<p>该公司在政府打压后的新商业模式集中于为学校提供教育服务，并越来越多地使用人工智能。</p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/16040919/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_16-4-2026_12738_thebambooworks.com_-1024x683.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/16040919/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_16-4-2026_12738_thebambooworks.com_-1024x683.jpeg"/></p>
<p><em>图片来源：Bamboo Works</em></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>天立国际在截至 2 月的财年上半年净利润增长 21%，而收入增长 14.2%</li>
<li>该公司的毛利率大约是 2021 年政府打压前的两倍，此后它放弃了辅导业务，专注于学校运营。</li>
</ul>
<p><strong>天立国际控股有限公司</strong> (1773.HK) 是少数几家在中国禁止 K-12 核心课程的营利性辅导服务后，不仅生存下来而且在市场中蓬勃发展的教育科技公司之一。不幸的是，对于天立来说，受到打压严重影响的投资者似乎不愿意给公司第二次机会。</p>
<p>这对天立来说太可惜了，其转型故事在一个仍然因中国文化对教育的重视而蕴含巨大潜力的领域中显得尤为重要。在其上周公布的 最新财报 中，天立报告称截至 2 月的六个月内收入同比增长 14% 至 21 亿元人民币（3.14 亿美元），而利润增长 21% 至 4.713 亿元人民币。</p>
<p>81.8 万元人民币的减值损失的逆转是利润增长的主要原因，因为天立能够获得之前因打压而注销的艺术培训的经营许可证。该损失只是天立在 2021 年因打压而计提的超过 10 亿元人民币减值中的一小部分。如果没有这次逆转，天立的利润将与去年持平。</p>
<p>尽管收入增长了两位数，但利润持平部分是由于毛利率压力，公司的毛利率在最新的六个月期间下降了 2.4 个百分点，降至 35.2%。但值得注意的是，最新的数字是监管打压前的两倍，当时天立的毛利率仅为 17.2%。</p>
<p>天立与 <strong>高途教育</strong> (NYSE: GOTU)、<strong>好未来</strong> (NYSE: TAL) 和 <strong>新东方</strong> (NYSE: EDU) (9901.HK) 等同行处于同一境地，这些公司通过转向打压后仍被允许的教育相关服务而生存下来。高途转向了大学入学和公务员考试的预备课程，好未来则专注于小班补习项目，而新东方则转向成人教育和非学科辅导。</p>
<h4><strong>转向教育服务</strong></h4>
<p>天立也进行了转型。其创始人罗石，曾是一名房地产开发商，早前经营私立学校，2002 年建立了第一所学校。到 2018 年天立在香港上市时，公司已经扩展到 24 所学校和 11 个辅导中心，主要集中在中国西南部的四川及邻近省份。</p>
<p>在打压后，天立 “去整合” 了 30 所学校，基本上将它们从上市公司的业务中剔除。它目前通过为其以前的自营和特许学校网络提供教育、管理和物流服务以及产品销售等多种服务来获取收入。</p>
<p>综合教育服务是该公司最大的收入来源，在最新的六个月期间同比增长了 3.4%，达到 10 亿元人民币。产品销售增长了更强劲的 45.5%，达到 6.91 亿元人民币，而物流服务下降了 1.7%，降至 3.267 亿元人民币。管理和特许费用增长了 38.7%，尽管它们在天立的收入结构中仅占 78.1 万元人民币的小部分。</p>
<p>相对强劲的业绩延续了天立在截至去年 8 月的财年中的类似表现，当时其收入增长了 8.1%，达到 35.8 亿元人民币，利润增长了 16.5%，达到 6.48 亿元人民币。</p>
<p>在最近的一份报告中，华泰证券将天立当前财年的利润预测上调了 15%，至 7.73 亿元人民币，并维持 “买入” 评级。国信证券维持了类似的 “跑赢大盘” 评级，指出市场因出生率下降和教育股整体流动性低而继续对教育股进行折价。</p>
<p>尽管天立最新报告传递出普遍积极的信号，但投资者并不信服。自上周五公布业绩以来，股价已下跌超过 10%，较打压前的高点下跌约 80%。</p>
<h4><strong>拥抱人工智能</strong></h4>
<p>对于教育公司来说，似乎是显而易见的，天立及其同行正在加大对人工智能的投资——这是投资者可能没有计入股价的因素。</p>
<p>高途使用中国人工智能领军者 DeepSeek 的 AI 工具和 “全都用 AI” 的商业策略。好未来开发了数学 GPT，一个特定于数学的大型语言模型，以及与北京师范大学共同开发的 “万物传承” 教育模型。新东方则推出了一对一的个性化辅导训练营，使用人工智能，以及基于其个性化辅导系统的 “One Look” 应用。</p>
<p>天立还推出了其天立启明 AI 学习助手，该产品于去年六月发布，声称是中国首个正式注册并广泛应用于课堂的大型 AI 模型。罗石告诉《中国日报》，该应用结合了大规模资源与个性化成长。他表示：“大型模型使学生能够重新定义他们的学习路径，并使高质量的教育资源更易获取，将个性化教育变为现实。”</p>
<p>虽然只有专家才能在细节上比较这些产品，但中国教育技术协会主任张少刚指出，天立的大语言模型是基于来自 100 多所学校的 25 万学生的经验开发的。</p>
<p>根据天立高管娄永强的说法，到 2025 年 7 月，该模型已在中国 107 所学校实施。今年 3 月，天立与腾讯签署了一项战略协议，开发具有 “认知水平” 智能的 “学科大脑”。根据公司介绍，天立大脑将为特定学科创建代理，涵盖研究、教学、学习、实践、测试和评估。</p>
<p>AI 业务似乎正在快速增长。截至 2 月底，天立的第 26 届 AI 高考强化训练营项目已招收 2331 名学生，比去年增长超过 130%。不过，天立决定不披露 AI 业务的任何财务数据，这一业务属于其综合教育服务板块，暗示其可能尚未成为重要的收入来源。</p>
<p>天立在成本控制方面也做得很好。根据华泰证券的报告，其销售、管理和财务费用与收入的比率在最近六个月内改善了 0.5 个百分点，降至 10.7%，“在增长与效率之间实现了良好的平衡。”</p>
<p>天立正在进行的转型是否会促使投资者改变对公司的看法还有待观察，因为许多投资者可能仍在为监管打击带来的损失而感到痛苦。但至少该公司已经恢复了作为一个可行业务的前景。其市盈率为 6.5，远低于 TAL 和新东方教育的 24，显示天立可能值得投资者重新关注，因为其在监管打击后的复苏正在推进。</p>
