在当今竞争激烈的商业环境中，企业管理咨询已成为众多企业实现突破、提升竞争力的关键助力。北京创锟企业 管理咨询有限公司，作为行业内的佼佼者，凭借其专业的团队、丰富的经验以及全方位的咨询服务，赢得了市场 的广泛认可与好评。自成立以来，北京创锟企业管理咨询有限公司始终致力于为企业提供高质量、定制化的管理 解决方案，助力企业在复杂多变的市场环境中稳健前行。 北京创锟企业管理咨询有限公司的主营业务广泛且深入，涵盖了人力资源咨询、薪酬咨询、薪酬绩效咨询、战略 规划咨询、绩效管理咨询、股权咨询、战略咨询、管理咨询、企业管理咨询、绩效咨询等多个领域。在人力资源 咨询方面，公司凭借对行业动态的敏锐洞察，为企业提供人才招聘、培训与发展、员工关系管理等一站式服务， 帮助企业构建高效、和谐的人力资源体系。据统计，北京创锟已为超过500家企业提供了人力资源咨询服务，客户 满意度高达98%。 薪酬咨询与薪酬绩效咨询是北京创锟的另一大核心业务。公司通过深入分析企业的薪酬结构、绩效管理体系，结 合市场行情与行业标准，为企业量身定制科学合理的薪酬与绩效方案。这不仅有助于激发员工的工作积极性，还 能有效提升企业的整体运营效率。据不完全统计，经过 ...

截至发稿，行动教育市值为51亿元。 每经头条（nbdtoutiao）——新能源重卡爆单了，11月销量同比增长178%！两班倒都供不应求，客户直 接进厂催单，这情景十年难遇 （记者 曾健辉） 每经AI快讯，行动教育（SH 605098，收盘价：42.69元）12月22日晚间发布公告称，上海行动教育科技 股份有限公司于2025年12月16日召开第五届董事会第十一次会议审议通过了《关于以集中竞价交易方式 回购公司股份的议案》。现将公司回购股份决议的前一个交易日前十大无限售条件股东披露如下：李践 持约3695万股，占比30.98%；上海蓝效商务咨询合伙企业（有限合伙）持约2083万股，占比17.46%； 上海云盾商务咨询合伙企业（有限合伙）持约997万股，占比8.36%；上海云效企业管理中心（有限合 伙）持约473万股，占比3.97%；李维腾持约253万股，占比2.12%；香港中央结算有限公司持约205万 股，占比1.72%；陈军持约113万股，占比0.94%；百年人寿保险股份有限公司－百年传统保险2号持约 101万股，占比0.85%；泰康资产强化回报混合型养老金产品－中国建设银行股份有限公司持约81万 股，占比0. ...

随着企业对人才管理日益重视，中国人力资源服务市场正迎来前所未有的发展机遇。在众多服务商中，五家具有代表性的领军企业凭借其独特的市场定位、 业务模式和技术创新，共同塑造了行业生态，为不同规模、不同发展阶段的企业提供了多元化、专业化的解决方案。 3. 科锐国际 (Career International) 科锐国际是国内领先的以技术驱动的整体人才解决方案服务商，也是较早登陆A股的人力资源服务企业。其服务包括中高端人才访寻、招聘流程外包、灵活 用工等，业务覆盖全球20多个细分行业。 4. 终成国际 终成国际成立于2010年，总部位于青岛和上海，是一家快速成长的一站式人力资本解决方案服务商。公司核心业务包括人力资源外包、劳务派遣、薪酬财 税、管理咨询、企业出海、灵活用工、数智化服务及校企合作等，服务网络覆盖全国超过200个城市，为众多企业及员工提供全方位的人力资源服务。 中国国际技术智力合作集团有限公司成立于1987年，是一家以人力资源为核心主业的中央一级企业。其服务范围广泛，包括人事代理、劳务派遣、业务外 包、薪酬财税、管理咨询及国际人力资源业务等，服务客户超过5万家企业。 2. FESCO 北京外企人力资源服务有 ...

