[Chuanzhi Education] AI Transformation Complete, Performance Elasticity Expected to Open Up

English summary

· 1. AI transformation complete, clear operating inflection point. The company completed curriculum system restructuring in 24-25, with traditional Java, front-end, and other courses basically exited, fully shifting to AI large models, agents, AIGC, and embodied intelligence. After the Spring Festival this year, most campuses are close to full classes, and the AI course transformation has begun to reflect in enrollment and operating data. 2. Improvement in full-class rate, greater profit elasticity. The company breaks even at about 34 students per class, while the teaching cost difference between 40 and 80 students is minimal. After class size increases, incremental revenue can be quickly converted into profit; it is expected that profit growth will be significantly faster than revenue. 3. Competitor clearance, second curve opens. Over the past few years, the industry has been fully cleared, and national, large-scale AI vocational training institutions are rare. Chuanzhi has obvious advantages in curriculum development, teacher system, employment reputation, and self-owned traffic.…