国联民生证券表示，素质教育在"双减"后得到快速发展，艺体、STEAM、营地、研学等百花齐放，市 场有望在2027年突破万亿规模。另外，受高校毕业生持续增长和毕业生就业偏好等因素影响，"公考炙 手可热"，报名人数屡创新高，招录比节节攀升，"公考"迎来发展机遇。国信证券此前指出，目前天立 国际控股的AI产品矩阵已包含AI冲刺营、AI智习室、AI课堂和多元升学指导服务等多项产品。 智通财经APP获悉，天立国际控股(01773)涨近6%，截至发稿，涨4.41%，报2.37港元，成交额2966.27万 港元。 消息面上，12月30日，教育部科学技术与信息化司司长周大旺在新闻发布会上透露，下一步，教育部将 继续深入推进人工智能赋能教育行动，计划在明年出台相关政策文件，系统部署推进人工智能教育和应 用，构建面向未来的教育体系。按照不同教育阶段特点，分类推动人工智能通识教育，培养胜任智能时 代的高素质人才。招商证券认为，AI+教育产品进入落地期，关注产业链公司产品迭代。 ...

Group 1 - The company reported a revenue of RMB 3.589 billion for the year ending August 31, 2025, representing an increase of 8.07% year-on-year [1] - The profit attributable to the company's owners was RMB 664 million, reflecting a year-on-year increase of 15.33% [1] - The basic earnings per share were RMB 0.3225, and a final dividend of RMB 0.039 per share was proposed [1] Group 2 - The increase in revenue was primarily driven by the growth in comprehensive education services and product sales [1] - The company has established AI as a core strategic direction for future development, responding to national calls for digital education [1] - The self-developed "Qiming AI Companion" model has successfully passed the national generative AI service filing as of June 2025, featuring various functionalities such as personalized profile setup and precise learning situation analysis [1] Group 3 - The company's AI product series includes AI Sprint Camp, AI Smart Study Room, AI Classroom, and diversified college guidance services, which have completed market promotion and performance testing [1] - The future AI smart education business will follow an "internal and external dual circulation" development model, enhancing internal capabilities and expanding external market presence [2] - The company aims to leverage its nationwide school network, resources, and brand reputation to strengthen its industry moat through AI education empowerment [2]

Core Insights - The company reported a revenue of RMB 3.589 billion for the fiscal year ending August 31, 2025, representing an increase of 8.07% year-on-year [1] - The profit attributable to the company's owners was RMB 664 million, up 15.33% year-on-year, with basic earnings per share at RMB 0.3225 [1] - The increase in revenue was primarily driven by the growth in comprehensive educational services and product sales [1] Group 1 - The company has established AI as a core strategic direction for future development in response to national digital education initiatives [1] - The self-developed "Qiming AI Companion" model successfully passed the national generative AI service filing in June 2025, featuring functions such as personalized profile setup, precise learning situation analysis, multimodal teaching explanations, and personalized homework grading [1] - The company's AI product series includes AI Sprint Camp, AI Smart Study Room, AI Classroom, and diversified college guidance services, which have completed market promotion and performance verification [1] Group 2 - The company's AI smart education business will follow an "internal and external dual circulation" development model [2] - Internally, the company aims to empower schools by addressing weak student performance, enhancing overall school quality, and optimizing the teacher-student ratio to achieve cost reduction and efficiency [2] - Externally, the company plans to leverage its nationwide school network, resources, and brand reputation to expand external market stores and services, strengthening its industry moat through AI education empowerment [2]

Core Viewpoint - Tianli International Holdings (01773) is experiencing a significant stock price increase, attributed to positive earnings expectations and growth in its educational services sector [1] Financial Performance - The company plans to hold a board meeting on November 28 to approve its final performance results [1] - It has issued a profit warning, projecting revenue of approximately 3.6 billion HKD for the fiscal year ending August 31, 2025, representing an 8% year-on-year increase [1] - Expected profit is around 650 million HKD, reflecting a 17% year-on-year growth [1] Business Growth Drivers - The growth in performance is primarily due to an increase in the number of clients for its comprehensive educational services [1] - The company aims to systematically advance its diversified business and commercialize AI-related products, including the AI Sprint Camp [1] AI Product Matrix - According to Guosen Securities, the company's AI product matrix includes several offerings such as AI Sprint Camp, AI Smart Study Room, AI Classroom, and diversified higher education guidance services [1] - For the 2024-25 academic year, the company expects to assist two students in gaining admission to Peking University and one to Tsinghua University through its AI products [1] - Among the 1,000 students covered by the Sprint Camp, 81% achieved score improvements in their final college entrance examinations, with an average score increase of 48 points [1]

Core Viewpoint - Guosen Securities maintains an "outperform" rating for Tianli International Holdings (01773) based on its current valuation, business resilience, and growth prospects in AI education [1] Financial Performance - For the fiscal year 2025, the company expects a profit increase of 17% year-on-year, with revenue projected at 3.6 billion yuan (+8%) and net profit at 650 million yuan (+17%) [1] - The significant profit growth is attributed to an increase in the number of clients for comprehensive educational services, with profit growth outpacing revenue growth due to a focus on core educational services and improved utilization of school resources [1] Enrollment and Quality of Education - The number of students served in the fall semester of 2025 increased by 8% year-on-year, with high school student numbers rising by 11%, although the growth rate is slowing [2] - The company maintained a high standard of education, producing 28 students admitted to prestigious universities, with a college admission rate of approximately 90% and a first-tier university admission rate of about 58% [2] Business Development and AI Education - The company has been diversifying its business since 2022, including management services for schools and various educational programs [3] - By the end of the fiscal year 2025, the company provided management services to 18 schools, up from 10 in the previous year, indicating potential for further growth [3] - The AI education product matrix includes various offerings, with 81% of students in the AI sprint camp achieving score improvements in their final exams, averaging an increase of 48 points [3]

