<p><strong>高途</strong>(GOTU -6.22%) 於 2025 年 8 月 26 日公佈了 2025 年第二季度財報，收入同比增長 37.6%，接近 14 億元人民幣，非 GAAP 淨虧損同比縮窄 50.5%。毛賬單同比增長 36.2%，達到 23 億元人民幣，管理層在強勁的上半年表現和核心及新業務持續增長的背景下上調了全年收入指引。以下亮點聚焦於公司基於人工智能的運營槓桿、線下學習擴展和核心學術業務表現。</p>
<h2>人工智能的應用推動高途的運營槓桿</h2>
<p>本季度研發費用佔收入的比例降至 10.7%，運營費用佔收入的比例同比下降 31.6 個百分點，反映出人工智能（AI）在教學、輔導和課程開發中的整合影響。公司還實現了淨運營現金流入 5.888 億元人民幣，比去年同期增加 2.026 億元人民幣。</p>
<blockquote>
<p>&#34;通過簡化流程和解鎖數據驅動的洞察，我們正在最大化運營效率並增強戰略決策能力。此外，人工智能使每位高途員工能夠超越界限，促進職業成長和個人成就。我們共同在構建長期市場優勢和一個更具活力的組織，以實現可持續增長。&#34;</p>
<p>-- Larry Chen，創始人、董事長兼首席執行官</p>
</blockquote>
<p>高途快速的人工智能應用正在直接降低成本、提高可擴展性，並使公司在競爭激烈的教育市場中具備可持續的長期增長潛力。</p>
<h2>線下學習擴展加速產品多樣化</h2>
<p>線下中心的貢獻超過毛賬單的 5%，這一新興領域同比增長超過 20%。公司利用其自主研發的在線教育內容，推動線下產品的運營協同，同時在傳統在線學術輔導中保持強勁表現。</p>
<blockquote>
<p>&#34;在第二季度，線下學習中心的收入同比增長超過 20%，本季度已貢獻超過 5% 的毛賬單。原因在於，首先，在客户方面，我們利用面對面互動的獨特優勢，以更直接的方式與學生和家長建立更深的信任。&#34;</p>
<p>-- Shannon Shen，首席財務官</p>
</blockquote>
<p>線下學習的早期勢頭驗證了高途的混合模式，拓寬了其收入基礎，增強了滿足本地需求的能力。</p>
<h2>核心學術業務提升留存率和推薦率</h2>
<p>春季學期新生留存率上升，第二季度客户推薦率同比激增 75%，推動銷售費用投資回報率從 1.99% 提升至 2.75%。截至 2025 屆，進入中國前兩所大學的學生累計達到 1,118 人。</p>
<blockquote>
<p>&#34;根據初步統計，高途 2025 屆學生被中國前兩所大學錄取的人數達到 267 人，標誌着連續五年的增長。截至目前，1,118 名高途學生已被前兩所頂尖大學錄取，強有力地證明了我們在教育產品、教學質量和學習服務方面的競爭力。此外，我們第二季度的推薦率較去年同期激增 75%。&#34;</p>
<p>-- Shannon Shen，首席財務官</p>
</blockquote>
<p>這些結果展示了高途學術產品和營銷策略的有效性，支持了更高的營銷投資回報率，並鞏固了公司在優質教育成果中的競爭地位。</p>
<h2>展望未來</h2>
<p>管理層預計第三季度淨收入將在 15 億元至 15.78 億元人民幣之間，意味着預計同比增長 28.9% 至 30.6%。領導層上調了全年增長預期，現在預計九個月的同比收入增長將超過 40%，高於最初設定的 30% 的目標。後續季度未發佈明確的利潤率或利潤指引。</p>

