在線教育領先全國，聚焦K12教培市場
高途集團是中國領先的互聯網教育科技公司之一，秉承“在線學習更高效”的理念，堅持“好老師、好課程、好服務、高科技”，通過專職專業的教學輔導團隊和強大的技術能力，致力於爲學生和家長提供個性化、互動化、智能化的在線學習體驗。全力打造“直播+輔導”雙師模式，打造上千門精品課程，提供的課程服務涵蓋小學、初中、高中、大學、成人英語、思維訓練、瑜伽、家庭教育、國學、從業考證等幾十個品類。
Profile: online tuition market leader with diverse matrix from K-12 and beyond
Based on a belief in the higher efficiency of online learning, leading player Gaotu Techedu harnesses advanced tech to deploy quality teachers, courses and services. With a full-time team of tech-proficient teaching professionals, it seeks to provide students and their parents with a smart online learning experience that is personalized and interactive. It delivers thousands of courses through a dual-mode livestream and tuition model, covering categories like academic tuition from elementary school to university, and non-academic courses like English language for adults, mind training, yoga, family education, Chinese studies and professional certification.
盈利能力穩步復甦，精細化運營初見成效
收入穩步增長，現金收入增幅呈加速趨勢。公司2023年營收29.61億元，同增18.52%，增長原因系市場需求旺盛以及現金收入增長帶動。公司2023年歸母-0.07億元，同比減少155.4%，主營業務成本爲7.902億元，較上年同期的7.011億元增加12.7%，主要原因系主講老師和二講老師的人工成本以及教材成本的增加。
盈利能力逐步恢復，精細化運營、低成本獲客路徑成效初顯。2023年公司銷售毛利率爲73.3%，銷售淨利率爲-0.25%。
Financials: profitability recovering as operational adjustments start to bear fruit
Staff costs a drag:
stronger demand and higher cash income were key factors that boosted revenue by 18.52% to RMB2.96bn in 2023, maintaining a steady revenue uptrend. Net earnings declined 155.4% to a net loss of RMB7m as main business costs rose 12.7% to RMB790.2m (vs RMB701.1m in 2022), mostly due to higher staff (first and second-tier lecturers) and teaching materials costs.
Better profitability:
the company's profitability is on a gradual recovery trend as operational fine-tuning and low-cost customer acquisitions began to show results in 2023. Gross sales margin was 73.3% and net sales margin was -0.25% last year.
在線教育市場加速滲透，教培新賽道前景可觀
數字化變革賦能教育信息化，在線教育發展態勢良好。近年來，隨着大數據、人工智能、5G等新技術的快速發展，互聯網普及和用戶需求的不斷升級，我國在線教育市場規模呈現出快速增長態勢。據wind統計，2016年-2019年間我國在線教育市場規模從1565億元增長至3226億元，CAGR爲27.3%。疫情期間，教育部提出“利用網絡平臺，停課不停學”的號召，推動了K12在線教育的快速發展，K12教育產品需求迅速增長，各企業持續投放在線教育產品和服務，積累了大量用戶。
教培行業供給出清釋放市場空間，頭部機構搶佔市場優勢顯著。隨着在線教育市場的不斷擴大，行業競爭日益加劇。自2021年雙減政策頒佈以來，大量教培機構退出市場，大型企業探索轉型路徑，行業供給深度出清，行業集中度提升。我們認爲，頭部機構在進入門檻、證照審批、內容監管、資金管控、品牌信任背書及資源支持等多方面具備顯著優勢，有利於在供給出清下獲得更高市佔率，發展前景良好。
Online education deepens penetration; new scenarios raise growth prospects
Pandemic-birthed progress:
the online education market is expanding as educational informatization drives digitalization. China’s online education market is scaling up with the rapid ramp-up of trends like big data, artificial intelligence (AI) and 5G, which have popularized the online industry and enabled user requirement upgrades. Wind data show that the Chinese online education market increased to RMB322.6bn in 2019 from RMB156.5bn in 2016, a CAGR of 27.3%. In pandemic times, the Ministry of Education called on students to continue learning by using online platforms even when classes were suspended, and this drove the quick rise of the K-12 online education industry. Demand for K-12 education solutions grew rapidly, with some companies launching online education solutions and services, and amassing large user numbers.
Supply shakeout:
the dual-curbs policy in 2021 led many underperforming companies to exit the educational service industry, leaving the leading players better positioned to capture vacated market share. Amid rising industry concentration and intensifying competition, major K-12 service providers sought to restructure their business. The advantages held by market leaders are substantial in terms of entry thresholds, license approvals, content regulation, capital management and control, brand trust endorsements and resource support. They are thus more likely to gain market share and their growth prospects are also brighter.
“AI+教育”持續開發，直播賦能品牌影響力
加速“AI+教育”佈局，智慧教育創新發展。公司2018至2023年研發支出從0.74億元增長至4.62億元，CAGR爲44.2%，2021年更是達到12.53億元。隨着人工智能技術在產品和服務各環節的落地，公司的前端教學、後端教研、客服、設計等團隊的工作和服務效率都將獲得提升。
創新獲客多渠道突破，直播電商態勢良好。2022年11月，高途經過探索與整合，成立高途佳品科技有限公司，並於12月24日正式上線開播“高途佳品”直播間，開啓了電商直播領域的探索，通過直播形式，打造、推廣和銷售各類高品質產品。公司經過持續探索，充分發掘名師在直播領域的優勢，取得了不錯成效。尤其在部分大學生和成人業務，公司已經發展成爲抖音平臺細分賽道的頭部達人。
公司基於對行業的理解與洞察，在線上和線下獲客端不斷進行着創新和探索，並通過前置性佈局，建設更高壁壘的自營獲客渠道。多元化的獲客渠道在提升區域品牌認知和滲透的同時，也進一步幫助公司更好地瞭解市場需求和用戶痛點，優化運營鏈路設計，不斷提升獲客效率。
AI-tech growth: livestreams raise brand profile; direct customer acquisitions
Tech-led efficiencies:
the advent of AI into the tuition market has birthed tech innovations and the rise of smart teaching. Gaotu's R&D expenditure rose to RMB462m in 2023 from just RMB74m in 2018, a CAGR of 44.2%; having peaked at RMB1.25bn in 2021. With AI-led technology deployed across all aspects of the company's products and services, its work and service efficiencies improved in the front-end tuition business and back-end tuition research, as well as customer service, design and other work teams.
Acing livestreams:
Gaotu established Gaotu Jiapin Technology in November 2022 after a period of exploration and integration, and launched its Gaotu Jiapin livestream on 24 Dec. It entered the market of livestream ecommerce and content creation, where premium products are promoted and sold in livestream events. The leveraging of star teachers in its livestreams had good results. In particular, Gaotu became a leading expert on the Douyin platform (China's TikTok) in its college students and adult divisions.
O2O customer acquisitions:
utilizing industry insights, the company achieved innovation breakthroughs in its directly-operated online and offline customer acquisition channels, which provide high competitive barriers. Channel diversity not only enhances Gaotu's regional brand profile and market penetration, but also provides the company with better understanding of market demand and user pain points. The company has been able to fine-tune the design of operational linkage and upgrade customer acquisition efficiency.