Group 1 - The core viewpoint of the report is that Tianli International Holdings (01773) is expected to achieve a profit growth of 17% year-on-year in the fiscal year 2025, driven by a solid core education service business and the introduction of AI education products [1][2] - The company anticipates a revenue of 3.6 billion yuan, representing an 8% increase, and a net profit of 650 million yuan, reflecting a 17% increase, primarily due to the growth in the number of clients for comprehensive education services [1][2] - The company has maintained a high standard of educational quality, with a college entrance examination (Gaokao) undergraduate rate of approximately 90% and a first-tier undergraduate rate of about 58% for mature schools [2] Group 2 - The company has been diversifying its business since 2022, including management services for external educational institutions and various educational programs, with the number of managed schools increasing from 10 to 18 [3] - The AI education product matrix includes several offerings such as AI sprint camps and AI classrooms, with 81% of students in the sprint camp achieving score improvements in their final exams, averaging an increase of 48 points [3] - The company has successfully attracted students from families with payment capabilities, as evidenced by the admission of students to prestigious universities like Peking University and Tsinghua University [3]

Core Viewpoint - The company expects a 17% year-on-year increase in net profit for the fiscal year 2025, driven by a steady growth in its core education services and an increase in the number of clients [1] Group 1: Financial Performance - The company forecasts a revenue of 3.6 billion yuan, representing an 8% increase, and a net profit of 650 million yuan, reflecting a 17% increase for the fiscal year 2025 [1] - The profit growth rate is significantly higher than the revenue growth rate, attributed to the company's focus on core education services and improved profitability quality [1] - The company has revised its net profit expectations down to 650 million yuan for the fiscal year 2025, lower than the previous estimate of 780 million yuan due to one-time investments in AI education and other operational optimizations [1] Group 2: Student Enrollment and Quality - The number of students served in the fall semester of 2025 is expected to grow by 8% year-on-year, with high school student numbers increasing by 11%, although the growth rate is slowing [1] - The company has maintained a high standard of educational quality, with a college admission rate of approximately 90% and a first-tier college admission rate of about 58% for mature schools [1] - Emerging schools have shown improvements in college admission rates, with increases of 32% and 14% in overall and first-tier college admission rates, respectively [1] Group 3: Business Development and AI Education - The company has been diversifying its business since 2022, including management services for schools and various educational programs, with an increase in the number of managed schools from 10 to 18 [2] - The company has launched historical-themed study tours, achieving a 20% year-on-year increase in external service participants [2] - The AI education product matrix includes several offerings, with 81% of students in the AI training camp achieving score improvements in their final exams, averaging an increase of 48 points [2] Group 4: Investment Outlook - Based on the company's current valuation, business resilience, and growth prospects in AI education, the investment rating is maintained at "outperform the market" [3] - The company has adjusted its core operating net profit forecasts for 2025-2027 to 650 million, 730 million, and 830 million yuan, corresponding to PE ratios of 6, 6, and 5 times [3] - The company aims to balance short-term financial growth and long-term student quality by adjusting enrollment policies and lowering admission thresholds [3]

Investment Rating - The report maintains an "Outperform" rating for the company [6][4]. Core Insights - The company expects a 17% year-on-year increase in net profit for the fiscal year 2025, driven by a growth in the number of clients for its comprehensive education services [1][9]. - Revenue is projected to reach 3.6 billion yuan, reflecting an 8% increase, while net profit is anticipated to be 650 million yuan [1][5]. - The profit growth rate is significantly higher than the revenue growth rate, attributed to a focus on core education services and improved utilization rates of schools [1][9]. Summary by Sections Financial Forecasts - For fiscal years 2023 to 2027, the company forecasts revenue growth from 2.3 billion yuan in 2023 to 4.2 billion yuan in 2027, with a compound annual growth rate of approximately 9.1% [5][18]. - Net profit is expected to grow from 334 million yuan in 2023 to 829 million yuan in 2027, indicating a strong upward trend [5][18]. Business Performance - The number of students served increased by 8% year-on-year for the fall semester of 2025, with high school student numbers growing by 11% [2][12]. - The company has maintained a high academic standard, with a college admission rate of approximately 90% and a first-tier university admission rate of about 58% [2][12]. AI Education Initiatives - The company has made significant progress in its AI education products, which include various programs that have shown positive results, such as an 81% improvement rate in exam scores among participating students [3][13]. - The AI product matrix is expected to enhance the learning experience and contribute to business growth [4][16]. Operational Developments - The company has expanded its management services to 18 schools, up from 10 in the previous fiscal year, indicating potential for further growth in this area [3][13]. - The introduction of historical theme study tours has also seen a 20% increase in external service participation [3][13].