天立國際控股：一幹多支加碼成長

一幹業務穩中有進，前景可期

2025年是天立第五個五年規劃（2022-2027年）的關鍵之年，起著承上啟下的重大作用。過去幾年，公司每年均超額完成業績目標。憑藉在教育領域的持續深耕，天立旗下目前擁有40所自營學校，這些學校遠期可容納約18萬學生，而當下在校學生數量約為9萬，僅現有校網仍有強大的發展潛力。

公司的託管業務也在穩步推進，逐步於市場中建立起良好口碑，多數託管學校以感謝信等形式對天立的教學品質和服務給予了積極反饋。 天立在託管業務上積極佈局，當前項目儲備已超100個學段，預計到今年9月開學前將新增30個學段。高中業務與託管業務協同發展，將共同拓展天立校網版圖，一幹業務的強勁發展態勢將在未來兩年直觀呈現。

多支業務齊頭並進，共同構築教育生態新格局

在多支業務板塊，公司呈現出多元化蓬勃發展的態勢。 以游研學業務為例，天立遊研學的課程設計緊密貼合教育目標，將知識學習與實踐體驗深度融合。 課程內容豐富多樣，涵蓋歷史文化、自然科學、科技創新、藝術人文等多個領域。 憑藉沉浸式的學習方式和嵌入式的課程體系，天立的游研學業務已躋身細分市場前列，不僅能切實提高學生學習效果，還吸引了眾多學校合作，包括許多頂級的民辦學校，業務外拓潛力大。

啟鳴達人負責的 「雲平台」專注於教育科技領域，其 AI 技術應用於課堂、智習室、高考衝刺營等多個應用場景，其產品已經逐步落地並開始對外高效轉化。2024年5月，高考衝刺營產品在宜賓天立學校試點，在高考前衝刺階段為36名高三學生提供了為期一個月的高考衝刺營，最終參訓學生平均提分36分，提分率86%，本科上線率97%，充分證明了AI技術助力學生提分的效果顯著。

在學科競賽方面，公司集齊了五大學科競賽金牌教練，打造了一套完善且獨特的競賽培訓體系，近幾年，已有60餘位天立學子獲得學科競賽省級一等獎及以上，多人入選國家集訓隊，競賽、強基保送清北等突破不斷。天立的競賽課程不僅拓寬了天立校網內學生們的多元升學渠道，更成功實現了對外轉化和變現。2024年10月，天立與福建某中學就競賽課程培訓服務簽約，實現競賽課程和教學方法的標準化輸出。隨著公司的0-18歲產品線不斷豐富，立體化作戰體系逐漸完善，未來護城河將日益加深。

天立上海美達菲學子斬獲牛津預錄取

根據官網數據，2023年牛津大學本科的申請人數為23211人，其中3721人獲得了offer，最終有3219名學生入學。整體的offer率為16.03%，最終錄取率為13.8%。從近幾年的數據來看，牛津大學的錄取率較為穩定，一直保持在15%左右。

Tianli’s corporate ethic embraces change and it boldly implements advanced tech practices to boost its curricula. We like its multiple business portfolio for their synergistic interplay, a collective advantage in handling challenges and raising its growth potential. We maintain our BUY call.

The gist: BUY

· We see a clear growth trend at core school businesses over the next 2 years

· Multiple businesses growing apace in building of new educational ecosystem

· MacDuffie High School students gained pre-admittance to Oxford University

We expect a clear growth trend at core school businesses over the next 2 years

Plenty of room to add students: in Tianli International’s fifth 5-year plan for 2022-27, 2025 represents a major year in bridging the past and future. The company has consistently outperformed its performance targets every year in the past few years. It currently owns a network of 40 schools, which it runs directly, and it has the capacity to accommodate 180,000 students. With the current intake at about 90,000 students, its long-term growth potential in student numbers is substantial. 

Trusteeships: Tianli’s school trusteeship business is pacing steadily and it has built a good reputation in the market. Most of its trusteeship schools give positive feedback on Tianli’s teaching quality and services in the form of thank-you letters. Tianli continues to develop its trusteeship services and currently has a pipeline of projects covering more than 100 school terms and expects to add 30 more before the start of the September school term this year. The synergistic growth of its high school and trusteeship businesses will likely expand Tianli’s school network and we anticipate the main businesses will show visible growth over the next 2 years.

Multiple businesses growing apace in building of new educational ecosystem

Study tours: the company’s diverse businesses are driving its strong growth. The study tour business, for example, designed a curriculum that is closely with educational objectives to integrate knowledge learning and practical experience. In addition, rich and diverse course content covers disciplines like history and culture, natural sciences, scientific and technological innovations, and arts and the humanities. Tianli’s study tour business is rated top in the market for its immersive learning methodology and embedded curriculum system. The upshot is not only improved learning outcomes, but its success leads to tie-ups with many schools, including top private schools. The potential for business expansion is substantial. 

College entry exam boot camps: the cloud platform managed by Tianli’s wholly-owned subsidiary Sichuan Qiming Daren centers on educational technology. It applies AI technology to multiple scenarios, including classrooms, smart study rooms and college entrance exam boot camps. Qiming has rolled out its educational solutions and efficiently transformed them for external use. A group of 36 senior high school students took part in the one-month pilot run of the college entrance exam boot camp at Yibin Tianli School in May 2024. The results were encouraging: the participating students gained 36 points on average and 86% saw their scores improve. The cohort’s high undergraduate admission rate of 97% is proof of the effectiveness of AI technology in helping the students improve their scores.

Academic competition training: the company brought together prize-winning academic coaches to run its five major subject competitions and create a unique and full-fledged competition training system. In recent years, more than 60 Tianli students have taken the first prize at academic competitions at the provincial level or above, and many of them have been selected for the national training team. Competition breakthroughs are possible due to the strong foundation, including coveted admissions to Peking and Tsinghua Universities. Tianli’s competition courses not only provide broadly diverse channels for the students in its school network to pursue higher education, but they also realized external business transformation and monetization. In October 2024, Tianli inked a contract with a Fujian middle school to provide competition course training services toward standardized output of competition courses and teaching methods. As Tianli expands its product line-up for students aged 0-18 and enhances a multi-dimensional competitive system, we believe its market barrier will continue to rise.

Students of MacDuffie High School in Shanghai gained pre-admittance to Oxford

It is no small feat for Tianli’s MacDuffie High School in Shanghai, where students have gained pre-admittance to the top-ranked Oxford University. Oxford’s undergraduate program for 2023 received 23,211 applications, according to its website; and 3,721 received offers, while 3,219 students were ultimately admitted. This makes for an offer rate of 16.03% and final admission rate of 13.8% of applicants. Recent years’ data indicate that Oxford University has a stable admission rate of about 15%.