Summary of Action Education Conference Call Company Overview - **Company**: Action Education - **Industry**: Management Training and Consulting Key Points Financial Performance - For Q3 2025, Action Education reported a revenue of **¥566 million** and a net profit attributable to shareholders of **¥215 million** [4][6] - Total assets reached **¥2.177 billion**, with net assets at **¥960 million** and contract liabilities at **¥1.05 billion** [4][6] - Major revenue sources include: - Concentrated EMBA: **¥203 million** (35.92%) - Principal EMBA: **¥200 million** (35.45%) - Management Consulting: **¥88.34 million** (15.65%) [4][6] Core Business Segments - Concentrated EMBA and Principal EMBA account for over **70%** of total revenue, highlighting the concentration of core business [2][4] - Total revenue from the three main products constitutes **87%** of overall income [2][4] Training Participation - In Q3 2025, the number of participants for Concentrated EMBA exceeded **8,300** with an attendance rate of **107%** [2][5] - Principal EMBA had over **7,800** participants with a **100%** attendance rate [2][5] Market Response and Growth Strategies - Despite market uncertainties in Q2, the company demonstrated strong resilience, leading to a significant rebound in revenue and cash flow in Q3 [2][6] - The industrial manufacturing sector has become the largest client industry, accounting for **21%** of total payments, surpassing the food industry [2][7] - The healthcare sector has risen to the third position, indicating shifts in client structure due to macroeconomic changes [2][7] Cost Management - Operating costs decreased by approximately **10%** in Q3, attributed to economies of scale and increased participation lowering unit costs [2][9][10] - The overall gross margin for the first nine months of the year was **78%**, with a slight decrease in sales expense ratio [11] AI Product Development - Action Education launched AI Sales Master and AI Organizational Building tools, receiving positive feedback and orders from clients [3][13] - Future pricing strategy for AI products aims to enhance total revenue through volume rather than high pricing [13] Expansion Plans - The "Hundred Schools Plan" aims to increase sales channels and brand influence, with over **50%** of new locations in previously untapped areas [2][8][12] - Currently, **14** city general managers are in incubation, with **8** entering the second phase of site establishment [12] Dividend Policy - The company maintains a high dividend policy, aiming for full distribution to shareholders based on strong performance expectations by year-end [15] Future Outlook - The company anticipates sustained profit margins around **30%**, with stable management and financial expenses [11] - Continued recruitment of talent and expansion of the "Hundred Schools Plan" is expected to drive future growth [12] This summary encapsulates the key insights from the conference call, focusing on financial performance, market strategies, product development, and future outlook for Action Education.

Core Viewpoint - The provincial development and reform commission is initiating a program to establish a public service system for private enterprises, aiming to enhance the modern enterprise system with Chinese characteristics [1] Group 1: Service Institution Requirements - The commission plans to collect a list of service institutions with professional capabilities and a willingness to assist private enterprises [1] - Eligible institutions include accounting firms, law firms, management consulting companies, financial institutions, universities, research institutes, and industry associations [1] Group 2: Service Content - The services provided will include participation in enterprise research, policy promotion, seminars, business training, information consulting, listing guidance, specialized lectures, and technical diagnostics [1] - Support will cover areas such as finance, taxation, intellectual property, innovation, legal advice, management consulting, testing, digitalization, and market expansion [1] Group 3: Application Process - Service institutions that meet the criteria can voluntarily apply, with local development and reform departments reviewing and forwarding applications to the provincial commission [1]

Investment Rating - The report maintains a "Buy" rating for the company [10]. Core Insights - In H1 2025, the company reported revenue of 344 million yuan, a year-on-year decrease of 11.68%. The net profit attributable to the parent company was 131 million yuan, down 3.51% year-on-year, while the net profit after deducting non-recurring items was 120 million yuan, a decline of 11.61% year-on-year [2][6]. - For Q2 alone, revenue was 213 million yuan, a decrease of 14.22% year-on-year, with a net profit of 103 million yuan, down 8.06% year-on-year, and a net profit of 97 million yuan after non-recurring items, down 12.10% year-on-year [2][6]. - The company is undergoing a transformation towards "Effective Education + AI Education" 4.0 era, focusing on four areas: technology, organization, product, and customer collaboration [12]. - The company aims to empower 10,000 enterprises to become AI organizations and train 1 million AI operators over the next three years [12]. Financial Performance - The company’s contract liabilities at the end of the period were 1.059 billion yuan, slightly down 1.87% from the beginning of the year [7]. - The proposed cash dividend is 10.00 yuan per 10 shares (including tax), totaling 119 million yuan, which accounts for 90.74% of the net profit attributable to the parent company for H1 2025 [7]. - The company’s gross margin improved to 77.49% in H1 2025, an increase of 1.35 percentage points year-on-year, with management training and consulting gross margins at 84.3% and 46.5%, respectively [12]. Earnings Forecast - The forecast for net profit attributable to the parent company for 2025-2027 is 279 million, 329 million, and 380 million yuan, respectively, with corresponding price-to-earnings ratios of 16, 14, and 12 times [2][12].

