<p><strong>高途</strong>(GOTU -6.22%) 于 2025 年 8 月 26 日公布了 2025 年第二季度财报，收入同比增长 37.6%，接近 14 亿元人民币，非 GAAP 净亏损同比缩窄 50.5%。毛账单同比增长 36.2%，达到 23 亿元人民币，管理层在强劲的上半年表现和核心及新业务持续增长的背景下上调了全年收入指引。以下亮点聚焦于公司基于人工智能的运营杠杆、线下学习扩展和核心学术业务表现。</p>
<h2>人工智能的应用推动高途的运营杠杆</h2>
<p>本季度研发费用占收入的比例降至 10.7%，运营费用占收入的比例同比下降 31.6 个百分点，反映出人工智能（AI）在教学、辅导和课程开发中的整合影响。公司还实现了净运营现金流入 5.888 亿元人民币，比去年同期增加 2.026 亿元人民币。</p>
<blockquote>
<p>&#34;通过简化流程和解锁数据驱动的洞察，我们正在最大化运营效率并增强战略决策能力。此外，人工智能使每位高途员工能够超越界限，促进职业成长和个人成就。我们共同在构建长期市场优势和一个更具活力的组织，以实现可持续增长。&#34;</p>
<p>-- Larry Chen，创始人、董事长兼首席执行官</p>
</blockquote>
<p>高途快速的人工智能应用正在直接降低成本、提高可扩展性，并使公司在竞争激烈的教育市场中具备可持续的长期增长潜力。</p>
<h2>线下学习扩展加速产品多样化</h2>
<p>线下中心的贡献超过毛账单的 5%，这一新兴领域同比增长超过 20%。公司利用其自主研发的在线教育内容，推动线下产品的运营协同，同时在传统在线学术辅导中保持强劲表现。</p>
<blockquote>
<p>&#34;在第二季度，线下学习中心的收入同比增长超过 20%，本季度已贡献超过 5% 的毛账单。原因在于，首先，在客户方面，我们利用面对面互动的独特优势，以更直接的方式与学生和家长建立更深的信任。&#34;</p>
<p>-- Shannon Shen，首席财务官</p>
</blockquote>
<p>线下学习的早期势头验证了高途的混合模式，拓宽了其收入基础，增强了满足本地需求的能力。</p>
<h2>核心学术业务提升留存率和推荐率</h2>
<p>春季学期新生留存率上升，第二季度客户推荐率同比激增 75%，推动销售费用投资回报率从 1.99% 提升至 2.75%。截至 2025 届，进入中国前两所大学的学生累计达到 1,118 人。</p>
<blockquote>
<p>&#34;根据初步统计，高途 2025 届学生被中国前两所大学录取的人数达到 267 人，标志着连续五年的增长。截至目前，1,118 名高途学生已被前两所顶尖大学录取，强有力地证明了我们在教育产品、教学质量和学习服务方面的竞争力。此外，我们第二季度的推荐率较去年同期激增 75%。&#34;</p>
<p>-- Shannon Shen，首席财务官</p>
</blockquote>
<p>这些结果展示了高途学术产品和营销策略的有效性，支持了更高的营销投资回报率，并巩固了公司在优质教育成果中的竞争地位。</p>
<h2>展望未来</h2>
<p>管理层预计第三季度净收入将在 15 亿元至 15.78 亿元人民币之间，意味着预计同比增长 28.9% 至 30.6%。领导层上调了全年增长预期，现在预计九个月的同比收入增长将超过 40%，高于最初设定的 30% 的目标。后续季度未发布明确的利润率或利润指引。</p>

高途

<p>高途在 2025 年第二季度报告了 37.6% 的同比收入增长，接近 14 亿元人民币，非 GAAP 净亏损减少了 50.5%。总账单增长了 36.2%，达到 23 亿元人民币。公司正在利用人工智能提升运营效率，导致净经营现金流入为 5.888 亿元人民币。线下学习中心对总账单的贡献超过 5%，同比增长超过 20%。管理层提高了全年收入指引，预计增长超过 40%</p>

<p><strong>Gaotu Techedu</strong>(GOTU -6.22%) reported second quarter 2025 earnings on August 26, 2025, posting 37.6% year-over-year revenue growth to nearly RMB 1.4 billion and narrowing its non-GAAP net loss by 50.5% year over year. Gross billings rose 36.2% year over year to RMB 2.3 billion, and management raised full-year revenue guidance after a strong first half and continued momentum in both core and new initiatives. The following highlights focus on the company's AI-driven operating leverage, offline learning expansion, and core academic business performance.</p>
<div class="lb-trans"><p><strong>高途</strong>(GOTU -6.22%) 于 2025 年 8 月 26 日公布了 2025 年第二季度财报，收入同比增长 37.6%，接近 14 亿元人民币，非 GAAP 净亏损同比缩窄 50.5%。毛账单同比增长 36.2%，达到 23 亿元人民币，管理层在强劲的上半年表现和核心及新业务持续增长的背景下上调了全年收入指引。以下亮点聚焦于公司基于人工智能的运营杠杆、线下学习扩展和核心学术业务表现。</p>
</div><h2>AI adoption drives Gaotu Techedu operating leverage</h2>
<div class="lb-trans"><h2>人工智能的应用推动高途的运营杠杆</h2>
