风险提示：政策变化风险，出生人数严重下滑，行业竞争加剧。 盈利能力持续提升，财务状况显著优化。1）25H1/25Q2 公司毛利率分别为36.3%/39.81%，同比 +0.26/+0.98pcts。2）25H1/25Q2 公司销售费用率分别为6.14%/6.11%，同比+0.43/+0.17pcts，主要系公司 为提升市场占有率，市场投入增加。3）25H1/25Q2 管理费用率分别为13.69%/13.05%，同 比-1.14/-1.51pcts，主要系费用管控能力增强。4）25H1/25Q2 公司财务费用率分别为1.36%/1.21%，同 比-0.17/-0.07pcts。公司积极偿还借款，截至25H1 末，对紫光卓远的借款本金已全部还清，显著改善了 公司的资产负债结构，降低了财务费用。4）综合来看，25H1/25Q2 公司销售净利率达到 11.98%/14.84%，同比+2.01/+2.72pcts。25H1公司因实施股权激励产生股份支付费用2643 万元，若剔除 股份支付费用，公司实现归母净利润2.56 亿元，同比+43.86%，扣非归母净利润2.38 亿元，同比 +41.13%。 债务出清轻装上阵，行 ...

说起鲁商集团，不仅是商贸流通行业的领军企业，在新商科、医疗康养、职业教育、智能建筑、新技术等专业领域均有丰富的产业优势资源。单看教育板 块，鲁商集团现拥有4所本专科院校和1家连锁化经营的幼教集团。8月22日，鲁商集团召开教育板块"强管控、提质效"专题工作会议，研讨分析集团教育事 业面临的新形势、新情况和新问题，加快推动集团教育板块一体化高质量发展。 齐鲁晚报·齐鲁壹点记者 张頔 教育板块，蓬勃发展 兴办教育是鲁商集团承担社会责任、支撑企业发展的重要依托，近年来，集团深入贯彻落实党的教育方针，突出教育科技人才强劲支撑，教育板块各单位党 的领导全面加强，锚定关键任务推动提档升级，内涵建设持续强化，产教融合持续深化，师资队伍建设不断加强，整体呈现高质量发展的良好态势。 在鲁商集团的教育板块中，山东商业职业技术学院是中国特色高水平高职院校（A档）建设单位、国家优质校、国家示范校，商科优势突出。青岛酒店管理 职业技术学院作为全国第一家独立设置的酒店管理类职业院校，是中国特色高水平高职院校建设单位、首批省特色名校、首批省优质校，酒店管理专业特色 明显。山东城市服务职业学院是首批省技工教育特色名校、国家级高技能人才培训基地 ...

Core Viewpoint - The article highlights a significant shift in perceptions towards vocational education in China, indicating that vocational schools are gaining recognition and importance in the higher education landscape, as evidenced by recent enrollment trends and institutional changes [1][2][3]. Group 1: Changes in Vocational Education Perception - Recent news shows students with high scores opting for vocational schools, suggesting a change in attitude towards vocational education [1]. - The number of vocational schools is substantial, with 1,554 vocational institutions compared to 2,919 general higher education institutions, indicating the prominence of vocational education [2]. Group 2: Data Supporting Vocational Education Growth - The Ministry of Education has approved the establishment of 87 undergraduate-level vocational schools, with 36 approved this year alone, reflecting a strong trend towards elevating vocational education [3]. - In modern industries, 70% of new frontline workers are graduates from vocational schools, highlighting their critical role in the workforce [3]. - Admission scores for vocational universities have significantly increased, with institutions like Shenzhen Vocational University exceeding the scores of many 211 universities, indicating rising prestige [3]. Group 3: Practical Training and Employment Opportunities - The collaboration between vocational institutions and industry leaders, such as the KUKA Academy, exemplifies the integration of practical training with employment opportunities, enhancing the appeal of vocational education [4]. - Students are increasingly attracted to vocational schools for the practical skills and direct employment prospects they offer, challenging traditional views on the value of academic degrees [4].

