在巴洛克建筑中植入了现代元素。 艾曼说："我们两个人唱钢琴左手弹奏的音符，两个人唱钢琴右手弹奏的音符，剩下两个人，再在 这一基础上增添更丰富的细节。我们在改编时，尽量保持对原作的忠诚。"这些原本没有歌词的器乐作 品，经过改编和人声的重新演绎， ...

Core Viewpoint - The stock price of Shangde Education (STG.US) experienced a significant decline from February to April, with a maximum drop of 38.15%, but has shown signs of recovery in recent months, attributed to its consistent profitability and the rising trend of "silver-haired education" [1][3]. Financial Performance - In Q1 2025, Shangde Education reported a net revenue of 488 million yuan (approximately 67.2 million USD), a decrease of 6.8% year-on-year, with a gross profit of 415 million yuan, down 6.9%, resulting in a gross margin of 85.2% [3][4]. - The company achieved a net profit of 75.18 million yuan, a decline of 33% compared to the same period in 2024, marking its 16th consecutive quarter of profitability [3][4]. - Deferred revenue for Q1 2025 was 892 million yuan, a decrease of 2.72% quarter-on-quarter, and new student registrations fell from 175,800 to 169,100 year-on-year, indicating potential revenue recognition pressure [4][5]. Cost Management Strategies - To maintain profitability amidst stagnant revenue growth, the company has implemented cost-cutting measures, including optimizing its teaching and research teams, resulting in a 6.3% decrease in revenue costs and an 11% reduction in product development expenses [5][6]. - Sales and marketing expenses remained stable at approximately 300 million yuan (about 41.4 million USD), while management expenses increased by 5.9% year-on-year to 34.5 million yuan [4][5]. Market Trends and Opportunities - The adult education market in China is projected to exceed 800 billion yuan by 2025, with vocational skills and quality enhancement courses growing at 25%, significantly outpacing traditional education's 8% growth [4]. - The "silver-haired education" market is expanding rapidly, with the elderly population expected to exceed 310 million by 2025, creating a significant demand for educational services tailored to this demographic [7][8]. - As of April 2023, there were 76,000 elderly education institutions in China, but only about 20 million elderly learners, indicating a low penetration rate of less than 7% among the elderly population [7][8]. Strategic Initiatives - Shangde Education has begun to focus on the "silver-haired education" sector, offering courses in calligraphy, painting, and vocal music, which are popular among older learners [8][9]. - The company is transitioning from a focus on academic qualifications to interest-based education and comprehensive quality enhancement, aiming to create an integrated teaching system combining content and services [8][9]. - The introduction of educational tourism packages that combine courses with travel is part of the company's strategy to enhance user engagement and extend the customer lifecycle [9].