Core Viewpoint - The company is experiencing short-term pressure on its business performance, but it maintains a sufficient order backlog and is actively pursuing strategic expansion through AI and a new school plan [3][4][6]. Financial Performance - In H1 2025, the company achieved revenue of 340 million yuan, a year-on-year decrease of 11.7%, and a net profit attributable to shareholders of 130 million yuan, down 3.5% year-on-year [3]. - In Q2 2025, the company reported revenue of 210 million yuan, a decline of 14.2% year-on-year, and a net profit of 100 million yuan, down 8.1% year-on-year [3]. - The company's cash received from sales and services in H1 2025 was 338 million yuan, a decrease of 25.13% year-on-year, likely due to reduced payment willingness from some enterprises [4]. Business Segments - Revenue from management training, consulting, and book sales in H1 2025 was 285 million, 54 million, and 4 million yuan, respectively, showing year-on-year changes of -8.88%, -25.56%, and +33.43% [4]. - The company continues to implement a large client strategy, focusing on industry and regional leaders, with a contract liability balance of 1.059 billion yuan as of H1 2025, an increase of 5.83% compared to H1 2024 [4]. Profitability and Dividends - The gross profit margin for H1 2025 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 [5]. - The net profit margin for H1 2025 reached 38.28%, up 2.95 percentage points year-on-year, supported by changes in the fair value of financial assets and increased investment income [5]. - The company plans to distribute a cash dividend of 119 million yuan for H1 2025, representing 90.74% of the net profit attributable to shareholders [5]. Strategic Initiatives - The company is advancing its "Effective Education + AI" strategy, with significant improvements in employee retention and sales performance attributed to AI systems [6]. - The "Hundred School Plan" aims to establish 100 branches in key cities over the next 3-5 years, with successful replication of management and a core team already in place [6].

Core Viewpoint - Action Education reported a decline in revenue for the first half of 2025, but showed improvement in profitability metrics such as gross margin and net margin [2][8]. Financial Overview - Total revenue for the period was 344 million yuan, a year-on-year decrease of 11.68% - Net profit attributable to shareholders was 131 million yuan, down 3.51% year-on-year - Non-recurring net profit was 120 million yuan, a decline of 11.61% year-on-year - In Q2, total revenue was 213 million yuan, a decrease of 14.22% year-on-year - Q2 net profit attributable to shareholders was 103 million yuan, down 8.06% year-on-year - Q2 non-recurring net profit was approximately 97.31 million yuan, a decline of 12.1% year-on-year - Gross margin improved to 77.49%, an increase of 1.77% year-on-year - Net margin increased to 38.28%, up 8.35% year-on-year [2][9]. Cash Flow Situation - Operating cash flow per share was 0.57 yuan, a significant decrease of 61.28% compared to the same period last year - Cash and cash equivalents amounted to 1.349 billion yuan, an increase of 3.44% year-on-year [4]. Accounts Receivable and Debt - Accounts receivable stood at 294,300 yuan, a year-on-year increase of 238.05% - Interest-bearing debt was 14.0367 million yuan, up 12.83% year-on-year [5]. Main Business Composition - Revenue from management training was 285 million yuan, accounting for 82.99% of total revenue with a gross margin of 84.33% - Revenue from management consulting was approximately 54.44 million yuan, making up 15.83% of total revenue with a gross margin of 46.55% [6]. Development Outlook - The company is transitioning from "Effective Education" to "Effective Education + AI," aiming to build an intelligent management ecosystem - A comprehensive AI initiative for core business processes has been launched, along with a "Hundred Schools Plan" to establish 100 branches in key cities over the next 3-5 years - The goal is to empower 10,000 enterprises to become AI organizations and train 1 million AI managers within three years [7]. Summary - Overall, while Action Education faced revenue decline in the first half of 2025, it managed to improve its profitability metrics. However, the significant drop in operating cash flow raises concerns about future cash management [8].

