<p>該公司在政府打壓後的新商業模式集中於為學校提供教育服務，並越來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>圖片來源：Bamboo Works</em></p>
<h4><strong>關鍵要點：</strong></h4>
<ul>
<li>天立國際在截至 2 月的財年上半年淨利潤增長 21%，而收入增長 14.2%</li>
<li>該公司的毛利率大約是 2021 年政府打壓前的兩倍，此後它放棄了輔導業務，專注於學校運營。</li>
</ul>
<p><strong>天立國際控股有限公司</strong> (1773.HK) 是少數幾家在中國禁止 K-12 核心課程的營利性輔導服務後，不僅生存下來而且在市場中蓬勃發展的教育科技公司之一。不幸的是，對於天立來説，受到打壓嚴重影響的投資者似乎不願意給公司第二次機會。</p>
<p>這對天立來説太可惜了，其轉型故事在一個仍然因中國文化對教育的重視而藴含巨大潛力的領域中顯得尤為重要。在其上週公佈的 最新財報 中，天立報告稱截至 2 月的六個月內收入同比增長 14% 至 21 億元人民幣（3.14 億美元），而利潤增長 21% 至 4.713 億元人民幣。</p>
<p>81.8 萬元人民幣的減值損失的逆轉是利潤增長的主要原因，因為天立能夠獲得之前因打壓而註銷的藝術培訓的經營許可證。該損失只是天立在 2021 年因打壓而計提的超過 10 億元人民幣減值中的一小部分。如果沒有這次逆轉，天立的利潤將與去年持平。</p>
<p>儘管收入增長了兩位數，但利潤持平部分是由於毛利率壓力，公司的毛利率在最新的六個月期間下降了 2.4 個百分點，降至 35.2%。但值得注意的是，最新的數字是監管打壓前的兩倍，當時天立的毛利率僅為 17.2%。</p>
<p>天立與 <strong>高途教育</strong> (NYSE: GOTU)、<strong>好未來</strong> (NYSE: TAL) 和 <strong>新東方</strong> (NYSE: EDU) (9901.HK) 等同行處於同一境地，這些公司通過轉向打壓後仍被允許的教育相關服務而生存下來。高途轉向了大學入學和公務員考試的預備課程，好未來則專注於小班補習項目，而新東方則轉向成人教育和非學科輔導。</p>
<h4><strong>轉向教育服務</strong></h4>
<p>天立也進行了轉型。其創始人羅石，曾是一名房地產開發商，早前經營私立學校，2002 年建立了第一所學校。到 2018 年天立在香港上市時，公司已經擴展到 24 所學校和 11 個輔導中心，主要集中在中國西南部的四川及鄰近省份。</p>
<p>在打壓後，天立 “去整合” 了 30 所學校，基本上將它們從上市公司的業務中剔除。它目前通過為其以前的自營和特許學校網絡提供教育、管理和物流服務以及產品銷售等多種服務來獲取收入。</p>
<p>綜合教育服務是該公司最大的收入來源，在最新的六個月期間同比增長了 3.4%，達到 10 億元人民幣。產品銷售增長了更強勁的 45.5%，達到 6.91 億元人民幣，而物流服務下降了 1.7%，降至 3.267 億元人民幣。管理和特許費用增長了 38.7%，儘管它們在天立的收入結構中僅佔 78.1 萬元人民幣的小部分。</p>
<p>相對強勁的業績延續了天立在截至去年 8 月的財年中的類似表現，當時其收入增長了 8.1%，達到 35.8 億元人民幣，利潤增長了 16.5%，達到 6.48 億元人民幣。</p>
<p>在最近的一份報告中，華泰證券將天立當前財年的利潤預測上調了 15%，至 7.73 億元人民幣，並維持 “買入” 評級。國信證券維持了類似的 “跑贏大盤” 評級，指出市場因出生率下降和教育股整體流動性低而繼續對教育股進行折價。</p>
<p>儘管天立最新報告傳遞出普遍積極的信號，但投資者並不信服。自上週五公佈業績以來，股價已下跌超過 10%，較打壓前的高點下跌約 80%。</p>
<h4><strong>擁抱人工智能</strong></h4>
<p>對於教育公司來説，似乎是顯而易見的，天立及其同行正在加大對人工智能的投資——這是投資者可能沒有計入股價的因素。</p>
<p>高途使用中國人工智能領軍者 DeepSeek 的 AI 工具和 “全都用 AI” 的商業策略。好未來開發了數學 GPT，一個特定於數學的大型語言模型，以及與北京師範大學共同開發的 “萬物傳承” 教育模型。新東方則推出了一對一的個性化輔導訓練營，使用人工智能，以及基於其個性化輔導系統的 “One Look” 應用。</p>
<p>天立還推出了其天立啓明 AI 學習助手，該產品於去年六月發佈，聲稱是中國首個正式註冊並廣泛應用於課堂的大型 AI 模型。羅石告訴《中國日報》，該應用結合了大規模資源與個性化成長。他表示：“大型模型使學生能夠重新定義他們的學習路徑，並使高質量的教育資源更易獲取，將個性化教育變為現實。”</p>
<p>雖然只有專家才能在細節上比較這些產品，但中國教育技術協會主任張少剛指出，天立的大語言模型是基於來自 100 多所學校的 25 萬學生的經驗開發的。</p>
<p>根據天立高管婁永強的説法，到 2025 年 7 月，該模型已在中國 107 所學校實施。今年 3 月，天立與騰訊簽署了一項戰略協議，開發具有 “認知水平” 智能的 “學科大腦”。根據公司介紹，天立大腦將為特定學科創建代理，涵蓋研究、教學、學習、實踐、測試和評估。</p>