<p><em>要订阅 Bamboo Works 每周的免费通讯，请点击</em> 这里</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>

天立国际控股

博时全球中国教育(QDII-ETF)

<p>天立国际控股有限公司报告称，尽管投资者对政府打击营利性辅导的怀疑情绪依然存在，但其财年上半年净利润增长了 21%，收入增长了 14.2%。该公司已转向提供教育服务，并且毛利率有所改善。然而，自结果公告以来，其股价已下跌超过 10%，反映出投资者对教育行业未来的持续担忧。天立在教育领域对人工智能的应用可能尚未被市场充分认可</p>

<p><em>The company's new business model after a government crackdown centers on providing education services to schools, with a growing use of AI</em></p>
<div class="lb-trans"><p>该公司在政府打压后的新商业模式集中于为学校提供教育服务，并越来越多地使用人工智能。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/16040919/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_16-4-2026_12738_thebambooworks.com_-1024x683.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/16040919/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_16-4-2026_12738_thebambooworks.com_-1024x683.jpeg"/></p>
<p><em>image credit: Bamboo Works</em></p>
<div class="lb-trans"><p><em>图片来源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>Tianli International's net profit rose 21% in the first half of its fiscal year through February, while its revenue increased by 14.2%</li>
<li>The company's gross margins are roughly twice as high as they were before a government crackdown in 2021, after it dropped its tutoring business to focus on school operation</li>
</ul>
<div class="lb-trans"><ul>
<li>天立国际在截至 2 月的财年上半年净利润增长 21%，而收入增长 14.2%</li>
<li>该公司的毛利率大约是 2021 年政府打压前的两倍，此后它放弃了辅导业务，专注于学校运营。</li>
</ul>
</div><p><strong>Tianli International Holdings Ltd.</strong> (1773.HK) is among a handful of edtech companies that have not only survived but thrived in the market five years after China banned for-profit tutoring services for K-12 students in core curriculum areas. Unfortunately for Tianli, investors who were badly burned in the crackdown don't seem willing to give the company a second chance.</p>
<div class="lb-trans"><p><strong>天立国际控股有限公司</strong> (1773.HK) 是少数几家在中国禁止 K-12 核心课程的营利性辅导服务后，不仅生存下来而且在市场中蓬勃发展的教育科技公司之一。不幸的是，对于天立来说，受到打压严重影响的投资者似乎不愿意给公司第二次机会。</p>
</div><p>That's too bad for Tianli, whose turnaround is a story of renewal in a field that still holds out huge potential due to the strong value Chinese culture places on education. In its latest results, announced last week, Tianli reported its revenue grew by 14% year-on-year to 2.1 billion yuan ($314 million) in the six months to February, the first half of its fiscal year, while its profit rose 21% to 471.3 million yuan.</p>
<div class="lb-trans"><p>这对天立来说太可惜了，其转型故事在一个仍然因中国文化对教育的重视而蕴含巨大潜力的领域中显得尤为重要。在其上周公布的 最新财报 中，天立报告称截至 2 月的六个月内收入同比增长 14% 至 21 亿元人民币（3.14 亿美元），而利润增长 21% 至 4.713 亿元人民币。</p>
</div><p>The reversal of an 81.8 million yuan impairment loss was responsible for most of the profit gain, after Tianli was able to obtain operating licenses for art training that it previously wrote off after the crackdown. That loss was just a tiny part of the more than 1 billion yuan in impairments that Tianli took in 2021 related to the crackdown. Without the reversal, Tianli's profit would have been flat year-on-year.</p>
