> 数据图表如何才能012025-10-301成人留学需求下滑/供给修复&产能扩张，较多教培未能体现利润率的提升图：较多K12教育25Q2利润率同比微增或下滑，学大Q2以来利润率改善预计全年仍可保持较好利润率释放6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）YOY利润率同比变动好未来（千美元）高途（千元）YOY利润率同比变动YOY利润率同比变动学大教育（千元）YOY利润率同比变动科德教育（千元）YOY利润率同比变动昂立教育（千元）YOY利润率同比变动盛通股份（千元）YOY利润率同比变动豆神教育（千元）YOY利润率同比变动卓越教育（千元）YOY利润率同比变动思考乐教育（千元）YOY利润率同比变动1Q24132,27939%11%-2%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%2Q2461,539-1%5%-2%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年二季度对应的是截止于25.5.31数据1Q25113,344-14%10%-1%7,012-85%1%-10%137,3394419%9%9%73,77447%9%1%37,972-7%21%-1%13,32123%4%0%-9,97423%-2%-1%37,36768%20%8%2Q2598,08359%8%2%42,04542%7%0%-206,849-51%-15%27%155,90740%15%3%15,309-31%8%-4%-10,432-63%-3%7%3,406-143%1%2%66,50342%26%-8%151,780179%17%-1%81,312-13%19%-5%浙商证券公共服务
