1、李强签署国务院令，公布《中华人民共和国增值税法实施条例》 重要程度：★★★★★ 国务院总理李强日前签署国务院令，公布《中华人民共和国增值税法实施条例》，自2026年1月1日起施 行。《条例》旨在贯彻落实《中华人民共和国增值税法》，共6章54条，主要规定了以下内容。一是细化 纳税人和征税范围。二是明确税率适用。三是确定不同情形应纳税额计算方法。四是完善税收优惠。五是 健全征管措施。 2、发改委等两部门重磅！以旧换新政策公布 涉及汽车、手机、平板、智能眼镜等 设备更新方面：将住宅老旧电梯更新由定额补贴调整为按电梯层(站)数分档差异化补贴；在老旧营运货车 报废更新补贴中，优先支持更新为电动货车。 消费品以旧换新方面：在保持汽车补贴上限不变的基础上，将定额补贴调整为按车价比例进行补贴；家电 以旧换新调整为补贴1级能效或水效产品，补贴产品售价的15%，单件补贴上限为1500元； 数码和智能产品的补贴标准保持此前数码产品标准不变。 3、两部门发布公告！明年起个人买房满两年卖出时免征增值税 重要程度：★★★ 财政部、税务总局发布关于个人销售住房增值税政策的公告。个人(不含个体工商户中的一般纳税人，下 同)将购买不足2年 ...

智通财经APP获悉，招商证券发布研报称，教育市场需求端因升学和就业压力呈现强抗周期性，中高 考"黄金十年"与国考报考人数（2025年达341.6万人）持续增长，2026年国考年龄限制放宽将进一步带 来增量。供给端趋向优化，校外培训非学科牌照增速放缓，行业竞争有望缓和，整体盈利能力或提升。 校外培训方面，在"二胎"政策和"龙宝"效应下，2024-2035年将迎来中高考的"黄金十年"，为高中及相关 培训市场提供持续增长的人口基数。2021-2025年我国高考报名人数分别为1078万人、1193万人、1291 万人、1342万人和1335万人，高考报名人数位居高位；公考方面，2020-2025年国家公务员报名人数分 别为139.6万人、157.6万人、212.3万人、259.77万人、303.3万人和341.6万人，分别同比增长1.21%、 12.89%、34.71%、22.36%、16.77%和12.62%。此外，2026年国考报考年龄限制放宽至38岁，预计将为 行业带来增量考生。 供给端：校外培训非学科营利牌照发放增速逐步放缓，头部公考机构开展战略合作 招商证券主要观点如下： 需求端：升学和就业压力驱动的教育需 ...

最近，职教圈"巨头"们的新消息不断。 12月8日，粉笔宣布将推出综合性就业服务产品——精品就业班，为学员们提供就业信息服务、职位选择指导、就业核心知识技能训练、职业素养提升等 培训内容。 马上12月12日，粉笔和华图山鼎签订了战略合作协议，在投资合作、公司治理、技术开发、渠道整合、用户服务等方面展开合作。 接连的动作背后，是"考公巨头"们藏不住的焦虑。 虽然2026年国考报名总人数达到371.8万人，再创历史新高，考公市场整体需求旺盛，但是考公机构们的增长速度却放缓了。 今年上半年，只有华图山鼎一家实现了营收、净利同比增长，中公教育和粉笔的营收和归母净利润双双下降。 | | | 2025中报 | | | --- | --- | --- | --- | | | 中公教育 | 粉笔 | 华图山鼎 | | 营业总收入(亿元) | 11.55 | 14.92 | 17.24 | | 营业总收入同比增长率(%) | -20.21 | -8.50 | 14.50 | | 归属于母公司所有者的净利润(亿元) | 0.62 | 2.27 | 2.13 | | 归属母公司股东的净利润(同比增长率)(%) | -46.69 | ...

以下文章来源于盐财经 ，作者辰夕 盐财经 . 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 作者： 辰夕 来源：盐财经 2023年春天，李怡驱车再次开往通向省考的高速。她已经记不清这是自己第几次为了公考往返这 条路。从2014年大学毕业后，她几乎每年都在经历备考、报名、进面、落榜，再重新来过。 ------------------------------- 那年她30岁，在当地的乡镇行政服务中心做了八九年的合同工，年收入一直稳定在八九万。虽然她 和其他 有编制 同事在同一间办公室办公，工作内容也没有太大不同，但工资和福利待遇却差得很 多。当初一起入职的几个有编制的同事，现在也已经成了她的领导。 "人家考上了，我没考上。差别就是这么来的。"李怡并不觉得不平衡，只是淡淡地承认。同时，她 也认识到了考公考编的意义。 2023年是她第三次省考进面。前两次，她的总分都排第二，有一次甚至只差零点几分。第三次， 她笔试考了70多分，又是第二，她决定再拼一把。 她不再是淘宝买书、自己刷题，而是报名了中公教育的5天4夜协议面试班，交了1万块钱，合同写 明不过退7500。 在众多考公机构中，她没有太多犹豫，直接选择了中公教育 ...

