视源股份：买入评级，教育板块有望强劲复苏

10 September 2025 Equity Research Report CVTE (002841 CH) Buy: Education segment poised for strong recovery 1H25 earnings largely in line: CVTE reported 1H25 revenue of RMB10,565m (up 4% y-o-y) and net profit of RMB398m (down 20% y-o-y), largely in line with our expectation after excluding the one-off reduction in financial income. In our previous report Top line drives earning growth (8 May 2025), we expected its overseas business, home appliance control business and AI-powered education business would be ...