高途

<p>高途在 2025 年第二季度報告了 37.6% 的同比收入增長，接近 14 億元人民幣，非 GAAP 淨虧損減少了 50.5%。總賬單增長了 36.2%，達到 23 億元人民幣。公司正在利用人工智能提升運營效率，導致淨經營現金流入為 5.888 億元人民幣。線下學習中心對總賬單的貢獻超過 5%，同比增長超過 20%。管理層提高了全年收入指引，預計增長超過 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%) 於 2025 年 8 月 26 日公佈了 2025 年第二季度財報，收入同比增長 37.6%，接近 14 億元人民幣，非 GAAP 淨虧損同比縮窄 50.5%。毛賬單同比增長 36.2%，達到 23 億元人民幣，管理層在強勁的上半年表現和核心及新業務持續增長的背景下上調了全年收入指引。以下亮點聚焦於公司基於人工智能的運營槓桿、線下學習擴展和核心學術業務表現。</p>
</div><h2>AI adoption drives Gaotu Techedu operating leverage</h2>
<div class="lb-trans"><h2>人工智能的應用推動高途的運營槓桿</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>本季度研發費用佔收入的比例降至 10.7%，運營費用佔收入的比例同比下降 31.6 個百分點，反映出人工智能（AI）在教學、輔導和課程開發中的整合影響。公司還實現了淨運營現金流入 5.888 億元人民幣，比去年同期增加 2.026 億元人民幣。</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;通過簡化流程和解鎖數據驅動的洞察，我們正在最大化運營效率並增強戰略決策能力。此外，人工智能使每位高途員工能夠超越界限，促進職業成長和個人成就。我們共同在構建長期市場優勢和一個更具活力的組織，以實現可持續增長。&#34;</p>
<p>-- Larry Chen，創始人、董事長兼首席執行官</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應用正在直接降低成本、提高可擴展性，並使公司在競爭激烈的教育市場中具備可持續的長期增長潛力。</p>
</div><h2>Offline learning expansion accelerates product diversification</h2>
<div class="lb-trans"><h2>線下學習擴展加速產品多樣化</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>線下中心的貢獻超過毛賬單的 5%，這一新興領域同比增長超過 20%。公司利用其自主研發的在線教育內容，推動線下產品的運營協同，同時在傳統在線學術輔導中保持強勁表現。</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，線下學習中心的收入同比增長超過 20%，本季度已貢獻超過 5% 的毛賬單。原因在於，首先，在客户方面，我們利用面對面互動的獨特優勢，以更直接的方式與學生和家長建立更深的信任。&#34;</p>
<p>-- Shannon Shen，首席財務官</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>線下學習的早期勢頭驗證了高途的混合模式，拓寬了其收入基礎，增強了滿足本地需求的能力。</p>
</div><h2>Core academic business boosts retention and referrals</h2>
<div class="lb-trans"><h2>核心學術業務提升留存率和推薦率</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>春季學期新生留存率上升，第二季度客户推薦率同比激增 75%，推動銷售費用投資回報率從 1.99% 提升至 2.75%。截至 2025 屆，進入中國前兩所大學的學生累計達到 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;根據初步統計，高途 2025 屆學生被中國前兩所大學錄取的人數達到 267 人，標誌着連續五年的增長。截至目前，1,118 名高途學生已被前兩所頂尖大學錄取，強有力地證明了我們在教育產品、教學質量和學習服務方面的競爭力。此外，我們第二季度的推薦率較去年同期激增 75%。&#34;</p>
<p>-- Shannon Shen，首席財務官</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>這些結果展示了高途學術產品和營銷策略的有效性，支持了更高的營銷投資回報率，並鞏固了公司在優質教育成果中的競爭地位。</p>
</div><h2>Looking Ahead</h2>
<div class="lb-trans"><h2>展望未來</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>管理層預計第三季度淨收入將在 15 億元至 15.78 億元人民幣之間，意味着預計同比增長 28.9% 至 30.6%。領導層上調了全年增長預期，現在預計九個月的同比收入增長將超過 40%，高於最初設定的 30% 的目標。後續季度未發佈明確的利潤率或利潤指引。</p>
</div>

高途的營收增長了 38%