Core Insights - The increasing competition for civil service exams reflects a mismatch between the growing number of applicants and the limited job openings available, leading to a record competition ratio of approximately 86:1 for the 2025 national exam [2][3] - The trend of rising applicants is driven by a combination of high university graduation rates and a backlog of unemployed candidates, indicating a long-term persistence of the civil service exam popularity [2][3] - The structure of the applicant pool is diversifying, including not only fresh graduates but also working professionals seeking stability amid industry uncertainties [6][7] Recruitment Trends - The number of positions available for the national civil service exam is increasing, with 39,721 planned for 2025, but the number of applicants has surged to around 3.416 million, more than doubling the recruitment numbers from 2019 [2][3] - The focus of recruitment is shifting towards grassroots positions, with approximately 27,500 roles aimed at county-level and below, which may deter applicants due to the associated service commitments [3][4] Applicant Demographics - The applicant demographic is expanding beyond traditional graduates to include older candidates and those from various professional backgrounds, driven by the need for job security [6][8] - The trend of older candidates entering the civil service exam space is supported by relaxed age restrictions, providing new opportunities for those over 35 [7][8] Training Industry Dynamics - The civil service exam has led to a significant transformation in the training industry, with a shift from reliance on renowned instructors to a focus on technology and data integration, particularly AI [10][12] - AI is becoming essential in the training sector, enhancing personalized learning experiences and improving efficiency for both students and institutions [10][11] Market Competition - The training market is experiencing a polarization, with larger institutions leveraging technology to create competitive advantages, while smaller entities struggle to maintain quality and relevance [12][13] - The competitive landscape is evolving, with a clear distinction between institutions that can effectively utilize AI and those that cannot, leading to a potential consolidation in the industry [14][15] Societal Context - The civil service exam trend is a reflection of broader societal changes, where job stability is increasingly prioritized due to economic uncertainties in various sectors [15][16] - The perception of stability within civil service roles varies significantly based on geographic and positional factors, influencing applicants' decisions [16][17]

Core Viewpoint - The article discusses the challenges faced by the public examination training industry, particularly focusing on the experiences of a student named Li Yi with a leading training institution, Zhong Gong Education, highlighting issues related to refund difficulties and the decline of the company's financial health [3][6][17]. Group 1: Company Overview - Zhong Gong Education is a leading provider of training services for national and provincial civil service examinations, having established itself as a benchmark in the vocational education sector since its inception in 1999 [5][20]. - The company experienced rapid revenue growth, peaking at nearly 27 billion yuan, and was once valued at over 260 billion yuan after going public in 2019 [22][23]. - The business model of "money-back guarantee" for training programs was initially seen as innovative, significantly reducing the risk for students and attracting a large number of enrollments [20][21]. Group 2: Financial Challenges - Since 2021, Zhong Gong Education has faced a continuous decline in revenue, with year-on-year decreases of 38.3%, 30.19%, 36.03%, and 14.89% from 2021 to 2024 [26]. - The company reported a total of 700 new litigation and arbitration cases from January 25 to July 15, 2025, with a total amount involved reaching 53.8 million yuan, which is 7.43% of its audited net assets for 2024 [18][19]. - The refund rate has surged, exceeding 65% since 2021, indicating that for every three payments received for guarantee programs, two had to be refunded [27]. Group 3: Operational Issues - Complaints regarding refund difficulties have become a prominent issue for Zhong Gong Education, with over 100,000 complaints related to refunds on consumer complaint platforms [17][18]. - The company has implemented a new refund policy, where students who enrolled in guarantee programs from 2022 to 2023 can only receive partial refunds, significantly extending the waiting period for refunds [33]. - The operational chaos during training sessions, including disorganized logistics and inadequate facilities, has led to dissatisfaction among students [8][10]. Group 4: Market Dynamics - The public examination training market is becoming increasingly competitive, with new entrants and alternative training methods emerging, leading to a decline in Zhong Gong Education's market share [40][41]. - The company is attempting to pivot towards AI-driven educational tools, but initial market responses have been lukewarm, and the financial impact of these new initiatives remains uncertain [42][43]. - The overall trend in the public examination sector indicates a growing number of candidates, with 2.83 million participants expected for the 2026 civil service examination, yet this has not translated into improved financial performance for Zhong Gong Education [30][33].