<div class="lb-trans"><p>81.8 万元人民币的减值损失的逆转是利润增长的主要原因，因为天立能够获得之前因打压而注销的艺术培训的经营许可证。该损失只是天立在 2021 年因打压而计提的超过 10 亿元人民币减值中的一小部分。如果没有这次逆转，天立的利润将与去年持平。</p>
</div><p>The flat profit, despite the double-digit revenue growth, was partly the result of margin pressure, as the company's gross margin fell 2.4 percentage points to 35.2% in the latest six-month period. But notably, the latest figure was twice as high as the year before the regulatory crackdown, when Tianli's gross margin was just 17.2%.</p>
<div class="lb-trans"><p>尽管收入增长了两位数，但利润持平部分是由于毛利率压力，公司的毛利率在最新的六个月期间下降了 2.4 个百分点，降至 35.2%。但值得注意的是，最新的数字是监管打压前的两倍，当时天立的毛利率仅为 17.2%。</p>
</div><p>Tianli is in the same boat with peers like <strong>Gaotu Techedu</strong> (NYSE: GOTU), <strong>TAL Education</strong> (NYSE: TAL) and <strong>New Oriental</strong> (NYSE: EDU) ( 9901.HK), which have all survived by pivoting to education-related services still permitted post-crackdown. Gaotu turned to prep courses for college entrance and civil service exams, TAL Education to small-class enrichment programs, and New Oriental to adult education and tutoring in non-academic subjects.</p>
<div class="lb-trans"><p>天立与 <strong>高途教育</strong> (NYSE: GOTU)、<strong>好未来</strong> (NYSE: TAL) 和 <strong>新东方</strong> (NYSE: EDU) (9901.HK) 等同行处于同一境地，这些公司通过转向打压后仍被允许的教育相关服务而生存下来。高途转向了大学入学和公务员考试的预备课程，好未来则专注于小班补习项目，而新东方则转向成人教育和非学科辅导。</p>
</div><h4><strong>Pivot to education services</strong></h4>
<div class="lb-trans"><h4><strong>转向教育服务</strong></h4>
</div><p>Tianli pivoted as well. Its founder Luo Shi, a former property developer, previously operated private schools, establishing the first one in 2002. He went on to expand that, and the company had a network of 24 schools and 11 tutoring centers, concentrated in Southwest China's Sichuan and adjacent provinces by the time of Tianli's Hong Kong IPO in 2018.</p>
<div class="lb-trans"><p>天立也进行了转型。其创始人罗石，曾是一名房地产开发商，早前经营私立学校，2002 年建立了第一所学校。到 2018 年天立在香港上市时，公司已经扩展到 24 所学校和 11 个辅导中心，主要集中在中国西南部的四川及邻近省份。</p>
</div><p>After the crackdown, Tianli &#34;de-consolidated&#34; 30 of its schools, essentially removing them from the listed company's business. It currently gets its revenue by providing a mix of services for its former network of owned and franchised schools, including the supply of educational, management and logistics services, as well as product sales.</p>
<div class="lb-trans"><p>在打压后，天立 “去整合” 了 30 所学校，基本上将它们从上市公司的业务中剔除。它目前通过为其以前的自营和特许学校网络提供教育、管理和物流服务以及产品销售等多种服务来获取收入。</p>
</div><p>Comprehensive educational services, the company's biggest revenue source, rose by a modest 3.4% year-on-year to 1 billion yuan for the latest six-month period. Product sales grew by a stronger 45.5% to 691 million yuan, while logistical services fell 1.7% to 326.7 million yuan. Management and franchise fees increased by 38.7%, though they were only a small part of Tianli's revenue mix at 78.1 million yuan.</p>
