社媒上， "查分瞬间"十分热闹——天津父子用相声式对话报分数；湖北班主任因班里出了 3 个全省前 10 名激动得声音发颤；内蒙古尖子生被 北大连夜登门"截胡"…… 接下来的志愿填报，将成为许多考生 人生十字路口 的重要抉择。 点击上图▲立即收听 " 从 2019 到 2023 年，高等职业院校的入学人数直接从 369 万飙到 555 万，暴增 186 万。相比之下，普通本科招生虽然也在涨，但每年只多招 11.2 万人，增速完全被职教 甩开了。 " 文 / 巴九灵（微信公众号：吴晓波频道） 这两天， 2025 年全国高考成绩正陆续放榜，一张张成绩单开启了 1335 万学子通往未来的大门。 高 考放榜，高校 招生咨询进行中 不同于以往，近些年一股 "疯狂建大学"的热潮正在各地兴起。 2024 年，全国高等院校数较 2023 年新增 45 所。而到了 2025 年，扩容更是迎 来高潮——据统计，今年以来教育部已同意新设高校 58 所。 这些新高校呈现出两大特点：一是北方、中西部地区占比突出；二是职业学校扩容节奏加快。 去年此时，小巴曾撰文关注过一个现象：有超过一本线 100 多分的高考生，放弃了 985 和 211 ...

以"深化产科教融合赋能高质量发展——新时代福建高职教育的使命与创新"为主题，福建省高等教育学 会高等职业技术教育分会成立大会22日至23日在黎明职业大学召开，福建省45家高职院校、25家企业会 员单位代表近100人参会。 据悉，本次大会由福建省高等教育学会高等职业技术教育分会筹委会主办、黎明职业大学承办。分会筹 委会22日下午举行预备会，听取分会筹备工作报告，审议分会规则、成立大会议程、2025年工作计划， 并对高职分会拟任领导机构人选进行了充分酝酿。 在23日召开的成立大会上，福建省高等教育学会副会长、秘书长黄跃鹏代表学会宣读《关于同意成立高 等职业技术教育分会的批复》。大会审议通过《福建省高等教育学会高职分会规则》，选举产生第一届 理事、常务理事、副秘书长、秘书长、副理事长、理事长。黎明职业大学党委副书记、校长王锋当选为 福建省高等教育学会高职分会第一届理事长；闽江职业大学原校长、福耀科技大学第一届理事会理事孙 芳仲被特聘为第一届名誉理事长；黎明职业大学党委副书记余大杭担任常务副理事长。 黎明职业大学党委书记杨远志代表黎大向分会的成立表示热烈祝贺。他指出，分会的成立，对于打造福 建特色职教体系、推动职教高 ...

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].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 2.79 billion yuan in 2024, representing a year-on-year increase of 25.9%, with a net profit attributable to shareholders of 180 million yuan, up 16.8% year-on-year [5] - The company is expanding its personalized education services and accelerating acquisitions in vocational education, with the number of personalized learning centers increasing from over 240 to more than 300 [6] - The company has repaid a significant loan, improving its financial structure and reducing financial costs, which is expected to support future growth [9] Financial Performance - In Q4 2024, the company reported a revenue of 540 million yuan, a year-on-year increase of 28.6%, but a net profit of 3.96 million yuan, down 89.2% year-on-year [5] - For Q1 2025, the company achieved a revenue of 860 million yuan, up 22.5% year-on-year, with a net profit of 70 million yuan, an increase of 47% year-on-year [5][8] - The company's gross margin for 2024 was 34.56%, down 1.95 percentage points year-on-year, primarily due to the rapid expansion of personalized learning centers [7] Growth Strategy - The company is actively expanding its non-academic education business, which is showing good growth momentum [9] - The company plans to repurchase shares worth 110 to 150 million yuan, reflecting confidence in its long-term development [8] Profit Forecast and Valuation - The report adjusts the company's net profit forecasts for 2025 and 2026 to 255 million yuan and 311 million yuan, respectively, reflecting a decrease of 8% and 13% [10] - The company is projected to maintain a strong position in the high school one-on-one training sector, with continued demand in the industry [10]

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 5.38 [7][13]. Core Views - The company's fundamentals are improving, with expectations of turning profitable for the full year 2025, supported by steady growth in its core business and operational efficiency improvements [1][5]. - The K12 school operations are showing robust growth, while vocational education is expanding through partnerships with leading companies [2][5]. - The company has optimized its operational efficiency, leading to an upward trend in profit margins [3][5]. - The change in major shareholder to Haiguotou is expected to facilitate asset structure optimization and enhance decision-making processes [4][5]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of RMB 320 million, a year-on-year increase of 25.92%, and a net profit loss of RMB 37 million, reducing losses by 25.66% [1]. - For Q1 2025, the company reported revenue of RMB 90.67 million, a year-on-year increase of 17.68%, and a net profit of RMB 468,400, marking a return to profitability [1]. Business Segments - Revenue from education services, training services, and housing leasing for 2024 was RMB 260 million, RMB 55 million, and RMB 5 million respectively, with year-on-year changes of +41.86%, -16.90%, and +10.13% [2]. - The K12 school segment is experiencing steady growth in student enrollment, while vocational education is expanding through collaborations with major companies [2]. Operational Efficiency - The company has effectively controlled sales, management, and financial expenses, with reductions of 18%, 4%, and 14% respectively [3]. - The gross profit margins for Q1 2024 to Q1 2025 showed an upward trend, indicating improved profitability [3]. Shareholder Changes - Haiguotou has become the largest shareholder after acquiring 14.84% of the shares, which is expected to streamline decision-making and support the company's long-term development [4]. Profit Forecast and Valuation - The company is projected to achieve net profits of RMB 25.16 million, RMB 46.65 million, and RMB 56.32 million for the years 2025, 2026, and 2027 respectively [5][6]. - The target price of RMB 5.38 is based on a DCF valuation, with an updated WACC of 9.36% and a perpetual growth rate of 2% [5][13].