Summary of Action Education's Conference Call Company Overview - **Company**: Action Education - **Industry**: Education and Management Consulting Key Financial Metrics - **Revenue**: 3.43 billion CNY in H1 2025 - **Net Profit**: 1.32 billion CNY - **Net Profit Attributable to Shareholders**: 1.31 billion CNY - **EMBA Revenue**: 1.28 billion CNY from Principal EMBA and 1.2 billion CNY from Concentrated EMBA [2][3] - **Management Consulting Revenue**: 54.43 million CNY, accounting for 18% of total revenue [2][3] Performance Insights - **Attendance Rates**: - Concentrated EMBA had a 96% attendance rate in H1 2025, down from 112% in the previous year [4] - Principal EMBA had an attendance rate of 108% [3] - **Growth in Orders**: Orders increased by 60-70% in July 2025, indicating strong demand [5] Operational Efficiency - **Gross Margin Improvement**: Increased from 67.4% to 72% due to a higher proportion of concentrated and principal courses [6] - **Cost Management**: Reduction in sales expenses while R&D expenses increased, leading to improved operational efficiency [6] Strategic Initiatives - **AR Organization Development**: Plans to build a world-class AR organization within 3-5 years, focusing on human resources, marketing, research, and financial control systems [7] - **AI Integration**: Implementation of AI technologies to enhance recruitment and training, resulting in a 16% increase in new employee retention and a 46% increase in sales performance [9][10] Customer Service and Product Upgrades - **Smart Service Platform**: Aiming to enhance efficiency for entrepreneurs through technology, including the launch of the "Digital Organization" course in collaboration with DingTalk's co-founder [8] - **High-Frequency Training**: New employees now receive 28 training sessions per month, significantly improving their communication and sales skills [11] Market Challenges - **Impact of Trade Wars**: Attendance rates dropped in Q2 2025 due to trade tensions, particularly affecting regions reliant on foreign trade [18][21] - **Regional Variability**: Some areas like Guangdong faced significant declines, while others like Shanghai maintained better attendance [18] Expansion Plans - **Hundred Cities, Hundred Schools Strategy**: Successfully recruited 9 general managers and established 7 offices, with expectations of generating 50-60 million CNY in revenue this year [15][22] - **Sales Leadership Development**: New sales leaders are expected to stabilize by the end of 2025, contributing significantly to revenue growth [23] Conclusion - **Future Outlook**: Confidence in achieving annual operational goals due to improved attendance rates and strong order growth, alongside strategic investments in AI and organizational development [5][19]

Core Viewpoint - The company experienced a decline in revenue and net profit in the first half of 2025, but maintains a strong order backlog and is focusing on strategic expansion through AI and a new school plan [1][3]. Financial Performance - In H1 2025, the company achieved revenue of 340 million yuan, a year-on-year decrease of 11.7%, and a net profit of 130 million yuan, down 3.5% year-on-year [1]. - In Q2 2025, revenue was 210 million yuan, a decline of 14.2% year-on-year, with a net profit of 100 million yuan, down 8.1% year-on-year [1]. - The company's cash received from sales and services in H1 2025 was 338 million yuan, a decrease of 25.13% year-on-year [1]. - The gross profit margin for H1 2025 was 77.49%, an increase of 1.35 percentage points year-on-year [2]. - The net profit margin for H1 2025 reached 38.28%, up 2.95 percentage points year-on-year [2]. - The company plans to distribute cash dividends of 119 million yuan in H1 2025, representing 90.74% of net profit [2]. Business Strategy and Expansion - The company is advancing its "Effective Education + AI" strategy, with significant improvements in employee retention and sales performance due to AI implementation [3]. - The "Hundred Schools Plan" aims to establish 100 branches in key cities over the next 3-5 years, with successful replication of management and early revenue generation [3]. - As of March to July 2025, the company has successfully replicated 9 branch managers and created a core team of 42 people, generating revenue of 5.2792 million yuan [3]. Profit Forecast and Valuation - The company's net profit forecasts for 2025-2027 have been adjusted to 294 million yuan, 334 million yuan, and 371 million yuan, reflecting a decrease of 4%, 3%, and 3% respectively [3]. - Corresponding EPS for 2025-2027 is projected to be 2.46 yuan, 2.80 yuan, and 3.11 yuan, with PE ratios of 15x, 13x, and 12x [3]. - The company is recognized as a leader in management training, with significant potential for future client development [3].