</div><p>R&amp;D expenses as a percentage of revenue dropped to 10.7% in the quarter, and operating expenses as a share of revenue decreased by 31.6 percentage points year over year, reflecting the impact of artificial intelligence (AI) integration across teaching, tutoring, and curriculum development. The company also achieved a net operating cash inflow of RMB 588.8 million, up RMB 202.6 million from the prior year period.</p>
<div class="lb-trans"><p>本季度研发费用占收入的比例降至 10.7%，运营费用占收入的比例同比下降 31.6 个百分点，反映出人工智能（AI）在教学、辅导和课程开发中的整合影响。公司还实现了净运营现金流入 5.888 亿元人民币，比去年同期增加 2.026 亿元人民币。</p>
</div><blockquote>
<p>&#34;By streamlining procedures and unlocking data-driven insights, we are maximizing operational efficiency and enhancing strategic decision-making. Furthermore, AI empowers every Gaotu employee to transcend the boundaries, fostering both professional growth and personal fulfillment. Together, we are building long-term market advantages and a more dynamic organization positioned for sustainable growth.&#34;</p>
<p>-- Larry Chen, Founder, Chairman and Chief Executive Officer</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>&#34;通过简化流程和解锁数据驱动的洞察，我们正在最大化运营效率并增强战略决策能力。此外，人工智能使每位高途员工能够超越界限，促进职业成长和个人成就。我们共同在构建长期市场优势和一个更具活力的组织，以实现可持续增长。&#34;</p>
<p>-- Larry Chen，创始人、董事长兼首席执行官</p>
</blockquote>
</div><p>Gaotu Techedu's rapid AI adoption is directly reducing costs, increasing scalability, and positioning the company for sustainable long-term growth in a competitive education market.</p>
<div class="lb-trans"><p>高途快速的人工智能应用正在直接降低成本、提高可扩展性，并使公司在竞争激烈的教育市场中具备可持续的长期增长潜力。</p>
</div><h2>Offline learning expansion accelerates product diversification</h2>
<div class="lb-trans"><h2>线下学习扩展加速产品多样化</h2>
</div><p>Contributions from offline centers surpassed 5% of gross billings, with over 20% year-over-year growth in this emerging segment. The company leveraged its proprietary online educational content to enable operational synergies as it rolled out offline products, while maintaining strong performance in traditional online academic tutoring.</p>
<div class="lb-trans"><p>线下中心的贡献超过毛账单的 5%，这一新兴领域同比增长超过 20%。公司利用其自主研发的在线教育内容，推动线下产品的运营协同，同时在传统在线学术辅导中保持强劲表现。</p>
</div><blockquote>
<p>&#34;In the second quarter, offline learning center revenue grew by more than 20% on a year over year basis and has already contributed over 5% of gross billings this quarter. The reason behind that is, first, on the customer side, we are leveraging the unique advantage of in-person interaction to build deeper trust with students and parents in a more direct way.&#34;</p>
<p>-- Shannon Shen, Chief Financial Officer</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>&#34;在第二季度，线下学习中心的收入同比增长超过 20%，本季度已贡献超过 5% 的毛账单。原因在于，首先，在客户方面，我们利用面对面互动的独特优势，以更直接的方式与学生和家长建立更深的信任。&#34;</p>