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 5.38 [7][13]. Core Views - The company's fundamentals are improving, with expectations of turning profitable for the full year 2025, supported by steady growth in its core business and operational efficiency improvements [1][5]. - The K12 school operations are showing robust growth, while vocational education is expanding through partnerships with leading companies [2][5]. - The company has optimized its operational efficiency, leading to an upward trend in profit margins [3][5]. - The change in major shareholders, with Haiguotou becoming the largest shareholder, is expected to facilitate better decision-making and resource allocation [4][5]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of RMB 320 million, a year-on-year increase of 25.92%, and a net profit loss of RMB 37 million, reducing losses by 25.66% [1][6]. - For Q1 2025, the company reported revenue of RMB 90.67 million, a year-on-year increase of 17.68%, and a net profit of RMB 468,400, marking a return to profitability [1][6]. Business Segments - Revenue from education services, training services, and housing leasing in 2024 was RMB 260 million, RMB 55 million, and RMB 5 million, respectively, with year-on-year changes of +41.86%, -16.90%, and +10.13% [2][5]. - The K12 school segment is experiencing steady growth in student enrollment, while vocational education is expanding through collaborations with major companies [2][5]. Operational Efficiency - The company has successfully reduced sales, management, and financial expenses by 18%, 4%, and 14%, respectively, leading to improved cost control [3][5]. - The gross profit margin for Q1 2025 was reported at 32%, indicating a steady increase in profitability [3][5]. Shareholder Changes - Haiguotou's acquisition of 14.84% of shares from the previous major shareholder has increased its stake to 16%, positioning it as the largest shareholder [4][5]. Profit Forecast and Valuation - The company is projected to achieve net profits of RMB 25.16 million, RMB 46.65 million, and RMB 56.32 million for the years 2025, 2026, and 2027, respectively [5][6]. - The target price of RMB 5.38 is based on a DCF valuation, with an updated WACC of 9.36% and a perpetual growth rate of 2% [5][13].

古茗 港股｜上市在即 本文为IPO早知道原创 作者｜C叔 微信公众号｜ipozaozhidao 据IPO早知道消息，古茗控股有限公司（以下简称"古茗"）计划于2025年2月12日正式以"1364"为股 票代码在港交所主板挂牌上市。 一周IPO动态，覆盖港股、美股、A股。 古茗计划在本次IPO中发行158,612,000股股份，其中香港公开发售15,861,200股股份，国际发售 142,750,800股股份。以每股8.68港元至9.94港元的发行区间计算，古茗的IPO市值将介于202.46 亿港元至231.85亿港元。 在本次IPO发行中，古茗共引入5名基石投资者，累计认购7100万美元——其中，腾讯认购2500万 美元，元生资本和正心谷资本分别认购1500万美元、美团龙珠和Duckling Fund则分别认购800万美 元。而在IPO前，古茗仅在2020年开放了融资窗口，投资方包括美团龙珠、红杉中国、Coatue等知 名机构，累计融资规模约6.74亿元人民币。 2010年，古茗第一家门店在浙江开出。截至2023年12月31日，古茗的门店网络涵盖9,001家门店， 较2022年12月31日增加35.0%，并于 ...

致力于成为全球蓝领人才首选的终身服务平台。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，中国证监会国际合作司于2025年2月6日披露了《关于Youlife International Holdings Inc.（优蓝国际控股股份有限公司）境外发行上市备案通知书》。 根据备案通知书，优蓝国际获准通过与境外特殊目的并购公司Distoken Acquisition Corporation 合并实现在美国纳斯达克证券交易所上市。 成立于2009年的优蓝国际专注于为蓝领人才提供职业教育服务、人才招聘服务、雇员管理服务、市 场服务等终身服务，以提高他们的职业知识、实践技能和生活质量，并增加他们的就业机会并改善生 活。根据灼识咨询的资料，以2021年蓝领终身服务收入计算，优蓝国际在中国蓝领终身服务平台中 排名第一。 2024年5月20日，优蓝国际与Distoken宣布，双方已就拟议的业务合并达成最终合并协议，预计合 并后的公司将在纳斯达克挂牌上市，股票代码为YOUL。 通过本次业务合并，Distoken一方面将为优蓝国际的发展提供战略和资源支持，助力优蓝国际在 ...