Core Viewpoint - The article discusses the transformation of anxiety into income within the education and training industry, particularly focusing on the civil service examination training sector, which has seen a significant increase in applicants but a decline in revenue for leading training institutions [4][5]. Group 1: Industry Dynamics - The number of applicants for civil service examinations has increased by 1.4 times over the past five years, reaching 3.718 million in the latest round of applications [8]. - Despite the surge in applicants, leading training institutions like Zhonggong Education and Fenbi have reported revenue declines of 20.2% and 8.5% respectively in the first half of the year [5][8]. - The training model known as "agreement classes," which allows for refunds if students do not pass, has contributed to a significant increase in refund rates, from 44.14% in 2019 to 68.46% in 2021 for Zhonggong Education [14]. Group 2: Financial Challenges - The financial strain on training institutions is evident, with Zhonggong Education reporting cash reserves of 1.77 billion yuan and pending refunds amounting to 4.82 billion yuan [12][14]. - The business model has shifted from earning "tuition fees" to "result fees," where institutions rely on a small number of successful students to cover the refunds for the majority who do not pass [14][16]. - The investment income for Zhonggong Education has decreased significantly, from 79.27 million yuan in 2021 to 5.78 million yuan in 2024, indicating a decline in profitability [14]. Group 3: Market Competition - The civil service training market is experiencing increased competition from smaller institutions and new entrants leveraging social media platforms, which has intensified the market dynamics [10][11]. - The influx of competitors has led to a decrease in sales efficiency for leading institutions, with Zhonggong Education's sales expense ratio increasing by 6 percentage points to 25.4% [8][10]. Group 4: Strategic Shifts - In response to the challenging environment, Zhonggong Education has begun restructuring, reducing its workforce from 45,000 to 7,888 and cutting down its direct branches from 1,669 to 681 [16]. - The company is exploring new business avenues, including health services and AI employment training, although these initiatives currently contribute less than 3% to overall revenue [16][17]. - The strategic focus has shifted towards becoming an "employment and re-employment service provider," indicating a pivot from traditional training to broader employment services [17].

Group 1 - The core concept of the news is the introduction of the "AI Primary School Bean" as a complementary device to the AI employment learning machine, enhancing the learning ecosystem through hardware collaboration and addressing fragmented learning challenges [2] - The "AI Primary School Bean" features 1GB of built-in storage, allowing users to download essential study materials for offline learning, thus facilitating seamless transitions between home and outdoor learning environments [2] - The product aims to meet the growing demand for portable devices in the domestic vocational education market, particularly as the age limit for civil servant recruitment has been relaxed, expanding the target audience of working candidates [2] Group 2 - The "AI Primary School Bean" supports real-time translation in 135 languages and offers multiple modes for communication, making it suitable for various scenarios including daily conversations and business negotiations [4] - The product emphasizes practicality and durability, with a charging case that provides over 20 hours of battery life and features such as IPX4 water resistance, making it adaptable for different sports and daily activities [4] - The ergonomic design reduces discomfort during prolonged use, aligning with user habits and enhancing overall user experience [4] Group 3 - The launch of the AI headset represents an expansion of the intelligent hardware matrix for the company, contributing to the construction of an "AI + Employment" ecosystem [6] - In a competitive landscape where employment services are becoming more refined and personalized, leveraging smart hardware to improve learning efficiency and accumulate user data is seen as a consensus among leading institutions [6] - The company needs to balance hardware R&D investment with profitability cycles and explore deeper integration between hardware and course services to establish technological barriers in personalized AI content recommendations and learning data diagnostics [6]

Core Insights - The launch of the AI smart learning headset "Zhonggong AI Primary Bean" at a price of 399 yuan, with a pre-sale discount of 169 yuan, signifies Zhonggong Education's strategic expansion in the AI+employment ecosystem [1][12] - The headset is positioned as a complementary device to the AI employment learning machine, enhancing the learning experience across various environments [2][4] Product Features - The "AI Primary Bean" includes 1GB of internal storage, allowing users to download essential study materials for offline learning, addressing issues like unstable internet and battery anxiety [5][10] - It supports real-time translation in 135 languages, offering multiple modes for conversation and translation, catering to diverse user needs [9][10] Market Trends - The portable learning device market in China's vocational education sector is experiencing growth, with increasing demand for smart hardware [4] - The recent policy change allowing older candidates to apply for civil service positions expands the potential candidate pool, particularly benefiting working professionals [7][8] Strategic Implications - Zhonggong Education aims to create a seamless learning experience for working individuals, moving beyond traditional long-term courses to lightweight, immersive learning tools [8][12] - The integration of hardware and course services is seen as a critical strategy for enhancing user engagement and data accumulation, which could drive future growth [12]

Core Insights - Company reported a revenue of 1.657 billion yuan for the first three quarters of 2025, with third-quarter revenue reaching 502 million yuan and a net profit of 30.36 million yuan, marking a 39.34% increase from the previous quarter [1] - The company has achieved positive net profits for seven consecutive quarters, indicating a recovery in profitability [1] - Operating costs have been optimized, with total operating costs for the third quarter at 474 million yuan, a decrease of 15.72% year-on-year and 13.98% quarter-on-quarter [1] - Sales expenses were reported at 114 million yuan, down 29.31% year-on-year, attributed to organizational adjustments and digital transformation efforts [1] Business Development - The new business segment showed strong growth, with the AI employment learning machine completing upgrades and selling over 10,000 units, becoming a mainstream choice for candidates [2] - The upcoming 2026 national examination is expected to further enhance the company's profitability, with the number of approved candidates surpassing 3.7 million, a historical peak [2] - The average competition ratio for the national exam increased from 76:1 to 98:1, indicating a rising trend that may positively impact subsequent provincial and civil service examinations [2]