FY25Q1收入4億美元同增50%，歸母淨利潤0.1億美元扭虧
公司發佈新一季財報FY25Q1（24/3/1-5/31）收入4.1億美元同增50%，約30億人民幣；經營虧損0.2億美元同比減虧70%，Non-GAAP經營利潤88萬美元扭虧；歸母淨利0.1億美元扭虧；Non-GAAP歸母淨利0.3億美元扭虧，約合2億人民幣。
截至5月末，公司遞延收入6.4億美元，同比增長66%，約合46億人民幣。
FY25Q1公司毛利率51.7%同增2.4pct；銷售及營銷費率29.6%同減6pct，管理費率26.5%同減12pct，其中Q1經營相關股權激勵費用合計0.2億美元，同減29%。
FY25Q1E: revenue up 50% yoy to USD400m; net loss trend reversed to USD11m profit
Top and bottom lines:
TAL Education recently released unaudited FY25Q1E (March to May quarter) results:
•Revenue rose 50% yoy to USD414.2m; deferred revenue was USD641.9m, up 66% yoy, as of end-May.
•Operating loss climbed back 70% yoy to USD17.3m loss
•Net profit was USD11.4m, turning around from net loss a year ago
•Non-GAAP operating profit came to USD876,000 and non-GAAP net profit to USD29.6m.
Profitability
•Gross margin was 51.7% in the quarter, up 2.4ppt yoy
•Sales and marketing expense ratio was 29.6%, down 6ppt yoy
•Management expense ratio was 26.5%, down 12ppt yoy, including USD18.2m operations-related equity incentive expenses, down 29% yoy.
素養課程保持快速增長，學習機聚焦自學場景
學習服務業務FY25Q1保持增長勢頭，伴隨多條產品線發展，該板塊收入實現同比增長，其中最大收入貢獻仍然是培優小班素養課程，Q1公司繼續擴張學習中心網絡以滿足暑期旺季的需求，帶動報名學生數量增長，留存率、利用率等指標環比表現較爲平穩。線上學習業務方面，公司豐富內容、加強用戶互動，優化體驗。
內容解決方案方面，學而思學習機Q1實現同比增長，推出迭代後的學習機經典版，升級硬件性能，繼續豐富SKU選擇。學而思學習機定位學生在家中自學場景，公司不斷升級學習設備的軟硬件和內容以滿足用戶需求，伴隨九章大模型的發展，將AI驅動功能融入學習設備中，爲用戶提供更好的學習輔助工具。
Enrichment study business growing fast; xPad tablets add self-learning scenarios
Educational services
maintained their fast-growth momentum in FY25Q1E:
•Product matrix: TAL rolled out multiple product lines it had developed during the quarter, which sped up yoy growth in this business, where its Peiyou small-class enrichment courses contributed the most revenue.
•Learning centers: the company expanded its learning center network to meet rising demand as student enrollments increased in the 25Q1 peak summer season. Financial indicators such as retention and utilization rates were stable qoq.
•Online enrichment learning: TAL beefed up content in this segment and boosted learner interactivity to optimize the user experience.
xPad content solutions:
Xueersi’s xPad educational tablet business recorded yoy growth in 25Q1E when it expanded the SKU matrix by launching the latest xPad classic model with upgraded hardware. The xPads are designed to help students study at home. The company keeps up with hardware, software and content upgrades to fulfill user requirements. Its proprietary MathGPT large language model integrate AI functionalities into the xPads to provide better learning tools.
九章大模型逐步落地，優質內容+AI打造下一代學習機
此前，中國信通院組織首輪教育大模型評估，學而思“九章大模型”順利完成評估並獲得4+級證書，成爲國內首批通過該項評估並獲得當前最高評級的企業，再次印證九章大模型的領先水平；此前於24年2月發佈的MathEval榜單中，九章大模型排名第一，在整體表現、中文、英文、各學段子榜單中也都具備領先優勢。
6月公司推出AI數學搜索答疑工具“九章隨時問”，通過引導式查詢幫助學生解決困難的數學問題，爲學生提供更加便捷、高效的學習輔助。未來公司將繼續發展大模型，在自研基礎上進行微調、提高模型訓練的數據質量，令大模型在年齡、內容、場景等方面適配。
公司以優質內容+AI打造下一代學習機，此前學而思陸續發佈學習機xPad2 Pro系列、xPad2024經典款，伴隨未來公司持續迭代更新軟硬件與內容，豐富產品線，持續驅動業務發展及銷售增長。
MathGPT LLM deployment: quality AI-driven content via next-gen study tablets
LLM top runner:
at China’s Academy of Information and Communications Technology first round of educational LLM evaluations, MathGPT cleared the review and obtained a level 4+ certificate. It was among the first batch of Chinese companies to do so and scored the highest rating. We reckon this adds credence to TAL’s LLM leadership. The MathEval list released in February 2024 gave top spot to MathGPT LLM. MathGPT also took the lead in terms of overall performance, as well as subjects like Chinese and English languages.
Ask Any Time LLM app:
TAL launched the MathGPT app tool Ask Any Time in June to help students solve difficult math problems through a series of guided queries, providing efficiency with convenience. We expect the company will keep developing and fine-tuning LLMs through independent research. We anticipate that model training will improve data quality as LLMs enhance learner profiles by adapting the data to age, content, learning scenarios and so on.
Outlook:
having released the xPad2 Pro series and xPad 2024 classic models, next-generation learning tablets that deliver the company’s quality content through AI, we expect TAL’s Xueersi business will keep iterating and upgrading its software, hardware and content, as it improves the product matrix. We expect the company will pace business development and sales growth.