<div class="lb-trans"><p>综合教育服务是该公司最大的收入来源，在最新的六个月期间同比增长了 3.4%，达到 10 亿元人民币。产品销售增长了更强劲的 45.5%，达到 6.91 亿元人民币，而物流服务下降了 1.7%，降至 3.267 亿元人民币。管理和特许费用增长了 38.7%，尽管它们在天立的收入结构中仅占 78.1 万元人民币的小部分。</p>
</div><p>The relatively strong results extended a similar performance in Tianli's previous fiscal year through last August, when its revenue grew by 8.1% to 3.58 billion yuan, and its profit grew by 16.5% to 648 million yuan.</p>
<div class="lb-trans"><p>相对强劲的业绩延续了天立在截至去年 8 月的财年中的类似表现，当时其收入增长了 8.1%，达到 35.8 亿元人民币，利润增长了 16.5%，达到 6.48 亿元人民币。</p>
</div><p>In a recent note, Huatai Securities raised its profit forecast for Tianli's current fiscal year by 15% to 773 million yuan and maintained its &#34;buy&#34; rating. Guoxin Securities maintained a similar &#34;outperform&#34; rating, noting the market continues to discount education stocks because of declining birth rates and low liquidity for education stocks in general.</p>
<div class="lb-trans"><p>在最近的一份报告中，华泰证券将天立当前财年的利润预测上调了 15%，至 7.73 亿元人民币，并维持 “买入” 评级。国信证券维持了类似的 “跑赢大盘” 评级，指出市场因出生率下降和教育股整体流动性低而继续对教育股进行折价。</p>
</div><p>Despite the generally positive signals from Tianli's latest report, investors weren't convinced. Since the results announcement last Friday, the stock has fallen by more than 10%, leaving it down about 80% from its pre-crackdown peak.</p>
<div class="lb-trans"><p>尽管天立最新报告传递出普遍积极的信号，但投资者并不信服。自上周五公布业绩以来，股价已下跌超过 10%，较打压前的高点下跌约 80%。</p>
</div><h4><strong>AI embrace</strong></h4>
<div class="lb-trans"><h4><strong>拥抱人工智能</strong></h4>
</div><p>In what probably seems like a no-brainer for education companies, Tianli and its peers are stepping up their investments in AI – something investors may not be pricing into the stock.</p>
<div class="lb-trans"><p>对于教育公司来说，似乎是显而易见的，天立及其同行正在加大对人工智能的投资——这是投资者可能没有计入股价的因素。</p>
</div><p>Gaotu uses DeepSeek, the Chinese AI frontrunner, for its AI tools and an &#34;All with AI&#34; business strategy. TAL has developed Math GPT, a math specific large language model and an &#34;Inheritance of All Things&#34; educational model developed with Beijing Normal University. New Oriental has a one-on-one bootcamp for personalized tutoring using AI, as well as its &#34;One Look&#34; app based on its personalized tutoring system.</p>
<div class="lb-trans"><p>高途使用中国人工智能领军者 DeepSeek 的 AI 工具和 “全都用 AI” 的商业策略。好未来开发了数学 GPT，一个特定于数学的大型语言模型，以及与北京师范大学共同开发的 “万物传承” 教育模型。新东方则推出了一对一的个性化辅导训练营，使用人工智能，以及基于其个性化辅导系统的 “One Look” 应用。</p>
</div><p>Tianli has also embraced AI with its Tianli Qiming AI Learning Companion, launched last June, which it says is the first large AI model in China to be officially registered and widely applied in classrooms. Luo Shi told China Daily the application combines large-scale resources with personalized growth. &#34;Large models enable students to redefine their learning path and make high-quality educational resources more accessible, turning personalized education into a reality,&#34; he said.</p>
<div class="lb-trans"><p>天立还推出了其天立启明 AI 学习助手，该产品于去年六月发布，声称是中国首个正式注册并广泛应用于课堂的大型 AI 模型。罗石告诉《中国日报》，该应用结合了大规模资源与个性化成长。他表示：“大型模型使学生能够重新定义他们的学习路径，并使高质量的教育资源更易获取，将个性化教育变为现实。”</p>