<p>AI 業務似乎正在快速增長。截至 2 月底，天立的第 26 屆 AI 高考強化訓練營項目已招收 2331 名學生，比去年增長超過 130%。不過，天立決定不披露 AI 業務的任何財務數據，這一業務屬於其綜合教育服務板塊，暗示其可能尚未成為重要的收入來源。</p>
<p>天立在成本控制方面也做得很好。根據華泰證券的報告，其銷售、管理和財務費用與收入的比率在最近六個月內改善了 0.5 個百分點，降至 10.7%，“在增長與效率之間實現了良好的平衡。”</p>
<p>天立正在進行的轉型是否會促使投資者改變對公司的看法還有待觀察，因為許多投資者可能仍在為監管打擊帶來的損失而感到痛苦。但至少該公司已經恢復了作為一個可行業務的前景。其市盈率為 6.5，遠低於 TAL 和新東方教育的 24，顯示天立可能值得投資者重新關注，因為其在監管打擊後的復甦正在推進。</p>
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<p><strong><em>Benzinga 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性的編輯。</em></strong></p>

天立國際控股

博時全球中國教育(QDII-ETF)

<p>天立國際控股有限公司報告稱，儘管投資者對政府打擊營利性輔導的懷疑情緒依然存在，但其財年上半年淨利潤增長了 21%，收入增長了 14.2%。該公司已轉向提供教育服務，並且毛利率有所改善。然而，自結果公告以來，其股價已下跌超過 10%，反映出投資者對教育行業未來的持續擔憂。天立在教育領域對人工智能的應用可能尚未被市場充分認可</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>該公司在政府打壓後的新商業模式集中於為學校提供教育服務，並越來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>圖片來源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>關鍵要點：</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>天立國際在截至 2 月的財年上半年淨利潤增長 21%，而收入增長 14.2%</li>
<li>該公司的毛利率大約是 2021 年政府打壓前的兩倍，此後它放棄了輔導業務，專注於學校運營。</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>天立國際控股有限公司</strong> (1773.HK) 是少數幾家在中國禁止 K-12 核心課程的營利性輔導服務後，不僅生存下來而且在市場中蓬勃發展的教育科技公司之一。不幸的是，對於天立來説，受到打壓嚴重影響的投資者似乎不願意給公司第二次機會。</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>這對天立來説太可惜了，其轉型故事在一個仍然因中國文化對教育的重視而藴含巨大潛力的領域中顯得尤為重要。在其上週公佈的 最新財報 中，天立報告稱截至 2 月的六個月內收入同比增長 14% 至 21 億元人民幣（3.14 億美元），而利潤增長 21% 至 4.713 億元人民幣。</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 萬元人民幣的減值損失的逆轉是利潤增長的主要原因，因為天立能夠獲得之前因打壓而註銷的藝術培訓的經營許可證。該損失只是天立在 2021 年因打壓而計提的超過 10 億元人民幣減值中的一小部分。如果沒有這次逆轉，天立的利潤將與去年持平。</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>儘管收入增長了兩位數，但利潤持平部分是由於毛利率壓力，公司的毛利率在最新的六個月期間下降了 2.4 個百分點，降至 35.2%。但值得注意的是，最新的數字是監管打壓前的兩倍，當時天立的毛利率僅為 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>天立與 <strong>高途教育</strong> (NYSE: GOTU)、<strong>好未來</strong> (NYSE: TAL) 和 <strong>新東方</strong> (NYSE: EDU) (9901.HK) 等同行處於同一境地，這些公司通過轉向打壓後仍被允許的教育相關服務而生存下來。高途轉向了大學入學和公務員考試的預備課程，好未來則專注於小班補習項目，而新東方則轉向成人教育和非學科輔導。</p>
</div><h4><strong>Pivot to education services</strong></h4>