<p>-- Shannon Shen，首席财务官</p>
</blockquote>
</div><p>Early momentum in offline learning validates Gaotu Techedu's hybrid model, broadening its revenue base and enhancing its ability to meet localized demand.</p>
<div class="lb-trans"><p>线下学习的早期势头验证了高途的混合模式，拓宽了其收入基础，增强了满足本地需求的能力。</p>
</div><h2>Core academic business boosts retention and referrals</h2>
<div class="lb-trans"><h2>核心学术业务提升留存率和推荐率</h2>
</div><p>The spring semester saw rising new enrollment retention rates, and customer referrals jumped 75% year over year in the second quarter, driving selling expense ROI up to 2.75% from 1.99% year over year. The number of students accepted to China’s top two universities reached a cumulative total of 1,118 as of the class of 2025.</p>
<div class="lb-trans"><p>春季学期新生留存率上升，第二季度客户推荐率同比激增 75%，推动销售费用投资回报率从 1.99% 提升至 2.75%。截至 2025 届，进入中国前两所大学的学生累计达到 1,118 人。</p>
</div><blockquote>
<p>&#34;According to primary statistics, the number of students from Gaotu's class of 2025 admitted to the top two universities in China reached 267, marking five consecutive years of growth. To date, 1,118 Gaotu students have been admitted to the top two leading universities, a strong testament to our competitiveness across educational products, teaching quality, and learning services. Additionally, our referral rate for the second quarter surged by 75% compared to a year ago.&#34;</p>
<p>-- Shannon Shen, Chief Financial Officer</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>&#34;根据初步统计，高途 2025 届学生被中国前两所大学录取的人数达到 267 人，标志着连续五年的增长。截至目前，1,118 名高途学生已被前两所顶尖大学录取，强有力地证明了我们在教育产品、教学质量和学习服务方面的竞争力。此外，我们第二季度的推荐率较去年同期激增 75%。&#34;</p>
<p>-- Shannon Shen，首席财务官</p>
</blockquote>
</div><p>These results demonstrate the effectiveness of Gaotu Techedu's academic offerings and marketing strategy, supporting higher marketing ROI and reinforcing the company's competitive position in premium education outcomes.</p>
<div class="lb-trans"><p>这些结果展示了高途学术产品和营销策略的有效性，支持了更高的营销投资回报率，并巩固了公司在优质教育成果中的竞争地位。</p>
</div><h2>Looking Ahead</h2>
<div class="lb-trans"><h2>展望未来</h2>
</div><p>Management guided net revenues in the range of RMB 1.5 billion to RMB 1.578 billion for the third quarter, implying anticipated year-over-year growth of 28.9% to 30.6%. Leadership raised its full-year growth expectation, now projecting nine-month year-over-year revenue growth to exceed 40%, above initial targets set at 30%. No explicit margin or profit guidance was issued for subsequent quarters.</p>
<div class="lb-trans"><p>管理层预计第三季度净收入将在 15 亿元至 15.78 亿元人民币之间，意味着预计同比增长 28.9% 至 30.6%。领导层上调了全年增长预期，现在预计九个月的同比收入增长将超过 40%，高于最初设定的 30% 的目标。后续季度未发布明确的利润率或利润指引。</p>
</div>

高途的营收增长了 38%