好未来：4季度品牌建设投放加大；2026财年盈利能力提升是首要目标

交银国际2025-04-25

2025 财年4 季度业绩：收入6.1 亿美元，同比增42%，基本符合我们预期，主要受益于强劲的素质教育培训需求及学习机销售。调整后运营亏损169万美元，对比我们预期/彭博市场预期的盈利2200 万/2500 万美元，主要因线上营销支出高于预期。调整后净利润701 万美元，对应净利润率1.1%。业绩亮点：1）学习服务：我们估算素养业务收入维持高速增长，得益于培优素养小班收入强劲需求以及教学点扩张下...

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