Core Viewpoint - The article highlights the significant growth in vocational education enrollment in China, contrasting it with the slower growth in traditional undergraduate programs, indicating a shift in educational preferences driven by employment opportunities and market demands [15][22][34]. Group 1: Enrollment Trends - From 2019 to 2023, enrollment in higher vocational colleges surged from 3.69 million to 5.55 million, an increase of 1.86 million, while traditional undergraduate enrollment only increased by 112,000 annually [15][22]. - In 2024, 45 new higher education institutions were established, with a further 58 approved in 2025, indicating a trend of expanding vocational education [4][5]. Group 2: Employment Market Dynamics - The job market is experiencing a dichotomy where there is a high number of graduates struggling to find jobs, while skilled blue-collar workers are in high demand, with a predicted shortage of 30 million workers in key manufacturing sectors by 2025 [8][22]. - A survey indicated that the employment rate for vocational college graduates is 56.6%, surpassing that of undergraduate and postgraduate students by over ten percentage points [23]. Group 3: Policy and Structural Changes - The Chinese government has implemented several policies to enhance vocational education, including the 2014 decision to allow vocational institutions to offer bachelor's degrees and the 2019 reform plan that equates vocational and traditional bachelor's degrees [16][17][19]. - The 2022 revision of the Vocational Education Law established a legal framework for modern vocational education, further supporting its development [18]. Group 4: Market Relevance and Curriculum Adaptation - Vocational education programs are increasingly aligned with market needs, with over 70% of programs updated or newly introduced in the last decade to meet industry demands [29][30]. - Institutions are adopting collaborative models with businesses to tailor educational programs, resulting in high employment rates for graduates, with some institutions reporting over 98% job placement [31]. Group 5: Changing Perceptions - There is a notable shift in societal attitudes towards vocational education, with more students and parents recognizing its value, especially as traditional degree holders face employment challenges [34][35]. - The perception that vocational schools are a fallback option is changing, with some vocational institutions now having higher admission scores than traditional universities [35].

Group 1 - The establishment of the Higher Vocational Education Branch of the Fujian Higher Education Society aims to deepen the integration of industry and education, promoting high-quality development in vocational education in Fujian Province [1][2] - The conference was attended by representatives from 45 vocational colleges and 25 enterprises, highlighting the collaborative effort between educational institutions and industry [1][2] - The first leadership team of the branch was elected, with Wang Feng from Liming Vocational University becoming the first president, indicating a structured governance for the new organization [1][3] Group 2 - The branch is expected to play a significant role in building a distinctive vocational education system in Fujian, contributing to the province's educational strength strategy [2][3] - Key figures emphasized the importance of collaboration among educational institutions, government, and enterprises to enhance vocational education quality and meet the demands of modern society [2][3] - The branch will facilitate regular exchanges of educational practices and innovations, aiming for deep cooperation in research, professional development, and practical training [4]

Core Viewpoint - The company has shown solid revenue growth and profitability in the education sector, with a focus on personalized education and accelerated acquisitions in vocational training, despite some pressure on profit margins due to expansion costs [1][2][4]. Financial Performance - In 2024, the company achieved a revenue of 2.79 billion yuan, a year-on-year increase of 25.9%, and a net profit attributable to shareholders of 180 million yuan, up 16.8% year-on-year [1]. - The fourth quarter of 2024 saw a revenue of 540 million yuan, a 28.6% increase year-on-year, but a significant drop in net profit to 3.96 million yuan, down 89.2% year-on-year [1]. - For the first quarter of 2025, the company reported a revenue of 860 million yuan, a 22.5% increase year-on-year, and a net profit of 70 million yuan, up 47% year-on-year [1]. Business Segments - The company’s education training service revenue reached 2.697 billion yuan in 2024, with a year-on-year growth of 25.64% [1]. - The number of personalized learning centers increased from over 240 to more than 300, covering over 100 cities, with more than 4,000 full-time teachers [1]. - The company completed acquisitions of two vocational schools in 2024, further solidifying its position in the vocational education sector [1]. Profitability Metrics - The gross margin for 2024 was 34.56%, down 1.95 percentage points year-on-year, primarily due to the expansion of personalized learning centers [2]. - The net profit margin for 2024 was 6.33%, a decrease of 0.56 percentage points year-on-year [2]. - In the first quarter of 2025, the gross margin was 32.02%, a decline of 0.4 percentage points year-on-year [3]. Strategic Initiatives - The company announced a stock buyback plan of 110 to 150 million yuan to enhance shareholder value and demonstrate confidence in its long-term growth [3]. - The buyback will prioritize share cancellation, with an amount of 60 million yuan allocated for this purpose [3]. Industry Outlook - The education sector is gradually stabilizing, with the company positioned as a leading player in high school one-on-one training, showcasing a unique market presence [4]. - The company has cleared its debt to a major shareholder, improving its financial cost structure and potentially accelerating growth under the leadership of its founder [4].