</div><p>While only experts can compare these offerings on a granular basis, the director of the China Association for Educational Technology, Zhang Shaogang, noted Tianli's large language model was developed using the experience of 250,000 students in over 100 schools.</p>
<div class="lb-trans"><p>虽然只有专家才能在细节上比较这些产品，但中国教育技术协会主任张少刚指出，天立的大语言模型是基于来自 100 多所学校的 25 万学生的经验开发的。</p>
</div><p>By July 2025, the model had already been implemented in 107 schools across China, according to Tianli executive Lou Yongqiang. In March, Tianli signed a strategic agreement with Tencent to develop a &#34;Subject Brain&#34; with &#34;cognitive-level&#34; intelligence. The Tianli brain will create agents for specific subjects, covering research, teaching, learning, practice, testing and evaluation, according to the company.</p>
<div class="lb-trans"><p>根据天立高管娄永强的说法，到 2025 年 7 月，该模型已在中国 107 所学校实施。今年 3 月，天立与腾讯签署了一项战略协议，开发具有 “认知水平” 智能的 “学科大脑”。根据公司介绍，天立大脑将为特定学科创建代理，涵盖研究、教学、学习、实践、测试和评估。</p>
</div><p>The AI business seems to be growing quickly. At the end of February, Tianli's 26th AI College Entrance Exam Intensive Bootcamp project had enrolled 2,331 students, an increase of more than 130% over the previous year. Still, Tianli's decision not to disclose any financials for the AI business, which falls under its comprehensive educational services segment, suggests it is probably not a significant revenue contributor yet.</p>
<div class="lb-trans"><p>AI 业务似乎正在快速增长。截至 2 月底，天立的第 26 届 AI 高考强化训练营项目已招收 2331 名学生，比去年增长超过 130%。不过，天立决定不披露 AI 业务的任何财务数据，这一业务属于其综合教育服务板块，暗示其可能尚未成为重要的收入来源。</p>
</div><p>Tianli is also doing a good job in cost control. Its ratio of sales, administrative and financial expenses to revenue improved by 0.5 percentage points to 10.7% in the latest six-month period, &#34;achieving a good balance between growth and efficiency,&#34; according to Huatai Securities.</p>
<div class="lb-trans"><p>天立在成本控制方面也做得很好。根据华泰证券的报告，其销售、管理和财务费用与收入的比率在最近六个月内改善了 0.5 个百分点，降至 10.7%，“在增长与效率之间实现了良好的平衡。”</p>
</div><p>Whether Tianli's ongoing turnaround will challenge investors to change their perceptions of the company remains to be seen, as many of those are probably still licking their wounds from crackdown-related losses. But at least the company has revived its prospects as a viable business. Its price-to-earnings (P/E) ratio of 6.5 is far below the 24 for both TAL and New Oriental Education, showing Tianli may deserve a fresh look from investors as its post-crackdown recovery marches ahead.</p>
<div class="lb-trans"><p>天立正在进行的转型是否会促使投资者改变对公司的看法还有待观察，因为许多投资者可能仍在为监管打击带来的损失而感到痛苦。但至少该公司已经恢复了作为一个可行业务的前景。其市盈率为 6.5，远低于 TAL 和新东方教育的 24，显示天立可能值得投资者重新关注，因为其在监管打击后的复苏正在推进。</p>
</div><p><em>To subscribe to Bamboo Works weekly free newsletter, click</em> here</p>
<div class="lb-trans"><p><em>要订阅 Bamboo Works 每周的免费通讯，请点击</em> 这里</p>
</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
</div>

天立的转机未能影响因打击行动受创的投资者