Core Viewpoint - The report from Minsheng Securities indicates that Action Education's performance in the first half of the year was slightly below expectations, but the overall annual performance remains promising due to ongoing strategic initiatives and market improvements [1] Financial Performance - For the first half of 2025, the company's gross margin and net margin were 77.49% and 38.28% respectively, showing year-on-year increases of 1.35 percentage points and 1.44 percentage points [1] - Compared to the full year of 2024, the gross margin and net margin are expected to increase by 2.95 percentage points and 3.63 percentage points respectively, indicating a significant enhancement in profitability [1] Dividend Policy - The company has maintained a high dividend payout, having distributed dividends nine times since its listing in 2021, totaling 1.021 billion yuan, which is 1.75 times the total amount raised [1] - For the mid-2025 report, the company plans to distribute 10 yuan per share, with a payout ratio of 90.74% and a dividend yield of 2.79%, reflecting a strong commitment to returning value to shareholders [1] Strategic Initiatives - The company is actively promoting the "Hundred Schools Plan" and transitioning towards "Effectiveness Management + AI" [1] - The company adheres to a "one core, two wings" development strategy, a "major client strategy," and the "BRICS Plan," which are expected to drive future growth [1] Market Outlook - With the economy improving and external conditions marginally better, the enrollment and renewal rates for the company's EMBA courses are anticipated to improve in the second half of the year [1] - The relatively low base in the second half of 2024 further supports the expectation of a positive annual performance [1] Investment Thesis - The company is characterized as a typical "low valuation, high dividend" target, maintaining a "recommended" rating [1]

行动教育（605098.SH）2025 年中报点评 "百校计划"执行良好，"AI 战略"助力成长 2025 年 08 月 12 日 ➢ 事件：公司发布 2025 年半年度报告，2025 年上半年实现营业收入 3.44 亿 元，同比下降 11.68%；归母净利润 1.31 亿元，同比下降 3.51%；EPS 为 1.10 元/股，同比下降 4.35%；拟现金分红每 10 股派发现金红利 10 元（含税）。 ➢ 公司业绩略低于预期，全年业绩仍然可期。报告期内，公司实现营业收入 3.44 亿元，同比下降 11.68%；归母净利润 1.31 亿元，同比下降 3.51%。上半年，公 司在高基数、低报到率的双重影响下，公司业绩略有下滑，并低于我们此前预期。 当前公司正在积极推进"百校计划"，并积极向"时效管理+AI"转型。预计下 半年，随着经济向好、外部环境边际改善，公司 EMBA 课程的报到率、续费率等 有望改善，且 2024 年下半年基数相对较低，全年业绩仍然可期。 ➢ "百校计划"执行良好，未来发展动力十足。2025 年公司开启"百校计划"， 面向全球人才库，在全国重点城市直聘"城市总经理"。2025 年 3–7 ...