> 数据图表如何了解012026-6-401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教育季度利润率同比微增或下滑，新东方、好未来经营效率持续提升5资料来源：公司公告，wind，浙商证券研究所好未来（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）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利润率同比变动归母净利润新东方（千美元）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扭亏12%46%3Q24264,73240%18%1%74,32926%12%-2%-457,195亏损-38%-33%14,186-50%2%-3%43,4344%21%0%36,17470%9%2%16,54186%3%2%41,780扭亏18%44%4Q2435,541-29%3%-2%38,581扭亏6%7%-123,541亏损-9%5%3,957-89%1%-8%38,8220%18%-1%-67,634-33%-26%15%-192,695亏损-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2Q2461,539-1%5%-2%29,608-252%7%14%-418,040亏损-41%-50%111,35833%12%1%22,0621%12%0%-27,960-64%-10%26%-8,00417%-2%0%46,857扭亏34%34%54,415169%17%6%93,542101%23%5%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利润率同比变动盛通股份（千元）豆神教育（千元）思考乐教育（千元）卓越教育（千元）1Q26152,18334%11%1%254,5413530%32%31%41,416扭亏2%-7%90,67123%10%1%24,489-36%14%-7%24,60585%7%3%-7,793亏损-2%0%-56,730亏损-29%-48%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%-9,974亏损-2%-1%37,36768%20%8%2Q2598,08359%8%2%42,04542%7%0%-206,849亏损-15%27%155,90740%15%3%15,309-31%8%-4%-10,432亏损-3%7%3,406扭亏1%2%66,50342%26%-8%151,780179%17%-1%81,312-13%19%-5%3Q25258,255-2%17%-1%135,83683%16%4%-137,745亏损-9%29%1,433-90%0%-2%39,168-10%20%0%43,04319%10%1%15,242-8%3%-1%-12,098亏损-4%-22%4Q2572,908105%6%3%141,422267%18%12%-76,834亏损-5%4%-36,015-1010%-6%-7%31,239-20%16%-2%40,639扭亏14%40%-1,148亏损0%35%-21,482亏损-9%-22%152,72210%15%-2%-123,252亏损-36%-54%浙商证券公共服务