<div class="lb-trans"><h4><strong>轉向教育服務</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>天立也進行了轉型。其創始人羅石，曾是一名房地產開發商，早前經營私立學校，2002 年建立了第一所學校。到 2018 年天立在香港上市時，公司已經擴展到 24 所學校和 11 個輔導中心，主要集中在中國西南部的四川及鄰近省份。</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>在打壓後，天立 “去整合” 了 30 所學校，基本上將它們從上市公司的業務中剔除。它目前通過為其以前的自營和特許學校網絡提供教育、管理和物流服務以及產品銷售等多種服務來獲取收入。</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>綜合教育服務是該公司最大的收入來源，在最新的六個月期間同比增長了 3.4%，達到 10 億元人民幣。產品銷售增長了更強勁的 45.5%，達到 6.91 億元人民幣，而物流服務下降了 1.7%，降至 3.267 億元人民幣。管理和特許費用增長了 38.7%，儘管它們在天立的收入結構中僅佔 78.1 萬元人民幣的小部分。</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>相對強勁的業績延續了天立在截至去年 8 月的財年中的類似表現，當時其收入增長了 8.1%，達到 35.8 億元人民幣，利潤增長了 16.5%，達到 6.48 億元人民幣。</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>在最近的一份報告中，華泰證券將天立當前財年的利潤預測上調了 15%，至 7.73 億元人民幣，並維持 “買入” 評級。國信證券維持了類似的 “跑贏大盤” 評級，指出市場因出生率下降和教育股整體流動性低而繼續對教育股進行折價。</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>儘管天立最新報告傳遞出普遍積極的信號，但投資者並不信服。自上週五公佈業績以來，股價已下跌超過 10%，較打壓前的高點下跌約 80%。</p>
</div><h4><strong>AI embrace</strong></h4>
<div class="lb-trans"><h4><strong>擁抱人工智能</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>對於教育公司來説，似乎是顯而易見的，天立及其同行正在加大對人工智能的投資——這是投資者可能沒有計入股價的因素。</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>高途使用中國人工智能領軍者 DeepSeek 的 AI 工具和 “全都用 AI” 的商業策略。好未來開發了數學 GPT，一個特定於數學的大型語言模型，以及與北京師範大學共同開發的 “萬物傳承” 教育模型。新東方則推出了一對一的個性化輔導訓練營，使用人工智能，以及基於其個性化輔導系統的 “One Look” 應用。</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>天立還推出了其天立啓明 AI 學習助手，該產品於去年六月發佈，聲稱是中國首個正式註冊並廣泛應用於課堂的大型 AI 模型。羅石告訴《中國日報》，該應用結合了大規模資源與個性化成長。他表示：“大型模型使學生能夠重新定義他們的學習路徑，並使高質量的教育資源更易獲取，將個性化教育變為現實。”</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>雖然只有專家才能在細節上比較這些產品，但中國教育技術協會主任張少剛指出，天立的大語言模型是基於來自 100 多所學校的 25 萬學生的經驗開發的。</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>根據天立高管婁永強的説法，到 2025 年 7 月，該模型已在中國 107 所學校實施。今年 3 月，天立與騰訊簽署了一項戰略協議，開發具有 “認知水平” 智能的 “學科大腦”。根據公司介紹，天立大腦將為特定學科創建代理，涵蓋研究、教學、學習、實踐、測試和評估。</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 業務似乎正在快速增長。截至 2 月底，天立的第 26 屆 AI 高考強化訓練營項目已招收 2331 名學生，比去年增長超過 130%。不過，天立決定不披露 AI 業務的任何財務數據，這一業務屬於其綜合教育服務板塊，暗示其可能尚未成為重要的收入來源。</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。根據華泰證券的報告，其銷售、管理和財務費用與收入的比率在最近六個月內改善了 0.5 個百分點，降至 10.7%，“在增長與效率之間實現了良好的平衡。”</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>天立正在進行的轉型是否會促使投資者改變對公司的看法還有待觀察，因為許多投資者可能仍在為監管打擊帶來的損失而感到痛苦。但至少該公司已經恢復了作為一個可行業務的前景。其市盈率為 6.5，遠低於 TAL 和新東方教育的 24，顯示天立可能值得投資者重新關注，因為其在監管打擊後的復甦正在推進。</p>
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</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 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性的編輯。</em></strong></p>
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天立的轉機未能影響因打擊行動受創的投資者