> 数据图表如何才能012025-5-501K12培训需求仍有韧性，但招生爬坡能力差异导致利润率呈现分化图：部分K12教育25Q1利润率同比微增或下滑5资料来源：公司公告，wind，浙商证券研究所1Q2395,362-200%13%28%-39,417-64%-15%5%133,59544%19%6%5,087334%1%1%35,759123%21%12%-29,761-141%-16%-52%-24,380-2%-4%1%-53,60425%-34%-9%归母净利润新东方（千美元）好未来（千美元）高途（千元）学大教育（千元）科德教育（千元）昂立教育（千元）盛通股份（千元）豆神教育（千元）卓越教育（千元）YOY利润率同比变动YOY利润率同比变动YOY利润率同比变动YOY利润率同比变动YOY利润率同比变动YOY利润率同比变动YOY利润率同比变动YOY利润率同比变动YOY利润率同比变动思考乐教育（千元）YOY利润率同比变动1Q24104,71610%9%-4%48,009-222%11%26%3,039-98%0%-19%50,185886%7%6%40,74314%22%1%10,836-136%4%20%-8,086-67%-2%2%22,236-141%12%46%3Q23189,318126%17%6%58,785121%14%5%-41,729-7%-5%2%28,184-173%5%15%41,87258%21%7%21,297-80%7%-46%8,901-74%1%-4%-45,425-60%-26%31%2Q2362,091-139%7%38%-19,52413%-7%1%63,1599692%9%9%83,75885%11%3%21,923108%12%7%-77,910635%-36%-29%-6,831-16%-1%0%-1,933-95%-1%15%20,234199%11%8%46,511-245%19%35%4Q2350,158183%6%3%-1,945-92%-1%9%-103,970-219%-14%-28%36,7541167%9%8%38,95785%19%8%-101,49216121%-40%-40%26,426608%4%4%132,557-127%38%160%68,99144%23%1%61,488-29%19%-22%2Q2436,931-41%3%-4%29,608-252%7%14%-418,040-762%-41%-50%111,35833%12%1%22,0621%12%0%-27,960-64%-10%26%-8,00417%-2%0%46,857-2524%34%34%54,415169%17%6%93,542101%23%5%3Q24264,73240%18%1%74,32926%12%-2%-457,195996%-38%-33%14,186-50%2%-3%43,4344%21%0%36,17470%9%2%16,54186%3%2%41,780-192%18%44%4Q2435,541-29%3%-2%38,581扭亏6%7%-123,54119%-9%5%3,957-89%1%-8%38,8220%18%-1%-67,634-33%-26%15%-192,695-829%-36%-40%26,261-80%13%-24%138,372101%18%-5%82,17434%18%-1%注：来自公告，新东方、好未来、高途、卓越教育、思考乐教育为经调利润新东方、好未来2025年一季度对应的是截止于25.2.28数据1Q25113,3448%10%1%7,012-85%1%-10%73,77447%9%1%37,972-7%21%-1%13,32123%4%0%-9,97423%-2%-1%37,36768%20%8%浙商证券公共服务
